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DOLFIN3141 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The identification of Sustainability Risks and their likely impact is performed on the holdings of a given portfolio. For investments relating to individual companies (e.g. bonds, equities), this assessment is made on the basis of the company’s sector categorisation and their business model (e.g. carbon emissions for construction companies; ethics and culture for finance companies) in combination with regular dialogue between analysts, portfolio managers and the ESG team. Where a fund does not have exposure directly to the underlying fund holdings, the assessment is made at both a fund level (where there is the potential for ESG input in the strategy (this would, for example, exclude passive funds tracking a broad market index) and, where possible, by performing analysis on the underlying fund holdings which provides an understanding of the potential Sustainability Risk exposures.
This approach permits a full materiality assessment to understand the potential impact on financial returns following the materialisation of a Sustainability Risk. The identified Sustainability Risks and their likely impact are described in the relevant risk warnings under “Risk Factors”, Part I (1.2) of the Prospectus.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes. Specific risks will vary in materiality across different sectors and business models, and companies may also be exposed to risks throughout value chains, including suppliers and customers.
The materialisation of a Sustainability Risk is considered to be a sustainable risk event. In the case of such an event there may be an impact on the returns of the fund due to i) direct losses of the impacted investments following such an event (where the effects may be immediate or gradual), or ii) losses incurred due to rebalancing the portfolio following such an event in order to maintain the sustainable characteristics of the fund deemed relevant by the Investment Manager.
- In addition to 5(a) above, this section applies to funds subject to the disclosure requirements of article 8 of SFDR that will use ESG (as defined under section 1.3 “General approach to sustainable investing” below or in the investment objective of each of these funds) criteria provided by internal research teams and complemented by external ESG rating providers to form an assessment of a security’s sustainable characteristics. The Investment Manager’s focus on securities of issuers which maintain sustainable characteristics may affect the fund’s investment performance and may result in a return that at times compares unfavourably to similar funds without such focus. Sustainable characteristics used in a fund’s investment policy may result in such fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, and/or selling securities due to their sustainable characteristics when it might be disadvantaged to do so. Over the short term, focus on securities of issuers which maintain sustainable characteristics may affect the fund’s investment performance favourably or unfavourably in comparison to similar funds without such focus. Over the long term, we expect such a focus to have a favourable effect, though this is not guaranteed. Nevertheless, the application of ESG criteria may restrict the ability of a fund to acquire or dispose of its investments at the expected price and time, which may result in a loss for such fund. In addition, the ESG characteristics ofsecurities may change over time, which may in some cases require the Investment Manager disposing of such securities when it might be disadvantageous to do so from a financial perspective only. This may lead to a fall in the value of the fund. The use of ESG criteria may also result in a fund being concentrated in companies with ESG focus when compared to other funds having a more diversified portfolio of investments. | La identificación de los riesgos de sostenibilidad y su probable impacto se lleva a cabo en las posiciones de una determinada cartera. En las inversiones relacionadas con empresas concretas (por ejemplo, bonos o acciones), dicha evaluación se realiza a través de la categorización del sector de la empresa y su modelo de negocio (por ejemplo, emisiones de carbono para constructoras, ética y cultura para empresas de servicios financieros), unida al diálogo fluido entre los analistas, los gestores de carteras y el equipo de ESG. En caso de que un Subfondo no esté directamente expuesto a las posiciones del fondo subyacente, la evaluación se realiza a nivel de Subfondo (cuando hay posibilidades de obtener información sobre los criterios ESG en la estrategia (esto excluiría, por ejemplo, a los Subfondos pasivos que tratan de replicar un índice del mercado en general), y, cuando es posible, se analizan las posiciones subyacentes del Subfondo para conocer la exposición a riesgos de sostenibilidad.
Este enfoque permite realizar una valoración integral de la materialidad para conocer impacto potencial sobre la rentabilidad económica tras la materialización de un riesgo de sostenibilidad. Los riesgos de sostenibilidad identificados y su probable impacto se describen en las pertinentes advertencias sobre el riesgo del apartado 1.2 «Factores de riesgo» de la Parte I del Folleto informativo.
La incapacidad de gestionar eficazmente estos riesgos puede provocar un deterioro del resultado económico. Los riesgos concretos variarán en materialidad entre los distintos sectores y modelos de negocio, y las empresas también pueden estar expuestas a estos riesgos a través de las cadenas de valor, incluidos sus proveedores y clientes.
La materialización de un riesgo de sostenibilidad se considera un evento de riesgo sostenible. En caso de darse esta situación, es posible que se produzca un impacto sobre la rentabilidad del Subfondo debido a i) pérdidas directas derivadas de las inversiones afectadas después del evento (cuyos efectos pueden ser inmediatos o graduales), o ii) pérdidas incurridas debido al reajuste de la cartera tras el evento con el objetivo de mantener las características de sostenibilidad del Subfondo que el Gestor de Inversiones considere relevantes.
- Además del apartado 5 a) supra, este apartado se aplica a los Subfondos sujetos a los requisitos de divulgación que exige el artículo 8 de la SFDR que utilizarán los criterios ESG (según se definen en el apartado 1.3 «Enfoque general de la inversión sostenible» o en el objetivo de la inversión de estos Subfondos) facilitados por los equipos de investigación internos y complementados por los de proveedores externos de puntuaciones ESG para valorar las características sostenibles de un valor. La concentración del Gestor de Inversiones en valores de emisores con características sostenibles puede afectar al rendimiento de las inversiones del Subfondo y puede dar como resultado una rentabilidad que a veces es inferior a la de Subfondos similares que no tienen esa concentración. Las características de sostenibilidad que se tengan en cuenta en la política de inversión de un Subfondo pueden provocar que dicho Subfondo renuncie a oportunidades de comprar determinados valores en momentos en los que sería ventajoso hacerlo o que los venda cuando no sería ventajoso hacerlo con motivo de sus características de sostenibilidad. A corto plazo, la concentración en emisores de empresas con características sostenibles puede afectar de forma favorable o desfavorable a la rentabilidad de las inversiones del Subfondo en comparación con la obtenida por otros Subfondos similares que no tienen esa concentración. A largo plazo, esperamos que esta concentración sea favorable, si bien no podemos garantizar que vaya a ser así. No obstante, la aplicación de los criterios de ESG puede restringir la capacidad de un Subfondo para adquirir o enajenar sus inversiones al precio y en el momento previstos, lo que puede implicar pérdidas para dicho Subfondo. Además, las características ESG de los valores pueden cambiar con el tiempo, lo que, en algunos casos, puede exigir que el Gestor de Inversiones enajene dichos valores en un momento en el que, desde el punto de vista exclusivamente económico, resulte desfavorable hacerlo. Esto puede provocar una reducción del valor de lo Subfondo. El uso de criterios de ESG también puede provocar que un Subfondo se concentre en empresas centradas en cuestiones de ESG en comparación con otros Subfondos con una cartera de inversiones más diversificada. | The identification of Sustainability Risks and their likely impact is performed on the holdings of a given portfolio. For investments relating to individual companies (e.g. bonds, equities), this assessment is made on the basis of the company’s sector categorisation and their business model (e.g. carbon emissions for construction companies; ethics and culture for finance companies) in combination with regular dialogue between analysts, portfolio managers and the ESG team. Where a fund does not have exposure directly to the underlying fund holdings, the assessment is made at both a fund level (where there is the potential for ESG input in the strategy (this would, for example, exclude passive funds tracking a broad market index) and, where possible, by performing analysis on the underlying fund holdings which provides an understanding of the potential Sustainability Risk exposures.
This approach permits a full materiality assessment to understand the potential impact on financial returns following the materialisation of a Sustainability Risk. The identified Sustainability Risks and their likely impact are described in the relevant risk warnings under “Risk Factors”, Part I (1.2) of the Prospectus.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes. Specific risks will vary in materiality across different sectors and business models, and companies may also be exposed to risks throughout value chains, including suppliers and customers.
The materialisation of a Sustainability Risk is considered to be a sustainable risk event. In the case of such an event there may be an impact on the returns of the fund due to i) direct losses of the impacted investments following such an event (where the effects may be immediate or gradual), or ii) losses incurred due to rebalancing the portfolio following such an event in order to maintain the sustainable characteristics of the fund deemed relevant by the Investment Manager.
- In addition to 5(a) above, this section applies to funds subject to the disclosure requirements of article 8 of SFDR that will use ESG (as defined under section 1.3 “General approach to sustainable investing” below or in the investment objective of each of these funds) criteria provided by internal research teams and complemented by external ESG rating providers to form an assessment of a security’s sustainable characteristics. The Investment Manager’s focus on securities of issuers which maintain sustainable characteristics may affect the fund’s investment performance and may result in a return that at times compares unfavourably to similar funds without such focus. Sustainable characteristics used in a fund’s investment policy may result in such fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, and/or selling securities due to their sustainable characteristics when it might be disadvantaged to do so. Over the short term, focus on securities of issuers which maintain sustainable characteristics may affect the fund’s investment performance favourably or unfavourably in comparison to similar funds without such focus. Over the long term, we expect such a focus to have a favourable effect, though this is not guaranteed. Nevertheless, the application of ESG criteria may restrict the ability of a fund to acquire or dispose of its investments at the expected price and time, which may result in a loss for such fund. In addition, the ESG characteristics ofsecurities may change over time, which may in some cases require the Investment Manager disposing of such securities when it might be disadvantageous to do so from a financial perspective only. This may lead to a fall in the value of the fund. The use of ESG criteria may also result in a fund being concentrated in companies with ESG focus when compared to other funds having a more diversified portfolio of investments. | en | es |
DOLFIN3143 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Threadneedle (Lux) - Global Multi Asset Income
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class AE | 11.8451 1 | 11.1664 1 | 9.2855 1 |
| --- | --- | --- | --- |
| Class AEC | 7.7505 1 | 8.1761 1 | 6.7662 1 |
| Class AEH | 17.9084 1 | 18.0258 1 | 14.1869 1 |
| Class AEP | 9.4049 1 | 9.2989 1 | 8.1331 1 |
| Class AQ | – | – | 81.0335 2 |
| Class AQM | – | – | 80.0166 2 |
| Class AS | 11.1952 3 | 11.0946 3 | 9.1444 3 |
| Class ASC | 9.1249 3 | 9.5406 3 | 7.8280 3 |
| Class ASH | 11.0880 3 | 11.0586 3 | 8.6294 3 |
| Class ASP | 9.1289 3 | 9.4660 3 | 8.1919 3 |
| Class AU | 20.5295 | 20.4434 | 15.8709 |
| Class AUM | 9.7159 | 10.1632 | 8.2835 |
| Class AUP | 9.1953 | 9.6048 | 7.8434 |
| Class DEC | 7.3229 1 | 7.7834 1 | 6.4921 1 |
| Class DEH | 10.1960 1 | 10.3401 1 | 8.1990 1 |
| Class DEP | 8.8122 1 | 8.7797 1 | 7.7380 1 |
| Class DU | 12.6175 | 12.6591 | 9.9014 |
| Class DUP | 8.3429 | 8.7793 | 7.2225 |
| Class ZE | 12.1429 1 | 11.3949 1 | 9.4286 1 |
| Class ZEC | 8.5885 1 | 9.0180 1 | 7.4323 1 |
| Class ZEH | 10.8301 1 | 10.8464 1 | 8.4917 1 |
| Class ZFH | 10.6752 4 | 10.7251 4 | 8.4161 4 |
| Class ZU | 12.0281 | 11.9183 | 9.2068 |
| Class ZUP | 9.2576 | 9.6307 | 7.8321 |
1
Class is denominated in EUR. The base currency of the Portfolio is USD.
2
Class is denominated in HKD. The base currency of the Portfolio is USD.
3
Class is denominated in SGD. The base currency of the Portfolio is USD.
4
Class is denominated in CHF. The base currency of the Portfolio is USD.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes USD Net assets at the beginning of the year 9,412,889 Income Dividends, net 2 66,527 Bank interest 2 80 Total income 66,607 Expenses Asset management fees 5 (57,320) Bank interest 2 (9) Operating expenses 3, 5 (22,726) Total expenses (80,055) Net (loss) from investments (13,448) Net realised (loss) on sales of investments (574,777) Net realised (loss) on forward currency exchange contracts (11,857) Net realised (loss) on foreign exchange (6,538) Net realised (loss) (593,172) Change in net unrealised (loss) on investments (1,707,710) Change in net unrealised gain on forward currency exchange contracts 3,001 Net change in unrealised (loss) (1,704,709 Net (decrease) in net assets as a result of operations (2,311,329) Movements in capital Subscriptions of shares 1,668,929 Redemptions of shares (2,676,017) Dividends 7 (46) Total movements in capital (1,007,134) Net assets at the end of the year 6,094,426 |
| --- | --- | --- | --- |
| | Notes | 2022 USD |
| Assets Investment portfolio at market value Cash at bank Interest and dividends receivable, net Net unrealised gain on forward currency exchange contracts | 2 2 2, 9 | 6,087,459 113,214 18,828 1,056 |
| Total assets | | 6,220,557 |
| Liabilities Payable for investments purchased Asset management fees payable Other liabilities | 5 20 | (68,995) (3,530) (53,606) |
| Total liabilities | | (126,131) |
| Total net assets | | 6,094,426 |
| NUMBER OF SHARES OUTSTANDING Class AE 100.000 Class AEC 100.000 Class AEH 9,264.036 Class AU 600.000 Class AUP 100.000 Class IE 100.000 Class IEH 100.000 Class IG 100.000 Class IU 100.000 Class LE 97,000.000 Class LG 100.000 Class XU 100.000 Class ZE 100.000 Class ZEC 100.000 Class ZEH 100.000 Class ZU 498,187.100 Class ZUP 100.000 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 USD 6,094,426 9,412,889 |
| STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2022 March 31, 2021 Class AE 10.1300 1 13.1238 1 Class AEC 9.3082 1 13.0744 1 Class AEH 9.4264 1 13.1208 1 Class AU 9.6534 13.2113 Class AUP 9.5286 13.1684 Class IE 10.2725 1 13.1851 1 Class IEH 9.5604 1 13.1794 1 Class IG 9.4923 2 12.2808 2 Class IU 9.7979 13.2780 Class LE 10.3264 1 13.2092 1 Class LG 9.5344 2 12.2989 2 Class XU 9.8914 13.3214 Class ZE 10.2464 1 13.1739 1 Class ZEC 9.4153 1 13.1241 1 Class ZEH 9.5353 1 13.1675 1 Class ZU 9.7613 13.2623 Class ZUP 9.6378 13.2192 | |
| 1 Class is denominated in EUR. The base currency of the Portfolio is USD. 2 Class is denominated in GBP. The base currency of the Portfolio is USD. | | | # Threadneedle (Lux) - Global Multi Asset Income
### ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN
31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020
| Clase AE | 11,8451 1 | 11,1664 1 | 9,2855 1 |
| --- | --- | --- | --- |
| Clase AEC | 7,7505 1 | 8,1761 1 | 6,7662 1 |
| Clase AEH | 17,9084 1 | 18,0258 1 | 14,1869 1 |
| Clase AEP | 9,4049 1 | 9,2989 1 | 8,1331 1 |
| Clase AQ | – | – | 81,0335 2 |
| Clase AQM | – | – | 80,0166 2 |
| Clase AS | 11,1952 3 | 11,0946 3 | 9,1444 3 |
| Clase ASC | 9,1249 3 | 9,5406 3 | 7,8280 3 |
| Clase ASH | 11,0880 3 | 11,0586 3 | 8,6294 3 |
| Clase ASP | 9,1289 3 | 9,4660 3 | 8,1919 3 |
| Clase AU | 20,5295 | 20,4434 | 15,8709 |
| Clase AUM | 9,7159 | 10,1632 | 8,2835 |
| Clase AUP | 9,1953 | 9,6048 | 7,8434 |
| Clase DEC | 7,3229 1 | 7,7834 1 | 6,4921 1 |
| Clase DEH | 10,1960 1 | 10,3401 1 | 8,1990 1 |
| Clase DEP | 8,8122 1 | 8,7797 1 | 7,7380 1 |
| Clase DU | 12,6175 | 12,6591 | 9,9014 |
| Clase DUP | 8,3429 | 8,7793 | 7,2225 |
| Clase ZE | 12,1429 1 | 11,3949 1 | 9,4286 1 |
| Clase ZEC | 8,5885 1 | 9,0180 1 | 7,4323 1 |
| Clase ZEH | 10,8301 1 | 10,8464 1 | 8,4917 1 |
| Clase ZFH | 10,6752 4 | 10,7251 4 | 8,4161 4 |
| Clase ZU | 12,0281 | 11,9183 | 9,2068 |
| Clase ZUP | 9,2576 | 9,6307 | 7,8321 |
1
La clase está denominada en EUR. La divisa base de la Cartera es el USD.
2
La clase está denominada en HKD. La divisa base de la Cartera es el USD.
3
La clase está denominada en SGD. La divisa base de la Cartera es el USD.
4
La clase está denominada en CHF. La divisa base de la Cartera es el USD.
| ESTADO DEL PATRIMONIO NETO a 31 de marzo de 2022 | | | ESTADO DE OPERACIONES Y VARIACIONES EN EL PATRIMONIO NETO durante el ejercicio cerrado el 31 de marzo de 2022 2022 Notas USD Patrimonio neto al inicio del ejercicio 9.412.889 Ingresos Dividendos, neto 2 66.527 Interés bancario 2 80 Total de ingresos 66.607 Gastos Comisiones de gestión de activos 5 (57.320 Interés bancario 2 (9 Gastos operativos 3, 5 (22.726 Total de gastos (80.055 (Pérdida) neta de inversiones (13.448 (Pérdida) neta realizada en ventas de inversiones (574.777 (Pérdida) neta realizada en contratos de divisas a plazo (11.857 (Pérdida) neta realizada de cambio de divisas (6.538 (Pérdida) neta realizada (593.172 Cambio en la (pérdida) neta no realizada en inversiones (1.707.710 Cambio en la ganancia neta no realizada en contratos de divisas a plazo 3.001 Cambio neto en (pérdida) no realizada (1.704.709 (Disminución) neta en el patrimonio neto como resultado de operaciones (2.311.329 Movimientos de capital Suscripciones de acciones 1.668.929 Reembolsos de acciones (2.676.017 Dividendos 7 (46 Total de movimientos de capital (1.007.134 Patrimonio neto al final del ejercicio 6.094.426 |
| --- | --- | --- | --- |
| | Notas | 2022 USD |
| Activos Cartera de inversión al valor del mercado Efectivo en el banco Interés y dividendos por cobrar, neto Ganancia neta no realizada en contratos de divisas a plazo | 2 2 2, 9 | 6.087.459 113.214 18.828 1.056 |
| Total de activos | | 6.220.557 |
| Pasivos Pagadero por inversiones adquiridas Comisiones de gestión de activos pagaderas Otros pasivos | 5 20 | (68.995) (3.530) (53.606) |
| Total de pasivos | | (126.131) |
| Total de patrimonio neto | | 6.094.426 |
| NÚMERO DE ACCIONES EN CIRCULACIÓN Clase AE 100,000 Clase AEC 100,000 Clase AEH 9.264,036 Clase AU 600,000 Clase AUP 100,000 Clase IE 100,000 Clase IEH 100,000 Clase IG 100,000 Clase IU 100,000 Clase LE 97.000,000 Clase LG 100,000 Clase XU 100,000 Clase ZE 100,000 Clase ZEC 100,000 Clase ZEH 100,000 Clase ZU 498.187,100 Clase ZUP 100,000 |
| VALOR LIQUIDATIVO TOTAL 31 de marzo de 2022 31 de marzo de 2021 USD 6.094.426 9.412.889 |
| ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN 31 de marzo de 2022 31 de marzo de 2021 Clase AE 10,1300 1 13,1238 1 Clase AEC 9,3082 1 13,0744 1 Clase AEH 9,4264 1 13,1208 1 Clase AU 9,6534 13,2113 Clase AUP 9,5286 13,1684 Clase IE 10,2725 1 13,1851 1 Clase IEH 9,5604 1 13,1794 1 Clase IG 9,4923 2 12,2808 2 Clase IU 9,7979 13,2780 Clase LE 10,3264 1 13,2092 1 Clase LG 9,5344 2 12,2989 2 Clase XU 9,8914 13,3214 Clase ZE 10,2464 1 13,1739 1 Clase ZEC 9,4153 1 13,1241 1 Clase ZEH 9,5353 1 13,1675 1 Clase ZU 9,7613 13,2623 Clase ZUP 9,6378 13,2192 |
| 1 La clase está denominada en EUR. La divisa base de la Cartera es el USD. 2 La clase está denominada en GBP. La divisa base de la Cartera es el USD. | | | # Threadneedle (Lux) - Global Multi Asset Income
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class AE | 11.8451 1 | 11.1664 1 | 9.2855 1 |
| --- | --- | --- | --- |
| Class AEC | 7.7505 1 | 8.1761 1 | 6.7662 1 |
| Class AEH | 17.9084 1 | 18.0258 1 | 14.1869 1 |
| Class AEP | 9.4049 1 | 9.2989 1 | 8.1331 1 |
| Class AQ | – | – | 81.0335 2 |
| Class AQM | – | – | 80.0166 2 |
| Class AS | 11.1952 3 | 11.0946 3 | 9.1444 3 |
| Class ASC | 9.1249 3 | 9.5406 3 | 7.8280 3 |
| Class ASH | 11.0880 3 | 11.0586 3 | 8.6294 3 |
| Class ASP | 9.1289 3 | 9.4660 3 | 8.1919 3 |
| Class AU | 20.5295 | 20.4434 | 15.8709 |
| Class AUM | 9.7159 | 10.1632 | 8.2835 |
| Class AUP | 9.1953 | 9.6048 | 7.8434 |
| Class DEC | 7.3229 1 | 7.7834 1 | 6.4921 1 |
| Class DEH | 10.1960 1 | 10.3401 1 | 8.1990 1 |
| Class DEP | 8.8122 1 | 8.7797 1 | 7.7380 1 |
| Class DU | 12.6175 | 12.6591 | 9.9014 |
| Class DUP | 8.3429 | 8.7793 | 7.2225 |
| Class ZE | 12.1429 1 | 11.3949 1 | 9.4286 1 |
| Class ZEC | 8.5885 1 | 9.0180 1 | 7.4323 1 |
| Class ZEH | 10.8301 1 | 10.8464 1 | 8.4917 1 |
| Class ZFH | 10.6752 4 | 10.7251 4 | 8.4161 4 |
| Class ZU | 12.0281 | 11.9183 | 9.2068 |
| Class ZUP | 9.2576 | 9.6307 | 7.8321 |
1
Class is denominated in EUR. The base currency of the Portfolio is USD.
2
Class is denominated in HKD. The base currency of the Portfolio is USD.
3
Class is denominated in SGD. The base currency of the Portfolio is USD.
4
Class is denominated in CHF. The base currency of the Portfolio is USD.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes USD Net assets at the beginning of the year 9,412,889 Income Dividends, net 2 66,527 Bank interest 2 80 Total income 66,607 Expenses Asset management fees 5 (57,320) Bank interest 2 (9) Operating expenses 3, 5 (22,726) Total expenses (80,055) Net (loss) from investments (13,448) Net realised (loss) on sales of investments (574,777) Net realised (loss) on forward currency exchange contracts (11,857) Net realised (loss) on foreign exchange (6,538) Net realised (loss) (593,172) Change in net unrealised (loss) on investments (1,707,710) Change in net unrealised gain on forward currency exchange contracts 3,001 Net change in unrealised (loss) (1,704,709 Net (decrease) in net assets as a result of operations (2,311,329) Movements in capital Subscriptions of shares 1,668,929 Redemptions of shares (2,676,017) Dividends 7 (46) Total movements in capital (1,007,134) Net assets at the end of the year 6,094,426 |
| --- | --- | --- | --- |
| | Notes | 2022 USD |
| Assets Investment portfolio at market value Cash at bank Interest and dividends receivable, net Net unrealised gain on forward currency exchange contracts | 2 2 2, 9 | 6,087,459 113,214 18,828 1,056 |
| Total assets | | 6,220,557 |
| Liabilities Payable for investments purchased Asset management fees payable Other liabilities | 5 20 | (68,995) (3,530) (53,606) |
| Total liabilities | | (126,131) |
| Total net assets | | 6,094,426 |
| NUMBER OF SHARES OUTSTANDING Class AE 100.000 Class AEC 100.000 Class AEH 9,264.036 Class AU 600.000 Class AUP 100.000 Class IE 100.000 Class IEH 100.000 Class IG 100.000 Class IU 100.000 Class LE 97,000.000 Class LG 100.000 Class XU 100.000 Class ZE 100.000 Class ZEC 100.000 Class ZEH 100.000 Class ZU 498,187.100 Class ZUP 100.000 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 USD 6,094,426 9,412,889 |
| STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2022 March 31, 2021 Class AE 10.1300 1 13.1238 1 Class AEC 9.3082 1 13.0744 1 Class AEH 9.4264 1 13.1208 1 Class AU 9.6534 13.2113 Class AUP 9.5286 13.1684 Class IE 10.2725 1 13.1851 1 Class IEH 9.5604 1 13.1794 1 Class IG 9.4923 2 12.2808 2 Class IU 9.7979 13.2780 Class LE 10.3264 1 13.2092 1 Class LG 9.5344 2 12.2989 2 Class XU 9.8914 13.3214 Class ZE 10.2464 1 13.1739 1 Class ZEC 9.4153 1 13.1241 1 Class ZEH 9.5353 1 13.1675 1 Class ZU 9.7613 13.2623 Class ZUP 9.6378 13.2192 | |
| 1 Class is denominated in EUR. The base currency of the Portfolio is USD. 2 Class is denominated in GBP. The base currency of the Portfolio is USD. | | | en | es |
DOLFIN3144 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) between 20/02/2020-12/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,347
-16.5%
EUR 9,641
-0.6% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) entre 20/02/2020-12/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 347 EUR
-16,5%
9 641 EUR
-0,6% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) between 20/02/2020-12/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,347
-16.5%
EUR 9,641
-0.6% | en | es |
DOLFIN3150 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Unlisted financial instruments and other securities
- Financial instruments whose price has not been recorded on the valuation date are valued at the most recent officially published price or at their likely trading value under the responsibility of the Management Company.
- Foreign securities are converted into the equivalent value in euros at the WMR rate for the currencies on the valuation date.
- Financial instruments not traded on a regulated market are valued at their likely trading value under the responsibility of the Management Company.
- Other financial instruments are valued at their market value as calculated by the counterparties, under the supervision and responsibility of the Management Company. | ###### Instrumentos financieros no cotizados y otros títulos
- Los instrumentos financieros cuyo precio no se ha registrado en el día de valoración se valoran al último precio publicado oficialmente o a su valor de negociación probable bajo la responsabilidad de la Sociedad Gestora.
- Los títulos extranjeros se convierten a su contravalor en euros a partir del tipo de cambio WMR el día de valoración.
- Los instrumentos financieros no negociados en un mercado regulado se valoran bajo la responsabilidad de la Sociedad Gestora a su valor de negociación probable.
- Otros instrumentos financieros se valoran a su valor de mercado calculado por las contrapartes bajo el control y laresponsabilidad de la Sociedad Gestora. | #### Unlisted financial instruments and other securities
- Financial instruments whose price has not been recorded on the valuation date are valued at the most recent officially published price or at their likely trading value under the responsibility of the Management Company.
- Foreign securities are converted into the equivalent value in euros at the WMR rate for the currencies on the valuation date.
- Financial instruments not traded on a regulated market are valued at their likely trading value under the responsibility of the Management Company.
- Other financial instruments are valued at their market value as calculated by the counterparties, under the supervision and responsibility of the Management Company. | en | es |
DOLFIN3157 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/12/2014-31/12/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,495
4.9%
USD 12,532
4.6% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/12/2014-31/12/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 495 USD
4,9%
12 532 USD
4,6% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/12/2014-31/12/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,495
4.9%
USD 12,532
4.6% | en | es |
DOLFIN3158 | 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 EUR 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 2001. The share class was launched in 2012.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (EUR) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | 13.0 | -3.2 | -21.3 | 32.5 | -12.0 | -16.6 | 14.4 | -34.1 | 53.9 |
| Constraint †¹ | | 13.0 | 0.4 | -14.7 | 31.6 | -7.5 | -12.1 | 14.4 | -35.6 | 49.9 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en EUR 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 2001. La clase de acciones se lanzó en 2012.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹MSCI World Energy 30% Buffer 10-40 Index (EUR) No está previsto que la rentabilidad del Fondo replique la del índice.
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | 13,0 | -3,2 | -21,3 | 32,5 | -12,0 | -16,6 | 14,4 | -34,1 | 53,9 |
| Limitación †¹ | | 13,0 | 0,4 | -14,7 | 31,6 | -7,5 | -12,1 | 14,4 | -35,6 | 49,9 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
*Antes de 4 diciembre de 2020, el Fondo utilizaba un índice de referencia distinto, lo que se refleja en los datos del índice de referencia. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in EUR 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 2001. The share class was launched in 2012.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (EUR) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | 13.0 | -3.2 | -21.3 | 32.5 | -12.0 | -16.6 | 14.4 | -34.1 | 53.9 |
| Constraint †¹ | | 13.0 | 0.4 | -14.7 | 31.6 | -7.5 | -12.1 | 14.4 | -35.6 | 49.9 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | en | es |
DOLFIN3160 | 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 | 2.50% |
| Exit charge | None |
| Conversion charge | None |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.41% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above S&P Pan Arab Large Mid Cap. |
| Over the last accounting year, a performance fee of 0.05% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 2,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,41% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del S&P Pan Arab Large Mid Cap. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,05%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 2.50% |
| Exit charge | None |
| Conversion charge | None |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.41% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above S&P Pan Arab Large Mid Cap. |
| Over the last accounting year, a performance fee of 0.05% was charged. | | en | es |
DOLFIN3163 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies in the Pacific Basin (including Japan).
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process utilising country specialist and sector analyst inputs.
- Uses a high conviction approach to finding the best investment ideas.
- Seeks to identify high quality companies with superior and sustainable growth potential.
Share Class Benchmark MSCI All Country Asia Pacific Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested in equities of companies that are domiciled, or carrying out the main part of their economic activity, in a country of the Pacific Basin, including Japan. The Sub-Fund may invest in small capitalisation companies and have significant positions in specific sectors or markets from time to time.
Certain countries in the Pacific Basin may be considered emerging markets.
The Sub-Fund may invest up to 20% in China A-Shares through the China-Hong Kong Stock Connect Programmes.
The Sub-Fund may invest in securities that rely on VIE structures to gain indirect exposure to underlying Chinese companies.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Proporcionar un crecimiento del capital a largo plazo invirtiendo principalmente en compañías de la cuenca del Pacífico (incluido Japón). PROCESO DE INVERSIÓN
Enfoque de inversión
- Emplea un proceso de selección de valores ascendente y de carácter fundamental y utiliza la información proporcionada por especialistas en el país y analistas sectoriales.
- Aplica un enfoque de alta convicción para identificar las mejores ideas de inversión.
- Pretende identificar compañías de alta calidad con un potencial de crecimiento superior y sostenible.
Índice de referencia de la Clase de Acciones MSCI All Country Asia Pacific Index (Total Return Net)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa. Aunque la mayor parte de sus posiciones (excluidos los derivados) son probablemente componentes del índice de referencia, el Gestor de inversiones dispone de un amplio margen discrecional para desviarse de los valores, las ponderaciones y las características de riesgo de dicho índice de referencia.
El grado de semejanza entre el Subfondo y el índice de referencia en términos de composición y características de riesgo variará con el paso del tiempo y sus rentabilidades podrían ser considerablemente diferentes.
POLÍTICAS
Exposición de inversión principal Como mínimo el 67% del patrimonio se invierte en renta variable de compañías domiciliadas o que desarrollen la mayor parte de su actividad económica en un país de la cuenca del Pacífico, incluido Japón. El Subfondo podrá invertir en compañías de pequeña capitalización y mantener posiciones considerables en sectores o mercados específicos de forma ocasional. Determinados países de la cuenca del Pacífico podrán ser considerados como mercados emergentes.
El Subfondo podrá invertir hasta un 20% en Acciones A de China por medio de los Programas «China-Hong Kong Stock Connect».
El Subfondo podrá invertir en valores que dependen de estructuras VIE (siglas en inglés de «entidad de interés variable») con el fin de obtener exposición indirecta a las compañías chinas subyacentes.
Como mínimo el 51% del patrimonio se invertirá en compañías con características medioambientales y/o sociales positivas que observan buenas prácticas de gobernanza, con arreglo a la metodología de puntuación ESG interna del Gestor de inversiones y/o datos de terceros. | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies in the Pacific Basin (including Japan).
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process utilising country specialist and sector analyst inputs.
- Uses a high conviction approach to finding the best investment ideas.
- Seeks to identify high quality companies with superior and sustainable growth potential.
Share Class Benchmark MSCI All Country Asia Pacific Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested in equities of companies that are domiciled, or carrying out the main part of their economic activity, in a country of the Pacific Basin, including Japan. The Sub-Fund may invest in small capitalisation companies and have significant positions in specific sectors or markets from time to time.
Certain countries in the Pacific Basin may be considered emerging markets.
The Sub-Fund may invest up to 20% in China A-Shares through the China-Hong Kong Stock Connect Programmes.
The Sub-Fund may invest in securities that rely on VIE structures to gain indirect exposure to underlying Chinese companies.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance | en | es |
DOLFIN3165 | 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 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 | 8440 EUR | 6180 EUR |
| Average return each year | -15.60% | -14.82% |
| Unfavourable | What you might get back after costs | 8440 EUR | 6180 EUR |
| Average return each year | -15.60% | -14.82% |
| Moderate | What you might get back after costs | 10240 EUR | 10730 EUR |
| Average return each year | 2.40% | 2.38% |
| Favourable | What you might get back after costs | 12350 EUR | 12420 EUR |
| Average return each year | 23.50% | 7.49% |
| Amount invested over time | 10000 EUR | | | | En caso de salida después de 1 En caso de salida después de 3 año años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 8440 EUR | 6180 EUR |
| Rendimiento medio cada año | -15.60% | -14.82% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8440 EUR | 6180 EUR |
| Rendimiento medio cada año | -15.60% | -14.82% |
| Moderado | Lo que podría recibir tras deducir los costes | 10240 EUR | 10730 EUR |
| Rendimiento medio cada año | 2.40% | 2.38% |
| Favorable | Lo que podría recibir tras deducir los costes | 12350 EUR | 12420 EUR |
| Rendimiento medio cada año | 23.50% | 7.49% |
| Importe invertido a lo largo del tiempo | 10000 EUR | | | | If you exit after 1 year If you exit after 3 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 | 8440 EUR | 6180 EUR |
| Average return each year | -15.60% | -14.82% |
| Unfavourable | What you might get back after costs | 8440 EUR | 6180 EUR |
| Average return each year | -15.60% | -14.82% |
| Moderate | What you might get back after costs | 10240 EUR | 10730 EUR |
| Average return each year | 2.40% | 2.38% |
| Favourable | What you might get back after costs | 12350 EUR | 12420 EUR |
| Average return each year | 23.50% | 7.49% |
| Amount invested over time | 10000 EUR | | | en | es |
DOLFIN3166 | 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 01 December 2004.
1.4
3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 01 diciembre 2004.
1.4
3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 01 December 2004.
1.4
3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN3168 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The
achieve the aim, the fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
value of your investment may go down as well as up. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The 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 provides a notional exposure to the value and/or return of certain bonds which may fall. Markets in these asset classes may at times become volatile or illiquid. This means that ordinary trading activity may occasionally be disrupted or impossible. The index may be affected. Fluctuations in interest rates of the currency of the shares, the index or the other assets of the fund may affect the value of your investment. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | 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: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su
índice comprando una cartera de valores que puede incluir los integrantes del índice o cualquier otra inversión no relacionada, según determinen las entidades de DWS. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
inversión puede aumentar o disminuir. 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. 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 proporciona una exposición teórica al valor o la rentabilidad de determinados bonos, cuyo valor puede disminuir. Los mercados para estas clases de activos pueden ser en ocasiones volátiles o poco líquidos. Esto significa que, eventualmente, la actividad de negociación ordinaria podría verse interrumpida o no poderse realizar. El índice podría verse afectado. Las fluctuaciones de los tipos de interés de la moneda de las acciones, el índice o los demás activos del fondo pueden afectar al valor de su inversión. El fondo podría invertir en bonos que estén expuestos a riesgos de crédito y de tipo de interés. Por riesgo de crédito se entiende el riesgo de que el emisor de un bono sea incapaz de pagar los intereses o amortizar el principal, lo cual ocasionaría pérdidas en su inversión. Por riesgo de tipo de interés se entiende que, si suben los tipos de interés, normalmente el valor del bono descenderá, lo cual podría a su vez afectar al valor de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | 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 fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The
achieve the aim, the fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
value of your investment may go down as well as up. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The 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 provides a notional exposure to the value and/or return of certain bonds which may fall. Markets in these asset classes may at times become volatile or illiquid. This means that ordinary trading activity may occasionally be disrupted or impossible. The index may be affected. Fluctuations in interest rates of the currency of the shares, the index or the other assets of the fund may affect the value of your investment. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN3169 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.45% |
| Charges taken from the fund under certain specific conditions |
| Performance fee 20.00% of the outperformance if the performance is positive and exceeds that of the reference indicator since the beginning of the year. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 4.00% |
| Gastos de salida | 0.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1.45% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad 20.00% del exceso de rentabilidad cuando la rentabilidad sea positiva y supere la rentabilidad del indicador de referencia desde el inicio del año. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.45% |
| Charges taken from the fund under certain specific conditions |
| Performance fee 20.00% of the outperformance if the performance is positive and exceeds that of the reference indicator since the beginning of the year. | | en | es |
DOLFIN3177 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
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| Risk and reward profile | ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the sub-fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The sub-fund has been placed in category 4 because its share value fluctuates moderately and therefore the chance of profit but also the risk of loss can be moderate. It may be that due to the calculation model not all risks are accounted for when placing the sub-fund in a risk category. An extensive description of the risks is included in the section »Information on risks« in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the sub-fund: − Credit risks: The sub-fund may invest a part of its assets in debt securities issued by governments and/or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Currency risks: If the sub-fund holds assets in a currency other than its reference currency, investors are exposed to a currency risk. This can be reduced by means of hedging transactions. − Risks from the use of derivatives: The sub-fund may use derivatives. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the sub-fund. − Custody risks: Assets held in custody for safekeeping – particularly in other countries – may be subject to a risk of loss in connection with insolvency, violations of due diligence requirements or market abuse on the part of the custodian or a sub- custodian. − Operational risks: The sub-fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
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| Perfil de riesgo y remuneración | ◄ Remuneración potencialmente más baja Remuneración potencialmente más elevada ► Menor riesgo Mayor riesgo 1 2 3 4 5 6 7 El indicador se basa en datos históricos y no debe interpretarse como una predicción de acontecimientos futuros. La clasificación del subfondo podría variar en el futuro y no constituye una garantía. Ni siquiera un fondo incluido en la categoría 1 constituye una inversión totalmente libre de riesgo. El subfondo se clasifica en la categoría 4 porque el precio de sus participaciones fluctúa de forma moderada y, por lo tanto, la posibilidad de obtener ganancias, pero también el riesgo de pérdida, tienden a ser moderados. Podría ocurrir que, debido al modelo de cálculo, no se tengan en cuenta todos los riesgos cuando se clasifique el subfondo en una categoría. En la sección »riesgos de las inversiones« se incluye una extensa descripción de los riesgos. Los siguientes riesgos no tienen un repercusión directa en la clasificación pero sin embargo pueden tener cierta relevancia para el subfondo: − Riesgos de crédito: el subfondo puede invertir una proporción de sus activos en títulos de deuda emitidos por estados o por compañías. Los emisores de estos títulos de deuda podrían resultar insolventes lo cual podría determinar la pérdida total o parcial del valor de sus títulos de deuda. − Riesgo de tipo de cambio: En caso de que el fondo mantenga activos en otra moneda distinta a la de referencia, el inversor está expuesto a un riesgo de tipo de cambio. Este riesgo puede reducirse mediante operaciones de cobertura. − Riesgos por el uso de derivados: el subfondo puede utilizar derivados. Tales instrumentos determinan tanto un incremento de oportunidades como un incremento del riesgo de pérdida. El uso de derivados con fines de cobertura frente a pérdidas también podría reducir las oportunidades de beneficio del subfondo. − Riesgos de custodia: La custodia de activos patrimoniales, sobre todo en el extranjero, puede acarrear un riesgo de pérdida como resultado de insolvencia, negligencia o comportamiento fraudulento por parte del depositario o subdepositario. − Riesgos operativos: el subfondo podría ser víctima de fraude o de cualquier otra conducta delictiva. También podría sufrir pérdidas causadas por malentendidos o errores de los empleados de la sociedad gestora de inversiones o de terceras partes o podría sufrir daños y perjuicios causados por la ocurrencia de acontecimientos externos tales como desastres naturales. |
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| Risk and reward profile | ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the sub-fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The sub-fund has been placed in category 4 because its share value fluctuates moderately and therefore the chance of profit but also the risk of loss can be moderate. It may be that due to the calculation model not all risks are accounted for when placing the sub-fund in a risk category. An extensive description of the risks is included in the section »Information on risks« in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the sub-fund: − Credit risks: The sub-fund may invest a part of its assets in debt securities issued by governments and/or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Currency risks: If the sub-fund holds assets in a currency other than its reference currency, investors are exposed to a currency risk. This can be reduced by means of hedging transactions. − Risks from the use of derivatives: The sub-fund may use derivatives. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the sub-fund. − Custody risks: Assets held in custody for safekeeping – particularly in other countries – may be subject to a risk of loss in connection with insolvency, violations of due diligence requirements or market abuse on the part of the custodian or a sub- custodian. − Operational risks: The sub-fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
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DOLFIN3178 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
No other costs are charged to these Share Classes and the Management Company absorbs any difference that may arise between the actual costs of the operations of these Share Classes and the capped percentage.
This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio as shown in Appendix 1. The actual fees and expenses charged to each share class are detailed in Appendix 1 to this report.
- Management and Advisory FeesThe SICAV pays to the Management Company a management fee calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class under its management (“Management and Advisory Fees”). The Management and Advisory Fees are accrued daily and payable monthly in arrears at a maximum rate as specified in the Prospectus. The Management Company may at its absolute discretion and from time to time (which in certain circumstances may be daily), decide to vary such rate between the maximum and 0.0%. | No se cobra ningún otro gasto a estas Clases de Acciones y la Sociedad gestora asume las eventuales diferencias entre los costes operativos reales de estas Clases de Acciones y el porcentaje con límite máximo.
Este porcentaje anual con límite máximo de comisiones y gastos se clasifica como Ratio de gastos con límite máximo según se muestra en el Anexo 1. Las comisiones y gastos que se cobran a cada clase de acciones se detallan en el Anexo 1 de este informe.
- Comisiónes de gestión y asesoramientoLa SICAV paga a la Sociedad gestora una comisión de gestión calculada como porcentaje del patrimonio neto medio diario de cada Subfondo o Clase de Acciones que gestiona («Comisiones de gestión y asesoramiento»). Las Comisiones de gestión y asesoramiento se devengan diariamente y se abonan a mes vencido al tipo máximo que se indica en el Folleto. La Sociedad gestora podrá, siempre que lo estime conveniente a su entera discreción (en determinados casos, a diario), modificar el tipo aplicable estableciendo un valor que oscilará entre el máximo fijado y el 0,0%. | No other costs are charged to these Share Classes and the Management Company absorbs any difference that may arise between the actual costs of the operations of these Share Classes and the capped percentage.
This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio as shown in Appendix 1. The actual fees and expenses charged to each share class are detailed in Appendix 1 to this report.
- Management and Advisory FeesThe SICAV pays to the Management Company a management fee calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class under its management (“Management and Advisory Fees”). The Management and Advisory Fees are accrued daily and payable monthly in arrears at a maximum rate as specified in the Prospectus. The Management Company may at its absolute discretion and from time to time (which in certain circumstances may be daily), decide to vary such rate between the maximum and 0.0%. | en | es |
DOLFIN3179 | 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 I-USD Distributing between 12/2018-12/2023.
Favourable scenario
What you might get back after costs
Average return each year
USD 11,633
16.3%
USD 13,021
5.4% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I-USD Distributing entre 12/2018-12/2023.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 633 USD
16,3%
13 021 USD
5,4% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I-USD Distributing between 12/2018-12/2023.
Favourable scenario
What you might get back after costs
Average return each year
USD 11,633
16.3%
USD 13,021
5.4% | en | es |
DOLFIN3184 | 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 longer term.
- The fund will actively allocate to, and within, different asset classes and geographies based on their potential to generate income and capital growth within the portfolio.
- The fund will invest in a range of global asset classes, including investment grade bonds, high yield bonds, shares of companies, infrastructure securities, commodities and closed-ended real estate investment trusts (REITs).
- The fund can invest in bonds issued by governments, companies and other bodies.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may, under normal market conditions, invest up to 100% in investment grade bonds, 75% in high yield bonds (which include below investment grade and unrated bonds), 60% in emerging market bonds and 80% in shares of companies (including up to 60% in emerging market companies).
- The fund may also have an exposure of less than 30% to each of the following asset classes: infrastructure securities, commodities and closed-ended real estate investment trusts REITs.
- The fund may invest up to 30% in offshore China fixed income instruments including, but not limited to, dim sum bonds
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities, which may include urban investment bonds, on an aggregated basis.
- The fund will invest less than 30% in hybrids and contingent convertible bonds, with less than 20% in contingent convertible bonds.
- In adverse market conditions the fund may hold up to 30% of its assets in cash or money market instruments (cash and short-term deposits, certificates of deposit and bills, Money Market Funds).
- 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 reinvested in additional shares or paid to shareholders on request.
- The fund’s source of income will mainly be generated from dividend payments from shares of companies, coupon payments from bond holdings and payments out of capital.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El Subfondo tiene como objetivo lograr crecimiento del capital e ingresos a medio y más largo plazo.
- El Subfondo efectuará asignaciones activas a diferentes clases de activos y áreas geográficas basándose en su potencial para generar rentas y crecimiento del capital en la cartera.
- El Subfondo invertirá en diversas clases de activos mundiales, entre ellas, los bonos con grado de inversión y de alto rendimiento, las acciones de empresas, los valores de infraestructuras, las materias primas y los fondos de inversión inmobiliaria («REIT») de capital fijo.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo podrá, en condiciones normales de mercado, invertir hasta el 100 % en bonos con grado de inversión, el 75 % en bonos de alto rendimiento (que incluyen aquellos con grado especulativo y sin calificación), el 60 % en bonos de mercados emergentes) y el 80 % en acciones de empresas (incluido hasta el 60 % en empresas de mercados emergentes).
- Asimismo, podrá tener una exposición inferior al 30 % a las siguientes clases de activo: valores de infraestructuras, materias primas y fondos de inversión inmobiliaria («REIT») de capital fijo.
- El Subfondo podrá invertir hasta el 30 % en instrumentos extraterritoriales de renta fija de China, entre ellos, bonos «Dim Sum».
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B, o valores de renta fija del mercado interior chino, que pueden incluir bonos municipales, de forma conjunta.
- El Subfondo invertirá menos del 30 % en híbridos y bonos convertibles contingentes, invirtiendo menos del 20 % en bonos convertibles contingentes.
- En condiciones del mercado adversas, el fondo puede mantener hasta el 30 % 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).
- 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.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Los ingresos del Subfondo procederán principalmente de los pagos de dividendos de acciones de empresas, cupones de las posiciones en renta fija y pagos con cargo al capital.
- 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 longer term.
- The fund will actively allocate to, and within, different asset classes and geographies based on their potential to generate income and capital growth within the portfolio.
- The fund will invest in a range of global asset classes, including investment grade bonds, high yield bonds, shares of companies, infrastructure securities, commodities and closed-ended real estate investment trusts (REITs).
- The fund can invest in bonds issued by governments, companies and other bodies.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may, under normal market conditions, invest up to 100% in investment grade bonds, 75% in high yield bonds (which include below investment grade and unrated bonds), 60% in emerging market bonds and 80% in shares of companies (including up to 60% in emerging market companies).
- The fund may also have an exposure of less than 30% to each of the following asset classes: infrastructure securities, commodities and closed-ended real estate investment trusts REITs.
- The fund may invest up to 30% in offshore China fixed income instruments including, but not limited to, dim sum bonds
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities, which may include urban investment bonds, on an aggregated basis.
- The fund will invest less than 30% in hybrids and contingent convertible bonds, with less than 20% in contingent convertible bonds.
- In adverse market conditions the fund may hold up to 30% of its assets in cash or money market instruments (cash and short-term deposits, certificates of deposit and bills, Money Market Funds).
- 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 reinvested in additional shares or paid to shareholders on request.
- The fund’s source of income will mainly be generated from dividend payments from shares of companies, coupon payments from bond holdings and payments out of capital.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN3187 | 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: March 14, 2003.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
20%
10%
0%
-10% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 14 de marzo de 2003. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en USD.
20%
10%
0%
-10% | ### Launch Date and Currency
Sub-Fund's launch date: March 14, 2003.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
20%
10%
0%
-10% | en | es |
DOLFIN3189 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- notwithstanding any of the foregoing sub- paragraphs, the Manager with the approval of the Trustee may adjust the value of any Investment if, having regard to currency, applicable rate of interest, maturity, marketability and/or such other considerations as they may deem relevant, they consider that such adjustment is required to reflect the fair value thereof;
- if in any case a particular value is not ascertainable as above provided or if the Manager shall consider that some other method of valuation better reflects the fair value of the relevant Investment then in such case the method of valuation of the relevant Investment shall be such as the Manager shall decide with the concurrence of the Trustee and provided that such adjustment method is approved by the Trustee;
- notwithstanding the foregoing, where at the time of any valuation any asset of the Sub-Fund has been realised or contracted to be realised there shall be included in the assets of the Sub-Fund in place of such asset the net amount receivable by the Sub-Fund in respect thereof provided that if such amount is not then known exactly then its value shall be the net amount estimated by the Manager as receivable by the Sub-Fund. | - sin perjuicio de los apartados anteriores, la Sociedad Gestora, con el consentimiento del Depositario, puede ajustar el valor de cualquier inversión si considera que, teniendo en cuenta la divisa, el tipo de interés aplicable, el vencimiento, la comerciabilidad y otros factores que estime oportunos, es necesario realizar dicho ajuste para reflejar su valor justo;
- si en algún caso no pudiera calcularse un valor concreto utilizando los principios establecidos anteriormente o si la Sociedad Gestora considerara que con otro método quedaría mejor reflejado el valor justo de la inversión en cuestión, se empleará el método de valoración que la Sociedad Gestora decida para dicha inversión, con el consentimiento de la Fiduciaria y siempre y cuando esta autorice dicho método de ajuste;
- sin perjuicio de lo anterior, en el caso en el que en el momento de la valoración se haya liquidado o contratado la liquidación de un activo del Subfondo, en el activo del Subfondo se incluirá, en lugar de dicho activo, el importe neto que debe percibir el Subfondo en concepto de dicha liquidación, teniendo en cuenta que, si se desconoce el importe exacto en ese momento, su valor será el importe neto que la Sociedad Gestora estime que percibirá el Subfondo. | - notwithstanding any of the foregoing sub- paragraphs, the Manager with the approval of the Trustee may adjust the value of any Investment if, having regard to currency, applicable rate of interest, maturity, marketability and/or such other considerations as they may deem relevant, they consider that such adjustment is required to reflect the fair value thereof;
- if in any case a particular value is not ascertainable as above provided or if the Manager shall consider that some other method of valuation better reflects the fair value of the relevant Investment then in such case the method of valuation of the relevant Investment shall be such as the Manager shall decide with the concurrence of the Trustee and provided that such adjustment method is approved by the Trustee;
- notwithstanding the foregoing, where at the time of any valuation any asset of the Sub-Fund has been realised or contracted to be realised there shall be included in the assets of the Sub-Fund in place of such asset the net amount receivable by the Sub-Fund in respect thereof provided that if such amount is not then known exactly then its value shall be the net amount estimated by the Manager as receivable by the Sub-Fund. | en | es |
DOLFIN3194 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Swiss Equity
Schroder ISF Swiss Equity (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 Swiss Leaders 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 Swiss Leaders Index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Swiss Leaders 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 Swiss Equity
Schroder ISF Swiss Equity (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 Swiss Leaders 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 Swiss Leaders Index en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el Swiss Leaders 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 Swiss Equity
Schroder ISF Swiss Equity (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 Swiss Leaders 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 Swiss Leaders Index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Swiss Leaders 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 |
DOLFIN3196 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA R EUR
Benchmark
A : The Sub-Fund and the Class were created on 26/06/2015 following the merger by absorption of Class E of the French Edmond de Rothschild CHINA (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 E of the Absorbed Sub-Fund. | ## Índice de referencia: MSCI China 10/40 Net Return Index, calculado con los dividendos netos reinvertidos.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA R EUR
Índice de referencia
A: El Subfondo y la Clase se crearon el 26 de junio de 2015 tras la fusión por absorción de la Clase E del fondo francés Edmond de Rothschild CHINA (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 E del Subfondo absorbido. | ## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA R EUR
Benchmark
A : The Sub-Fund and the Class were created on 26/06/2015 following the merger by absorption of Class E of the French Edmond de Rothschild CHINA (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 E of the Absorbed Sub-Fund. | en | es |
DOLFIN3198 | 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 | 1.00 % |
| Exit charge | 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 | 0.27% of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | Maximum 30% p.a. of the performance above that of the benchmark index, calculated using the “reference assets” methodology |
| No fee was deducted for the prior year. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 1,00 % |
| Gastos de salida | 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 | 0,27 % del activo neto medio |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 30 % anual máximo de la rentabilidad por encima de la del índice de referencia, calculada según la metodología del «activo de referencia». |
| No se ha detraído ninguna comisión en concepto del ejercicio anterior | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 1.00 % |
| Exit charge | 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 | 0.27% of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | Maximum 30% p.a. of the performance above that of the benchmark index, calculated using the “reference assets” methodology |
| No fee was deducted for the prior year. | | en | es |
DOLFIN3201 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Carmignac Euro-Entrepreneurs is a French FCP (“Fonds Commun de Placement”), a French mutual Fund established in France, governed by European Directive 2009/65/EC and authorised by the French regulator Autorité des marchés financiers (AMF). It is managed by Carmignac Gestion, S.A.
Carmignac Portfolio Grande Europe is a sub-fund of the SICAV Carmignac Portfolio, a Luxembourg-based undertaking for collective investment in transferable securities authorised by the Luxembourg Financial Supervisory Authority (CSSF) under Part I of the law of 17 December 2010, on undertakings for collective investment, as amended (the “2010 Law”).
The terms of the transaction were issued in accordance with the applicable provisions of the UCITS Directive and approved by both regulators, the AMF and the CSSF.
-
## TYPE OF THE MERGER | Carmignac Euro-Entrepreneurs es un fondo de inversión colectiva de derecho francés (fonds commun de placement, FCP) constituido en Francia, regulado por la Directiva 2009/65/CE y autorizado por la autoridad de los mercados financieros de Francia (Autorité des marchés financiers, AMF). El fondo está gestionado por Carmignac Gestion, S.A.
Carmignac Portfolio Grande Europe es un subfondo de la SICAV Carmignac Portfolio, una institución de inversión colectiva en valores mobiliarios domiciliada en Luxemburgo y autorizada por la autoridad de supervisión financiera de Luxemburgo (Commission de Surveillance du Secteur Financier, CSSF) de conformidad con la Parte I de la ley de 17 de diciembre de 2010 relativa a las instituciones de inversión colectiva, en su versión modificada (la «Ley de 2010»).
Las condiciones de la operación han sido elaboradas con arreglo a las disposiciones aplicables de la Directiva UCITS y han sido aprobadas por las dos autoridades reguladoras pertinentes (la AMF y la CSSF).
-
## NATURALEZA DE LA FUSIÓN | Carmignac Euro-Entrepreneurs is a French FCP (“Fonds Commun de Placement”), a French mutual Fund established in France, governed by European Directive 2009/65/EC and authorised by the French regulator Autorité des marchés financiers (AMF). It is managed by Carmignac Gestion, S.A.
Carmignac Portfolio Grande Europe is a sub-fund of the SICAV Carmignac Portfolio, a Luxembourg-based undertaking for collective investment in transferable securities authorised by the Luxembourg Financial Supervisory Authority (CSSF) under Part I of the law of 17 December 2010, on undertakings for collective investment, as amended (the “2010 Law”).
The terms of the transaction were issued in accordance with the applicable provisions of the UCITS Directive and approved by both regulators, the AMF and the CSSF.
-
## TYPE OF THE MERGER | en | es |
DOLFIN3202 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Balanced and Mixed Asset Sub-Funds
JPMorgan Investment Funds - Global Balanced Fund
To provide long-term capital growth and income by investing primarily in companies and debt securities issued or guaranteed by governments or their agencies, globally, using derivatives where appropriate.
JPMorgan Investment Funds - Global Income Fund
To provide regular income by investing primarily in a portfolio of income generating securities, globally, and through the use of derivatives.
JPMorgan Investment Funds - Global Income Conservative Fund
To provide regular income by investing primarily in a conservatively constructed portfolio of income generating securities, globally, and through the use of derivatives.
JPMorgan Investment Funds - Global Income Sustainable Fund
To provide regular income by investing primarily in a portfolio of income generating securities with positive E/S characteristics globally and through the use of derivatives. Securities with positive E/S characteristics are securities from issuers that the Investment Manager believes show effective governance and superior management of environmental and social issues (sustainable characteristics).
JPMorgan Investment Funds - Global Macro Fund
To achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using derivatives where appropriate. The Sub-Fund seeks to have a volatility lower than two-thirds of the MSCI All Country World Index (Total Return Net).
JPMorgan Investment Funds - Global Macro Opportunities Fund
To achieve capital appreciation in excess of its cash benchmark by investing primarily in securities, globally, using derivatives where appropriate.
JPMorgan Investment Funds - Global Macro Sustainable Fund
To achieve a return in excess of its cash benchmark by investing globally in a portfolio of Sustainable Securities, currencies and using derivatives where appropriate. Securities with positive E/S characteristics are securities from issuers that the Investment Manager believes show effective governance and superior management of environmental and social issues.
JPMorgan Investment Funds - Global Multi-Asset Cautious Sustainable Fund
To provide long-term capital growth by investing in a flexible cautious portfolio of securities, directly and through the use of derivatives, across a combination of asset classes, positively positioned towards companies and issuers with above average ESG scores. A cautious portfolio is determined by an evaluation of the relevant risks related to the portfolio, which would be lower than a moderate or growth portfolio.
JPMorgan Investment Funds - Global Multi-Asset Moderate Sustainable Fund
To provide long-term capital growth by investing in a flexible balanced portfolio of securities, directly and through the use of derivatives, across a combination of asset classes, positively positioned towards companies and issuers with above average ESG scores. A balanced portfolio is determined by an evaluation of the relevant risks related to the portfolio, which would be higher than a cautious portfolio.
- | # Subfondos equilibrados y mixtos
JPMorgan Investment Funds - Global Balanced Fund
Proporcionar un crecimiento del capital a largo plazo invirtiendo principalmente en empresas y títulos de deuda emitidos o garantizados por gobiernos, o sus agencias, de todo el mundo, y utilizando derivados cuando proceda.
JPMorgan Investment Funds - Global Income Fund
Proporcionar ingresos periódicos invirtiendo principalmente en una cartera de valores generadores de ingresos de todo el mundo, y mediante el uso de derivados.
JPMorgan Investment Funds - Global Income Conservative Fund
Proporcionar ingresos periódicos invirtiendo principalmente en una cartera conservadora de valores generadores de ingresos de todo el mundo, y mediante el uso de derivados.
JPMorgan Investment Funds - Global Income Sustainable Fund
Conseguir ingresos periódicos invirtiendo a escala mundial en una cartera de valores generadores de ingresos con características medioambientales y sociales positivas, mediante el uso de derivados. Los valores con características medioambientales y sociales positivas son valores de emisores que, en opinión del Gestor de inversiones, presentan un gobierno efectivo y una excelente gestión de los aspectos medioambientales y sociales (características sostenibles).
JPMorgan Investment Funds - Global Macro Fund
Conseguir, en un horizonte temporal de medio plazo (2 a 3 años), una rentabilidad superior a la de su índice de referencia monetario a partir de una cartera de valores de todo el mundo, y utilizando derivados cuando proceda. El Subfondo pretende tener una volatilidad inferior a dos tercios de la volatilidad de MSCI All Country World Index (Total Return Net).
JPMorgan Investment Funds - Global Macro Opportunities Fund
Conseguir una revalorización del capital superior a la de su índice de referencia monetario invirtiendo principalmente en valores de todo el mundo, y utilizando derivados cuando proceda.
JPMorgan Investment Funds - Global Macro Sustainable Fund
Conseguir una rentabilidad superior a la del índice de referencia en efectivo invirtiendo a escala mundial en una cartera de valores sostenibles y divisas, y utilizando derivados cuando proceda. Los valores con características medioambientales y sociales positivas son valores de emisores que, en opinión del Gestor de inversiones, presentan un gobierno efectivo y una excelente gestión de los aspectos medioambientales y sociales.
JPMorgan Investment Funds - Global Multi-Asset Cautious Sustainable Fund
Ofrecer un crecimiento del capital a largo plazo mediante la inversión en una cartera prudente de valores que sea flexible, tanto directamente como mediante el uso de instrumentos derivados, en toda una variedad de clases de activos, con un posicionamiento claro hacia las empresas y emisores con calificaciones por encima de la medida en materia medioambiental, social y de gobernanza (MSG). Una cartera prudente viene definida por la evaluación de los correspondientes riesgos asociados a la cartera, que serían inferiores a los de una cartera moderada o de crecimiento.
- | # Balanced and Mixed Asset Sub-Funds
JPMorgan Investment Funds - Global Balanced Fund
To provide long-term capital growth and income by investing primarily in companies and debt securities issued or guaranteed by governments or their agencies, globally, using derivatives where appropriate.
JPMorgan Investment Funds - Global Income Fund
To provide regular income by investing primarily in a portfolio of income generating securities, globally, and through the use of derivatives.
JPMorgan Investment Funds - Global Income Conservative Fund
To provide regular income by investing primarily in a conservatively constructed portfolio of income generating securities, globally, and through the use of derivatives.
JPMorgan Investment Funds - Global Income Sustainable Fund
To provide regular income by investing primarily in a portfolio of income generating securities with positive E/S characteristics globally and through the use of derivatives. Securities with positive E/S characteristics are securities from issuers that the Investment Manager believes show effective governance and superior management of environmental and social issues (sustainable characteristics).
JPMorgan Investment Funds - Global Macro Fund
To achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using derivatives where appropriate. The Sub-Fund seeks to have a volatility lower than two-thirds of the MSCI All Country World Index (Total Return Net).
JPMorgan Investment Funds - Global Macro Opportunities Fund
To achieve capital appreciation in excess of its cash benchmark by investing primarily in securities, globally, using derivatives where appropriate.
JPMorgan Investment Funds - Global Macro Sustainable Fund
To achieve a return in excess of its cash benchmark by investing globally in a portfolio of Sustainable Securities, currencies and using derivatives where appropriate. Securities with positive E/S characteristics are securities from issuers that the Investment Manager believes show effective governance and superior management of environmental and social issues.
JPMorgan Investment Funds - Global Multi-Asset Cautious Sustainable Fund
To provide long-term capital growth by investing in a flexible cautious portfolio of securities, directly and through the use of derivatives, across a combination of asset classes, positively positioned towards companies and issuers with above average ESG scores. A cautious portfolio is determined by an evaluation of the relevant risks related to the portfolio, which would be lower than a moderate or growth portfolio.
JPMorgan Investment Funds - Global Multi-Asset Moderate Sustainable Fund
To provide long-term capital growth by investing in a flexible balanced portfolio of securities, directly and through the use of derivatives, across a combination of asset classes, positively positioned towards companies and issuers with above average ESG scores. A balanced portfolio is determined by an evaluation of the relevant risks related to the portfolio, which would be higher than a cautious portfolio.
- | en | es |
DOLFIN3203 | 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 1,760 | EUR 1,710 |
| | Average return each year % | -82.40% | -29.76% |
| Unfavourable scenario | What you might get back after costs | EUR 8,220 | EUR 7,870 |
| | Average return each year % | -17.80% | -4.68% |
| Moderate scenario | What you might get back after costs | EUR 10,870 | EUR 13,480 |
| | Average return each year % | 8.70% | 6.15% |
| Favourable scenario | What you might get back after costs | EUR 14,400 | EUR 17,960 |
| | Average return each year % | 44.00% | 12.42% | | | | 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 1.760 | EUR 1.710 |
| | Rendimiento medio cada año | -82,40% | -29,76% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 8.220 | EUR 7.870 |
| | Rendimiento medio cada año | -17,80% | -4,68% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.870 | EUR 13.480 |
| | Rendimiento medio cada año | 8,70% | 6,15% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 14.400 | EUR 17.960 |
| | Rendimiento medio cada año | 44,00% | 12,42% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 1,760 | EUR 1,710 |
| | Average return each year % | -82.40% | -29.76% |
| Unfavourable scenario | What you might get back after costs | EUR 8,220 | EUR 7,870 |
| | Average return each year % | -17.80% | -4.68% |
| Moderate scenario | What you might get back after costs | EUR 10,870 | EUR 13,480 |
| | Average return each year % | 8.70% | 6.15% |
| Favourable scenario | What you might get back after costs | EUR 14,400 | EUR 17,960 |
| | Average return each year % | 44.00% | 12.42% | | en | es |
DOLFIN3208 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Closure decided by the Board
If, for any reason, the value of the total net assets in any Sub-Fund or Class has not reached, or has dropped below, an amount determined by the Board to be the minimum level for such Sub-Fund or Class to be operated in an economically efficient manner, or in case of a substantial change to the political, economic or monetary situation or as a matter of economic rationalisation, the Board may decide to redeem all the Shares of a relevant Sub-Fund or
Class at the Net Asset Value per Share (taking into account actual realisation prices of investments and realisation expenses) determined as of the Valuation Day at which such a decision will take effect and close the relevant | ### CIERRE POR DECISIÓN DEL CONSEJO
Si, por cualquier motivo, el patrimonio neto total de cualquier Subfondo o clase no alcanza el importe mínimo determinado por el Consejo para que el Subfondo o la clase opere de manera rentable, si el patrimonio neto total cae por debajo de dicho importe, si se produce un cambio
importante en la situación política, económica o monetaria, o si se trata de una cuestión de racionalización económica, el Consejo puede optar por reembolsar todas las acciones de un Subfondo o una clase relevante por el valor liquidativo de la acción (teniendo en cuenta los precios de venta de las inversiones y los gastos de venta efectivos), lo que se determinará a fecha del día de valoración en el que dicha decisión entre en vigor y se cierre el Subfondo o la clase correspondiente.
La SICAV enviará una notificación por escrito a los accionistas de la clase correspondiente antes de la fecha de entrada en vigor del reembolso forzoso, donde indicará los motivos y el procedimiento del reembolso. A menos que se decida lo contrario en beneficio de los accionistas o para brindar un trato igualitario a todos ellos, los accionistas del Subfondo o de la clase en cuestión podrán seguir
solicitando el reembolso o el canje de sus acciones de forma gratuita (pero teniendo en cuenta los precios de venta de las inversiones y los gastos de venta efectivos) antes de la fecha de entrada en vigor del reembolso forzoso. | ### Closure decided by the Board
If, for any reason, the value of the total net assets in any Sub-Fund or Class has not reached, or has dropped below, an amount determined by the Board to be the minimum level for such Sub-Fund or Class to be operated in an economically efficient manner, or in case of a substantial change to the political, economic or monetary situation or as a matter of economic rationalisation, the Board may decide to redeem all the Shares of a relevant Sub-Fund or
Class at the Net Asset Value per Share (taking into account actual realisation prices of investments and realisation expenses) determined as of the Valuation Day at which such a decision will take effect and close the relevant | en | es |
DOLFIN3210 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy
Robeco Financial Institutions Bonds is an actively managed fund that mainly invests in subordinated euro-denominated bonds issued by financial institutions. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and engagement. The fund offers a diversified exposure to subordinated bonds issued by banks and insurance companies and the focus of the fund is, in general, towards higher rated issuers (investment grade). The majority of bonds selected will be components of the benchmark, but bonds outside the benchmark may be selected too. The fund can deviate substantially from the weightings of the benchmark. The fund aims to outperform the benchmark over the long run, while still controlling relative risk through the application of limits (on currencies and issuers) to the extent of the deviation from the benchmark. This will consequently limit the deviation of the performance relative to the benchmark. The Benchmark is a broad market-weighted index that is not consistent with the ESG characteristics promoted by the fund. | # Política de inversión
Robeco Financial Institutions Bonds es un fondo de gestión activa que invierte principalmente en bonos subordinados denominados en euros emitidos por instituciones financieras. La selección de estos bonos se basa en el análisis por fundamentales. El objetivo del fondo es generar un crecimiento del capital a largo plazo. El fondo fomenta criterios AS (ambientales y sociales) en el sentido del Artículo 8 del Reglamento europeo sobre divulgación de información relativa a las inversiones sostenibles, integra riesgos de sostenibilidad 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 regionales, normativas y de actividad, o la interacción. El fondo ofrece una exposición diversificada a bonos subordinados emitidos por bancos y compañías de seguros y, en general, muestra preferencia por emisores de mayor calificación (grado de inversión). Aunque podrán incluirse bonos ajenos al índice de referencia, la mayor parte de los bonos seleccionados pertenecerá al índice de referencia. El fondo podrá apartarse significativamente de las ponderaciones del índice de referencia. El fondo tiene como objetivo superar a largo plazo al índice de referencia, sin dejar de controlar el riesgo relativo mediante la aplicación de límites (sobre monedas y emisores) respecto al grado de desviación frente al índice de referencia, lo que a su vez limitará la desviación de la rentabilidad frente a dicho índice. El índice de referencia es un índice ponderado del mercado exterior que no es coherente con los criterios ASG que fomenta el fondo. | # Investment policy
Robeco Financial Institutions Bonds is an actively managed fund that mainly invests in subordinated euro-denominated bonds issued by financial institutions. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and engagement. The fund offers a diversified exposure to subordinated bonds issued by banks and insurance companies and the focus of the fund is, in general, towards higher rated issuers (investment grade). The majority of bonds selected will be components of the benchmark, but bonds outside the benchmark may be selected too. The fund can deviate substantially from the weightings of the benchmark. The fund aims to outperform the benchmark over the long run, while still controlling relative risk through the application of limits (on currencies and issuers) to the extent of the deviation from the benchmark. This will consequently limit the deviation of the performance relative to the benchmark. The Benchmark is a broad market-weighted index that is not consistent with the ESG characteristics promoted by the fund. | en | es |
DOLFIN3215 | 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 | 3.00% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.35% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above Bloomberg Barclays EGILB All Markets. |
| Over the last accounting year, a performance fee of 0.01% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 3,00% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,35% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del Bloomberg Barclays EGILB All Markets. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,01%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.35% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above Bloomberg Barclays EGILB All Markets. |
| Over the last accounting year, a performance fee of 0.01% was charged. | | en | es |
DOLFIN3225 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,250 USD -87.47% | 1,240 USD -34.16% |
| Unfavourable¹ | What you might get back after costs Average return each year | 5,930 USD -40.68% | 5,860 USD -10.15% |
| Moderate² | What you might get back after costs Average return each year | 10,040 USD 0.45% | 11,570 USD 2.97% |
| Favourable³ | What you might get back after costs Average return each year | 15,980 USD 59.82% | 19,360 USD 14.13% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.250 USD -87,47% | 1.240 USD -34,16% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 5.930 USD -40,68% | 5.860 USD -10,15% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.040 USD 0,45% | 11.570 USD 2,97% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.980 USD 59,82% | 19.360 USD 14,13% | | | Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,250 USD -87.47% | 1,240 USD -34.16% |
| Unfavourable¹ | What you might get back after costs Average return each year | 5,930 USD -40.68% | 5,860 USD -10.15% |
| Moderate² | What you might get back after costs Average return each year | 10,040 USD 0.45% | 11,570 USD 2.97% |
| Favourable³ | What you might get back after costs Average return each year | 15,980 USD 59.82% | 19,360 USD 14.13% | | en | es |
DOLFIN3229 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to generate income and a reasonable degree of liquidity consistent with low volatility of capital, through the maintenance of a portfolio of high quality money market instruments (MMIs) and fixed income (FI) securities, including securities which pay income according to a floating rate of interest. Liquidity means assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of FI securities (such as bonds) and MMIs (i.e. debt securities with short term maturities).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus. The Fund’s assets will be high quality (according to the Investment Manager’s assessment of credit worthiness) at the time of purchase.
The Fund will only invest in securities which have a residual maturity of 2 years or less at time of purchase, provided that the time remaining until the next interest rate reset date is less than or equal to 397 days and they are reset to a money market rate or index. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to six months. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to twelve months.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The 3 Month Euro Short Term Rate (ESTR) compounded in arrears should be used by investors to compare the performance of the Fund.
The Fund’s assets may be issued or guaranteed by issuers, which include: governments of member states of the European Union, other sovereign governments, government agencies, companies and supranationals. However, at least 75% of the Fund’s assets shall be denominated in Euro. Where the Fund invests in instruments denominated in a currency other than Euro, the investment manager (IM) will use FX transactions to reduce the effect of exchange rate fluctuations.
The Fund is a “Standard Variable NAV Money Market Fund” as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The investments of this VNAV Fund are valued using the mark-to-market method (i.e. a valuation based on current market prices) where possible, and if not, the mark to model method (i.e. a valuation based on a financial model) is used. The NAV is calculated to four decimal places and forms the dealing NAV.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is €1,000,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | # Objetivos y política de inversión
El Fondo trata de generar ingresos y un grado de liquidez razonable, de manera compatible con una baja volatilidad del capital, mediante la posesión de una cartera de instrumentos del mercado monetario (IMM) y valores de renta fija (RF) de calidad elevada, incluyendo valores que pagan rendimientos con arreglo a un tipo de interés variable. Se entiende por liquidez que los activos puedan comprarse y venderse fácilmente en condiciones normales de mercado. El dinero invertido en el Fondo no está protegido ni garantizado.
El Fondo invierte en una amplia gama de valores de renta fija (RF) (como bonos) e IMM (es decir, títulos de deuda con vencimientos a corto plazo).
La gestora de inversiones tendrá en cuenta una serie de criterios medioambientales, sociales y de gobierno corporativo a la hora de seleccionar las inversiones, tal como se detalla en el folleto del Fondo.
Los activos del Fondo tendrán una alta calidad (de acuerdo con la evaluación de la gestora de inversiones sobre el nivel de solvencia) en el momento de la adquisición.
El Fondo únicamente invertirá en valores con un plazo de vencimiento residual de 2 años o menos en el momento de la compra, y en todo caso el tiempo restante hasta la fecha siguiente de revisión del tipo de interés será menor o igual a 397 días, y la revisión se hará con referencia a un tipo o índice del mercado monetario. El vencimiento medio ponderado (es decir, el periodo de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital o, con respecto a las notas de tipo de interés, el tiempo medio hasta la próxima revisión del tipo de interés según un tipo del mercado monetario) de todos los activos del Fondo será de hasta seis meses. La vida media ponderada (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital de los activos) de todos los activos del Fondo será de hasta doce meses.
El Fondo también puede celebrar acuerdos de recompra inversa a corto plazo. Se trata de contratos en virtud de los cuales el Fondo acuerda comprar en efectivo deuda pública a determinados terceros considerados elegibles, y acepta que el vendedor podrá recomprarlos en un momento y a un precio preestablecidos.
El Fondo se gestiona de forma activa. La gestora de inversiones tiene la potestad para seleccionar las inversiones del Fondo y no está limitada por ningún parámetro de referencia para llevar a cabo este proceso. Los inversores deberían utilizar el 3 Month Euro Short Term Rate (ESTR) compuesto a plazo vencido para comparar la rentabilidad del Fondo.
Los activos del Fondo podrán ser emitidos o garantizados por los emisores, que podrán ser: gobiernos de Estados miembros de la Unión Europea u otros gobiernos soberanos, agencias gubernamentales, empresas y organismos supranacionales. No obstante, al menos el 75 % de los activos del Fondo estarán denominados en euros. Cuando el Fondo invierta en instrumentos denominados en una moneda distinta del euro, la Gestora de Inversiones (GI) utilizará operaciones con divisas para reducir el efecto de las fluctuaciones de los tipos de cambio.
El Fondo es un «fondo del mercado monetario estándar de valor liquidativo variable», tal y como establece el Reglamento de la UE sobre fondos del mercado monetario. Los detalles de las actuales calificaciones crediticias (si las hubiera) atribuidas al Fondo están disponibles en www.blackrock.com/cash.
Las Inversiones de este Fondo VNAV se valoran utilizando, siempre que sea posible, el método de valoración de mercado (es decir, una valoración basada en los precios actuales del mercado), y si no es posible, el método de valoración según modelo (es decir, una valoración basada en un modelo financiero). El VL se calcula hasta cuatro cifras decimales y establece el VL de negociación.
Recomendación: Este Fondo puede no ser adecuado para inversores que buscan una revalorización del capital a largo plazo. Sus acciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor).
Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión mínima inicial para esta clase de acciones es de 1 000 000 EUR.
Para obtener más información sobre el Fondo, las clases de acciones/participaciones, la metodología de valoración, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to generate income and a reasonable degree of liquidity consistent with low volatility of capital, through the maintenance of a portfolio of high quality money market instruments (MMIs) and fixed income (FI) securities, including securities which pay income according to a floating rate of interest. Liquidity means assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of FI securities (such as bonds) and MMIs (i.e. debt securities with short term maturities).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus. The Fund’s assets will be high quality (according to the Investment Manager’s assessment of credit worthiness) at the time of purchase.
The Fund will only invest in securities which have a residual maturity of 2 years or less at time of purchase, provided that the time remaining until the next interest rate reset date is less than or equal to 397 days and they are reset to a money market rate or index. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to six months. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to twelve months.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The 3 Month Euro Short Term Rate (ESTR) compounded in arrears should be used by investors to compare the performance of the Fund.
The Fund’s assets may be issued or guaranteed by issuers, which include: governments of member states of the European Union, other sovereign governments, government agencies, companies and supranationals. However, at least 75% of the Fund’s assets shall be denominated in Euro. Where the Fund invests in instruments denominated in a currency other than Euro, the investment manager (IM) will use FX transactions to reduce the effect of exchange rate fluctuations.
The Fund is a “Standard Variable NAV Money Market Fund” as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The investments of this VNAV Fund are valued using the mark-to-market method (i.e. a valuation based on current market prices) where possible, and if not, the mark to model method (i.e. a valuation based on a financial model) is used. The NAV is calculated to four decimal places and forms the dealing NAV.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is €1,000,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | en | es |
DOLFIN3241 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## COMMON REPORTING STANDARD
Drawing extensively on the intergovernmental approach to implementing FATCA, the OECD developed the Common Reporting Standard (“CRS”) to address the issue of offshore tax evasion on a global basis. Additionally, on 9 December 2014, the European Union adopted EU Council Directive 2014/107/EU, amending Directive 2011/ 16/EU as regards mandatory automatic exchange of information in the field of taxation (“DAC2”).
The CRS and DAC2 provide a common standard for due diligence, reporting and exchange of financial account information. Pursuant to the CRS and DAC2, participating jurisdictions and EU member states will obtain from reporting financial institutions, and automatically exchange with exchange partners on an annual basis, financial information with respect to all reportable accounts identified by financial institutions on the basis of common due diligence and reporting procedures. The Company is required to comply with the CRS and DAC2 due diligence and reporting requirements, as adopted by Ireland. Shareholders may be required to provide additional information to the Company to enable the Company to satisfy its obligations under the CRS and DAC2. Failure to provide requested information may subject an investor to liability for any resulting penalties or other charges and/or compulsory redemption of their Shares in the Company. | ## NORMAS COMUNES DE INFORMACIÓN (CRS)
Basándose considerablemente en el planteamiento intergubernamental con respecto a la aplicación de la FATCA, la OCDE desarrolló las normas comunes de información («CRS», por sus siglas en inglés) para abordar la cuestión de la evasión en paraísos fiscales de manera global. Además, el 9 de diciembre de 2014, la Unión Europea adoptó la Directiva del Consejo de la UE 2014/107/UE, que modifica la Directiva 2011/16/UE por lo que se refiere a la obligatoriedad del intercambio automático de información en el ámbito de la fiscalidad («DAC2»).
El CRS y la DAC2 constituyen un estándar común en materia de diligencia debida, elaboración de informes e intercambio de información financiera. De conformidad con el CRS y la DAC2, las jurisdicciones participantes y los Estados miembros de la UE deberán obtener de las instituciones financieras declarantes —e intercambiar automáticamente con los socios todos los años— información financiera relativa a todas las cuentas declarables identificadas por las instituciones financieras sobre la base de procedimientos comunes de diligencia debida e información. La Sociedad está obligada a cumplir con los requisitos de diligencia debida y de información del CRS y la DAC2 aprobados por Irlanda.
Podrá requerirse a los Accionistas que faciliten información adicional a la Sociedad para que esta pueda cumplir con sus obligaciones en el marco del CRS y la DAC2. En caso de no facilitar la información solicitada, un inversor podrá incurrir en responsabilidades por cualesquiera penalizaciones u otros gastos que se ocasionen y / o estar sujeto al reembolso obligatorio de sus Acciones de la Sociedad. | ## COMMON REPORTING STANDARD
Drawing extensively on the intergovernmental approach to implementing FATCA, the OECD developed the Common Reporting Standard (“CRS”) to address the issue of offshore tax evasion on a global basis. Additionally, on 9 December 2014, the European Union adopted EU Council Directive 2014/107/EU, amending Directive 2011/ 16/EU as regards mandatory automatic exchange of information in the field of taxation (“DAC2”).
The CRS and DAC2 provide a common standard for due diligence, reporting and exchange of financial account information. Pursuant to the CRS and DAC2, participating jurisdictions and EU member states will obtain from reporting financial institutions, and automatically exchange with exchange partners on an annual basis, financial information with respect to all reportable accounts identified by financial institutions on the basis of common due diligence and reporting procedures. The Company is required to comply with the CRS and DAC2 due diligence and reporting requirements, as adopted by Ireland. Shareholders may be required to provide additional information to the Company to enable the Company to satisfy its obligations under the CRS and DAC2. Failure to provide requested information may subject an investor to liability for any resulting penalties or other charges and/or compulsory redemption of their Shares in the Company. | en | es |
DOLFIN3243 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| COMPOSITION OF COSTS | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year | If you exit after 5 years |
| Entry costs | This is the amount you pay in when entering this investment. | USD 0 | USD 0 |
| Exit costs | This is the amount of your investment that is taken before it is paid out to you. | USD 0 | USD 0 |
| Ongoing costs taken each year | | | |
| Management fees and other administrative or operating costs | This is the amount you will pay based on an estimate of all the management and operational costs (besides transaction cost). | USD 12 333 | USD 69 684 |
| Transaction costs | This is the amount you will pay based on 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. Additional fees linked to investment into underlying funds may also be charged. | USD 7 245 | USD 40 936 |
| Incidental costs | | | |
| Performance fees | The actual amount charged will vary depending on how well your investment performs. | USD 0 | USD 0 | | | COMPOSICIÓN DE LOS COSTES | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Costes de entrada | Este es el importe que pagará usted al realizar esta inversión. | USD 0 | USD 0 |
| Costes de salida | Este es el importe de su inversión que se deduce antes de que se le pague. | USD 0 | USD 0 |
| Costes corrientes detraídos cada año | | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | Este es el importe que pagará con base en una estimación de todas las comisiones de gestión y costes de funcionamiento (aparte de los costes de operación). | USD 12 333 | USD 69 684 |
| Costes de operación | Este es el importe que pagará con base en 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. También se podrán cargar comisiones adicionales vinculadas a la inversión en fondos subyacentes. | USD 7 245 | USD 40 936 |
| Costes accesorios | | | |
| Comisiones de rendimiento | El importe real variará en función de lo buenos que sean los resultados de su inversión. | USD 0 | USD 0 | | | COMPOSITION OF COSTS | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year | If you exit after 5 years |
| Entry costs | This is the amount you pay in when entering this investment. | USD 0 | USD 0 |
| Exit costs | This is the amount of your investment that is taken before it is paid out to you. | USD 0 | USD 0 |
| Ongoing costs taken each year | | | |
| Management fees and other administrative or operating costs | This is the amount you will pay based on an estimate of all the management and operational costs (besides transaction cost). | USD 12 333 | USD 69 684 |
| Transaction costs | This is the amount you will pay based on 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. Additional fees linked to investment into underlying funds may also be charged. | USD 7 245 | USD 40 936 |
| Incidental costs | | | |
| Performance fees | The actual amount charged will vary depending on how well your investment performs. | USD 0 | USD 0 | | en | es |
DOLFIN3246 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Statement of Operations and Changes in Net Assets for the period ended 30 June 2018
| | AXA IM Fixed Income Investment Strategies Europe Short Duration High Yield |
| --- | --- |
| EUR |
| |
| NET ASSET VALUE AT THE BEGINNING OF THE PERIOD | 2,918,316,023 |
| INCOME | |
| Interest on investment portfolio, net | 50,324,911 |
| Securities lending income (note 13) | 660,503 |
| Other income | - |
| Total income | 50,985,414 |
| EXPENSES | |
| Interest on bank accounts* | 493 |
| Distribution fees (notes 4, 7) | 184,575 |
| Redex fees (note 6) | - |
| Management fees (note 5) | 7,838,954 |
| Transaction fees (note 8) | 15,704 |
| Securities lending expenses (note 13) | 231,176 |
| Applied Service Fee (note 7) | 1,603,182 |
| Total expenses | 9,874,084 |
| NET INCOME FROM INVESTMENTS FOR THE PERIOD | 41,111,330 |
| Net realised gain/(loss) | |
| - on sales of investments (note 2f) | (16,814,086) |
| - on spot foreign exchange | (22,919,466) |
| - on forward foreign exchange contracts (notes 2g, 9) | (12,732,320) |
| - on futures (notes 2h, 10) | - |
| Net realised loss for the period | (52,465,872) |
| Net change in unrealised appreciation/(depreciation) | |
| - on investments (note 2f) | (10,027,185) |
| - on forward foreign exchange contracts (notes 2g, 9) | 7,615,053 |
| - on futures (notes 2h, 10) | - |
| Net change in net assets for the period resulting from operations | (13,766,674) |
| Net proceeds from subscriptions/redemptions | (408,409,597) |
| Equalisation (note 3) | (71,474) |
| Dividends paid (note 12) | (7,661,226) |
| NET ASSET VALUE AT THE END OF THE PERIOD | 2,488,407,052 |
*The amounts included under bank accounts are comprised of negative interests on bank overdrafts as well as on positive balances at bank on certain currencies such as EUR. | # Cuenta de pérdidas y ganancias y Estado de variación del patrimonio neto correspondientes al periodo cerrado a 30 de junio de 2018
| | AXA IM Fixed Income Investment Strategies Europe Short Duration High Yield |
| --- | --- |
| EUR |
| |
| PATRIMONIO NETO AL INICIO DEL PERIODO | 2,918,316,023 |
| INGRESOS | |
| Intereses sobre la cartera de inversiones, netos | 50,324,911 |
| Ingresos por préstamo de valores (nota 13) | 660,503 |
| Otros ingresos | - |
| Total ingresos | 50,985,414 |
| GASTOS | |
| Intereses sobre cuentas bancarias* | 493 |
| Comisiones de comercialización (notas 4, 7) | 184,575 |
| Comisiones Redex (nota 6) | - |
| Comisiones de gestión (nota 5) | 7,838,954 |
| Comisiones de transacción (nota 8) | 15,704 |
| Comisiones de préstamo de valores (nota 13) | 231,176 |
| Comisión Aplicada por Servicios (nota 7) | 1,603,182 |
| Total gastos | 9,874,084 |
| INGRESOS NETOS DE LAS INVERSIONES AL PERIODO | 41,111,330 |
| Ganancia/(pérdida) materializada neta | |
| - sobre la venta de inversiones (nota 2f) | (16,814,086) |
| - sobre operaciones de cambio al contado | (22,919,466) |
| - sobre contratos a plazo sobre divisas (notas 2g, 9) | (12,732,320) |
| - sobre futuros (notas 2h, 10) | - |
| Minusvalí materializada neta correspondiente al periodo | (52,465,872) |
| Variación neta en la plusvalía/(minusvalía) latente | |
| - sobre inversiones (nota 2f) | (10,027,185) |
| - sobre contratos a plazo sobre divisas (notas 2g, 9) | 7,615,053 |
| - sobre futuros (notas 2h, 10) | - |
| Variación neta en el patrimonio neto correspondiente al periodo resultante | (13,766,674) |
| Ingresos de las suscripciones/reembolsos | (408,409,597) |
| Regularización (nota 3) | (71,474) |
| Dividendos distribuidos (nota 12) | (7,661,226) |
| PATRIMONIO NETO AL FINAL DEL PERIODO | 2,488,407,052 |
*Los importes incluidos en la partida de cuentas bancarias se componen de intereses negativos sobre descubiertos bancarios y saldos positivos en bancos en determinadas divisas, como el EUR. | # Statement of Operations and Changes in Net Assets for the period ended 30 June 2018
| | AXA IM Fixed Income Investment Strategies Europe Short Duration High Yield |
| --- | --- |
| EUR |
| |
| NET ASSET VALUE AT THE BEGINNING OF THE PERIOD | 2,918,316,023 |
| INCOME | |
| Interest on investment portfolio, net | 50,324,911 |
| Securities lending income (note 13) | 660,503 |
| Other income | - |
| Total income | 50,985,414 |
| EXPENSES | |
| Interest on bank accounts* | 493 |
| Distribution fees (notes 4, 7) | 184,575 |
| Redex fees (note 6) | - |
| Management fees (note 5) | 7,838,954 |
| Transaction fees (note 8) | 15,704 |
| Securities lending expenses (note 13) | 231,176 |
| Applied Service Fee (note 7) | 1,603,182 |
| Total expenses | 9,874,084 |
| NET INCOME FROM INVESTMENTS FOR THE PERIOD | 41,111,330 |
| Net realised gain/(loss) | |
| - on sales of investments (note 2f) | (16,814,086) |
| - on spot foreign exchange | (22,919,466) |
| - on forward foreign exchange contracts (notes 2g, 9) | (12,732,320) |
| - on futures (notes 2h, 10) | - |
| Net realised loss for the period | (52,465,872) |
| Net change in unrealised appreciation/(depreciation) | |
| - on investments (note 2f) | (10,027,185) |
| - on forward foreign exchange contracts (notes 2g, 9) | 7,615,053 |
| - on futures (notes 2h, 10) | - |
| Net change in net assets for the period resulting from operations | (13,766,674) |
| Net proceeds from subscriptions/redemptions | (408,409,597) |
| Equalisation (note 3) | (71,474) |
| Dividends paid (note 12) | (7,661,226) |
| NET ASSET VALUE AT THE END OF THE PERIOD | 2,488,407,052 |
*The amounts included under bank accounts are comprised of negative interests on bank overdrafts as well as on positive balances at bank on certain currencies such as EUR. | en | es |
DOLFIN3255 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
The depositary is State Street Custodial Services (Ireland) Limited, Ireland. Copies of the prospectus and the periodic reports are available free of charge in the language of this document. The documents as well as other information (including the latest share prices as well as the indicative net asset values) are available free of charge. The documents are available on your local DWS website or at www.Xtrackers.com, for full disclosure on the composition of the fund's portfolio and information on the index constituents please refer to this website as well. Information on the current remuneration policy of the management company, including a description of how remuneration and benefits are calculated is published on the Internet at https://www.dws.com/footer/Legal- Resources/dws-remuneration-policy?setLanguage=en. The information will be sent to you in paper form free of charge upon request. The taxation regime applicable to the fund in Ireland may
affect your personal tax situation. Xtrackers (IE) plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the sales prospectus. This fund is a sub-fund of Xtrackers (IE) plc for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub- fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers (IE) plc. This fund is authorised in Ireland and is regulated by the Central Bank of Ireland. DWS Investment
S.A. is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 03.02.2022.
This fund is not in any way sponsored, promoted, sold or supported by Solactive AG and Solactive AG does not offer any guarantee or assurance with regard to the results of using the index or the index trademark. Neither the publication nor the licensing of the index constitutes a recommendation by Solactive AG to invest in the fund or represents an assurance or recommendation with regards to any investment in the fund. | # Información práctica
La entidad depositaria es State Street Custodial Services (Ireland) Limited, Irlanda. Pueden solicitarse gratuitamente copias del folleto de venta y los informes periódicos en el idioma de este documento. Estos documentos, así como cualquier otra información (incluidos los últimos precios de las acciones y los valores liquidativos orientativos) pueden consultarse de forma gratuita. Los documentos están disponibles en la página web local de DWS o en www.Xtrackers.com, donde también puede encontrar información completa sobre la composición de la cartera del fondo y los componentes del índice. La información sobre la política de remuneraciones en vigor de la sociedad gestora, incluida una descripción del cálculo de la remuneración y otras prestaciones, se encuentra publicada en la página web https://www.dws.com/footer/Legal-Resources/dws-remuneration- policy?setLanguage=en. Puede solicitar gratuitamente una copia en papel de esta información. El régimen fiscal aplicable al Fondo en Irlanda podría afectar a su situación fiscal personal. Xtrackers
(IE) plc únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto de venta. Este fondo es un subfondo de Xtrackers (IE) plc, para el cual se redactan de forma global los informes periódicos y el folleto de venta. La ley establece la segregación de los activos y pasivos de cada subfondo. En consecuencia, los activos de un subfondo no se ven afectados por las reclamaciones contra otro subfondo o la insolvencia de este. Este fondo puede ofrecer varias clases de acciones; para más información, consulte la sección correspondiente del folleto de venta. Usted no está autorizado para canjear sus acciones de este fondo por otros fondos de Xtrackers (IE) plc. Este fondo está autorizado en Irlanda y está regulado por la Central Bank of Ireland. DWS Investment
S.A. está autorizada en Luxemburgo y su regulación corresponde a la Commission de Surveillance du Secteur Financier.
Los presentes datos fundamentales para el inversor son exactos a 03.02.2022.
Solactive AG no patrocina, promociona, comercializa ni respalda el fondo en modo alguno ni ofrece garantía o afirmación alguna en relación con los resultados derivados del uso del índice o la marca comercial del índice. Ni la publicación ni la autorización del índice constituyen una recomendación de Solactive AG sobre la conveniencia de invertir en el fondo. Asimismo, Solactive AG no ofrece garantías ni recomendación alguna en relación con ninguna inversión en el fondo. | # Practical information
The depositary is State Street Custodial Services (Ireland) Limited, Ireland. Copies of the prospectus and the periodic reports are available free of charge in the language of this document. The documents as well as other information (including the latest share prices as well as the indicative net asset values) are available free of charge. The documents are available on your local DWS website or at www.Xtrackers.com, for full disclosure on the composition of the fund's portfolio and information on the index constituents please refer to this website as well. Information on the current remuneration policy of the management company, including a description of how remuneration and benefits are calculated is published on the Internet at https://www.dws.com/footer/Legal- Resources/dws-remuneration-policy?setLanguage=en. The information will be sent to you in paper form free of charge upon request. The taxation regime applicable to the fund in Ireland may
affect your personal tax situation. Xtrackers (IE) plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the sales prospectus. This fund is a sub-fund of Xtrackers (IE) plc for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub- fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers (IE) plc. This fund is authorised in Ireland and is regulated by the Central Bank of Ireland. DWS Investment
S.A. is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 03.02.2022.
This fund is not in any way sponsored, promoted, sold or supported by Solactive AG and Solactive AG does not offer any guarantee or assurance with regard to the results of using the index or the index trademark. Neither the publication nor the licensing of the index constitutes a recommendation by Solactive AG to invest in the fund or represents an assurance or recommendation with regards to any investment in the fund. | en | es |
DOLFIN3256 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Further information on Charges can be found in Section 13 of the fund’s prospectus.
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
-4.0 | ## Encontrará más información sobre Gastos en la Sección 13 del folleto del fondo.
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
-4,0 | ## Further information on Charges can be found in Section 13 of the fund’s prospectus.
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
-4.0 | en | es |
DOLFIN3267 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For the purposes of compliance with section VIII above, the Feeder UCITS shall calculate its global exposure relating to financial derivative instruments by combining its own direct exposure under the second indent of the preceding paragraph with either:
- the Master UCITS' actual exposure to financial derivative instruments in proportion to the Feeder UCITS' investment into the Master UCITS; or
- the Master UCITS' potential maximum global exposure to financial derivative instruments provided for in the Master UCITS' management regulations orinstruments of incorporation in proportion to the Feeder UCITS' investment into the Master UCITS. | A los efectos del cumplimiento de lo dispuesto en la sección VIII precedente, el OICVM subordinado deberá calcular su exposición global relativa a instrumentos financieros derivados sumando su propia exposición directa calculada con arreglo al segundo inciso del apartado anterior y una de las dos siguientes:
- la exposición real del OICVM principal a instrumentos financieros derivados en proporción a la inversión del OICVM subordinado en el OICVM principal; y
- la máxima exposición global potencial del OICVM principal a instrumentos financieros derivados según el reglamento de gestión o los documentos constitutivos del OICVM principal en proporción a la inversión del OICVM subordinado en el OICVM principal. | For the purposes of compliance with section VIII above, the Feeder UCITS shall calculate its global exposure relating to financial derivative instruments by combining its own direct exposure under the second indent of the preceding paragraph with either:
- the Master UCITS' actual exposure to financial derivative instruments in proportion to the Feeder UCITS' investment into the Master UCITS; or
- the Master UCITS' potential maximum global exposure to financial derivative instruments provided for in the Master UCITS' management regulations orinstruments of incorporation in proportion to the Feeder UCITS' investment into the Master UCITS. | en | es |
DOLFIN3272 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type:
Investment fund (UCITS) under Luxembourg law, which is subject to the law for undertakings for collective investment of December 17, 2010 and which is a fonds commun de placement under this law. The fund's performance depends on the performance of the underlying investments.
## Term:
The term of this product is indefinite and it has no maturity date. The manufacturer may reposition the product at any time, merge it with another product or terminate it unilaterally and without notice.
## Objectives:
The investment objective is to preserve the capital on a long-term basis and to generate an adequate return by investing primarily in contingent convertible instruments worldwide.
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. At least 2/3 of the investments are selected by systematically taking into account ESG criteria in accordance with responsibility requirements. The fund is classified under Article 8 of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector («SFDR»).
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 EUR. 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.
Fund units are issued and redeemed basically on every bank business day in Luxembourg. Earnings and profits of the unit class are not distributed, but reinvested.
RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette, was appointed as the custodian bank (depository).
This document describes the fund. Additional information about the fund, the sales prospectus, the management regulations, the annual and semi-annual reports, and the latest unit prices can be accessed in German free of charge at www.swisscanto.com. Where appropriate, these documents are created for the entire umbrella fund.
The liability of the assets of a fund within the umbrella fund for claims against the assets of another fund is excluded.
The investor has the right to convert his investment in the shares of one sub-fund into the shares of another sub-fund. Further information on unit conversion procedures can be found in the sales prospectus and the management regulations.
## Intended retail investor:
This product is suitable for professional investors who ...
... have at least an intermediate knowledge of the financial instruments contained in the fund and some experience in the financial industry;
... have at least a medium-term investment horizon;
... would, in a worst-case scenario, be able to withstand the loss of the entire invested capital. | # ¿QUÉ ES ESTE PRODUCTO?
## Tipo:
Fondo de inversión (UCITS) de derecho luxemburgués, que está sujeto a la ley de organismos de inversión colectiva del 17 de diciembre de 2010 y que es un fondo común de colocación en virtud de esta ley. El rendimiento del fondo depende del rendimiento de las inversiones subyacentes.
## Plazo:
Este producto reviste un carácter indefinido y no tiene fecha de vencimiento. El productor puede reposicionar el producto en cualquier momento, combinarlo con otro producto o anularlo de manera unilateral sin previo aviso.
## Objetivos:
El objetivo de inversión es preservar el capital a largo plazo y lograr un rendimiento adecuado, invirtiendo para ello principalmente en bonos convertibles contingentes de todo el mundo.
El fondo invierte al menos el 51 % de su patrimonio en derechos de deuda de instituciones financieras, a saber, en Contingent Convertible Instruments (CoCo's) que, bajo ciertas condiciones, pueden convertirse obligatoriamente en capital propio (acciones) o ser parcialmente amortizadas, así como en inversiones subordinadas. Al seleccionar por lo menos 2/3 de las inversiones, se tienen en cuenta sistemáticamente los criterios ESG de acuerdo con los requisitos de responsabilidad. El Fondo se clasifica bajo el Art. 8 del Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo de 27 de noviembre de 2019 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros («SFDR»).
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 EUR. La desviación del índice de referencia puede ser considerable. La política de inversión se rige por este índice 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, sobreponderando o infraponderando los distintos valores y sectores sobre la base de la coyuntura de mercado y las evaluaciones de riesgo.
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.
Banco depositario es el RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette.
El presente documento describe el fondo. Podrá obtener gratuitamente más información en alemán sobre el fondo, el folleto de venta correspondiente, las condiciones contractuales, el informe anual y semestral, así como los precios actuales de las participaciones, en www.swisscanto.com. No obstante, estos documentos se elaboran, dado el caso, para el fondo paraguas completo.
Está excluida la responsabilidad del patrimonio de un fondo dentro del fondo paraguas por los pasivos que afectan el patrimonio de otro fondo.
El inversor tendrá derecho a convertir sus participaciones en un subfondo en participaciones de otro subfondo. Podrá encontrar más información sobre las modalidades de canje de participaciones en el folleto y en los términos del contrato.
## Inversor minorista al que va dirigido:
Este producto resulta adecuado para inversores profesionales que ...
... tienen como mínimo un conocimiento medio de los instrumentos financieros contenidos en el fondo y poseen una cierta experiencia en el sector financiero,
... tengan como mínimo un horizonte de inversión a medio plazo,
... en el peor de los casos también podrían soportar la pérdida de todo el capital invertido. | # WHAT IS THIS PRODUCT?
## Type:
Investment fund (UCITS) under Luxembourg law, which is subject to the law for undertakings for collective investment of December 17, 2010 and which is a fonds commun de placement under this law. The fund's performance depends on the performance of the underlying investments.
## Term:
The term of this product is indefinite and it has no maturity date. The manufacturer may reposition the product at any time, merge it with another product or terminate it unilaterally and without notice.
## Objectives:
The investment objective is to preserve the capital on a long-term basis and to generate an adequate return by investing primarily in contingent convertible instruments worldwide.
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. At least 2/3 of the investments are selected by systematically taking into account ESG criteria in accordance with responsibility requirements. The fund is classified under Article 8 of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector («SFDR»).
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 EUR. 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.
Fund units are issued and redeemed basically on every bank business day in Luxembourg. Earnings and profits of the unit class are not distributed, but reinvested.
RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette, was appointed as the custodian bank (depository).
This document describes the fund. Additional information about the fund, the sales prospectus, the management regulations, the annual and semi-annual reports, and the latest unit prices can be accessed in German free of charge at www.swisscanto.com. Where appropriate, these documents are created for the entire umbrella fund.
The liability of the assets of a fund within the umbrella fund for claims against the assets of another fund is excluded.
The investor has the right to convert his investment in the shares of one sub-fund into the shares of another sub-fund. Further information on unit conversion procedures can be found in the sales prospectus and the management regulations.
## Intended retail investor:
This product is suitable for professional investors who ...
... have at least an intermediate knowledge of the financial instruments contained in the fund and some experience in the financial industry;
... have at least a medium-term investment horizon;
... would, in a worst-case scenario, be able to withstand the loss of the entire invested capital. | en | es |
DOLFIN3273 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: Refinitiv Global Focus Hedged (EUR) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES J EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class ID of the French Edmond de Rothschild GLOBAL 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 ID of the Absorbed Sub-Fund. | ## Índice de referencia: Refinitiv Global Focus Hedged (EUR) Convertible Bond Index, calculado con cupones netos reinvertidos
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES J 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 ID del fondo francés Edmond de Rothschild GLOBAL 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 ID del Subfondo absorbido. | ## Benchmark: Refinitiv Global Focus Hedged (EUR) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES J EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class ID of the French Edmond de Rothschild GLOBAL 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 ID of the Absorbed Sub-Fund. | en | es |
DOLFIN3275 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years Example Investment: 10 000 EUR |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return. You could lose some or all of your investment. | 1 year | 5 years Recommended holding period |
| Stress scenario | What you might get back after costs | 2 135 EUR | 2 074 EUR |
| | Average return each year | -78.65 % | -26.99 % |
| Unfavourable scenario | What you might get back after costs | 8 232 EUR | 8 835 EUR |
| | Average return each year | -17.68 % | -2.45 % |
| Moderate scenario | What you might get back after costs | 10 138 EUR | 13 198 EUR |
| | Average return each year | 1.38 % | 5.71 % |
| Favourable scenario | What you might get back after costs | 12 231 EUR | 15 177 EUR |
| | Average return each year | 22.31 % | 8.70 % | | | Período de mantenimiento recomendado: 5 años Ejemplo de inversión: 10 000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | 1 año | 5 años Período de mantenimiento recomendado |
| Tensión | Lo que podría recibir tras deducir los costes | 2 135 EUR | 2 074 EUR |
| | Rendimiento medio cada año | -78,65 % | -26,99 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8 232 EUR | 8 835 EUR |
| | Rendimiento medio cada año | -17,68 % | -2,45 % |
| Moderado | Lo que podría recibir tras deducir los costes | 10 138 EUR | 13 198 EUR |
| | Rendimiento medio cada año | 1,38 % | 5,71 % |
| Favorable | Lo que podría recibir tras deducir los costes | 12 231 EUR | 15 177 EUR |
| | Rendimiento medio cada año | 22,31 % | 8,70 % | | | Recommended holding period: 5 years Example Investment: 10 000 EUR |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return. You could lose some or all of your investment. | 1 year | 5 years Recommended holding period |
| Stress scenario | What you might get back after costs | 2 135 EUR | 2 074 EUR |
| | Average return each year | -78.65 % | -26.99 % |
| Unfavourable scenario | What you might get back after costs | 8 232 EUR | 8 835 EUR |
| | Average return each year | -17.68 % | -2.45 % |
| Moderate scenario | What you might get back after costs | 10 138 EUR | 13 198 EUR |
| | Average return each year | 1.38 % | 5.71 % |
| Favourable scenario | What you might get back after costs | 12 231 EUR | 15 177 EUR |
| | Average return each year | 22.31 % | 8.70 % | | en | es |
DOLFIN3278 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 3 because its share price fluctuates comparatively little and the likelihood of both losses and gains is therefore relatively low. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor
Administration Limited and reviewed and rebalanced monthly. To achieve the aim, the fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is EUR. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. Fluctuations in interest rates of the currency of the shares, the index or the other assets of the fund may affect the value of your investment. The index provides a notional exposure to the value and/or return of certain bonds which may fall. Markets in these asset classes may at times become volatile or illiquid. This means that ordinary trading activity may occasionally be disrupted or impossible. The index may be affected. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 3, dado que su precio por acción, comparativamente, sufre pocas fluctuaciones y, por ello, tanto las oportunidades de pérdidas como las de ganancias son relativamente reducidas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. 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
Limited administra el índice y lo revisa y reajusta mensualmente. Para lograr el objetivo, el fondo intentará replicar el índice comprando una cartera de valores que puede incluir los integrantes del índice o cualquier otra inversión no relacionada, según determinen las entidades de DWS. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es EUR. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
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. Las fluctuaciones de los tipos de interés de la moneda de las acciones, el índice o los demás activos del fondo pueden afectar al valor de su inversión. El índice proporciona una exposición teórica al valor o la rentabilidad de determinados bonos, cuyo valor puede disminuir. Los mercados para estas clases de activos pueden ser en ocasiones volátiles o poco líquidos. Esto significa que, eventualmente, la actividad de negociación ordinaria podría verse interrumpida o no poderse realizar. El índice podría verse afectado. El fondo podría emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión. El fondo podría invertir en bonos que estén expuestos a riesgos de crédito y de tipo de interés. Por riesgo de crédito se entiende el riesgo de que el emisor de un bono sea incapaz de pagar los intereses o amortizar el principal, lo cual ocasionaría pérdidas en su inversión. Por riesgo de tipo de interés se entiende que, si suben los tipos de interés, normalmente el valor del bono descenderá, lo cual podría a su vez afectar al valor de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 3 because its share price fluctuates comparatively little and the likelihood of both losses and gains is therefore relatively low. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor
Administration Limited and reviewed and rebalanced monthly. To achieve the aim, the fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is EUR. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. Fluctuations in interest rates of the currency of the shares, the index or the other assets of the fund may affect the value of your investment. The index provides a notional exposure to the value and/or return of certain bonds which may fall. Markets in these asset classes may at times become volatile or illiquid. This means that ordinary trading activity may occasionally be disrupted or impossible. The index may be affected. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN3281 | 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 seeks to achieve a mix of income and capital growth by investing mainly in investment grade and high yield debt securities in Euros, over a medium term period.
## 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).
The selection of credit instruments is not exclusively and mechanically based on their publicly available credit ratings but | # Objetivos y política de inversión
## Objetivo de Inversión
El objetivo del Subfondo es obtener una combinación de crecimiento del rendimiento y apreciación del capital a medio plazo invirtiendo principalmente en títulos de deuda de primera calidad crediticia (investment grade) y de alta rentabilidad (high yield) en euros.
## 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). | # Objective and Investment Policy
## Investment Objective
The Sub-Fund seeks to achieve a mix of income and capital growth by investing mainly in investment grade and high yield debt securities in Euros, over a medium term period.
## 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).
The selection of credit instruments is not exclusively and mechanically based on their publicly available credit ratings but | en | es |
DOLFIN3288 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In accordance with their respective investment policy, the Sub- Funds may participate in the offshore RMB market which allows investors to freely transact CNH outside of mainland China. The CNH exchange rate is a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. The daily trading price of CNH against other major currencies in the inter-bank foreign exchange market is allowed to float within a narrow band around the central parity published by the PRC. RMB is currently not freely convertible and convertibility from CNH to CNY is a managed currency process subject to foreign exchange control policies of and repatriation restrictions imposed by the government of the PRC in coordination with the Hong Kong Monetary Authority (HKMA).
Under the prevailing regulations in the PRC, the value of CNH and CNY may be different due to a number of factors including without limitation those foreign exchange control policies and repatriation restrictions and therefore is subject to fluctuations. Furthermore, it is possible that the availability of CNH may be reduced and payments be delayed due to regulatory restrictions imposed by the government of the PRC.
-
##### Beneficial owner of China A-Shares under the scope of the Stock Connect programme | De conformidad con su política de inversión pertinente, los Subfondos podrán participar en el mercado de RMB offshore, que permite a los inversores efectuar transacciones con CNH fuera de China continental. El tipo de cambio de CNH se gestiona a tipo variable según la oferta y demanda del mercado, teniendo como referencia una cesta de divisas extranjeras. El precio de negociación diario de CNH frente a otras divisas principales en el mercado de cambio extranjero interbancario permite variar dentro de un estrecho margen de paridad central publicado por la RPC. El RMB no se puede convertir libremente y la conversión de CNH a CNY es un proceso de divisas gestionado con sujeción a políticas de control de cambio y a límites de repatriación de impuestos por el gobierno de la RPC, junto con la Autoridad Monetaria de Hong Kong (HKMA).
Según las normativas actuales de la RPC, el valor del CNH y del CNY pueden variar según varios factores, entre los que se encuentran las políticas de control de cambio y los límites de repatriación y, por consiguiente, están sujetos a fluctuaciones. Asimismo, es posible que la disponibilidad de CNH sea escasa y los pagos se retrasen debido a las restricciones legales impuestas por el Gobierno de la RPC.
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##### Titulares beneficiarios de las Acciones A de China bajo el alcance del programa Stock Connect | In accordance with their respective investment policy, the Sub- Funds may participate in the offshore RMB market which allows investors to freely transact CNH outside of mainland China. The CNH exchange rate is a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. The daily trading price of CNH against other major currencies in the inter-bank foreign exchange market is allowed to float within a narrow band around the central parity published by the PRC. RMB is currently not freely convertible and convertibility from CNH to CNY is a managed currency process subject to foreign exchange control policies of and repatriation restrictions imposed by the government of the PRC in coordination with the Hong Kong Monetary Authority (HKMA).
Under the prevailing regulations in the PRC, the value of CNH and CNY may be different due to a number of factors including without limitation those foreign exchange control policies and repatriation restrictions and therefore is subject to fluctuations. Furthermore, it is possible that the availability of CNH may be reduced and payments be delayed due to regulatory restrictions imposed by the government of the PRC.
-
##### Beneficial owner of China A-Shares under the scope of the Stock Connect programme | en | es |
DOLFIN3291 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| € Corp Bond SRI PAB 3-5Y, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Distribution'' - ISIN code LU2008761053 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the Bloomberg MSCI 3-5 Year Euro Corporate SRI Sustainable Select Ex Fossil Fuel PAB (NTR) Index (Bloomberg: I34794EU Index) ( the Index ) by investing in the debt securities issued by companies included in the Index, respecting the Index's weightings (full replication), or in a sample of debt securities issued by companies included in the Index (optimised replication). When investing in a sample of debt securities, the Fund’s tracking error may be higher. The Index is composed of securities selected on the basis of Environmental, Social and Corporate Governance (ESG) criteria (such as environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the index. The type of approach implemented here is Best-in-universe (type of ESG selection consisting of giving priority to the issuers best rated from a non-financial viewpoint irrespective of their sector of activity, and accepting sector biases, because the sectors which are considered more virtuous on the whole will be more heavily represented). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the Index, its composition, calculation, methodology and the rules for periodic monitoring and rebalancing can be found on www.bloombergindices.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. A dividend may be distributed. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | | € Corp Bond SRI PAB 3-5Y, un subfondo de la SICAV BNP PARIBAS EASY Clase «UCITS ETF Distribution» - Código ISIN LU2008761053 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
| --- |
| Objetivos y política de inversión |
| El Fondo es un fondo indexado que se gestiona de forma pasiva. El Fondo pretende reproducir (con un error de seguimiento* máximo del 1 %) el rendimiento del Bloomberg MSCI 3-5 Year Euro Corporate SRI Sustainable Select Ex Fossil Fuel PAB (NTR) Index (Bloomberg: I34794EU Index) (el Índice) mediante la inversión en valores de deuda emitidos por sociedades incluidas en el Índice, respetando las ponderaciones del mismo (reproducción total), o en una muestra de valores de deuda emitidos por sociedades incluidas en el Índice (reproducción optimizada). Cuando se invierte en una muestra de valores de deuda, el error de seguimiento del Fondo puede ser mayor. El Índice se compone de valores seleccionados conforme a unos criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) (como oportunidades medioambientales, contaminación y residuos, capital humano o gobernanza empresarial, entre otros) y en función de las medidas que se adoptan para reducir la exposición al carbón y los combustibles fósiles no convencionales. En consecuencia, quedan excluidas del Índice las empresas que participan en sectores cuyas actividades tienen un impacto negativo y potencialmente alto en términos ESG, aquellas que cometen graves infracciones de los principios del Pacto Mundial de las Naciones Unidas y aquellas involucradas en controversias graves relacionadas con los factores ESG. El tipo de enfoque que se ha implementado es el «Mejor de su universo» (tipo de selección ESG que consiste en favorecer a los emisores con mejor calificación desde un punto de vista no financiero, independientemente de su sector de actividad, y en aceptar sesgos sectoriales, ya que los sectores que se considera que poseen una mejor calificación en su conjunto ostentarán mayor representación). La estrategia extrafinanciera del Índice puede incluir limitaciones metodológicas, como el riesgo relacionado con la inversión ESG o el reequilibrio del Índice. Encontrará más información acerca del Índice, su composición, cálculo, metodología y las normas para la supervisión y el reequilibrio periódicos en www.bloombergindices.com. * El error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice. Se puede distribuir un dividendo. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Otros riesgos que revisten una importancia significativa para el Fondo y que el indicador no capta de manera adecuada: Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - Este riesgo hace referencia a la capacidad de un emisor para cumplir sus compromisos: las rebajas en la calificación crediticia de una emisión o de un emisor pueden ocasionar una caída en el valor de los bonos relacionados. | | € Corp Bond SRI PAB 3-5Y, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Distribution'' - ISIN code LU2008761053 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the Bloomberg MSCI 3-5 Year Euro Corporate SRI Sustainable Select Ex Fossil Fuel PAB (NTR) Index (Bloomberg: I34794EU Index) ( the Index ) by investing in the debt securities issued by companies included in the Index, respecting the Index's weightings (full replication), or in a sample of debt securities issued by companies included in the Index (optimised replication). When investing in a sample of debt securities, the Fund’s tracking error may be higher. The Index is composed of securities selected on the basis of Environmental, Social and Corporate Governance (ESG) criteria (such as environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the index. The type of approach implemented here is Best-in-universe (type of ESG selection consisting of giving priority to the issuers best rated from a non-financial viewpoint irrespective of their sector of activity, and accepting sector biases, because the sectors which are considered more virtuous on the whole will be more heavily represented). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the Index, its composition, calculation, methodology and the rules for periodic monitoring and rebalancing can be found on www.bloombergindices.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. A dividend may be distributed. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | en | es |
DOLFIN3294 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in USD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2018. The share class was launched in 2018.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
Historic performance to 31 December 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fund | | | 9.1 | 2.5 | -0.7 |
During this period performance was achieved under circumstances that no longer apply.
*On 16 September 2021, the Fund changed its name and investment objective and policy. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en USD para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2018. La clase de acciones se lanzó en 2018.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fondo | | | 9,1 | 2,5 | -0,7 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
*El 16 de septiembre de 2021, el Fondo cambió su nombre, así como su objetivo y política de inversión. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in USD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2018. The share class was launched in 2018.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
Historic performance to 31 December 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fund | | | 9.1 | 2.5 | -0.7 |
During this period performance was achieved under circumstances that no longer apply.
*On 16 September 2021, the Fund changed its name and investment objective and policy. | en | es |
DOLFIN3303 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests in issuers globally that are expected to enable, and/or benefit from, the transition to a lower greenhouse gas emissions economy and to net zero carbon emissions. The Fund will focus on issuers driving the reduction of greenhouse gases and that provide solutions for the mitigation and/or adaptation of climate change, change risk or which are in the process of making their business models more resilient to the long-term risks of climate change and resource depletion. The Fund invests in the full spectrum of permitted investments across multiple sub-themes driven by the climate action theme as described in the prospectus. The IA will take into account certain ESG characteristics 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/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
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, 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 Investment Adviser (IA) may refer to a composite benchmark, the MSCI All Country World Index 65% / Bloomberg Global Aggregate Bond Index 35% (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 issuers ESG score , weighted by its market value. The ESG score of the relevant benchmark will be calculated using the ESG scores of the relevant asset class indices weighted to reflect the benchmark allocations. These scores may be quoted for individual asset classes or allocation weighted in marketing material.
The weighted average ESG rating of the Fund will be higher than the ESG rating of the Index after eliminating at least 20% of the least well-rated securities from the Index. The weighted average ESG rating excludes certain asset classes that are not supported by ESG rating providers. In such cases, the IA will assess these holdings to ensure they are in line with the environmental objective of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. Dividends will be calculated on the basis of the expected gross income and expected gains, if any, arising from share class hedging over a given period. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is Euro. Shares for this class are bought and sold in US 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 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.
El Fondo invierte en emisores de todo el mundo que se espera que permitan o se beneficien de la transición hacia una economía con menos emisiones de gases de efecto invernadero y con cero emisiones netas de carbono. El Fondo se centrará en emisores que impulsen la reducción de los gases de efecto invernadero y que ofrezcan soluciones para la mitigación o adaptación al cambio climático, al riesgo del cambio o que están en proceso de hacer que sus modelos de negocio sean más resiliente a los riesgos a largo plazo relacionados con el cambio climático y el agotamiento de los recursos. El Fondo invierte en todo el espectro de inversiones permitidas de múltiples subtemas impulsados por el tema de la acción climática, tal como se describe en el folleto. El AI tendrá en cuenta determinadas características ESG, tal como se describe 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/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
La AI podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión y/ o para reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de los IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el Asesor de Inversiones (AI) podrá hacer referencia a un índice de referencia compuesto, el MSCI All Country World Index 65% / Bloomberg Global Aggregate Bond Index 35% (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 emisor, ponderada por su valor de mercado. La puntuación ESG del índice de referencia correspondiente se calculará utilizando las puntuaciones ESG de los índices de las clases de activos relevantes ponderadas para reflejar las asignaciones del índice de referencia. Estas puntuaciones pueden aparecer indicadas en los materiales de marketing para las clases de activos individuales o para las asignaciones ponderadas.
La clasificación ESG media ponderada del Fondo será superior a la clasificación ESG del Índice después de eliminar al menos el 20 % de los valores con la peor clasificación del Índice. La clasificación ESG media ponderada excluye ciertas clases de activos que no están respaldadas por los proveedores de clasificaciones ESG. En estos casos, el AI evaluará estas posiciones para garantizar que estén en consonancia con el objetivo medioambiental del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. Los dividendos se calcularán sobre la base de los ingresos brutos previstos y las ganancias previstas, en su caso, derivados de la cobertura de clase de acciones en un período determinado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
La moneda base del Fondo es el euro. Las acciones correspondientes a esta clase se compran y venden en dólares estadounidenses. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests in issuers globally that are expected to enable, and/or benefit from, the transition to a lower greenhouse gas emissions economy and to net zero carbon emissions. The Fund will focus on issuers driving the reduction of greenhouse gases and that provide solutions for the mitigation and/or adaptation of climate change, change risk or which are in the process of making their business models more resilient to the long-term risks of climate change and resource depletion. The Fund invests in the full spectrum of permitted investments across multiple sub-themes driven by the climate action theme as described in the prospectus. The IA will take into account certain ESG characteristics 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/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
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, 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 Investment Adviser (IA) may refer to a composite benchmark, the MSCI All Country World Index 65% / Bloomberg Global Aggregate Bond Index 35% (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 issuers ESG score , weighted by its market value. The ESG score of the relevant benchmark will be calculated using the ESG scores of the relevant asset class indices weighted to reflect the benchmark allocations. These scores may be quoted for individual asset classes or allocation weighted in marketing material.
The weighted average ESG rating of the Fund will be higher than the ESG rating of the Index after eliminating at least 20% of the least well-rated securities from the Index. The weighted average ESG rating excludes certain asset classes that are not supported by ESG rating providers. In such cases, the IA will assess these holdings to ensure they are in line with the environmental objective of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. Dividends will be calculated on the basis of the expected gross income and expected gains, if any, arising from share class hedging over a given period. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is Euro. Shares for this class are bought and sold in US 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 |
DOLFIN3308 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,010 | USD 2,000 |
| | Average return each year % | -79.90% | -27.52% |
| Unfavourable scenario | What you might get back after costs | USD 7,590 | USD 7,500 |
| | Average return each year % | -24.10% | -5.59% |
| Moderate scenario | What you might get back after costs | USD 10,340 | USD 12,560 |
| | Average return each year % | 3.40% | 4.66% |
| Favourable scenario | What you might get back after costs | USD 15,300 | USD 16,960 |
| | Average return each year % | 53.00% | 11.14% | | | | 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 2.010 | USD 2.000 |
| | Rendimiento medio cada año | -79,90% | -27,52% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.590 | USD 7.500 |
| | Rendimiento medio cada año | -24,10% | -5,59% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.340 | USD 12.560 |
| | Rendimiento medio cada año | 3,40% | 4,66% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 15.300 | USD 16.960 |
| | Rendimiento medio cada año | 53,00% | 11,14% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,010 | USD 2,000 |
| | Average return each year % | -79.90% | -27.52% |
| Unfavourable scenario | What you might get back after costs | USD 7,590 | USD 7,500 |
| | Average return each year % | -24.10% | -5.59% |
| Moderate scenario | What you might get back after costs | USD 10,340 | USD 12,560 |
| | Average return each year % | 3.40% | 4.66% |
| Favourable scenario | What you might get back after costs | USD 15,300 | USD 16,960 |
| | Average return each year % | 53.00% | 11.14% | | en | es |
DOLFIN3309 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics.
The ESG data used in the investment process is based on ESG methodologies which, in part, rely on data provided by third parties, and in some cases developed in house. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. For example, the different investment strategies that use ESG criteria and ESG reporting are difficult to compare. Strategies that integrate ESG criteria and those that integrate sustainable development criteria may use ESG data which appear similar but which need to be distinguished because their calculation method may be different.
3/Portfolioconstruction:
Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance.
In choosing the security's weighting in the portfolio, the manager may also take into account the measures taken by the company to reduce existing ESG risks, the company's ability to focus its growth on environmental opportunities and also the quality of the company's communication on ESG issues.
This process is designed to take into account the factor exposure of each security in addition to ESG scoring. He naturally orients the portfolio of these UCIs to securities with higher ESG scores while maintaining exposure to the desired factors.
The manager systematically takes into account financial and extra financial analysis when determining the weighting of a security in the portfolio. However, the decision to hold, buy or sell a security does not automatically and exclusively rely on its ESG rating criteria and is based on the manager's internal analysis.
Furthermore, the manager may use techniques and instruments relating to transferable securities that he believes will contribute economically to the optimal management of the portfolio (purchases/sales of financial instruments, subscriptions/redemptions of units or shares in French or foreign UCIs, AXA Group investment funds or not, use of forward financial instruments aimed at exposing and/or hedging the portfolio to/against the risks associated with equity, interest rate, currency and credit markets). | Además, el Gestor de inversiones utiliza los datos ESG como parte de la construcción del universo de selección. Las notas ESG permiten también orientar la construcción de la cartera hacia valores que demuestren características ESG superiores.
Los datos ASG utilizados en el proceso de inversión se basan en metodologías ASG que se basan en parte en datos proporcionados por terceros, y en algunos casos desarrollados internamente. Son subjetivas y pueden cambiar con el tiempo. A pesar de varias iniciativas, la falta de definiciones armonizadas puede hacer que los criterios ESG sean heterogéneos. Por ejemplo, las diferentes estrategias de inversión que utilizan los criterios ASG y el reporting ESG son difíciles de comparar. Las estrategias que incorporan criterios ASG y las que incorporan criterios de desarrollo sostenible pueden utilizar datos ASG que aparecen similares pero que deben distinguirse debido a que su método de cálculo puede ser diferente.
3/Construccióndecarteras:
El análisis cuantitativo y cualitativo de los factores ESG contribuye a los criterios que tiene en cuenta el gestor para determinar la ponderación de un valor en la cartera. Dicha ponderación dependerá de las cualidades de la sociedad en lo que respecta a la gestión, la estrategia de crecimiento de la empresa y su gobernanza.
Al elegir la ponderación del título en la cartera, el gestor también podrá tener en cuenta las medidas adoptadas por la sociedad para reducir los riesgos ESG existentes, la capacidad de la sociedad para orientar su crecimiento hacia oportunidades medioambientales y también la calidad de la comunicación de la sociedad sobre las cuestiones ESG.
Este proceso está diseñado para tener en cuenta la exposición a los factores de cada título como complemento a la calificación ESG. Naturalmente, orienta la cartera de estos OIC hacia títulos con mejores puntuaciones ESG al tiempo que mantiene la exposición a los factores deseada.
De este modo, el gestor tiene en cuenta sistemáticamente el análisis financiero y extrafinanciero a la hora de determinar la ponderación de un título en la cartera. Sin embargo, la decisión de mantener, comprar o vender un valor no se basa automática y exclusivamente en sus criterios de calificación ESG y se basa en un análisis interno del gestor.
Además, el gestor podrá utilizar técnicas e instrumentos relacionados con los valores mobiliarios que considere que contribuirán económicamente a la gestión óptima de la cartera (compras/ventas de instrumentos financieros, suscripciones/reembolsos de participaciones o acciones de OIC franceses o extranjeros, fondos de inversión del Grupo AXA o no, utilización de instrumentos financieros a plazo destinados a exponer y/o cubrir la cartera a/contra los riesgos vinculados a los mercados de renta variable, tipos de interés, cambio y crédito). | In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics.
The ESG data used in the investment process is based on ESG methodologies which, in part, rely on data provided by third parties, and in some cases developed in house. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. For example, the different investment strategies that use ESG criteria and ESG reporting are difficult to compare. Strategies that integrate ESG criteria and those that integrate sustainable development criteria may use ESG data which appear similar but which need to be distinguished because their calculation method may be different.
3/Portfolioconstruction:
Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance.
In choosing the security's weighting in the portfolio, the manager may also take into account the measures taken by the company to reduce existing ESG risks, the company's ability to focus its growth on environmental opportunities and also the quality of the company's communication on ESG issues.
This process is designed to take into account the factor exposure of each security in addition to ESG scoring. He naturally orients the portfolio of these UCIs to securities with higher ESG scores while maintaining exposure to the desired factors.
The manager systematically takes into account financial and extra financial analysis when determining the weighting of a security in the portfolio. However, the decision to hold, buy or sell a security does not automatically and exclusively rely on its ESG rating criteria and is based on the manager's internal analysis.
Furthermore, the manager may use techniques and instruments relating to transferable securities that he believes will contribute economically to the optimal management of the portfolio (purchases/sales of financial instruments, subscriptions/redemptions of units or shares in French or foreign UCIs, AXA Group investment funds or not, use of forward financial instruments aimed at exposing and/or hedging the portfolio to/against the risks associated with equity, interest rate, currency and credit markets). | en | es |
DOLFIN3313 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Under point 13.2 (“Other costs”) of the general part of the Full Prospectus, the following type of costs is added:
“(v) costs of judicial or out-of-court claims in the form of a remuneration to the Management Company of up to 5% of the amounts received by the Company - after deduction and compensation of the costs incurred by the Company from the respective judicial or out-of-court proceedings.”
Additional costs may be charged to the relevant sub-fund(s) as a result of this supplement, but only to the extent that the Company receives income from creditor/litigation proceedings. If the Company does not receive any income from a creditor/litigation procedure, the Management Company shall not charge any costs to the sub-fund(s) concerned. Consequently, the Management Company will only be able to claim costs for the judicial or out-of-court enforcement of claims of up to 5% of the amounts collected in the event of a prevailing creditor/litigation procedure. This supplement is intended to cover costs incurred by the Management Company in the event that target investments of the sub-fund(s) fail in whole or in part. The usual procedures are meetings of creditors, class action lawsuits, out-of-court proceedings or similar procedures in connection with which the Management Company must actively participate. Any costs will only be invoiced on income accruing from such proceedings - i.e. if no income accrues to the Fund’s assets from creditor/litigation proceedings, there will be no invoicing.
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# Distribution of income from securities lending | En el punto 13.2 («Otros costes») de la parte general del Folleto, se añade el siguiente tipo de costes:
«(v) Costes por reclamaciones judiciales o extrajudiciales en forma de remuneración a la Sociedad gestora de hasta el 5% de las cantidades percibidas por la Sociedad, una vez deducidos y liquidados los costes en que incurra la Sociedad por los respectivos procedimientos judiciales o extrajudiciales».
Como resultado de esta modificación, podrán aplicarse costes adicionales al subfondo o los subfondos correspondiente, pero solo en la medida en que la Sociedad perciba ingresos por procedimientos de acreedores o demandas. Si la Sociedad no recibe ningún ingreso por los procedimientos de acreedores o demandas, la Sociedad gestora no aplicará ningún coste al subfondo o los subfondos correspondientes. Por consiguiente, la Sociedad gestora únicamente podrá reclamar los costes de la ejecución judicial o extrajudicial de reclamaciones hasta un 5% de las cantidades cobradas en caso de que los procedimientos de acreedores o demandas prosperen. Con esta modificación se pretende cubrir los gastos en los que incurra la Sociedad gestora cuando las inversiones objetivo del subfondo o los subfondos fracasen total o parcialmente. Son procedimientos habituales las juntas de acreedores, las acciones colectivas, los procedimientos extrajudiciales o similares en relación con los cuales la Sociedad gestora debe actuar. Los posibles costes únicamente se facturarán en función de los ingresos que se deriven de dichos procedimientos, es decir, si el patrimonio del fondo no obtiene ingresos de los procedimientos de acreedores o las demandas, no se cobrarán.
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# Distribución de los ingresos por préstamo de valores | Under point 13.2 (“Other costs”) of the general part of the Full Prospectus, the following type of costs is added:
“(v) costs of judicial or out-of-court claims in the form of a remuneration to the Management Company of up to 5% of the amounts received by the Company - after deduction and compensation of the costs incurred by the Company from the respective judicial or out-of-court proceedings.”
Additional costs may be charged to the relevant sub-fund(s) as a result of this supplement, but only to the extent that the Company receives income from creditor/litigation proceedings. If the Company does not receive any income from a creditor/litigation procedure, the Management Company shall not charge any costs to the sub-fund(s) concerned. Consequently, the Management Company will only be able to claim costs for the judicial or out-of-court enforcement of claims of up to 5% of the amounts collected in the event of a prevailing creditor/litigation procedure. This supplement is intended to cover costs incurred by the Management Company in the event that target investments of the sub-fund(s) fail in whole or in part. The usual procedures are meetings of creditors, class action lawsuits, out-of-court proceedings or similar procedures in connection with which the Management Company must actively participate. Any costs will only be invoiced on income accruing from such proceedings - i.e. if no income accrues to the Fund’s assets from creditor/litigation proceedings, there will be no invoicing.
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# Distribution of income from securities lending | en | es |
DOLFIN3319 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 Example Investment: 10,000 EUR Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 5,517 EUR | 3,975 EUR |
| Average return each year | -44.83% | -16.85% |
| Unfavourable scenario | What you might get back after costs | 7,786 EUR | 8,195 EUR |
| Average return each year | -22.14% | -3.90% |
| Moderate scenario | What you might get back after costs | 10,451 EUR | 15,219 EUR |
| Average return each year | 4.51% | 8.76% |
| Favourable scenario | What you might get back after costs | 14,036 EUR | 20,810 EUR |
| Average return each year | 40.36% | 15.79% | | | Período de mantenimiento recomendado: 5 Ejemplo de inversión: 10 000 EUR Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Mínimo | Podría perder parte o la totalidad de su inversión |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 5.517 EUR | 3.975 EUR |
| Rendimiento medio cada año | -44,83 % | -16,85 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7.786 EUR | 8.195 EUR |
| Rendimiento medio cada año | -22,14 % | -3,90 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10.451 EUR | 15.219 EUR |
| Rendimiento medio cada año | 4,51 % | 8,76 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 14.036 EUR | 20.810 EUR |
| Rendimiento medio cada año | 40,36 % | 15,79 % | | | Recommended holding period: 5 Example Investment: 10,000 EUR Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 5,517 EUR | 3,975 EUR |
| Average return each year | -44.83% | -16.85% |
| Unfavourable scenario | What you might get back after costs | 7,786 EUR | 8,195 EUR |
| Average return each year | -22.14% | -3.90% |
| Moderate scenario | What you might get back after costs | 10,451 EUR | 15,219 EUR |
| Average return each year | 4.51% | 8.76% |
| Favourable scenario | What you might get back after costs | 14,036 EUR | 20,810 EUR |
| Average return each year | 40.36% | 15.79% | | en | es |
DOLFIN3325 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The UCITS invests up to 100% of its net assets in the following assets:
- Bonds and debt securities issued or guaranteed by OECD member states, whether or not they belong to the Eurozone.
- Bonds and debt securities issued by public or private companies in member countries of the OECD outside the euro area.
- Inflation indexed bonds and debt securities of OECD member countries outside the Eurozone.
- Money market instruments, short or medium term transferable debt securities with or without a State guarantee or equivalent instruments on international markets, whether regulated or notNot denominated in Euro or non Euro OECD member countries. | # El OICVM invierte hasta el 100% de su patrimonio neto en los siguientes activos:
- Obligaciones e instrumentos de deuda emitidos o garantizados por Estados miembros de la OCDE, que pertenezcan o no a la zona euro.
- Obligaciones e instrumentos de deuda emitidos por empresas públicas o privadas de países miembros de la OCDE que pertenezcan o no a la zona del euro.
- Obligaciones e instrumentos de deuda indexados a la inflación de países miembros de la OCDE que pertenecen o no a la zona euro.
- Instrumentos del mercado monetario, títulos de deuda negociables a corto o medio plazo con o sin garantía del Estado o instrumentos equivalentes en los mercados internacionales; regulados o no No, denominados en euros o no, de países miembros de la OCDE que pertenezcan o no a la zonaeuro. | # The UCITS invests up to 100% of its net assets in the following assets:
- Bonds and debt securities issued or guaranteed by OECD member states, whether or not they belong to the Eurozone.
- Bonds and debt securities issued by public or private companies in member countries of the OECD outside the euro area.
- Inflation indexed bonds and debt securities of OECD member countries outside the Eurozone.
- Money market instruments, short or medium term transferable debt securities with or without a State guarantee or equivalent instruments on international markets, whether regulated or notNot denominated in Euro or non Euro OECD member countries. | en | es |
DOLFIN3335 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act 1997 (as amended). On that basis, it is not chargeable to Irish tax on its income and gains.
Irish tax may, however, arise on the happening of a chargeable event. A chargeable event includes any distribution payments to shareholders or any encashment, redemption or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events in respect of:
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### TAXATION (CONTINUED)
- a shareholder who is not Irish resident and not ordinarily resident in Ireland for tax purposes at the time of the chargeable event, provided, in each case, that an appropriate valid declaration in accordance with provisions of the Taxes Consolidation Act, 1997 (as amended) is held by the Company, or the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations, and
- certain exempted Irish resident investors (as defined in Section 739D of the Taxes Consolidation Act, 1997, (as amended)) who have provided the Company with the necessary signed statutory declarations. | De conformidad con la ley y la práctica vigentes, la Sociedad es una empresa de inversión según se define en el Artículo 739B de las Leyes de Consolidación Fiscal de 1997, (en su versión modificada). Sobre esa base, no está sujeta a impuestos irlandeses sobre la renta y las ganancias.
No obstante, los impuestos irlandeses podrían ser de aplicación en caso de que surja un hecho imponible. El hecho imponible incluye los pagos de dividendos a accionistas o cualquier cobro, reembolso, cancelación o transferencia de acciones, y la titularidad de acciones al cierre de cada periodo de ocho años a contar desde la adquisición de las acciones. No se aplicará ningún impuesto irlandés sobre la Sociedad en relación con los hechos imponibles con respecto a:
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### FISCALIDAD (CONT.)
- un accionista que no es residente en Irlanda ni residente habitual en Irlanda a efectos fiscales en el momento del hecho imponible, siempre y cuando, en cada uno de estos casos, la Sociedad disponga de una declaración válida adecuada de conformidad con lo dispuesto en la Ley de Consolidación Fiscal de 1997 (en su versión modificada), o la Sociedad haya sido autorizada por la Administración Tributaria de Irlanda para hacer pagos brutos en ausencia de declaraciones apropiadas, y
- determinados residentes en Irlanda exentos (con arreglo a lo definido en la Sección 739D de la Ley de Consolidación Fiscal de 1997 (en su versión modificada)) que han proporcionado a la Sociedad las declaraciones legales necesarias firmadas. | Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act 1997 (as amended). On that basis, it is not chargeable to Irish tax on its income and gains.
Irish tax may, however, arise on the happening of a chargeable event. A chargeable event includes any distribution payments to shareholders or any encashment, redemption or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events in respect of:
-
### TAXATION (CONTINUED)
- a shareholder who is not Irish resident and not ordinarily resident in Ireland for tax purposes at the time of the chargeable event, provided, in each case, that an appropriate valid declaration in accordance with provisions of the Taxes Consolidation Act, 1997 (as amended) is held by the Company, or the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations, and
- certain exempted Irish resident investors (as defined in Section 739D of the Taxes Consolidation Act, 1997, (as amended)) who have provided the Company with the necessary signed statutory declarations. | en | es |
DOLFIN3337 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Threadneedle (Lux) – European Social Bond
The European Social Bond Portfolio seeks to achieve a total return from income and capital appreciation by investing in debt securities that are considered to support or fund socially beneficial activities and development principally in Europe.
To meet its objective, the Portfolio invests principally in all forms of debt securities that are rated Investment Grade and issued by a government or a supranational, public, private or voluntary and/or charitable sector organisation, whether they have a fixed, floating, variable or index-linked rate or have a zero coupon. These securities may include covered bonds, agency bonds, mortgage and asset-backed securities (the mortgage and asset-backed securities not exceeding 10% of the Portfolio’s Net Asset Value) and Contingent Convertible Bonds (not exceeding 10% of the Portfolio’s Net Asset Value). The Sub-Advisor will select debt securities that are rated as social investments under the Social Rating Methodology, as described below.
Secondarily, the Portfolio may hold cash, near cash, Money Market Instruments and other debt securities.
Notwithstanding the above, in exceptional circumstances, from time to time, a maximum of 10% of the Portfolio’s net assets can be held in debt securities that do not, or are no longer deemed to qualify, as social investments under the Social Rating Methodology. However, such debt securities must at least meet acceptable environmental, social and governance (ESG) standards as assessed by the Sub-Advisor. These encompass any wider, material business involvement exposures the issuers may have, such as to the production of alcohol, tobacco, gambling, adult entertainment or controversial weapons, or to activities deemed to breach the UN Global Compact.
The Portfolio will not invest or have more than 10% of its net assets in debt securities that are rated below Investment Grade, provided that such securities are not rated below B- or equivalent by any NRSRO at the time of purchase. The Portfolio is actively managed in reference to the ICE BofA Euro Non-Sovereign Index (50%) and ICE BofA Euro Corporate Euroland Issuers Index (50%). The index is broadly representative of the securities in which the Portfolio invests, and provides a suitable target benchmark against which Portfolio performance will be measured and evaluated over time. Accordingly, the index is not designed to specifically consider social characteristics. The Sub-Advisor has discretion to select investments with weightings different to the index, and that are not in the index, and the Portfolio may display significant divergence from the index.
Deviations from the index, including guidance on the level of risk relative to the index, will be considered as part of the Sub-Advisor’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index. | #### Threadneedle (Lux) – European Social Bond
La Cartera European Social Bond busca alcanzar una rentabilidad total en forma tanto de rendimientos como de incrementos del capital, invirtiendo en valores de deuda que se considere que respaldan o financian actividades socialmente beneficiosas y el desarrollo principalmente en Europa.
Para cumplir su objetivo, la Cartera invierte principalmente en toda clase de valores de deuda con ratings de Categoría de Inversión y emitidos por un ente público o un organismo supranacional, o una organización pública, privada o voluntaria y/o benéfica, a tipo fijo, flotante, variable o ligado a un índice o de cupón cero. Estos valores pueden incluir cédulas hipotecarias, bonos de agencias, bonos de titulización hipotecaria o de activos (sin que los bonos de titulización hipotecaria o de activos sobrepasen el 10% del Valor liquidativo de la Cartera) y Bonos Convertibles Contingentes (sin que estos sobrepasen el 10% del Valor liquidativo de la Cartera). El Subasesor seleccionará los valores de deuda calificados como inversiones sociales con arreglo a la Metodología de Calificación Social, tal como se describe más adelante.
De forma secundaria, la Cartera podrá mantener dinero en efectivo, activos asimilables a efectivo, Instrumentos del Mercado Monetario y otros valores de deuda.
No obstante lo que antecede, en circunstancias excepcionales, podrá oportunamente mantenerse un máximo del 10% del patrimonio neto de la Cartera en valores de deuda que no sean o ya no sean considerados calificables como inversiones sociales con arreglo a la Metodología de Calificación Social. Aun así, esos valores de deuda deberán cumplir, al menos, unas normas en materia medioambiental, social y de buen gobierno (ESG, por sus siglas en inglés) aceptables según evalúe el Subasesor. Estas engloban cualesquiera exposiciones significativas y más amplias a actividades empresariales que tengan los emisores, como a la producción de alcohol, tabaco, juegos de azar, ocio para adultos o armas polémicas, o a actividades que se considere que incumplen el Pacto Mundial de NU.
La Cartera no invertirá ni tendrá más del 10% de su patrimonio neto invertido en valores de deuda con ratings por debajo de Categoría de Inversión, siempre que dichos valores no tengan asignadas en el momento de la compra calificaciones de solvencia inferiores a “B” o cualquier otro rating equivalente de una NRSRO diferente. La Cartera se gestiona activamente en referencia al ICE BofA Euro Non-Sovereign Index (50%) y el ICE BofA Euro Corporate Euroland Issuers Index (50%). El índice es ampliamente representativo de los valores en los que invierte la Cartera, y proporciona un índice de referencia objetivo adecuado con el que se medirá y evaluará el rendimiento de la Cartera a lo largo del tiempo. Por lo tanto, el índice no está diseñado para considerar específicamente las características sociales. El Subasesor está facultado para seleccionar inversiones con ponderaciones diferentes a las del índice, y que no estén en el índice, y la Cartera puede mostrar una divergencia significativa con respecto al mismo.
Las desviaciones con respecto al índice, incluidas las consideraciones sobre el nivel de riesgo en relación con el índice, se considerarán como parte del proceso de supervisión de riesgos del Subasesor para garantizar que el nivel general de riesgo sea en su mayoría coherente con el índice. De acuerdo con su estrategia de gestión activa, puede haber una desviación significativa del índice. | #### Threadneedle (Lux) – European Social Bond
The European Social Bond Portfolio seeks to achieve a total return from income and capital appreciation by investing in debt securities that are considered to support or fund socially beneficial activities and development principally in Europe.
To meet its objective, the Portfolio invests principally in all forms of debt securities that are rated Investment Grade and issued by a government or a supranational, public, private or voluntary and/or charitable sector organisation, whether they have a fixed, floating, variable or index-linked rate or have a zero coupon. These securities may include covered bonds, agency bonds, mortgage and asset-backed securities (the mortgage and asset-backed securities not exceeding 10% of the Portfolio’s Net Asset Value) and Contingent Convertible Bonds (not exceeding 10% of the Portfolio’s Net Asset Value). The Sub-Advisor will select debt securities that are rated as social investments under the Social Rating Methodology, as described below.
Secondarily, the Portfolio may hold cash, near cash, Money Market Instruments and other debt securities.
Notwithstanding the above, in exceptional circumstances, from time to time, a maximum of 10% of the Portfolio’s net assets can be held in debt securities that do not, or are no longer deemed to qualify, as social investments under the Social Rating Methodology. However, such debt securities must at least meet acceptable environmental, social and governance (ESG) standards as assessed by the Sub-Advisor. These encompass any wider, material business involvement exposures the issuers may have, such as to the production of alcohol, tobacco, gambling, adult entertainment or controversial weapons, or to activities deemed to breach the UN Global Compact.
The Portfolio will not invest or have more than 10% of its net assets in debt securities that are rated below Investment Grade, provided that such securities are not rated below B- or equivalent by any NRSRO at the time of purchase. The Portfolio is actively managed in reference to the ICE BofA Euro Non-Sovereign Index (50%) and ICE BofA Euro Corporate Euroland Issuers Index (50%). The index is broadly representative of the securities in which the Portfolio invests, and provides a suitable target benchmark against which Portfolio performance will be measured and evaluated over time. Accordingly, the index is not designed to specifically consider social characteristics. The Sub-Advisor has discretion to select investments with weightings different to the index, and that are not in the index, and the Portfolio may display significant divergence from the index.
Deviations from the index, including guidance on the level of risk relative to the index, will be considered as part of the Sub-Advisor’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index. | en | es |
DOLFIN3339 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Coronavirus (“COVID 19”)
In 2020, the World Health Organisation declared COVID 19 a pandemic. Economic recovery from the first wave of the pandemic was variable. The timely arrival of several Covid vaccines improved the outlook for markets and this led to a gradual return to normality during 2021, and a consequent pickup in business and social activity, producing renewed economic growth. There are clear risks, however, from evolving mutant strains of the pandemic and may result in continued market volatility. Sub-Funds’ access to liquidity could also be impaired in circumstances where the need for liquidity to meet redemption requests may rise significantly. Neither the Company nor the Sub-Funds have encountered any operational issues to date. The developments are being monitored closely.
Mr. Gregory Brisk resigned in October 2020 as a Director of BNY Mellon Investment Adviser, Inc, the Investment Adviser for the Sub-Funds.
Mr. Daniel Morrissey resigned as Director of the Company, effective 31 December 2020.
Ms. Claire Cawley was appointed as Director of the Company, effective 1 January 2021.
Mr. J. Charles Cardona resigned as Chairman of the Board of Directors and was replaced by Mr. David Dillon, effective 1 January 2021.
All Funds of the Company were delisted from the Irish Stock Exchange trading as Euronext Dublin (the “Irish Stock Exchange”) with effect from 9 April 2021.
There have been no other significant events affecting the Company during the financial year other than those mentioned in Note 20 to the financial statements. | ##### Coronavirus («COVID-19»)
En 2020, la Organización Mundial de la Salud declaró la COVID-19 como una pandemia. La recuperación económica tras la primera ola de la pandemia fuer dispar. La oportuna llegada de varias vacunas contra la COVID mejoró las perspectivas de los mercados y dio lugar a un retorno gradual a la normalidad durante 2021, así como al consecuente repunte de la actividad empresarial y social, generando un renovado crecimiento económico. Sin embargo, existen riesgos evidentes provocados por la evolución de las cepas causadas por mutaciones que pueden provocar una constante volatilidad del mercado. El acceso del Subfondo a la liquidez también se puede ver alterada en caso de que la liquidez necesaria para hacer frente a las solicitudes de reembolso aumente de forma significativa. Ni la Sociedad ni los Subfondos han encontrado ningún problema operativo hasta la fecha. Seguimos muy pendientes de la evolución de los acontecimientos.
D. Gregory Brisk dimitió en octubre de 2020 como Consejero de BNY Mellon Investment Adviser, Inc, Asesores de inversiones de los Subfondos.
D. Daniel Morrissey dimitió como Consejero de la Sociedad, con efecto el 31 de diciembre de 2020.
Claire Cawley fue nombrada Consejera de la Sociedad, con efecto el 1 de enero de 2021.
D. J. Charles Cardona dimitió como Presidente del Consejo de administración y fue sustituido por D. David Dillon, con efecto el 1 de enero de 2021.
Con efecto a partir del 9 de abril de 2021, todos los Fondos de la Sociedad dejaron de cotizar en la Bolsa de Valores de Irlanda Euronext Dublin (la «Bolsa de Valores de Irlanda»).
A excepción de lo mencionado en la Nota 20 a los estados financieros, durante el ejercicio no se han producido otros hechos relevantes que afecten a la Sociedad. | ###### Coronavirus (“COVID 19”)
In 2020, the World Health Organisation declared COVID 19 a pandemic. Economic recovery from the first wave of the pandemic was variable. The timely arrival of several Covid vaccines improved the outlook for markets and this led to a gradual return to normality during 2021, and a consequent pickup in business and social activity, producing renewed economic growth. There are clear risks, however, from evolving mutant strains of the pandemic and may result in continued market volatility. Sub-Funds’ access to liquidity could also be impaired in circumstances where the need for liquidity to meet redemption requests may rise significantly. Neither the Company nor the Sub-Funds have encountered any operational issues to date. The developments are being monitored closely.
Mr. Gregory Brisk resigned in October 2020 as a Director of BNY Mellon Investment Adviser, Inc, the Investment Adviser for the Sub-Funds.
Mr. Daniel Morrissey resigned as Director of the Company, effective 31 December 2020.
Ms. Claire Cawley was appointed as Director of the Company, effective 1 January 2021.
Mr. J. Charles Cardona resigned as Chairman of the Board of Directors and was replaced by Mr. David Dillon, effective 1 January 2021.
All Funds of the Company were delisted from the Irish Stock Exchange trading as Euronext Dublin (the “Irish Stock Exchange”) with effect from 9 April 2021.
There have been no other significant events affecting the Company during the financial year other than those mentioned in Note 20 to the financial statements. | en | es |
DOLFIN3344 | 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 CS (Lux) Digital Health Equity Fund UBH CHF between 12/02/2021-06/12/2022.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 4,903
-51.00%
CHF 4,347
-11.20% | # Este tipo de escenario se produjo para una inversión CS (Lux) Digital Health Equity Fund UBH CHF entre 12/02/2021-06/12/2022.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
4 903 CHF
-51,00%
4 347 CHF
-11,20% | # This type of scenario occurred for an investment CS (Lux) Digital Health Equity Fund UBH CHF between 12/02/2021-06/12/2022.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 4,903
-51.00%
CHF 4,347
-11.20% | en | es |
DOLFIN3347 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For quantitative data, the investment manager uses Bloomberg ESG tools that gather debt issuers’ sustainable profiles. Key metrics include but are not limited to environmental release per sales metrics (Energy, Waste, Water, GHG), social metrics (diversity in workforce, human rights concerns, donations) and governance metrics (board composition, executive compensation, connected transactions, anti-bribery measures, …).
The fixed-income investment process is also subject to a set of pre-defined negative screenings including but not limited to sectors such as controversial weapons (landmines and cluster bombs), tobacco and the production of thermal coal. The pre-defined negative screens are binding for the Investment Manager, who may not add positions in these sectors and countries.
Post investment, the Investment Manager follows up on its analysis through active monitoring, investor relation meetings and on-site visits when possible.
Regarding Sovereign and Supra National agencies, the Investment Manager engages through commitment to collaborative initiatives such as UNPRI, TCFD and CDP.
The above-described extra-financial analysis is applied to at least the following proportion of the portfolio:
- 90% of debt securities with an investment grade credit rating [excluding Chinese Local Government Financing Vehicles “LGFVs”], or sovereign debt issued by developed countries;
- 75% of debt securities with a high yield credit rating [including Chinese Local Government Financing Vehicles “LGFVs”] and sovereign debt issued by "emerging" countries (in terms of the capitalisation of the net assets of the sub-fund). | Para los datos cuantitativos, el gestor de inversiones utiliza las herramientas ESG de Bloomberg que recogen los perfiles sostenibles de los emisores de deuda. Se analizan y supervisan parámetros clave como la emisión al medioambiente por indicadores de ventas (energía, residuos, agua o GEI), sociales (diversidad en la plantilla, preocupaciones por los derechos humanos o donaciones) y de gobernanza (composición del consejo de administración, remuneración del personal ejecutivo, operaciones vinculadas, medidas de lucha contra la corrupción, etc.).
El proceso de inversión en renta fija también está sujeto a un conjunto de selecciones negativas predefinidas que incluyen, entre otros, a sectores como el de las armas polémicas (minas terrestres y bombas de racimo), el tabaco y la producción de carbón térmico. Las selecciones negativas predefinidas son vinculantes para el gestor de inversiones, que no puede añadir posiciones en estos sectores y países.
Después de la inversión, el gestor de inversiones continúa su análisis mediante una supervisión activa, reuniones con los inversores y visitas in situ cuando es posible.
Con respecto a los organismos soberanos y supranacionales, el gestor de inversiones se compromete a desarrollar iniciativas de colaboración, como los Principios para la Inversión Responsable, el Equipo de Tareas sobre la Divulgación de Información Financiera relacionada con el Clima y el CDP.
El análisis extrafinanciero descrito anteriormente se aplica al menos a la siguiente parte de la cartera:
- 90 % de los títulos de deuda con calificación crediticia de grado de inversión (excluidos los instrumentos de financiación del gobierno local chino [LGFV]), o deudasoberana emitida por países desarrollados;
- 75 % de los títulos de deuda con calificación crediticia de alto rendimiento (incluidos los instrumentos de financiación del gobierno local chino [LGFV]) y deuda soberana emitida por países «emergentes» (en términos de capitalización de los activos netos del subfondo). | For quantitative data, the investment manager uses Bloomberg ESG tools that gather debt issuers’ sustainable profiles. Key metrics include but are not limited to environmental release per sales metrics (Energy, Waste, Water, GHG), social metrics (diversity in workforce, human rights concerns, donations) and governance metrics (board composition, executive compensation, connected transactions, anti-bribery measures, …).
The fixed-income investment process is also subject to a set of pre-defined negative screenings including but not limited to sectors such as controversial weapons (landmines and cluster bombs), tobacco and the production of thermal coal. The pre-defined negative screens are binding for the Investment Manager, who may not add positions in these sectors and countries.
Post investment, the Investment Manager follows up on its analysis through active monitoring, investor relation meetings and on-site visits when possible.
Regarding Sovereign and Supra National agencies, the Investment Manager engages through commitment to collaborative initiatives such as UNPRI, TCFD and CDP.
The above-described extra-financial analysis is applied to at least the following proportion of the portfolio:
- 90% of debt securities with an investment grade credit rating [excluding Chinese Local Government Financing Vehicles “LGFVs”], or sovereign debt issued by developed countries;
- 75% of debt securities with a high yield credit rating [including Chinese Local Government Financing Vehicles “LGFVs”] and sovereign debt issued by "emerging" countries (in terms of the capitalisation of the net assets of the sub-fund). | en | es |
DOLFIN3353 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
- The Fund is subject to taxation legislation in Luxembourg, which may have an impact on your personal tax position as an investor in the Fund.
- This key investor information document describes one share class of one sub-fund of the Company. The assets and liabilities of each sub-fund are held with Citibank Europe plc (Luxembourg Branch) and are legally segregated from the assets of other sub-funds of the Company.
- Additional information related to the Fund is located in the prospectus which is produced in an official language of the jurisdictions in which the Fund is registered for public sale. The prospectus is available together with the most recent financial statements, information on other share classes and the latest prices of shares free of charge at www.man.com.
- Waystone Management Company (Lux) SA (formerly named MDO Management Company) may be held liable solely on the basis of anystatement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
- Conversion of shares in the Fund into shares of another sub-fund is not possible. Please refer to the prospectus for further information.
- Details of Waystone Management Company (Lux) SA (formerly named MDO Management Company) Remuneration Policy are available at http://www.mdo-manco.com/remuneration-policy, including: (a) a description of how remuneration and benefits are calculated; and (b) the identity of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, at Waystone Management Company (Lux) SA (formerly named MDO Management Company) at 19 rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg.
This Fund and Waystone Management Company (Lux) SA (formerly named MDO Management Company) are authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 15/07/2022. | # Información práctica
- El Fondo está sujeto a la legislación tributaria de Luxemburgo, lo que podría incidir en su situación tributaria personal como inversor en el Fondo.
- Este documento de datos fundamentales para el inversor describe una clase de acciones de un subfondo de la Sociedad. Los activos y pasivos de cada subfondo se mantienen en Citibank Europe plc (sucursal de Luxemburgo), y están segregados legalmente de los activos de otros subfondos de la Sociedad.
- En el folleto se puede encontrar más información relativa al Fondo, en el idioma oficial de la jurisdicción en la que el Fondo esté registrado para la venta pública. El Folleto, los últimos estados financieros, la información de otras clases de acciones y los últimos precios de las acciones están disponibles gratuitamente en www.man.com.
- Waystone Management Company (Lux) SA (anteriormente nombrado MDO Management Company) únicamente incurrirá en responsabilidadpor las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto del Fondo.
- No es posible canjear acciones del Fondo por acciones de otro subfondo. Por favor, consulte el Folleto para más información.
- La información sobre la política de remuneración de Waystone Management Company (Lux) SA (anteriormente nombrado MDO Management Company) está disponible enhttp://www.mdo-manco.com/remuneration-policy e incluye: (a) una descripción de cómo se calculan la remuneración y los beneficios; y (b) la identidad de las personas responsables de conceder la remuneración y los beneficios. Se puede obtener una copia impresa gratuita de esta información en Waystone Management Company (Lux) SA (anteriormente nombrado MDO Management Company) en 19 rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg.
Este Fondo y Waystone Management Company (Lux) SA (anteriormente nombrado MDO Management Company) están autorizados en Luxemburgo y están supervisados por la Commission de Surveillance du Secteur Financier.
Los presentes datos fundamentales para el inversor son exactos a 15/07/2022. | # Practical information
- The Fund is subject to taxation legislation in Luxembourg, which may have an impact on your personal tax position as an investor in the Fund.
- This key investor information document describes one share class of one sub-fund of the Company. The assets and liabilities of each sub-fund are held with Citibank Europe plc (Luxembourg Branch) and are legally segregated from the assets of other sub-funds of the Company.
- Additional information related to the Fund is located in the prospectus which is produced in an official language of the jurisdictions in which the Fund is registered for public sale. The prospectus is available together with the most recent financial statements, information on other share classes and the latest prices of shares free of charge at www.man.com.
- Waystone Management Company (Lux) SA (formerly named MDO Management Company) may be held liable solely on the basis of anystatement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
- Conversion of shares in the Fund into shares of another sub-fund is not possible. Please refer to the prospectus for further information.
- Details of Waystone Management Company (Lux) SA (formerly named MDO Management Company) Remuneration Policy are available at http://www.mdo-manco.com/remuneration-policy, including: (a) a description of how remuneration and benefits are calculated; and (b) the identity of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, at Waystone Management Company (Lux) SA (formerly named MDO Management Company) at 19 rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg.
This Fund and Waystone Management Company (Lux) SA (formerly named MDO Management Company) are authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 15/07/2022. | en | es |
DOLFIN3354 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Collateral Management
In the absence of any supervening measures, investment into FDI could give rise to situations where the ICAV is exposed to the credit risk of an FDI counterparty or vice versa. Where appropriate to manage these exposures, collateral management techniques may be required whereby the ICAV posts collateral to and/or receives collateral from an FDI counterparty. The ICAV will seek to identify and mitigate risks linked to the management of collateral, including operational
and legal risks, by risk management procedures employed by the ICAV, and always in compliance with the Central Bank UCITS Regulations and any other relevant regulations. In particular, the European Market Infrastructure Regulation (as further detailed below) (“EMIR”) is specifically focused on the clearing of certain FDI as well as mandatory collateralisation of other FDI. The ICAV will only accept Eligible Collateral. Generally speaking, the ICAV expects any combination of the following techniques for both posting and receiving collateral:
- Title transfer: The ICAV posts collateral by delivering assets to the counterparty whereby title to the assets passes to the counterparty, or receives collateral by taking title to such assets. Where there is title transfer, Eligible Collateral received by the ICAV must be held by the Depositary, or its agent, where the agent is a sub-custodian of the Depositary.
- Pledge: The ICAV posts collateral by granting the counterparty a security interest over assets whose title remains with the ICAV, or receives collateral by taking a security interest over assets whose title remains with the counterparty. Where the ICAV receives collateral by pledge, collateral can be held by a third party custodian which is subject to prudential supervision and unrelated to the provider of the collateral.
- Tripartite: The ICAV posts collateral by delivering assets to a third party depository bank, or receives collateral by having the counterparty deliver assets to such bank. In this case, the depository bank holds such assets segregated from its own balance sheet. The collateral posting and receipt can be by way of title transfer or pledge in this instance. | ## Gestión de garantías
En ausencia de medidas sobrevenidas, la inversión en IFD podría dar lugar a situaciones en las que el ICAV esté expuesto al riesgo de crédito de una contraparte del IFD o viceversa. Cuando sea apropiado para gestionar estas exposiciones, pueden requerirse técnicas de gestión de garantías en las que el ICAV deposita garantías o recibe garantías de una
contraparte de los IFD. El ICAV tratará de identificar y mitigar los riesgos vinculados a la gestión de las garantías, incluidos los riesgos operativos y jurídicos, mediante los procedimientos de gestión de riesgos empleados por el ICAV, y siempre en cumplimiento del Reglamento sobre OICVM del Banco Central y cualquier otra normativa pertinente. En particular, el Reglamento sobre la Infraestructura del Mercado Europeo («EMIR») (como se detalla más adelante) se centra específicamente en la compensación de determinados IFD, así como en la garantía obligatoria para otros IFD. El ICAV solo aceptará Garantías admisibles. En general, el ICAV espera cualquier combinación de las siguientes técnicas tanto para la adjudicación como para la recepción de garantías:
- Transferencia de titularidad: El ICAV deposita la garantía mediante la entrega de activos a la contraparte, por lo que la titularidad de los activos pasa a la contraparte, o recibe la garantía mediante la toma de posesión de dichos activos. En caso de transferencia de la titularidad, la Garantía admisible recibida por el ICAV deberá ser mantenida por el Depositario, o su agente, cuando este sea un subdepositario del Depositario.
- Pignoración: El ICAV constituye una garantía concediendo a la contraparte un interés de garantía sobre los activos cuya titularidad sigue siendo del ICAV, o recibe una garantía tomando un interés de garantía sobre los activos cuya titularidad sigue siendo de la contraparte. Cuando el ICAV recibe la garantía mediante una pignoración, la garantía puede ser mantenida por un depositario independiente que esté sujeto a una supervisión prudencial y no esté relacionado con el proveedor de la garantía.
- Tripartito: El ICAV constituye la garantía mediante la entrega de activos a un banco depositario independiente o recibe la garantía haciendo que la contraparte entregue activos a dicho banco. En este caso, el banco depositario mantiene dichos activos separados de su propio balance. En este caso, la constitución y recepción de la garantía puede ser mediante la transferencia de la titularidad o la pignoración. | ## Collateral Management
In the absence of any supervening measures, investment into FDI could give rise to situations where the ICAV is exposed to the credit risk of an FDI counterparty or vice versa. Where appropriate to manage these exposures, collateral management techniques may be required whereby the ICAV posts collateral to and/or receives collateral from an FDI counterparty. The ICAV will seek to identify and mitigate risks linked to the management of collateral, including operational
and legal risks, by risk management procedures employed by the ICAV, and always in compliance with the Central Bank UCITS Regulations and any other relevant regulations. In particular, the European Market Infrastructure Regulation (as further detailed below) (“EMIR”) is specifically focused on the clearing of certain FDI as well as mandatory collateralisation of other FDI. The ICAV will only accept Eligible Collateral. Generally speaking, the ICAV expects any combination of the following techniques for both posting and receiving collateral:
- Title transfer: The ICAV posts collateral by delivering assets to the counterparty whereby title to the assets passes to the counterparty, or receives collateral by taking title to such assets. Where there is title transfer, Eligible Collateral received by the ICAV must be held by the Depositary, or its agent, where the agent is a sub-custodian of the Depositary.
- Pledge: The ICAV posts collateral by granting the counterparty a security interest over assets whose title remains with the ICAV, or receives collateral by taking a security interest over assets whose title remains with the counterparty. Where the ICAV receives collateral by pledge, collateral can be held by a third party custodian which is subject to prudential supervision and unrelated to the provider of the collateral.
- Tripartite: The ICAV posts collateral by delivering assets to a third party depository bank, or receives collateral by having the counterparty deliver assets to such bank. In this case, the depository bank holds such assets segregated from its own balance sheet. The collateral posting and receipt can be by way of title transfer or pledge in this instance. | en | es |
DOLFIN3360 | 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 in shares, bonds and money market instruments. The equities portion is between 20% and 65%. Bis 50% der Anlagen können indirekt (über Zielfonds) erfolgen. Die Zielfonds werden gemäss den im Prospekt dargelegten Anforderungen ausgewählt. At least 2/3 of the investments are selected by systematically taking into account ESG criteria in accordance with responsibility requirements. The fund is classified under Art. 8 SFDR.
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 tailored benchmark index.* 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.
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 en acciones, obligaciones e instrumentos del mercado financiero. El porcentaje de acciones es de entre el 20 % y el 65 %. Hasta el 50 % de las inversiones podrán realizarse indirectamente (a través de fondos objetivo). Los fondos objetivo se seleccionan conforme a los requisitos establecidos en el folleto. Al seleccionar por lo menos 2/3 de las inversiones, se tienen en cuenta sistemáticamente los criterios ESG de acuerdo con los requisitos de responsabilidad. El fondo se inscribe en lo dispuesto en el art. 8 SFDR.
Los valores se seleccionan de manera discrecional mediante un proceso de inversión coherente (gestión activa). Sobre la composición de la cartera, la selección de valores y su ponderación se centra en las empresas del índice de referencia personalizado*. La desviación del índice puede ser considerable.
La política de inversión se rige por este índice 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, sobreponderando o infraponderando los distintos valores y sectores sobre la base de la coyuntura de mercado y las evaluaciones de riesgo.
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 in shares, bonds and money market instruments. The equities portion is between 20% and 65%. Bis 50% der Anlagen können indirekt (über Zielfonds) erfolgen. Die Zielfonds werden gemäss den im Prospekt dargelegten Anforderungen ausgewählt. At least 2/3 of the investments are selected by systematically taking into account ESG criteria in accordance with responsibility requirements. The fund is classified under Art. 8 SFDR.
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 tailored benchmark index.* 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.
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 |
DOLFIN3379 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to provide an exposure to the performance of US Dollar-denominated fixed rate government bonds issued by the US Treasury with a maturity of between one and three years.
Investment Policy: The Sub-Fund pursues a passively managed (index- tracking) strategy.
The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index. The Index consists of US Dollar-denominated fixed rate government bonds that have been issued by the US Treasury with a maturity of between one and three years.
The Sub-Fund will use the optimisation methodology to select Index Securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. Consequently, the Sub- Fund will only hold a certain sub-set of the Index Securities. | # Objetivos y política de inversión
Objetivo de inversión: El Subfondo pretende ofrecer exposición a la rentabilidad de la deuda pública a tipo fijo, denominada en dólares estadounidenses y emitida por el Tesoro de EE. UU., con un vencimiento de entre uno y tres años.
Política de inversión: El Subfondo lleva a cabo una estrategia de gestión pasiva (replicación del índice o «index tracking»).
El Subfondo trata de replicar la rentabilidad del Índice con la mayor precisión posible, con independencia de si el valor del Índice aumenta o desciende, al tiempo que trata de reducir al máximo el error de seguimiento («tracking error») entre la rentabilidad del Subfondo y la del Índice. El Índice está compuesto por deuda pública a tipo fijo, denominada en dólares estadounidenses y emitida por el Tesoro de
EE. UU., con un vencimiento de entre uno y tres años.
El Subfondo recurrirá a una metodología de optimización para seleccionar los Títulos del Índice con el fin de construir una cartera representativa que proporcione una rentabilidad similar a la del Índice. En consecuencia, el Subfondo solo mantendrá un determinado subconjunto de los Títulos del Índice. | # Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to provide an exposure to the performance of US Dollar-denominated fixed rate government bonds issued by the US Treasury with a maturity of between one and three years.
Investment Policy: The Sub-Fund pursues a passively managed (index- tracking) strategy.
The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index. The Index consists of US Dollar-denominated fixed rate government bonds that have been issued by the US Treasury with a maturity of between one and three years.
The Sub-Fund will use the optimisation methodology to select Index Securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. Consequently, the Sub- Fund will only hold a certain sub-set of the Index Securities. | en | es |
DOLFIN3382 | 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 | 2% maximum |
| Exit charge | Redemptions during years since Launch Date: 1st year : 2.50% of the NAV per Share on the relevant Valuation Day 2nd year : 2.00% of the NAV per Share on the relevant Valuation Day 3rd year : 1.50% of the NAV per Share on the relevant Valuation Day 4th year : 1.00% of the NAV per Share on the relevant Valuation Day 5th year : 0.75% of the NAV per Share on the relevant Valuation Day 6th year : 0% of the NAV per Share on the relevant Valuation Day |
| This is the maximum that might be taken out of your money before it is invested or paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 2.23% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee None | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 2% como máximo |
| Gastos de salida | Reembolsos durante años desde la fecha de lanzamiento: Primer año: El 2,50% del valor liquidativo por acción en el Día de Valoración del segundo año correspondiente: El 2,00% del valor liquidativo por acción en el Día de Valoración del tercer año correspondiente: El 1,50% del valor liquidativo por acción en el Día de Valoración del cuarto año correspondiente: El 1,00% del valor liquidativo por acción en el Día de Valoración del quinto año correspondiente: El 0,75% del valor liquidativo por acción en el Día de Valoración del sexto año correspondiente: El 0% del valor liquidativo por acción en el Día de Valoración correspondiente |
| Este es el máximo que puede detraerse de su capital o desembolsarse antes de proceder a la inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 2,23% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad Ninguno | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 2% maximum |
| Exit charge | Redemptions during years since Launch Date: 1st year : 2.50% of the NAV per Share on the relevant Valuation Day 2nd year : 2.00% of the NAV per Share on the relevant Valuation Day 3rd year : 1.50% of the NAV per Share on the relevant Valuation Day 4th year : 1.00% of the NAV per Share on the relevant Valuation Day 5th year : 0.75% of the NAV per Share on the relevant Valuation Day 6th year : 0% of the NAV per Share on the relevant Valuation Day |
| This is the maximum that might be taken out of your money before it is invested or paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 2.23% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee None | | en | es |
DOLFIN3384 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Stress Scenarios | What you might get back | EUR 340 | EUR 210 |
| --- | --- | --- | --- |
| Average Return each year | -96.60 % | -53.69 % |
| Unfavourable Scenario | What you might get back | EUR 5,160 | EUR 5,990 |
| Average Return each year | -48.45 % | -9.75 % |
| Moderate Scenario | What you might get back | EUR 9,340 | EUR 8,010 |
| Average Return each year | -6.63 % | -4.33 % |
| Favourable Scenario | What you might get back | EUR 17,530 | EUR 13,890 |
| Average Return each year | 75.32 % | 6.80 % | | | Escenarios de tensión | Lo que podría recibir | EUR 340 | EUR 210 |
| --- | --- | --- | --- |
| Rendimiento medio cada año | -96,60 % | -53,69 % |
| Escenario desfavorable | Lo que podría recibir | EUR 5.160 | EUR 5.990 |
| Rendimiento medio cada año | -48,45 % | -9,75 % |
| Escenario moderado | Lo que podría recibir | EUR 9.340 | EUR 8.010 |
| Rendimiento medio cada año | -6,63 % | -4,33 % |
| Escenario favorable | Lo que podría recibir | EUR 17.530 | EUR 13.890 |
| Rendimiento medio cada año | 75,32 % | 6,80 % | | | Stress Scenarios | What you might get back | EUR 340 | EUR 210 |
| --- | --- | --- | --- |
| Average Return each year | -96.60 % | -53.69 % |
| Unfavourable Scenario | What you might get back | EUR 5,160 | EUR 5,990 |
| Average Return each year | -48.45 % | -9.75 % |
| Moderate Scenario | What you might get back | EUR 9,340 | EUR 8,010 |
| Average Return each year | -6.63 % | -4.33 % |
| Favourable Scenario | What you might get back | EUR 17,530 | EUR 13,890 |
| Average Return each year | 75.32 % | 6.80 % | | en | es |
DOLFIN3391 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies in the Asia Pacific region, including, but not limited to, Japan, Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand.
- 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 may invest in countries considered to be emerging markets.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI AC Pacific Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos un 70 % en acciones de empresas de la región de Asia-Pacífico, que incluye, entre otros, países como Japón, Australia, China, Hong Kong, India, Indonesia, Corea, Malasia, Nueva Zelanda, Filipinas, Singapur, Taiwán y Tailandia.
- 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 Subfondo podrá invertir en países considerados mercados emergentes.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el MSCI AC Pacific Index (Net) (en adelante, el«Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies in the Asia Pacific region, including, but not limited to, Japan, Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand.
- 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 may invest in countries considered to be emerging markets.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI AC Pacific Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN3393 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,418
14.2%
EUR 12,278
4.2% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 01/2014-01/2019.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 418 EUR
14,2%
12 278 EUR
4,2% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,418
14.2%
EUR 12,278
4.2% | en | es |
DOLFIN3401 | 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).
2.3%
0.8%
-4.0%
6.7%
0.6%
-6.9%
-2.9%
4.0%
1.4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # La divisa de referencia es el dólar americano (USD).
2,3%
0,8%
-4,0%
6,7%
0,6%
-6,9%
-2,9%
4,0%
1,4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # The reference currency is the US dollar (USD).
2.3%
0.8%
-4.0%
6.7%
0.6%
-6.9%
-2.9%
4.0%
1.4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | en | es |
DOLFIN3414 | 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 CS (Lux) Asia Corporate Bond Fund EBH CHF between 30/09/2015-30/09/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,180
1.80%
CHF 10,595
1.20% | # Este tipo de escenario se produjo para una inversión CS (Lux) Asia Corporate Bond Fund EBH CHF entre 30/09/2015-30/09/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 180 CHF
1,80%
10 595 CHF
1,20% | # This type of scenario occurred for an investment CS (Lux) Asia Corporate Bond Fund EBH CHF between 30/09/2015-30/09/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,180
1.80%
CHF 10,595
1.20% | en | es |
DOLFIN3425 | 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 | 5 years¹ |
| --- | --- | --- |
| Total costs (EUR) | 227 | 1,330 |
| Annual cost impact (%)² | 2.3% | 2.3% | | | En caso de salida después de: | 1 año | 5 años¹ |
| --- | --- | --- |
| Costes totales (EUR) | 227 | 1.330 |
| Incidencia anual de los costes (%)² | 2,3% | 2,3% | | | If you exit after: | 1 year | 5 years¹ |
| --- | --- | --- |
| Total costs (EUR) | 227 | 1,330 |
| Annual cost impact (%)² | 2.3% | 2.3% | | en | es |
DOLFIN3428 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Articles contain provisions to the following effect:
- Directors' Authority to Allot Shares. The Directors are generally and unconditionally authorised to exercise all powers of the Company to allot relevant securities, including fractions thereof, up to an amount equal to the authorised but as yet unissued share capital of the Company.
- Variation of rights. The rights attached to any class may be varied or abrogated with the consent in writing of the holders of three-fourths in number of the issued Shares of that class, or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of the class, and may be so varied or abrogated either whilst the Company is a going concern or during or in contemplation of a winding-up. The quorum at any such separate general meeting, other than an adjourned meeting, shall be two persons holding or representing by proxy at least one third of the issued shares of the class in question and the quorum at an adjourned meeting shall be one person holding Shares of the class in question or his/her proxy.
- Voting Rights. Subject to disenfranchisement in the event of non-compliance with any notice requiring disclosure of the beneficial ownership of Shares and subject to any rights or restrictions for the time being attached to any class or classes of Shares, on a show of hands at a general meeting or class meeting of the Company, every Shareholder holding shares who is present in person or by proxy shall have one vote and on a poll every Shareholder present in person or by proxy shall have one vote for every Share of which s/he is the holder.
- Change in Share Capital. The Company may, from time to time, by ordinary resolution increase the share capital by such amount and/or number as the resolution may prescribe. The Company may also by ordinary resolution, consolidate and divide its share capital into Shares of larger amount, subdivide its Shares into Shares of smaller amounts or value or cancel any Shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and reduce the amount of its authorised share capital by the amount of the Shares so cancelled or redenominate the currency of any class of Shares.
- Directors' Interests. Provided that the nature and extent of his/her interest shall be disclosed as set out below, no Director or intending Director shall be disqualified by his/her office from contracting with the Company nor shall any such contract or arrangement entered into by or on behalf of any other company in which any Director shall be in any way interested be avoided nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established. | # Los Estatutos contienen disposiciones a los siguientes efectos:
- Facultad de los Consejeros para adjudicar Acciones. Los Consejeros estarán general e incondicionalmente autorizados para ejercer todas las facultades de la Sociedad relacionadas con la adjudicación de cualesquiera valores pertinentes, incluso fracciones de los mismos, hasta una cantidad máxima equivalente al capital social autorizado de la Sociedad pendiente de emitir.
- Modificación de derechos. Los derechos inherentes a cualquier clase podrán modificarse o revocarse con el consentimiento por escrito de los titulares de las tres cuartas partes de las Acciones en circulación de dicha clase, o mediante acuerdo extraordinario aprobado en junta general independiente de los titulares de las Acciones de la clase en cuestión, pudiendo ser modificados o revocados tanto si la Sociedad funciona normalmente, como durante o cuando se prevea su disolución. El cuórum exigido en dichas juntas generales independientes, salvo que sean juntas aplazadas, será de dos personas que posean o representen mediante apoderamiento al menos un tercio de las acciones en circulación de la clase en cuestión y, en el caso de las juntas aplazadas, de una persona que posea Acciones de la clase pertinente o de su apoderado.
- Derechos de voto. Sin perjuicio de la privación del derecho de voto en caso de incumplimiento de cualquier aportación de información requerida en la convocatoria por parte del beneficiario efectivo de las Acciones, así como de los derechos o restricciones que en cada momento lleve aparejada cualquier clase o clases de Acciones, en una votación a mano alzada en una junta general o junta de cada clase de la Sociedad, cada Accionista, presente o representado tendrá derecho a un voto, y en una votación secreta cada Accionista presente o representado tendrá un voto por cada Acción de la que sea titular.
- Modificación del capital social. La Sociedad podrá, en cualquier momento, mediante acuerdo ordinario, proceder a una ampliación de capital por el importe y/o número de acciones que determine el mencionado acuerdo. La Sociedad también podrá, mediante acuerdo ordinario, agrupar y dividir su capital social en Acciones de un importe superior, subdividir sus Acciones en acciones de un importe o valor inferior o cancelar cualesquiera Acciones que, en la fecha del acuerdo, no hayan sido adquiridas, ni se haya acordado su adquisición, y reducir el valor de su capital social autorizado en la cuantía de las Acciones así canceladas o modificar la moneda de denominación de cualquier Clase de Acciones.
- Intereses de los Consejeros. Siempre que se haya comunicado la índole y alcance de su interés en la forma expuesta más adelante, ningún Consejero ni Consejero propuesto quedará inhabilitado, por razón de su cargo, para contratar con la Sociedad, ni dichos contratos o acuerdos celebrados por o en nombre de cualquier otra sociedad en la que un Consejero esté de cualquier modo interesado, podrán ser anulados, ni un Consejero que así contrate o tenga el referido interés deberá rendir cuentas a la Sociedad de cualesquiera beneficios que obtenga como consecuencia de dichos contratos o acuerdos, a causa de ostentar dicho cargo o por la relación fiduciaria que se establece en virtud del mismo. | # The Articles contain provisions to the following effect:
- Directors' Authority to Allot Shares. The Directors are generally and unconditionally authorised to exercise all powers of the Company to allot relevant securities, including fractions thereof, up to an amount equal to the authorised but as yet unissued share capital of the Company.
- Variation of rights. The rights attached to any class may be varied or abrogated with the consent in writing of the holders of three-fourths in number of the issued Shares of that class, or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of the class, and may be so varied or abrogated either whilst the Company is a going concern or during or in contemplation of a winding-up. The quorum at any such separate general meeting, other than an adjourned meeting, shall be two persons holding or representing by proxy at least one third of the issued shares of the class in question and the quorum at an adjourned meeting shall be one person holding Shares of the class in question or his/her proxy.
- Voting Rights. Subject to disenfranchisement in the event of non-compliance with any notice requiring disclosure of the beneficial ownership of Shares and subject to any rights or restrictions for the time being attached to any class or classes of Shares, on a show of hands at a general meeting or class meeting of the Company, every Shareholder holding shares who is present in person or by proxy shall have one vote and on a poll every Shareholder present in person or by proxy shall have one vote for every Share of which s/he is the holder.
- Change in Share Capital. The Company may, from time to time, by ordinary resolution increase the share capital by such amount and/or number as the resolution may prescribe. The Company may also by ordinary resolution, consolidate and divide its share capital into Shares of larger amount, subdivide its Shares into Shares of smaller amounts or value or cancel any Shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and reduce the amount of its authorised share capital by the amount of the Shares so cancelled or redenominate the currency of any class of Shares.
- Directors' Interests. Provided that the nature and extent of his/her interest shall be disclosed as set out below, no Director or intending Director shall be disqualified by his/her office from contracting with the Company nor shall any such contract or arrangement entered into by or on behalf of any other company in which any Director shall be in any way interested be avoided nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established. | en | es |
DOLFIN3430 | 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 offer returns in line with money market rates consistent with preservation of capital and liquidity. Money invested in the Fund is not protected or guaranteed. The Fund does not rely on external support for guaranteeing the liquidity of the Fund or stabilising the net asset value (NAV) per share. The Fund is a short- term money market fund.
The Fund invests at least 90% of its total assets in fixed income (FI) securities denominated in US dollars. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The FI securities may be issued by the United States (US) government and its agencies, non-US governments and government agencies, and companies and supranationals (e.g. the International Bank for Reconstruction and Development) domiciled inside or outside of the US.
The FI securities may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days. To calculate these averages, figures are adjusted to reflect the relative holdings of each of the Fund’s assets.
The Fund may invest up to 15% of its total assets in securitisations and asset backed commercial paper that are sufficiently liquid.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
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 interest rate or currency exchange rate risk within the Fund’s portfolio. 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 without reference to any benchmark. The Secured Overnight Financing Rate (SOFR) Index should be used by investors to compare the performance of the Fund.
The Fund is a “Short Term Variable NAV Money Market Fund” as defined by the EU Money Markets Funds Regulation.
The investments of the Fund are valued using the mark-to-market method where possible, and if not, the mark-to-model method is used. The NAV is calculated to four decimal places and forms the dealing NAV.
Recommendation: This Fund may not be appropriate for investors who seek long-term growth. Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Sterling. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$100,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El objetivo del Fondo es ofrecer una rentabilidad acorde con los tipos del mercado monetario al mismo tiempo que se mantiene el capital y la liquidez. El dinero invertido en el Fondo no está protegido ni garantizado. El Fondo no cuenta con ningún respaldo externo para garantizar su liquidez ni para estabilizar el valor liquidativo (NAV) por acción. El Fondo es un fondo de mercado monetario a corto plazo.
El Fondo invierte al menos el 90 % de sus activos totales en valores de renta fija (RF) denominados en dólares estadounidenses. Entre estos están los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
Los valores de RF podrán ser emitidos por el gobierno de los Estados Unidos, por sus agencias, por gobiernos y agencias gubernamentales no estadounidenses, y por empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento) domiciliados dentro o fuera de los Estados Unidos.
Los valores de RF pueden tener grado de inversión (es decir, cumplir un nivel específico de solvencia), una calificación inferior al grado de inversión o carecer de calificación en el momento de su adquisición.
El Fondo limitará su inversión a los activos que cuenten con un periodo de tiempo igual o inferior a 397 días hasta que deba pagarse la totalidad del capital. El vencimiento medio ponderado (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital (o, con respecto a las notas de tipo de interés, el tiempo medio hasta la próxima revisión del tipo de interés según un tipo del mercado monetario) de todos los activos del Fondo será de hasta 60 días. La vida media ponderada (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital de los activos) de todos los activos del Fondo será de hasta 120 días. A efectos de cálculo de estas medias, las cifras se ajustan para reflejar las posiciones relativas los activos de cada uno de los Fondos.
El Fondo podrá invertir hasta el 15 % de sus activos totales en valores de titulización de activos y en pagarés respaldados por activos que cuenten con una liquidez suficiente.
El Fondo también puede celebrar acuerdos de recompra inversa a corto plazo. Se trata de contratos en virtud de los cuales el Fondo acuerda comprar en efectivo deuda pública a determinados terceros considerados elegibles, y acepta que el vendedor podrá recomprarlos en un momento y a un precio preestablecidos.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo, y para reducir los riesgos asociados a los tipos de interés o al cambio de divisas dentro de la cartera del Fondo. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo sin la obligación de utilizar un parámetro de referencia concreto. Los inversores deberían utilizar el Secured Overnight Financing Rate (SOFR) Index para comparar la rentabilidad del Fondo.
El Fondo es un «fondo del mercado monetario a corto plazo de NAV variable», tal y como establece el Reglamento de la UE sobre fondos del mercado monetario.
Las inversiones del Fondo se valoran utilizando, siempre que sea posible, el método de valoración de mercado, y si no es posible, el método de valoración según modelo. El NAV se calcula hasta cuatro cifras decimales y establece el NAV de negociación.
Recomendación: Este Fondo puede no ser adecuado para inversores que buscan una revalorización a largo plazo. Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en libras esterlinas. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 100 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to offer returns in line with money market rates consistent with preservation of capital and liquidity. Money invested in the Fund is not protected or guaranteed. The Fund does not rely on external support for guaranteeing the liquidity of the Fund or stabilising the net asset value (NAV) per share. The Fund is a short- term money market fund.
The Fund invests at least 90% of its total assets in fixed income (FI) securities denominated in US dollars. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The FI securities may be issued by the United States (US) government and its agencies, non-US governments and government agencies, and companies and supranationals (e.g. the International Bank for Reconstruction and Development) domiciled inside or outside of the US.
The FI securities may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days. To calculate these averages, figures are adjusted to reflect the relative holdings of each of the Fund’s assets.
The Fund may invest up to 15% of its total assets in securitisations and asset backed commercial paper that are sufficiently liquid.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
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 interest rate or currency exchange rate risk within the Fund’s portfolio. 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 without reference to any benchmark. The Secured Overnight Financing Rate (SOFR) Index should be used by investors to compare the performance of the Fund.
The Fund is a “Short Term Variable NAV Money Market Fund” as defined by the EU Money Markets Funds Regulation.
The investments of the Fund are valued using the mark-to-market method where possible, and if not, the mark-to-model method is used. The NAV is calculated to four decimal places and forms the dealing NAV.
Recommendation: This Fund may not be appropriate for investors who seek long-term growth. Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Sterling. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$100,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN3431 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Recommended holding period: until 31 December 2024.
Frequency of unit 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 11.00 a.m. at that day’s net asset value.
If the assets of the UCITS have not reached €500 million by 1 April 2018, the marketing period shall be extended until 28 February 2019 inclusive. At the end of this period, the UCITS will be closed to all subscriptions (except in the case of a concurrent subscription and redemption by the same investor for the same amount executed on the same net asset value date).
Allocation of income: Distribution
Allocation of net realised gains: Accumulation and/or Distribution and/or Carried forward | ## Duración de la inversión recomendada: Hasta el 31 de diciembre de 2024.
Frecuencia de compra o venta de participaciones: 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 11:00, en función del valor liquidativo del día. Dado que el valor del OICVM no había alcanzado los 500 millones de euros el 1 de abril de 2018, el período de comercialización se ampliará hasta el 28 de febrero de 2019, inclusive, a más tardar. Al final de ese periodo, el OICVM se cerrará a toda suscripción (salvo en caso de una suscripción concomitante a un reembolso procedente de un mismo inversor de la misma cantidad y ejecutada en la misma fecha de valor liquidativo).
Asignación de los ingresos: Distribución
Asignación de las plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | ## Recommended holding period: until 31 December 2024.
Frequency of unit 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 11.00 a.m. at that day’s net asset value.
If the assets of the UCITS have not reached €500 million by 1 April 2018, the marketing period shall be extended until 28 February 2019 inclusive. At the end of this period, the UCITS will be closed to all subscriptions (except in the case of a concurrent subscription and redemption by the same investor for the same amount executed on the same net asset value date).
Allocation of income: Distribution
Allocation of net realised gains: Accumulation and/or Distribution and/or Carried forward | en | es |
DOLFIN3439 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) 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 Sub-fund’s prospectus.
The shares of this Sub-fund are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status. | ## La legislación fiscal francesa puede afectar a la situación fiscal personal del inversor.
Edmond de Rothschild Asset Management (France) 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 subfondo.
Las acciones de este subfondo no están ni estarán registradas en los Estados Unidos en virtud de la Ley estadounidense de valores de 1933 o de cualquier otra normativa de los Estados Unidos. El subfondo podrá invertir en participaciones o acciones de fondos objetivo que puedan participar en nuevas ofertas de emisión de títulos estadounidenses (oferta pública inicial estadounidense, en inglés “US IPO”) o participar directamente en las entradas en bolsa estadounidenses (“US IPO”). La Financial Industry Regulatory Authority (FINRA), de conformidad con las normas 5130 y 5131 de FINRA (las Normas), ha anunciado prohibiciones sobre la elegibilidad de ciertas personas para participar en la adjudicación de oferta pública inicial estadounidense cuando los beneficiarios efectivos de dichas cuentas sean profesionales del sector de los servicios financieros (incluyendo, entre otros, propietario o empleado de una sociedad miembro de FINRA o un gestor de fondos) (Personas restringidas) o ejecutivos de alto rango o administradores de una sociedad estadounidense o no estadounidense cuya actividad pueda estar relacionada con una sociedad miembro de FINRA (Personas afectadas). El subfondo no puede ser propuesto ni vendido en beneficio o por cuenta de una “Persona estadounidense”, según lo definido por la “Regulación S”, ni a los inversores considerados Personas restringidas o Personas afectadas por las Normas FINRA. En caso de duda sobre su situación, el inversor debe consultar a su asesor jurídico. | ## French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) 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 Sub-fund’s prospectus.
The shares of this Sub-fund are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status. | en | es |
DOLFIN3442 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Example Investment 10,000 GBP | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 104 GBP | 674 GBP |
| Annual cost impact* | 1.0% | 1.1% | | | Ejemplo de inversión 10.000 GBP | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 104 GBP | 674 GBP |
| Incidencia anual de los costes* | 1,0% | 1,1% | | | Example Investment 10,000 GBP | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 104 GBP | 674 GBP |
| Annual cost impact* | 1.0% | 1.1% | | en | es |
DOLFIN3443 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment composite benchmark between 12/2021-01/2024.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,651
-13.5%
EUR 10,340
0.7% | # Este tipo de escenario se produjo para una inversión índice de referencia compuesto entre 12/2021-01/2024.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 651 EUR
-13,5%
10 340 EUR
0,7% | # This type of scenario occurred for an investment composite benchmark between 12/2021-01/2024.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,651
-13.5%
EUR 10,340
0.7% | en | es |
DOLFIN3444 | 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 Funds’ investments, which reflects the return of the Markit iBoxx USD Liquid High Yield Capped 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 fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements.
The Index measures the performance of the most liquid US dollar-denominated sub-investment grade bonds issued by companies in developed markets (i.e. the US Dollar high yield corporate bond market). Liquid bonds mean that they can easily be bought or sold in the market in normal market conditions. The bonds will be sub- investment grade (which means that at the time of inclusion in the Index, they have a relatively low credit rating credit or are unrated but deemed to be of comparable quality with sub-investment grade FI securities) and rated by at least one of three rating services: Moody’s, Standard & Poor’s or Fitch. The individual companies in the Index are weighted according to their market capitalisation (i.e. the share price of the company multiplied by the number of shares issued). The maximum original time to maturity is 15 years and the minimum time to maturity is one and a half years for new bonds to be included and one year for bonds that already exist in the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be 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 alcanzar una rentabilidad en su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Markit iBoxx USD Liquid High Yield Capped Index, el índice de referencia del Fondo (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia.
El Índice mide el rendimiento de los bonos más líquidos denominados en dólares estadounidenses, con categoría inferior a la de inversión, emitidos por empresas de los mercados desarrollados (es decir, el mercado de bonos empresariales de alto rendimiento en dólares estadounidenses). Se entiende por liquidez de los bonos que puedan comprarse y venderse fácilmente en el mercado, en condiciones normales de este. Los bonos tendrán la calificación inferior a la categoría de inversión, lo que significa que en el momento de su inclusión en el Índice tendrán una calificación de solvencia relativamente baja, o carecerán de calificación pero se considerarán de calidad comparable a la de los valores de RF con calificación inferior a la categoría de inversión, y estarán calificados por al menos uno de los tres servicios de calificación: Moody’s, Standard & Poor’s o Fitch. Las empresas que componen el Índice se ponderan de acuerdo con su capitalización bursátil (es decir, el precio por acción de la empresa multiplicado por el número de acciones emitidas). El plazo de vencimiento original máximo es de 15 años y el plazo de vencimiento residual mínimo es de un año y medio para los nuevos bonos que se incluyan y de un año para los que ya están incluidos en el Índice.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán 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 Funds’ investments, which reflects the return of the Markit iBoxx USD Liquid High Yield Capped 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 fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements.
The Index measures the performance of the most liquid US dollar-denominated sub-investment grade bonds issued by companies in developed markets (i.e. the US Dollar high yield corporate bond market). Liquid bonds mean that they can easily be bought or sold in the market in normal market conditions. The bonds will be sub- investment grade (which means that at the time of inclusion in the Index, they have a relatively low credit rating credit or are unrated but deemed to be of comparable quality with sub-investment grade FI securities) and rated by at least one of three rating services: Moody’s, Standard & Poor’s or Fitch. The individual companies in the Index are weighted according to their market capitalisation (i.e. the share price of the company multiplied by the number of shares issued). The maximum original time to maturity is 15 years and the minimum time to maturity is one and a half years for new bonds to be included and one year for bonds that already exist in the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be 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 |
DOLFIN3445 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Northern Trust Fiduciary Services (Ireland) Limited is the depositary of the Fund. Additional information relating to the Fund and its share classes, including copies of the prospectus and latest annual and semi-annual report and accounts, which are prepared for the entire UCITS umbrella, can be obtained in English from the administrator at: Northern Trust International Fund Administration Services (Ireland) Limited, George’s Court, 54-62 Townsend Street, Dublin 2, Ireland, facsimile +353 1 542 2902, e-mail: [email protected], phone +353 1 434 5110. The latest unit prices and further practical information about the Fund are available at www.colchesterglobal.com. Irish tax legislation may have an impact on the tax position of an investor. Potential investors are advised to seek professional advice concerning possible taxation or other consequences of an investment in the shares. | You may switch your shares in the Fund to shares in another class and/or another sub-fund in which you are eligible to invest. Further information is available from the administrator at Northern Trust International Fund Administration Services (Ireland) Limited. The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. The Fund is a sub-fund of The Colchester Multi-Strategy Global Bond Fund plc which is an umbrella fund with segregated liability between sub-funds. This means that the assets and liabilities of each sub-fund are segregated by law. The details of the current remuneration policy of the Manager, including a description of how remuneration and benefits are calculated and the identity of the persons responsible for awarding them, are available at www.colchesterglobal.com. A paper copy of the information is available free of charge upon request. |
| --- | --- |
| This Fund is a UCITS authorised in Ireland and regulated by the Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland. |
| This key investor information is accurate as at 17/11/2022. | | |
| The Colchester Global Bond Fund, Share Class: EUR Unhedged Accumulation Class - I Shares, Key Investor Information, ISIN: IE00BJLJZM56, As of: 17/11/2022 | 2 | | | Northern Trust Fiduciary Services (Ireland) Limited es el depositario del Fondo. Puede solicitarse información adicional relativa al Fondo y sus Clases de Acciones, incluyendo copias del folleto y de los últimos informes anual y semestral y las cuentas, preparados para todo el paraguas OICVM, en inglés, al administrador en: Northern Trust International Fund Administration Services (Ireland) Limited, George’s Court, 54-62 Townsend Street, Dublín 2, Irlanda, fax +353 1 542 2902, correo electrónico: [email protected], teléfono +353 1 434 5110. Los últimos precios de las participaciones y otra información práctica del Fondo están disponibles en www.colchesterglobal.com. La legislación tributaria irlandesa puede incidir en la situación tributaria de un inversor. Se recomienda a los potenciales inversores que busquen asesoramiento profesional sobre las posibles consecuencias tributarias o de otro tipo de la inversión en las acciones. | Usted podrá convertir sus acciones en el Fondo por acciones de otra clase o de otro compartimento, en el que sea apto para invertir. Se puede obtener más información del administrador en Northern Trust International Fund Administration Services (Ireland) Limited. La Gestora únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo. El Fondo es un compartimento de The Colchester Multi-Strategy Global Bond Fund plc que es fondo de tipo paraguas con responsabilidad segregada entre sus compartimentos. Eso significa que los activos y pasivos de cada compartimento están segregados por ley. Los detalles de la política de remuneración actualizada de la Gestora, incluyendo una descripción de cómo se calculan la remuneración y las prestaciones, y la identidad de las personas responsables de otorgarlas, están disponibles en www.colchesterglobal.com. Puede solicitar una copia en papel de la información de forma gratuita. |
| --- | --- |
| Este Fondo es un OICVM autorizado en Irlanda y regulado por Central Bank of Ireland. La Gestora está autorizada en Irlanda y regulada por el Central Bank of Ireland. |
| Los presentes datos fundamentales para el inversor son exactos a 17/11/2022. | | |
| The Colchester Global Bond Fund, Clase de Acciones: EUR Unhedged Accumulation Class - I Shares, Datos fundamentales para el inversor, ISIN: IE00BJLJZM56, A: 17/11/2022 | 2 | | | Northern Trust Fiduciary Services (Ireland) Limited is the depositary of the Fund. Additional information relating to the Fund and its share classes, including copies of the prospectus and latest annual and semi-annual report and accounts, which are prepared for the entire UCITS umbrella, can be obtained in English from the administrator at: Northern Trust International Fund Administration Services (Ireland) Limited, George’s Court, 54-62 Townsend Street, Dublin 2, Ireland, facsimile +353 1 542 2902, e-mail: [email protected], phone +353 1 434 5110. The latest unit prices and further practical information about the Fund are available at www.colchesterglobal.com. Irish tax legislation may have an impact on the tax position of an investor. Potential investors are advised to seek professional advice concerning possible taxation or other consequences of an investment in the shares. | You may switch your shares in the Fund to shares in another class and/or another sub-fund in which you are eligible to invest. Further information is available from the administrator at Northern Trust International Fund Administration Services (Ireland) Limited. The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. The Fund is a sub-fund of The Colchester Multi-Strategy Global Bond Fund plc which is an umbrella fund with segregated liability between sub-funds. This means that the assets and liabilities of each sub-fund are segregated by law. The details of the current remuneration policy of the Manager, including a description of how remuneration and benefits are calculated and the identity of the persons responsible for awarding them, are available at www.colchesterglobal.com. A paper copy of the information is available free of charge upon request. |
| --- | --- |
| This Fund is a UCITS authorised in Ireland and regulated by the Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland. |
| This key investor information is accurate as at 17/11/2022. | | |
| The Colchester Global Bond Fund, Share Class: EUR Unhedged Accumulation Class - I Shares, Key Investor Information, ISIN: IE00BJLJZM56, As of: 17/11/2022 | 2 | | en | es |
DOLFIN3456 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# ARTICLE 23 - PROSPECTUS
The board of directors or, where the Sicav has delegated full responsibility for management, the management company, has all necessary powers to make, as needed, any amendments to the prospectus to ensure the proper management of the company, pursuant to the legislative and regulatory provisions specific to Sicavs.
Title IV - Statutory auditors | # ARTÍCULO 23 - FOLLETO
El Consejo de Administración o la sociedad gestora siempre y cuando la Sicav haya delegado globalmente su gestión, tiene plenos poderes para introducir en los mismos, si procede, cualquier modificación destinada a garantizar la buena gestión de la sociedad, todo ello en el marco de las disposiciones legislativas y normativas aplicables a las Sicav.
TÍTULO IV - AUDITORES | # ARTICLE 23 - PROSPECTUS
The board of directors or, where the Sicav has delegated full responsibility for management, the management company, has all necessary powers to make, as needed, any amendments to the prospectus to ensure the proper management of the company, pursuant to the legislative and regulatory provisions specific to Sicavs.
Title IV - Statutory auditors | en | es |
DOLFIN3458 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Where the Fund is authorized to borrow under points (i) and (ii), that borrowing shall not exceed 15% of its net assets in total.
However, the Fund may acquire foreign currencies by means of back to back loans.
- Without prejudice to the possibility of the Sub-Funds to acquire debt securities and to hold bank deposits, the Fund may not grant loans to or act as guarantor on behalf of third parties. This restriction shall not prevent the Fund from acquiring Transferable Securities, Money Market Instruments or other financial instruments referred to in I(1)(e), (g) and (h) which are not fully paid.
- The Fund may not carry out uncovered sales of Transferable Securities, Money Market Instruments or other financial instruments.
- The Fund may only acquire movable or immovable property which is essential for the direct pursuit of its business, provided that the limits indicated in item (a) above are complied with.
- The Fund may not acquire either precious metals or certificates representing them or hold any option, right or interest therein. Investments in debt instruments linked to, or backed by the performance of, commodities or precious metals do not fall under this restriction.
- (a) The Fund need not comply with the limits laid down in the chapter “Investment Policies and Restrictions” of the Prospectus when exercising subscription rights attaching to Transferable Securities or Money Market Instruments which form part of its assets. While ensuring observance of the principle of risk spreading, recently created Sub-Funds may derogate from paragraphs III(a) to (e), IV and VI(a) and (b) for a period of six months following the date of their creation.
- If the limits referred to in sub-paragraph (a) of section VII of chapter “Investment Policies and Restrictions” of the Prospectus are exceeded for reasons beyond the control of the Fund or as a result of the exercise of subscription rights, it must adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interest of its Shareholders.
- To the extent that an issuer is a legal entity with multiple sub-funds where the assets of the sub-fund are exclusively reserved to the investors in such sub-fund and to those creditors whose claim has arisen in connection with the creation, operation or liquidation of that sub-fund, each sub-fund is to beconsidered as a separate issuer for the purpose of the application of the risk spreading rules set out in paragraphs III (a) to (e), IV and VI.
- The Fund will comply with such further restrictions as may be required by the regulatory authorities in any country in which the Shares are marketed. Such additional restrictions will be disclosed in this Prospectus.
- FINANCIAL DERIVATIVE INSTRUMENTSAs specified in section I (1) (e) above, the Fund may in respect of each Sub-Fund invest in financial derivative instruments. | Cuando el Fondo esté autorizado a endeudarse en virtud de los incisos (i) y (ii), el endeudamiento no podrá superar en total el 15% del patrimonio neto.
No obstante, el Fondo podrá adquirir divisas mediante préstamos garantizados (back-to-back).
- Sin perjuicio de la posibilidad de que los Subfondos adquieran títulos de deuda y mantengan depósitos bancarios, el Fondo no podrá conceder préstamos a terceros, ni actuar como garante de terceros. Esta restricción no impedirá al Fondo adquirir Valores mobiliarios, Instrumentos del mercado monetario u otros instrumentos financieros citados en las letras (e), (g) y (h) del subapartado (1) del apartado I que no estén totalmente desembolsados.
- El Fondo no podrá llevar a cabo ventas en descubierto de Valores mobiliarios, Instrumentos del mercado monetario u otros instrumentos financieros.
- El Fondo únicamente podrá adquirir bienes muebles o inmuebles que sean imprescindibles para el ejercicio directo de su actividad, siempre que se cumplan los límites indicados en la letra (a) precedente.
- El Fondo no podrá adquirir metales preciosos ni certificados que los representen ni poseer ninguna opción, derecho o intereses en estos. En esta restricción no se engloban las inversiones en instrumentos de deuda relacionados con materias primas o metales preciosos, o que estén respaldados por el rendimiento de estos.
- (a) El Fondo no estará obligado a respetar los límites de inversión que se establecen en el capítulo «Políticas y restricciones de inversión» del Folleto cuando ejerza derechos de suscripción incorporados a Valores mobiliarios o Instrumentos del mercado monetario que formen parte de su patrimonio. A condición de que observen el principio de diversificación de riesgos, los Subfondos de reciente creación podrán acogerse a una exención del cumplimiento de lo previsto en las letras (a) a (e) del apartado III, el apartado IV y las letras (a) y (b) del apartado VI durante los primeros seis meses a partir de su creación.
- Si se superasen los límites previstos en la letra (a) de la sección VII del capítulo «Políticas y restricciones de inversión» del Folleto por razones que escapen al control del Fondo o como consecuencia del ejercicio de derechos de suscripción, el Fondo adoptará como objetivo prioritario de sus operaciones de venta la subsanación de dicha situación, teniendo debidamente en cuenta los intereses de sus Accionistas.
- En la medida en que un emisor sea una entidad jurídica con múltiples subfondos y que el patrimonio de uno de ellos esté reservado exclusivamente a los inversores en dicho subfondo y a los acreedores cuyos derechos se deriven de la creación, el funcionamiento o la liquidación de tal subfondo, cada subfondo se considerará un emisor independiente a los efectos de laaplicación de las normas de diversificación del riesgo establecidas en las letras (a) a (e) del apartado III y en los apartados IV y VI precedentes.
- El Fondo deberá observar además todas las restricciones impuestas por las autoridades reguladoras de cualquier país en el que se comercialicen las Acciones. Dichas restricciones adicionales se comunicarán en el presente Folleto.
- INSTRUMENTOS FINANCIEROS DERIVADOSComo se especifica en la letra (e) del subapartado (1) del apartado I precedente, el Fondo puede invertir, respecto de cada Subfondo, en instrumentos financieros derivados. | Where the Fund is authorized to borrow under points (i) and (ii), that borrowing shall not exceed 15% of its net assets in total.
However, the Fund may acquire foreign currencies by means of back to back loans.
- Without prejudice to the possibility of the Sub-Funds to acquire debt securities and to hold bank deposits, the Fund may not grant loans to or act as guarantor on behalf of third parties. This restriction shall not prevent the Fund from acquiring Transferable Securities, Money Market Instruments or other financial instruments referred to in I(1)(e), (g) and (h) which are not fully paid.
- The Fund may not carry out uncovered sales of Transferable Securities, Money Market Instruments or other financial instruments.
- The Fund may only acquire movable or immovable property which is essential for the direct pursuit of its business, provided that the limits indicated in item (a) above are complied with.
- The Fund may not acquire either precious metals or certificates representing them or hold any option, right or interest therein. Investments in debt instruments linked to, or backed by the performance of, commodities or precious metals do not fall under this restriction.
- (a) The Fund need not comply with the limits laid down in the chapter “Investment Policies and Restrictions” of the Prospectus when exercising subscription rights attaching to Transferable Securities or Money Market Instruments which form part of its assets. While ensuring observance of the principle of risk spreading, recently created Sub-Funds may derogate from paragraphs III(a) to (e), IV and VI(a) and (b) for a period of six months following the date of their creation.
- If the limits referred to in sub-paragraph (a) of section VII of chapter “Investment Policies and Restrictions” of the Prospectus are exceeded for reasons beyond the control of the Fund or as a result of the exercise of subscription rights, it must adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interest of its Shareholders.
- To the extent that an issuer is a legal entity with multiple sub-funds where the assets of the sub-fund are exclusively reserved to the investors in such sub-fund and to those creditors whose claim has arisen in connection with the creation, operation or liquidation of that sub-fund, each sub-fund is to beconsidered as a separate issuer for the purpose of the application of the risk spreading rules set out in paragraphs III (a) to (e), IV and VI.
- The Fund will comply with such further restrictions as may be required by the regulatory authorities in any country in which the Shares are marketed. Such additional restrictions will be disclosed in this Prospectus.
- FINANCIAL DERIVATIVE INSTRUMENTSAs specified in section I (1) (e) above, the Fund may in respect of each Sub-Fund invest in financial derivative instruments. | en | es |
DOLFIN3459 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Securities Lending
With effect from the respective Effective Date, each Sub-Fund may start engaging in securities lending activities to generate additional income and reduce costs. The proportion of each Sub- Fund's net assets subject to Securities Lending Transactions may vary between 0% and 50%.
Where the Sub-Funds enter into Securities Lending Transactions, the collateral received in relation to such transactions shall comply with ESG standards as determined by the relevant Investment Manager, Sub-Portfolio Manager and/or Securities Lending Agent, in accordance with and within the limits set forth in the Agency Securities Lending and Repurchase Agreement and in addition to the criteria defined under the sections “Collateral Arrangements in Respect of Securities Lending Transaction(s)” and “Securities Lending and Repurchase Transactions” of the Prospectus. Collateral conforming to such ESG standards shall be identified by reference to an appropriate developed market ESG equity index, as determined from time to time by the relevant Investment Manager, Sub-Portfolio Manager and/or Securities Lending Agent and will incorporate as a minimum ESG screens substantially similar to those of each New Reference Index. The securities held as collateral in respect to Securities Lending Transactions are available on the website of the Company www.Xtrackers.com.
- | # Préstamo de Valores
A partir de la Fecha Efectiva correspondiente, cada Subfondo podrá comenzar a participar en actividades de préstamo de valores para generar ingresos adicionales y reducir costes. La proporción de los activos netos de cada Subfondo sujeta a Operaciones de Préstamo de Valores puede variar entre el 0 % y el 50 %.
Cuando los Subfondos lleven a cabo Operaciones de Préstamo de Valores, la garantía recibida en relación con dichas operaciones deberá cumplir los estándares ESG establecidos por el Gestor de Inversiones, el Subgestor de Cartera o el Agente de Préstamo de Valores correspondiente, con arreglo a los límites establecidos en el Contrato de Agencia de Préstamo y Recompra de Valores, además de los criterios definidos en las secciones “Contratos de garantía relativos a operaciones de préstamo de valores” y “Operaciones de préstamo y recompra de valores” del Folleto. La garantía que se ajuste a dichos estándares ESG se identificará por referencia al índice de renta variable ESG de mercados desarrollados pertinente, según determinen oportunamente el Gestor de Inversiones, el Subgestor de Cartera o el Agente de Préstamo de Valores correspondiente, e incorporará como mínimo filtros ESG sustancialmente similares a los de cada Nuevo Índice de Referencia. Puede obtener más información sobre los valores que se mantienen como garantía con respecto a las Operaciones de Préstamo de Valores en la Página Web de la Sociedad www.Xtrackers.com.
- | # Securities Lending
With effect from the respective Effective Date, each Sub-Fund may start engaging in securities lending activities to generate additional income and reduce costs. The proportion of each Sub- Fund's net assets subject to Securities Lending Transactions may vary between 0% and 50%.
Where the Sub-Funds enter into Securities Lending Transactions, the collateral received in relation to such transactions shall comply with ESG standards as determined by the relevant Investment Manager, Sub-Portfolio Manager and/or Securities Lending Agent, in accordance with and within the limits set forth in the Agency Securities Lending and Repurchase Agreement and in addition to the criteria defined under the sections “Collateral Arrangements in Respect of Securities Lending Transaction(s)” and “Securities Lending and Repurchase Transactions” of the Prospectus. Collateral conforming to such ESG standards shall be identified by reference to an appropriate developed market ESG equity index, as determined from time to time by the relevant Investment Manager, Sub-Portfolio Manager and/or Securities Lending Agent and will incorporate as a minimum ESG screens substantially similar to those of each New Reference Index. The securities held as collateral in respect to Securities Lending Transactions are available on the website of the Company www.Xtrackers.com.
- | en | es |
DOLFIN3462 | 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: July 16, 2012.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 16 de julio de 2012. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en CHF.
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: July 16, 2012.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
10%
5%
0%
-5% | en | es |
DOLFIN3465 | 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 | EUR 7,270 | EUR 7,890 |
| | Average return each year % | -27.30% | -7.60% |
| Unfavourable scenario | What you might get back after costs | EUR 8,290 | EUR 8,180 |
| | Average return each year % | -17.10% | -6.48% |
| Moderate scenario | What you might get back after costs | EUR 10,150 | EUR 10,390 |
| | Average return each year % | 1.50% | 1.28% |
| Favourable scenario | What you might get back after costs | EUR 10,890 | EUR 11,320 |
| | Average return each year % | 8.90% | 4.22% | | | | 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 7.270 | EUR 7.890 |
| | Rendimiento medio cada año | -27,30% | -7,60% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 8.290 | EUR 8.180 |
| | Rendimiento medio cada año | -17,10% | -6,48% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.150 | EUR 10.390 |
| | Rendimiento medio cada año | 1,50% | 1,28% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 10.890 | EUR 11.320 |
| | Rendimiento medio cada año | 8,90% | 4,22% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 7,270 | EUR 7,890 |
| | Average return each year % | -27.30% | -7.60% |
| Unfavourable scenario | What you might get back after costs | EUR 8,290 | EUR 8,180 |
| | Average return each year % | -17.10% | -6.48% |
| Moderate scenario | What you might get back after costs | EUR 10,150 | EUR 10,390 |
| | Average return each year % | 1.50% | 1.28% |
| Favourable scenario | What you might get back after costs | EUR 10,890 | EUR 11,320 |
| | Average return each year % | 8.90% | 4.22% | | en | es |
DOLFIN3471 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of the sub-fund Amundi Funds Global Perspectives is to achieve a combination of income and capital growth (total return).
Specifically, the sub-fund seeks to outperform (after applicable fees) the EONIA (compounded daily) index over any given 5 year period, while offering controlled risk exposure. For indicative purposes, given the risk profile, the return is expected to be in excess (before applicable fees) of EONIA+ 5% per annum. Until 23 May 2017, the sub-fund invested as a feeder fund in Amundi Patrimoine.
The sub-fund invests in all types of asset classes of issuers from around the world, including emerging markets. Until 23 May 2017, the sub-fund could be indirectly invested in these products through UCITS via Amundi Patrimoine.
Specifically, the sub-fund may invest between 0% and 100% of net assets in equities, bonds, convertible bonds, deposits, money market instruments and in products that expose to currencies. The sub-fund’s may also invest up to 10% each in products exposing to commodities and real estates. The sub-fund’s exposure to MBSs and ABSs is limited to 20% of net assets. Until 23 May 2017, the sub-fund was exposed to these securities (except for MBSs and ABSs) and instruments as a feeder fund of Amundi Patrimoine.
The modified duration of the bond and money market portfolio ranges f rom -2 to +10. There are no ratings, sectors or market capitalization constraints on these investments. While complying with the above policies, the sub-fund may also invest up to 10% of net assets in UCITS/UCIs.
The sub-fund’s exposure to contingent convertible bonds is limited to 10% of net assets.
The sub-fund may use derivatives for arbitrage, hedging and efficient portfolio management, and to increase its net exposure.
In addition to core derivatives, the sub-fund may use credit derivatives (single issuer and on indices) and total return swaps (authorized as from 24 May 2017) composed of underlying assets discretionary selected by the Investment Manager. These will be used for obtaining exposure to a specific basket of securities or for partially hedging any exposure.
The sub-fund’s investment team analyses macroeconomic trends and uses valuation of asset classes (top-down) to identify the asset classes that appear likely to offer the best risk-adjusted returns. The investment team then constructs a highly diversified portfolio that can be flexibly adapted to market movements with a view to operating sustainable performance. This may involve taking both strategic and tactical positions as well as arbitrage on any equity, interest rate and currency markets.
The Investment manager of the both sub-funds is Amundi Asset management.
Fees directly charged to Amundi Funds Global Perspectives amount to EUR 8,893,557 which is summarized in the table below in terms of percentages of the average NAV of Amundi Funds Global Perspectives share-classes: | El objetivo del subfondo Amundi Funds Global Perspectives es lograr una combinación de crecimiento de los ingresos y del capital (rentabilidad total).
Específicamente, el subfondo busca batir (después de las comisiones aplicables) al índice EONIA (diario compuesto) durante cualquier periodo de cinco años, al tiempo que ofrece una exposición controlada al riesgo. A efectos indicativos, en vista del perfil de riesgo, se espera que la rentabilidad sea superior (antes de las comisiones aplicables) a la del índice EONIA + 5% anual. Hasta el 23 de mayo de 2017, el subfondo invirtió como fondo subordinado en Amundi Patrimoine.
El subfondo invierte en todas las clases de activos de emisores de todo el mundo, incluido de los mercados emergentes. Hasta el 23 de mayo de 2017, el subfondo podría invertir indirectamente en estos productos mediante OICVM a través de Amundi Patrimoine.
Específicamente, el subfondo podrá invertir entre el 0% y el 100% del patrimonio neto en renta variable, renta fija, bonos convertibles, depósitos, instrumentos del mercado monetario y en productos con exposición a divisas. El subfondo también podrá invertir hasta un 10% en cada caso en productos con exposición a materias primas y activos inmobiliarios. La exposición del subfondo a MBS y ABS se limitará a un 20% del patrimonio neto. Hasta el 23 de mayo de 2017, el subfondo estuvo expuesto a estos títulos (a excepción de MBS y ABS) e instrumentos en calidad de fondo subordinado de Amundi Patrimoine.
La duración modificada de la cartera de bonos e instrumentos del mercado monetario oscilará entre -2 y +10. No existen limitaciones en cuanto a calificación, sectores o capitalización bursátil para estas inversiones. Al tiempo que cumple con las políticas antes mencionadas, el subfondo también podrá invertir hasta un 10% de su patrimonio neto en OICVM/OIC.
La exposición del subfondo a bonos convertibles contingentes se limitará a un 10% del patrimonio neto.
El subfondo podrá emplear derivados a efectos de arbitraje, cobertura y gestión eficiente de la cartera, y para incrementar su exposición neta.
Además de derivados principales, el subfondo podrá emplear derivados de crédito (sobre un emisor único y sobre índices) y swaps de rentabilidad total (autorizados a partir del 24 de mayo de 2017), compuestos por activos subyacentes seleccionados de forma discrecional por el Gestor de inversiones. Estos se utilizarán para exponerse a una determinada cesta de valores o para cubrir parcialmente cualquier exposición.
El equipo de inversión del subfondo analiza las tendencias macroeconómicas y emplea la valoración de las clases de activos (descendente) para identificar las clases de activos que parece probable que ofrezcan las mejores rentabilidades ajustadas al riesgo. El equipo de inversión construirá entonces una cartera ampliamente diversificada que pueda adaptarse mejor a los movimientos del mercado con el objetivo de operar una rentabilidad sostenible. Esto podrá incluir adoptar posiciones tanto estratégicas como tácticas así como arbitraje sobre cualquier mercado de renta variable, tipos de interés o divisas.
El Gestor de inversiones de ambos subfondos es Amundi Asset Management.
En la siguiente tabla se resumen, en términos de VL porcentual medio de sus clases de acciones, las comisiones cobradas directamente a Amundi Funds Global Perspectives internacional, que ascienden a 8,893,557 EUR: | The objective of the sub-fund Amundi Funds Global Perspectives is to achieve a combination of income and capital growth (total return).
Specifically, the sub-fund seeks to outperform (after applicable fees) the EONIA (compounded daily) index over any given 5 year period, while offering controlled risk exposure. For indicative purposes, given the risk profile, the return is expected to be in excess (before applicable fees) of EONIA+ 5% per annum. Until 23 May 2017, the sub-fund invested as a feeder fund in Amundi Patrimoine.
The sub-fund invests in all types of asset classes of issuers from around the world, including emerging markets. Until 23 May 2017, the sub-fund could be indirectly invested in these products through UCITS via Amundi Patrimoine.
Specifically, the sub-fund may invest between 0% and 100% of net assets in equities, bonds, convertible bonds, deposits, money market instruments and in products that expose to currencies. The sub-fund’s may also invest up to 10% each in products exposing to commodities and real estates. The sub-fund’s exposure to MBSs and ABSs is limited to 20% of net assets. Until 23 May 2017, the sub-fund was exposed to these securities (except for MBSs and ABSs) and instruments as a feeder fund of Amundi Patrimoine.
The modified duration of the bond and money market portfolio ranges f rom -2 to +10. There are no ratings, sectors or market capitalization constraints on these investments. While complying with the above policies, the sub-fund may also invest up to 10% of net assets in UCITS/UCIs.
The sub-fund’s exposure to contingent convertible bonds is limited to 10% of net assets.
The sub-fund may use derivatives for arbitrage, hedging and efficient portfolio management, and to increase its net exposure.
In addition to core derivatives, the sub-fund may use credit derivatives (single issuer and on indices) and total return swaps (authorized as from 24 May 2017) composed of underlying assets discretionary selected by the Investment Manager. These will be used for obtaining exposure to a specific basket of securities or for partially hedging any exposure.
The sub-fund’s investment team analyses macroeconomic trends and uses valuation of asset classes (top-down) to identify the asset classes that appear likely to offer the best risk-adjusted returns. The investment team then constructs a highly diversified portfolio that can be flexibly adapted to market movements with a view to operating sustainable performance. This may involve taking both strategic and tactical positions as well as arbitrage on any equity, interest rate and currency markets.
The Investment manager of the both sub-funds is Amundi Asset management.
Fees directly charged to Amundi Funds Global Perspectives amount to EUR 8,893,557 which is summarized in the table below in terms of percentages of the average NAV of Amundi Funds Global Perspectives share-classes: | en | es |
DOLFIN3489 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 YEARS Example Investment: 10,000 EUR |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs | 2,080 EUR | 4,040 EUR |
| | Average return each year | -79.2 % | -16.6 % each year |
| Unfavourable | What you might get back after costs | 8,830 EUR | 9,900 EUR |
| | Average return each year | -11.7 % | -0.2 % each year |
| Moderate | What you might get back after costs | 11,080 EUR | 15,800 EUR |
| | Average return each year | 10.8 % | 9.6 % each year |
| Favourable | What you might get back after costs | 14,520 EUR | 19,420 EUR |
| | Average return each year | 45.2 % | 14.2 % each year | | | Período de mantenimiento recomendado: 5 AÑOS Ejemplo de inversión: 10.000 EUR |
| --- |
| Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | |
| Tensión | Lo que podría recibir tras deducir los costes | 2.080 EUR | 4.040 EUR |
| | Rendimiento medio cada año | -79,2 % | -16,6 % cada año |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8.830 EUR | 9.900 EUR |
| | Rendimiento medio cada año | -11,7 % | -0,2 % cada año |
| Moderado | Lo que podría recibir tras deducir los costes | 11.080 EUR | 15.800 EUR |
| | Rendimiento medio cada año | 10,8 % | 9,6 % cada año |
| Favorable | Lo que podría recibir tras deducir los costes | 14.520 EUR | 19.420 EUR |
| | Rendimiento medio cada año | 45,2 % | 14,2 % cada año | | | Recommended holding period: 5 YEARS Example Investment: 10,000 EUR |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs | 2,080 EUR | 4,040 EUR |
| | Average return each year | -79.2 % | -16.6 % each year |
| Unfavourable | What you might get back after costs | 8,830 EUR | 9,900 EUR |
| | Average return each year | -11.7 % | -0.2 % each year |
| Moderate | What you might get back after costs | 11,080 EUR | 15,800 EUR |
| | Average return each year | 10.8 % | 9.6 % each year |
| Favourable | What you might get back after costs | 14,520 EUR | 19,420 EUR |
| | Average return each year | 45.2 % | 14.2 % each year | | en | es |
DOLFIN3498 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 01/07/1993.
The share class of the Fund was launched on 15/07/2021.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
This past performance is calculated from the past performance of Class C2 USD converted at the applicable spot exchange rate.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 01/07/1993.
La clase de acciones del Fondo se lanzó el 15/07/2021.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
Esta rentabilidad histórica se calcula a partir de la rentabilidad histórica de la clase C2 USD convertida al tipo de cambio al contado aplicable.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad. | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 01/07/1993.
The share class of the Fund was launched on 15/07/2021.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
This past performance is calculated from the past performance of Class C2 USD converted at the applicable spot exchange rate.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | en | es |
DOLFIN3505 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A share class hedging charge of up to 0.03% will be borne by currency hedged Share Classes. The Fund will pay investment and research costs to a Research Payment Account.
5
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
6
This Share Class is not available through Schroders’ global network of distributors. For any questions in this regard, please enquire with the Management Company.
Schroder GAIA Oaktree Credit
Investment Objective
The Fund aims to provide income and capital growth in excess of the ICE BofA 3 Month US Treasury Bill Index + 3-6% per annum after fees have been deducted over a three to five year period by investing in fixed and floating rate securities worldwide, including emerging markets.
Investment Policy
The Fund is actively managed and adopts a multi-strategy approach to invest in a diversified range of fixed and floating rate securities with an investment grade or sub- investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies) issued by companies, governments, government agencies and supra-nationals worldwide, including emerging markets.
The Fund may invest:
- Up to 100% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor’s or any equivalent grade of other credit rating agencies);
- Up to 80% of its assets in structured credit securities (ABS, MBS, CMBS and collateralised loan obligations “CLOs”);
- Up to 20% of its assets in distressed securities; and
- Up to 50% of its assets in convertible bonds (including up to 10% in contingent convertible bonds). | Una clase de participaciones de hasta el 0,03% correrá a cargo de Clases de Participaciones con cobertura de divisas. El Fondo pagará los costes de inversión e investigación a una Cuenta de Pago de Investigación.
5
Estos porcentajes se expresan en relación con el Valor liquidativo del Fondo o con el Valor liquidativo por Participación, según se estime conveniente.
6
Esta Clase de Participaciones no está disponible a través de la red mundial de distribuidores de Schroders. Si tiene cualquier duda a este respecto, puede consultar a la Sociedad gestora.
Schroder GAIA Oaktree Credit
Objetivo de inversión
El objetivo del Fondo es lograr una revalorización del capital e ingresos superiores a los del índice ICE BofA 3 Month US Treasury Bill más un 3-6% anual, una vez deducidas las comisiones, durante un periodo de tres a cinco años, mediante la inversión en valores de tipo fijo y variable de todo el mundo, incluidos aquellos de mercados emergentes.
Política de inversión
El Fondo se gestiona de forma activa y adopta un enfoque multiestratégico para invertir en una variedad diversificada de valores de tipo fijo y variable con una calificación crediticia igual o inferior a grado de inversión (según Standard & Poor’s u otra calificación equivalente de otras agencias de calificación crediticia) emitidos por empresas, gobiernos, organismos públicos y emisores supranacionales de todo el mundo, lo que incluye los mercados emergentes.
El Fondo podrá invertir:
- hasta el 100% de sus activos en valores con una calificación crediticia por debajo de grado de inversión (según Standard & Poor’s u otra calificación equivalente de otras agencias de calificación crediticia);
- hasta el 80% de sus activos en valores de crédito estructurados (ABS, MBS, CMBS y obligaciones de préstamos garantizadas o “CLO”);
- hasta el 20% de sus activos en valores en dificultades; y
- hasta el 50% de sus activos en bonos convertibles, lo que incluye hasta un 10% en bonos convertibles contingentes. | A share class hedging charge of up to 0.03% will be borne by currency hedged Share Classes. The Fund will pay investment and research costs to a Research Payment Account.
5
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
6
This Share Class is not available through Schroders’ global network of distributors. For any questions in this regard, please enquire with the Management Company.
Schroder GAIA Oaktree Credit
Investment Objective
The Fund aims to provide income and capital growth in excess of the ICE BofA 3 Month US Treasury Bill Index + 3-6% per annum after fees have been deducted over a three to five year period by investing in fixed and floating rate securities worldwide, including emerging markets.
Investment Policy
The Fund is actively managed and adopts a multi-strategy approach to invest in a diversified range of fixed and floating rate securities with an investment grade or sub- investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies) issued by companies, governments, government agencies and supra-nationals worldwide, including emerging markets.
The Fund may invest:
- Up to 100% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor’s or any equivalent grade of other credit rating agencies);
- Up to 80% of its assets in structured credit securities (ABS, MBS, CMBS and collateralised loan obligations “CLOs”);
- Up to 20% of its assets in distressed securities; and
- Up to 50% of its assets in convertible bonds (including up to 10% in contingent convertible bonds). | en | es |
DOLFIN3507 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Significant risks not taken into account in this indicator:
Liquidity risk: risk linked to the low level of liquidity on the underlying markets, which makes them sensitive to significant buy/sell trends.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Return potentially lower
Return potentially higher
Derivative risk: the use of derivatives may cause a greater drop in the value of net assets than that of the markets in which they are invested.
Counterparty risk: this is the risk that a market participant will default, preventing them from honouring their commitments in respect of your portfolio.
The above indicator is calculated on the basis of historical data and may, therefore, not be a reliable indication of the future risk profile of the UCITS. It is not certain 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. Repayment of the initial investment is not guaranteed.
This sub-fund is rated in category 5, in line with the type of securities and geographic regions presented under the heading "Objectives and investment policy", as well as the currency of the share.
The occurrence of any of these risks may negatively impact the net asset value. | # Perfil de riesgo y de remuneración
Menor riesgo Mayor riesgo
Riesgos importantes que no se tienen en cuenta en este indicador:
Riesgo de liquidez: riesgo ligado a la poca liquidez de los mercados subyacentes, lo cual los hace sensibles a movimientos significativos de compra/venta.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Remuneración potencialmente menor
Remuneración potencialmente mayor
Riesgo vinculado a los derivados: recurrir a instrumentos derivados puede provocar una caída del patrimonio neto más significativa que la de los mercados en los que se invierte.
Riesgo vinculado a las contrapartes: representa el riesgo de impago por parte de un participante en el mercado que le impide cumplir sus compromisos en relación con su cartera.
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 OICVM. 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.
Este subfondo está clasificado en la categoría 5, de acuerdo con la naturaleza de los títulos y las zonas geográficas presentadas en la sección “Objetivos y política de inversión”, así como la divisa propia de la acción.
La ocurrencia de uno de estos riesgos puede suponer una reducción del valor liquidativo. | # Risk and reward profile
Lower risk Higher risk
Significant risks not taken into account in this indicator:
Liquidity risk: risk linked to the low level of liquidity on the underlying markets, which makes them sensitive to significant buy/sell trends.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Return potentially lower
Return potentially higher
Derivative risk: the use of derivatives may cause a greater drop in the value of net assets than that of the markets in which they are invested.
Counterparty risk: this is the risk that a market participant will default, preventing them from honouring their commitments in respect of your portfolio.
The above indicator is calculated on the basis of historical data and may, therefore, not be a reliable indication of the future risk profile of the UCITS. It is not certain 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. Repayment of the initial investment is not guaranteed.
This sub-fund is rated in category 5, in line with the type of securities and geographic regions presented under the heading "Objectives and investment policy", as well as the currency of the share.
The occurrence of any of these risks may negatively impact the net asset value. | en | es |
DOLFIN3508 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 | If you cash in after 1 year | If you cash in after 5 years |
| --- | --- | --- |
| Total costs | 58.00 USD | 350.00 USD |
| Impact on return (RIY) per year | 0.58% | 0.58% | | | Inversión de 10.000 USD | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 58.00 USD | 350.00 USD |
| Impacto en el rendimiento por año | 0.58% | 0.58% | | | Investment USD 10,000 | If you cash in after 1 year | If you cash in after 5 years |
| --- | --- | --- |
| Total costs | 58.00 USD | 350.00 USD |
| Impact on return (RIY) per year | 0.58% | 0.58% | | en | es |
DOLFIN3516 | 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 Boomberg GSAM CA RP 6VT ER between 31/10/2015-31/10/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,295
3.0%
CHF 11,384
2.6% | # Este tipo de escenario se produjo para una inversión Boomberg GSAM CA RP 6VT ER entre 31/10/2015-31/10/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 295 CHF
3,0%
11 384 CHF
2,6% | # This type of scenario occurred for an investment Boomberg GSAM CA RP 6VT ER between 31/10/2015-31/10/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,295
3.0%
CHF 11,384
2.6% | en | es |
DOLFIN3518 | 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 Bloomberg Barclays Global Aggregate Corporates index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities. It mainly invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate issuers (including Emerging Market corporate issuers) graded from AAA to BBB or equivalent, based on proprietary sustainability processes, aiming to reduce the risk of climate transition. The Investment Manager is authorized to use financial derivative instruments for hedging purposes
or for EPM as well 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 9 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 Bloomberg Barclays Global Aggregate Corporates se utiliza para definir el universo de inversión inicial de la selección de valores individuales, a efectos de comparación de la rentabilidad y con fines de control del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del subfondo. En general, los valores del subfondo serán similares a los del índice, pero se prevé que sus ponderaciones difieran sustancialmente. El gestor de inversiones también podrá seleccionar títulos que no estén incluidos en el índice para aprovechar oportunidades de inversión. Invierte principalmente en bonos, otros títulos de deuda con tipo de interés fijo o variable y títulos de deuda a corto plazo de emisores corporativos (incluidos emisores corporativos de mercados emergentes) con una calificación de entre AAA y BBB o equivalente, basándose en procesos propios de sostenibilidad con el objetivo de reducir el riesgo de transición climática. El gestor de inversiones está autorizado a utilizar instrumentos financieros derivados a efectos de cobertura y gestión
eficiente de la cartera y como parte de la estrategia de inversión. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de ambas, a efectos del artículo 9 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 al analizar el perfil de sostenibilidad de las inversiones del subfondo (lo que incluye selección y puntuaciones, exclusiones, restricciones y revisiones cualitativas y cuantitativas de sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Global Aggregate Corporates index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities. It mainly invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate issuers (including Emerging Market corporate issuers) graded from AAA to BBB or equivalent, based on proprietary sustainability processes, aiming to reduce the risk of climate transition. The Investment Manager is authorized to use financial derivative instruments for hedging purposes
or for EPM as well 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 9 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 |
DOLFIN3523 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to achieve a long-term return in excess of MSCI Emerging Market Index (Total Return Net) (the "Benchmark") by actively investing primarily in a portfolio of emerging market companies.
Investment Policy: The Sub-Fund pursues an actively-managed investment strategy.
The Sub-Fund aims to invest at least 67% of its assets (excluding assets held for ancillary liquidity purposes) in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data.
The Investment Manager evaluates and applies values and norms based screening to implement exclusions. To support this screening, the Investment Manager relies on third party provider(s) who identify an issuer's participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. This screening includes, for example, identifying issuers that are involved in the manufacturing of controversial weapons, thermal coal and tobacco among others. The list of screens applied that may result in exclusions can be found on the Website (www.jpmorganassetmanagement.ie).
The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 90% of securities purchased.
The Sub-Fund will seek to outperform the Benchmark over the long-term. The Benchmark consists of large and mid-capitalisation stocks issued by issuers in 24 emerging market countries ("Benchmark Securities"). The Benchmark has been included as a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund will bear a close resemblance to its Benchmark.
The Sub-Fund will not seek to track the performance of or replicate the Benchmark, rather the Sub-Fund will hold a portfolio of equity securities | # Objetivos y política de inversión
Objetivo de inversión: El Subfondo pretende conseguir una rentabilidad a largo plazo superior a la del MSCI Emerging Market Index (Total Return Net) (el «Índice de referencia») invirtiendo fundamentalmente y de forma activa en una cartera de compañías de mercados emergentes.
Política de inversión: El Subfondo sigue una estrategia de inversión gestionada activamente.
El Subfondo pretende invertir como mínimo el 67% de su patrimonio (excluidos los activos que se mantengan como activos líquidos accesorios) en títulos de renta variable de compañías (incluidas compañías de pequeña capitalización) domiciliadas o que desarrollen la mayor parte de su actividad económica en un país emergente.
Como mínimo el 51% del patrimonio se invertirá en compañías con características medioambientales y/o sociales positivas que observan buenas prácticas de gobernanza, con arreglo a la metodología de puntuación ESG interna de los Gestores de inversiones y/o datos de terceros.
El Gestor de inversiones evalúa y aplica un filtro basado en el valor y en normas para implementar las exclusiones. Como fundamento de este filtro, el Gestor de inversiones se basa en datos de proveedores externos que identifican, o bien la participación de un emisor en actividades que no están en consonancia con los filtros basados en el valor y en normas, o bien los ingresos que obtienen de tales actividades. Entre otras cosas, este filtro identifica emisores que están implicados en la fabricación de armas controvertidas, carbón térmico, tabaco, etc. La lista de filtros aplicados que pueden dar lugar a exclusiones puede consultarse en el sitio web de (www.jpmorganassetmanagement.ie).
El Subfondo integra sistemáticamente los análisis ESG (ambientales, sociales y de gobierno corporativo) en las decisiones de inversión en, al menos, un 90% de los títulos adquiridos.
El Subfondo tratará de obtener una rentabilidad superior a la del índice de referencia a largo plazo. El índice de referencia está compuesto por acciones de mediana y gran capitalización de emisores de 24 mercados emergentes («Valores del índice de referencia»). El Índice de referencia se ha incluido como un parámetro comparativo para medir la rentabilidad del Subfondo. El Subfondo guardará una gran semejanza en su composición con su Índice de referencia.
El Subfondo no tratará de reproducir ni replicar la rentabilidad del índice de referencia, sino que mantendrá una cartera de títulos de renta variable (que podrá incluir, entre otros, valores del índice de referencia) objeto de | # Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to achieve a long-term return in excess of MSCI Emerging Market Index (Total Return Net) (the "Benchmark") by actively investing primarily in a portfolio of emerging market companies.
Investment Policy: The Sub-Fund pursues an actively-managed investment strategy.
The Sub-Fund aims to invest at least 67% of its assets (excluding assets held for ancillary liquidity purposes) in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data.
The Investment Manager evaluates and applies values and norms based screening to implement exclusions. To support this screening, the Investment Manager relies on third party provider(s) who identify an issuer's participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. This screening includes, for example, identifying issuers that are involved in the manufacturing of controversial weapons, thermal coal and tobacco among others. The list of screens applied that may result in exclusions can be found on the Website (www.jpmorganassetmanagement.ie).
The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 90% of securities purchased.
The Sub-Fund will seek to outperform the Benchmark over the long-term. The Benchmark consists of large and mid-capitalisation stocks issued by issuers in 24 emerging market countries ("Benchmark Securities"). The Benchmark has been included as a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund will bear a close resemblance to its Benchmark.
The Sub-Fund will not seek to track the performance of or replicate the Benchmark, rather the Sub-Fund will hold a portfolio of equity securities | en | es |
DOLFIN3524 | 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 Australian equity securities and related instruments. The fund will invest in a mixture of larger, medium and smaller sized companies.
- The fund may tactically invest up to 30% in Australian listed corporate bonds including investment grade and high yield bonds. Investments in high yield bonds will not exceed 20%. Investments in collateralised and/or securitised debt instruments are up to 20%.
- 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 has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference S&P ASX 200 Index (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- The fund’s source of income will mainly be generated from dividend payments (from equity securities) 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 proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El Subfondo invertirá como mínimo un 70 % en valores de renta variable australianos e instrumentos vinculados. El Subfondo invertirá en una combinación de pequeñas, medianas y grandes empresas.
- El Subfondo podrá invertir tácticamente hasta el 30 % de su patrimonio en bonos corporativos cotizados en Australia, tanto con grado de inversión como de alto rendimiento. Las inversiones en bonos de alto rendimiento no superarán el 20 % del patrimonio del Subfondo. Las inversiones en instrumentos de deuda garantizados o titulizados tampoco superarán el 20 %.
- 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 tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el S&P ASX 200 Index (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Los ingresos del Subfondo procederán principalmente de los pagos de dividendos por parte de los valores de renta variable y del pago de cupón procedente 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 long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in Australian equity securities and related instruments. The fund will invest in a mixture of larger, medium and smaller sized companies.
- The fund may tactically invest up to 30% in Australian listed corporate bonds including investment grade and high yield bonds. Investments in high yield bonds will not exceed 20%. Investments in collateralised and/or securitised debt instruments are up to 20%.
- 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 has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference S&P ASX 200 Index (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- The fund’s source of income will mainly be generated from dividend payments (from equity securities) and coupon payments (from bond holdings).
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN3527 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Country ConcentrationFunds which may invest in a single or small number of countries may have greater exposures to the market, political, policy, foreign exchange, liquidity, tax, legal, regulatory, economic and social risks of those countries than a fund which diversifies across a number of countries, thereby making the fund more susceptible to any adverse events affecting those countries. This may result in lower liquidity of the fund’s assets and/or a higher volatility of the Net Asset Value than a fund that diversifies across more countries.
- Sector ConcentrationFunds which may invest in a single or small number of sectors may have greater exposures to the market, liquidity, tax, legal, regulatory, and economic risks of those sectors than a fund which diversifies across a number of sectors, thereby making such funds more susceptible to any adverse events affecting those sectors. This may result in lower liquidity of such funds’ assets and/or a higher volatility of the Net Asset Value than a fund that diversifies across more sectors.
- Financial Services Sector RiskThe profitability or viability of companies in the financial services industry is subject to extensive government regulation and can be significantly affected by adverse economic or regulatory occurrences affecting the financial services sector. Unstable interest rates will impact the availability and cost of capital funds, the rate of corporate and consumer debt defaults and increased price competition will all create volatility and disrupt companies operating in the sector. In particular, events in the financial sector since late 2008 have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. | - Concentración en paísesLos Subfondos que inviertan en un solo país o en pocos países estarán más expuestos a los riesgos de mercado, políticos, legislativos, de tipos de cambio, de liquidez, tributarios, jurídicos, normativos, económicos y sociales de dichos países que aquellos que estén diversificados en varios países, haciéndolos más sensibles a los acontecimientos adversos que les afecten. Esto puede dar como resultado una menor liquidez de los activos del Subfondo o una mayor volatilidad de su Valor liquidativo frente al de un Subfondo que esté diversificado entre un mayor número de países.
- Concentración en sectoresLos Subfondos que pueden invertir en un solo país o en pocos sectores pueden estar más expuestos a los riesgos de mercado, de liquidez, tributarios, jurídicos, normativos y económicos de dichos sectores que aquellos que estén diversificados en varios sectores, haciéndolos más sensibles a los acontecimientos adversos que les afecten. Esto puede dar como resultado una menor liquidez de los activos del Subfondo o una mayor volatilidad del Valor liquidativo frente al de un Subfondo que esté diversificado entre un mayor número de sectores.
- Riesgo del sector de servicios financierosLa rentabilidad o viabilidad de las empresas de servicios financieros está sujeta a una amplia regulación por parte de las Administraciones Públicas y puede verse sensiblemente afectada por acontecimientos económicos o normativos adversos que afecten al sector. La inestabilidad de los tipos de interés afectará a la disponibilidad y el coste de capital, la tasa de endeudamiento de empresas y consumidores, la morosidad y el aumento de la competencia por los precios crearán volatilidad y supondrán una disrupción para las empresas del sector. Concretamente, los acontecimientos vividos por el sector financiero desde finales de 2008 han provocado, y pueden seguir provocando, un nivel de volatilidad inusualmente alto en los mercados financieros nacionales e internacionales. | - Country ConcentrationFunds which may invest in a single or small number of countries may have greater exposures to the market, political, policy, foreign exchange, liquidity, tax, legal, regulatory, economic and social risks of those countries than a fund which diversifies across a number of countries, thereby making the fund more susceptible to any adverse events affecting those countries. This may result in lower liquidity of the fund’s assets and/or a higher volatility of the Net Asset Value than a fund that diversifies across more countries.
- Sector ConcentrationFunds which may invest in a single or small number of sectors may have greater exposures to the market, liquidity, tax, legal, regulatory, and economic risks of those sectors than a fund which diversifies across a number of sectors, thereby making such funds more susceptible to any adverse events affecting those sectors. This may result in lower liquidity of such funds’ assets and/or a higher volatility of the Net Asset Value than a fund that diversifies across more sectors.
- Financial Services Sector RiskThe profitability or viability of companies in the financial services industry is subject to extensive government regulation and can be significantly affected by adverse economic or regulatory occurrences affecting the financial services sector. Unstable interest rates will impact the availability and cost of capital funds, the rate of corporate and consumer debt defaults and increased price competition will all create volatility and disrupt companies operating in the sector. In particular, events in the financial sector since late 2008 have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. | en | es |
DOLFIN3541 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Share Class F Capitalisation USD (LU0800573189) is representative for Share Class F Distribution USD (LU0964941651).
Liability Statement: AXA Funds Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Sub-Fund.
Switching between Sub-Funds: Shareholders may apply for any share classes of any Sub-Funds to be converted into share classes of another Sub-Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Sub-Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request. | ## La clase de acción F Capitalización USD (LU0800573189) es representativa de la clase de acción F Distribución USD (LU0964941651).
Declaración de responsabilidad: AXA Funds Management S.A. responderá únicamente sobre la base de cualquier declaración incluida en este documento que sea errónea, inexacta o incoherente con la información correspondiente del folleto del Subfondo.
Cambiar entre Subfondos: Los accionistas pueden solicitar que cualquiera de las clases de acciones de cualquier Subfondo sea convertida en clases de acciones de otro Subfondo, siempre y cuando se cumplan las condiciones para acceder a la clase, tipo o subtipo de acciones objetivo en relación a este Subfondo, sobre la base de sus valores liquidativos respectivos calculados el día de valoración siguiente a la recepción de la solicitud de conversión. | ## Share Class F Capitalisation USD (LU0800573189) is representative for Share Class F Distribution USD (LU0964941651).
Liability Statement: AXA Funds Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Sub-Fund.
Switching between Sub-Funds: Shareholders may apply for any share classes of any Sub-Funds to be converted into share classes of another Sub-Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Sub-Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request. | en | es |
DOLFIN3545 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment composite benchmark between 30/09/2014-30/09/2021.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,639
6.4%
CHF 17,239
8.1% | # Este tipo de escenario se produjo para una inversión índice de referencia compuesto entre 30/09/2014-30/09/2021.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 639 CHF
6,4%
17 239 CHF
8,1% | # This type of scenario occurred for an investment composite benchmark between 30/09/2014-30/09/2021.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,639
6.4%
CHF 17,239
8.1% | en | es |
DOLFIN3550 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Global Aggregate Corporate Bond Index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The Index measures the performance of the global corporate debt market. The Index is comprised of bonds issued by corporations in emerging and developed markets worldwide, with a minimum maturity of at least one year and in accordance with minimum size thresholds set by the index provider. They will pay income according to a fixed rate of interest and will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities, including government bonds, which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be 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 Barclays Global Aggregate Corporate Bond Index (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible vender la posición.
El Índice mide la rentabilidad del mercado mundial de deuda corporativa. El Índice está compuesto por bonos emitidos por empresas de los mercados emergentes y desarrollados de todo el mundo, con un vencimiento mínimo de al menos un año y de conformidad con umbrales de tamaño mínimo establecidos por el proveedor de índices. Pagarán rendimientos con arreglo a un tipo de interés fijo, y tendrán la calificación de solvencia de categoría de inversión (es decir, cumplirán un nivel específico de solvencia) en el momento de su inclusión en el Índice. El Índice está ponderado por capitalización bursátil. La capitalización bursátil es el valor de mercado de las emisiones de bonos en circulación.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores de RF, incluidos bonos del Estado, que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán 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 Barclays Global Aggregate Corporate Bond Index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The Index measures the performance of the global corporate debt market. The Index is comprised of bonds issued by corporations in emerging and developed markets worldwide, with a minimum maturity of at least one year and in accordance with minimum size thresholds set by the index provider. They will pay income according to a fixed rate of interest and will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities, including government bonds, which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be 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 |
DOLFIN3556 | 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 which reflects the return of the Bloomberg Barclays Euro Government Bond 10 Year Term Index, the Fund’s benchmark index (Index).
The Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements.
The benchmark index offers exposure to widely available Euro-denominated government bonds issued by member states of the Economic and Monetary Union of the European Union with a remaining maturity (ie: the time from issue until they become due for payment) from 7 to 10 years and a minimum amount outstanding of €2 billion at the time of inclusion in the benchmark index. The bonds will, at the time of inclusion in the benchmark index, be investment grade (ie: meet a specified level of creditworthiness).
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 FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited.
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 Euro.
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 alcanzar una rentabilidad de su inversión que refleje la rentabilidad del Bloomberg Barclays Euro Government Bond 10 Year Term Index, el índice de referencia del Fondo (el «Índice»).
El Fondo se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y realizable, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia.
El índice de referencia ofrece exposición a bonos del Estado denominados en euros disponibles al público general, emitidos por Estados miembros de la Unión Económica y Monetaria de la Unión Europea, con un vencimiento residual (es decir, el periodo entre la emisión y el reembolso debido) de entre 7 y 10 años y un importe mínimo en circulación de 2000 millones de euros en el momento de su inclusión en el índice de referencia. En el momento de su inclusión en el índice de referencia, los bonos tendrán grado de inversión (es decir, cumplirán un nivel específico de solvencia).
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 de RF que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor). La moneda base del Fondo es el euro.
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 which reflects the return of the Bloomberg Barclays Euro Government Bond 10 Year Term Index, the Fund’s benchmark index (Index).
The Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements.
The benchmark index offers exposure to widely available Euro-denominated government bonds issued by member states of the Economic and Monetary Union of the European Union with a remaining maturity (ie: the time from issue until they become due for payment) from 7 to 10 years and a minimum amount outstanding of €2 billion at the time of inclusion in the benchmark index. The bonds will, at the time of inclusion in the benchmark index, be investment grade (ie: meet a specified level of creditworthiness).
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 FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited.
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 Euro.
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 |
DOLFIN3557 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment EUR 10,000.00 Scenarios 1 year 3 years 5 years (Recommended Holding Period) |
| --- |
| Stress Scenario | What you might get back after costs | EUR 7,068.00 | EUR 6,483.38 | EUR 5,562.13 |
| Average return each year | -29.3% | -13.5% | -11.1% |
| Unfavourable Scenario | What you might get back after costs | EUR 10,329.00 | EUR 12,360.67 | EUR 15,189.63 |
| Average return each year | 3.3% | 7.3% | 8.7% |
| Moderate Scenario | What you might get back after costs | EUR 11,255.00 | EUR 14,636.82 | EUR 19,035.58 |
| Average return each year | 12.6% | 13.5% | 13.7% |
| Favourable Scenario | What you might get back after costs | EUR 12,806.00 | EUR 18,104.95 | EUR 24,914.32 |
| Average return each year | 28.1% | 21.9% | 20.0% | | | Inversión EUR 10,000.00 5 años Escenarios 1 año 3 años (Periodo de r tenencia ecomendado) |
| --- |
| Escenario de tensión | Lo que podría recuperar tras los costes | EUR 7,068.00 | EUR 6,483.38 | EUR 5,562.13 |
| Rentabilidad media anual | -29.3% | -13.5% | -11.1% |
| Escenario desfavorable | Lo que podría recuperar tras los costes | EUR 10,329.00 | EUR 12,360.67 | EUR 15,189.63 |
| Rentabilidad media anual | 3.3% | 7.3% | 8.7% |
| Escenario moderado | Lo que podría recuperar tras los costes | EUR 11,255.00 | EUR 14,636.82 | EUR 19,035.58 |
| Rentabilidad media anual | 12.6% | 13.5% | 13.7% |
| Escenario favorable | Lo que podría recuperar tras los costes | EUR 12,806.00 | EUR 18,104.95 | EUR 24,914.32 |
| Rentabilidad media anual | 28.1% | 21.9% | 20.0% | | | Investment EUR 10,000.00 Scenarios 1 year 3 years 5 years (Recommended Holding Period) |
| --- |
| Stress Scenario | What you might get back after costs | EUR 7,068.00 | EUR 6,483.38 | EUR 5,562.13 |
| Average return each year | -29.3% | -13.5% | -11.1% |
| Unfavourable Scenario | What you might get back after costs | EUR 10,329.00 | EUR 12,360.67 | EUR 15,189.63 |
| Average return each year | 3.3% | 7.3% | 8.7% |
| Moderate Scenario | What you might get back after costs | EUR 11,255.00 | EUR 14,636.82 | EUR 19,035.58 |
| Average return each year | 12.6% | 13.5% | 13.7% |
| Favourable Scenario | What you might get back after costs | EUR 12,806.00 | EUR 18,104.95 | EUR 24,914.32 |
| Average return each year | 28.1% | 21.9% | 20.0% | | en | es |
DOLFIN3567 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Depositary : The depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited.
Further Information : A copy of the Prospectus and the latest annual and semi-annual financial report in English and certain other languages and the latest Net Asset Value are available free of charge upon request from www.jpmorganassetmanagement.ie, by email from fundinfo@jpmorgan. com, or by writing to JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg. Portfolio disclosure policy of JPMorgan ETFs (Ireland) ICAV can be obtained at www. jpmorganassetmanagement.ie. The latest prices of shares can be obtained from your broker.
Remuneration Policy : The Management Company's Remuneration Policy can be found on http://www.jpmorganassetmanagement.lu/emea- remuneration-policy. This policy includes details of how remuneration and benefits are calculated, including responsibilities and composition of the committee which oversees and controls the policy. A copy of this policy can be requested free of charge from the Management Company. Tax : The Sub-Fund is subject to Irish tax regulations. This may have an impact on the investor's personal tax position.
Legal Information : JPMorgan Asset Management (Europe) S.à r.l. 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.
The Sub-Fund is part of JPMorgan ETFs (Ireland) ICAV, an Irish collective asset-management vehicle with segregated liability between sub-funds. JPMorgan ETFs (Ireland) ICAV consists of separate sub-funds, each of which issues one or more Share Classes. This document is prepared for a
specific Share Class. The Prospectus and annual and semi- annual financial reports are prepared for JPMorgan ETFs (Ireland) ICAV. Switching : Switching of Shares from one Sub-Fund into Shares in another Sub-Fund is not permitted. Switching of Shares from one Share Class into another Share Class within the same Sub-Fund is also not permitted to investors trading on stock exchanges but may be available to the Authorised Participants. Further information can be found in the Prospectus.
Privacy Policy : You should note that, if you contact J.P. Morgan Asset Management by telephone, those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you may be processed by J.P. Morgan Asset Management, acting as a data controller, in accordance with applicable data protection laws. Further information about processing activities of J.P. Morgan Asset Management can be found in the EMEA Privacy Policy, which is available at www.jpmorgan. com/emea-privacy-policy. Additional copies of the EMEA Privacy Policy are available on request.
Disclaimer : The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The Sub-Fund Supplement contains a more detailed description of the limited relationship MSCI has with JPMorgan Asset Management and any related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind.
The Sub-Fund is authorised in Ireland and regulated by the Central Bank of Ireland. JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF.
This Key Investor Information is accurate as at 03/02/2022 | # Información práctica
Depositario : El depositario es Brown Brothers Harriman Trustee Services (Ireland) Limited.
Información adicional : Puede obtener gratuitamente un ejemplar del Folleto y del último informe anual y semestral, en inglés y otros idiomas, así como el valor liquidativo más reciente, solicitándolo a través de www. jpmorganassetmanagement.ie, enviando un correo electrónico a la dirección [email protected] o dirigiendo una carta a JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Gran Ducado de Luxemburgo. La política de divulgación de información de cartera de JPMorgan ETFs (Ireland) ICAV puede obtenerse en www.jpmorganassetmanagement.ie. Puede obtener los últimos precios de las acciones a través de su corredor de bolsa.
Política de remuneración : La Política de remuneración de la Sociedad gestora se encuentra disponible en http://www. jpmorganassetmanagement.lu/emea-remuneration-policy. Esta política incluye información detallada sobre cómo se calculan la remuneración y las prestaciones, así como sobre las responsabilidades y la composición del comité que supervisa y controla dicha política. Se puede solicitar una copia gratuita de esta política a la Sociedad gestora.
Fiscalidad : El Subfondo está sujeto a la legislación tributaria de Irlanda. Esto podría tener repercusión sobre la situación fiscal del inversor.
Información legal : JPMorgan Asset Management (Europe) S.à r.l. 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.
El Subfondo forma parte de JPMorgan ETFs (Ireland) ICAV, un vehículo de gestión de activos colectivo irlandés con responsabilidad segregada entre sus subfondos. JPMorgan ETFs (Ireland) ICAV está integrado por subfondos independientes, cada uno de los cuales puede emitir una o varias Clases de Acciones. El presente documento se ha elaborado para
una Clase de Acciones concreta. El Folleto y los informes anual y semestral se elaboran para JPMorgan ETFs (Ireland) ICAV.
Canje : No se permite el canje de Acciones de un Subfondo por Acciones de otro Subfondo. Tampoco se permite el canje de Acciones de una Clase de Acciones dentro del mismo Subfondo a los inversores que negocien en mercados bursátiles, si bien podrán realizarlo Participantes autorizados. Si desea más información, consulte el Folleto.
Política de privacidad : Tenga en cuenta que si se pone en contacto con J.
P. Morgan Asset Management por teléfono, la conversación puede ser grabada y supervisada con fines de seguridad y formación. Asimismo, debe tener presente que toda la información y los datos incluidos en las comunicaciones con usted podrán ser procesados por J.P. Morgan Asset Management, en tanto que responsable del tratamiento, de conformidad con las leyes de protección de datos aplicables. Para obtener más información sobre las actividades de tratamiento de J.P. Morgan Asset Management, consulte la Política de privacidad EMEA, disponible en el sitio web www.jpmorgan.com/emea-privacy-policy. Si lo desea, puede solicitar copias adicionales de la Política de privacidad EMEA.
Aviso legal : Los fondos o títulos que se mencionan en este documento no están patrocinados, respaldados ni promovidos por MSCI, y MSCI no asume responsabilidad alguna respecto de cualesquiera fondos o títulos o cualquier índice en el que se basen dichos fondos o títulos. El Suplemento del Subfondo contiene una descripción más pormenorizada de la relación limitada que MSCI tiene con JPMorgan Asset Management y cualesquiera fondos relacionados, así como los avisos legales adicionales que se aplican a los índices MSCI. Los índices MSCI son propiedad exclusiva de MSCI y no podrán ni reproducirse, ni extraerse ni utilizarse para cualquier otro propósito sin el consentimiento de MSCI. Los índices MSCI se ofrecen sin garantías de ningún tipo.
El Subfondo está autorizado en Irlanda y está regulado por el Banco Central de Irlanda. JPMorgan Asset Management (Europe) S.à r.l. está autorizada en Luxemburgo y está regulada por la CSSF.
Los presentes datos fundamentales para el inversor son exactos a fecha de 03/02/2022 | # Practical Information
Depositary : The depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited.
Further Information : A copy of the Prospectus and the latest annual and semi-annual financial report in English and certain other languages and the latest Net Asset Value are available free of charge upon request from www.jpmorganassetmanagement.ie, by email from fundinfo@jpmorgan. com, or by writing to JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg. Portfolio disclosure policy of JPMorgan ETFs (Ireland) ICAV can be obtained at www. jpmorganassetmanagement.ie. The latest prices of shares can be obtained from your broker.
Remuneration Policy : The Management Company's Remuneration Policy can be found on http://www.jpmorganassetmanagement.lu/emea- remuneration-policy. This policy includes details of how remuneration and benefits are calculated, including responsibilities and composition of the committee which oversees and controls the policy. A copy of this policy can be requested free of charge from the Management Company. Tax : The Sub-Fund is subject to Irish tax regulations. This may have an impact on the investor's personal tax position.
Legal Information : JPMorgan Asset Management (Europe) S.à r.l. 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.
The Sub-Fund is part of JPMorgan ETFs (Ireland) ICAV, an Irish collective asset-management vehicle with segregated liability between sub-funds. JPMorgan ETFs (Ireland) ICAV consists of separate sub-funds, each of which issues one or more Share Classes. This document is prepared for a
specific Share Class. The Prospectus and annual and semi- annual financial reports are prepared for JPMorgan ETFs (Ireland) ICAV. Switching : Switching of Shares from one Sub-Fund into Shares in another Sub-Fund is not permitted. Switching of Shares from one Share Class into another Share Class within the same Sub-Fund is also not permitted to investors trading on stock exchanges but may be available to the Authorised Participants. Further information can be found in the Prospectus.
Privacy Policy : You should note that, if you contact J.P. Morgan Asset Management by telephone, those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you may be processed by J.P. Morgan Asset Management, acting as a data controller, in accordance with applicable data protection laws. Further information about processing activities of J.P. Morgan Asset Management can be found in the EMEA Privacy Policy, which is available at www.jpmorgan. com/emea-privacy-policy. Additional copies of the EMEA Privacy Policy are available on request.
Disclaimer : The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The Sub-Fund Supplement contains a more detailed description of the limited relationship MSCI has with JPMorgan Asset Management and any related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind.
The Sub-Fund is authorised in Ireland and regulated by the Central Bank of Ireland. JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF.
This Key Investor Information is accurate as at 03/02/2022 | en | es |
DOLFIN3571 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# ESG Approach
This fund promotes environmental, social and governance (ESG) characteristics (within the meaning of Art. 8 of Regulation (EU) 2019/2088). It applies the CSAM Sustainable Investing Policy (www.credit-suisse.com/esg), including norms-based, values-based and business conduct exclusions, by replicating an ESG benchmark index to attain the desired ESG characteristics. For further information about the ESG investment criteria and the sustainability-related aspects of the fund please consider the legal and regulatory documents of the fund (such as, e.g., the prospectus) and visit credit-suisse.com/esg. In addition to sustainability-related aspects, the decision to invest in the fund should take into account all objectives and characteristics of the fund as described in its prospectus, or in the information which is to be disclosed to investors in accordance with applicable regulations.
Certain data points disclosed in this factsheet are provided for mere transparency purposes and are not linked to a specific ESG investment process, nor to CSAM ESG methodology. For details about the fund’s ESG decision-making process, please refer to the fund’s prospectus.
The breakdowns in the ESG section below are based on a traditional benchmark which may deviate from the fund primary benchmark. Fund benchmark: MSCI EM ESG Leaders (NR) in CHF. ESG asset breakdown benchmark: MSCI EM (NR). | # Enfoque ESG
Este fondo promueve características medioambientales, sociales y de gobierno corporativo (ESG) (en el sentido del artículo 8 del Reglamento (UE) 2019/2088). Aplica la política de inversión sostenible de CSAM (www.credit-suisse.com/esg) incluidas exclusiones basadas en normas, en valores y en la conducta empresarial reproduciendo un índice de referencia ESG para alcanzar las características ESG deseadas. Para obtener más información sobre los criterios de inversión ESG y los aspectos relacionados con la sostenibilidad del fondo, consulte los documentos legales y regulatorios del fondo (como el folleto, entre otros) y visite credit-suisse.com/esg. Además de los aspectos relacionados con la sostenibilidad, la decisión de invertir en el fondo debe tener en cuenta todos los objetivos y características del fondo descritos en su folleto o en la información que se revelará a los inversores de conformidad con la normativa aplicable.
Algunos de los datos revelados en esta hoja informativa se facilitan únicamente con fines de transparencia y no están vinculados a un proceso de inversión ESG específico, ni a la metodología ESG de CSAM. Para obtener más información sobre el proceso de toma de decisiones sobre ESG del fondo, consulte el folleto del fondo.
Los desgloses de la sección ESG que figura a continuación se basan en un índice de referencia tradicional que puede desviarse del índice de referencia principal del fondo. Índice de referencia del fondo :MSCI EM ESG Leaders (NR) in CHF. Índice de referencia del desglose de activos ESG: MSCI EM (NR). | # ESG Approach
This fund promotes environmental, social and governance (ESG) characteristics (within the meaning of Art. 8 of Regulation (EU) 2019/2088). It applies the CSAM Sustainable Investing Policy (www.credit-suisse.com/esg), including norms-based, values-based and business conduct exclusions, by replicating an ESG benchmark index to attain the desired ESG characteristics. For further information about the ESG investment criteria and the sustainability-related aspects of the fund please consider the legal and regulatory documents of the fund (such as, e.g., the prospectus) and visit credit-suisse.com/esg. In addition to sustainability-related aspects, the decision to invest in the fund should take into account all objectives and characteristics of the fund as described in its prospectus, or in the information which is to be disclosed to investors in accordance with applicable regulations.
Certain data points disclosed in this factsheet are provided for mere transparency purposes and are not linked to a specific ESG investment process, nor to CSAM ESG methodology. For details about the fund’s ESG decision-making process, please refer to the fund’s prospectus.
The breakdowns in the ESG section below are based on a traditional benchmark which may deviate from the fund primary benchmark. Fund benchmark: MSCI EM ESG Leaders (NR) in CHF. ESG asset breakdown benchmark: MSCI EM (NR). | en | es |
DOLFIN3584 | 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 01 June 2006.
2.0
3.3
-6.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 01 junio 2006.
2.0
3.3
-6.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 01 June 2006.
2.0
3.3
-6.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN3590 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Board of Directors of the Company is authorised to temporarily suspend the calculation of the Net Asset Value per share of one or several Sub-Funds and/or the issue, redemption and conversion of Shares in the following cases:
- in the event of the closure, for periods other than normal holidays, of a stock exchange or other regulated market that operates regularly, is recognised and open to the public and provides the listings for a significant portion of the assets of one or more Sub-Funds are closed, or in the event that transactions on such markets are suspended, subject to restrictions or impossible to execute in the required quantities;
- where there is a breakdown in the methods of communication normally used to determine the value of investments of the Company or the current value on any investment exchange or when, for any reason whatsoever, the value of investments cannot be promptly and accurately ascertained;
- where exchange or capital transfer restrictions prevent the execution of transactions on behalf of one or more Sub-Funds or where purchases and sales made on its behalf cannot be executed at normal exchange rates;
- where factors relating inter alia to the political, economic, military or monetary situation, and which are beyond the control, responsibility and operational ability of the Company, prevent it from disposing of its assets and determining their Net Asset Value in a normal or reasonable way;
- following any decision to dissolve one, several or all Sub-Funds of the Company;
- where the market of a currency in which a significant portion of the assets of one or more Sub-Funds is expressed is closed for periods other than normal holidays, or where trading on such a market is either suspended or subject to restrictions;
- to establish exchange parities in the context of a contribution of assets, split or any restructuring operation, within or by one or more Sub-Funds.
- in case of a merger of a Sub-Fund with another Sub-Fund of the Company or of another UCITS or UCI (or a Sub-Fund thereof),provided such suspension is in the best interest of the Shareholders;
- in case of a feeder Sub-Fund of the Company if the net asset calculation of the master Sub-Fund or the master UCITS is suspended. | El Consejo de administración de la Sociedad está autorizado a suspender temporalmente el cálculo del Valor liquidativo por acción de uno o varios Subfondos y/o la emisión, el reembolso y la conversión de Acciones en los casos siguientes:
- en caso de cierre, para los periodos distintos de los festivos normales, de una bolsa u otro mercado regulado que opere regularmente, esté reconocido y abierto al público y proporcione las cotizaciones de una parte significativa del activo de uno o varios Subfondos, o en caso de que las transacciones en dichos mercados se suspendan, sean objeto de restricciones o sea imposible ejecutarlas en las cantidades requeridas;
- en caso de interrupción de los métodos de comunicación normalmente empleados para determinar el valor de las inversiones de la Sociedad o el valor vigente sobre cualquier cambio de inversión o cuando, por cualquier motivo, el valor de las inversiones no pueda determinarse de forma inmediata y exacta;
- en caso de que las restricciones sobre la transmisión del capital o el cambio impidan ejecutar transacciones en nombre de uno o varios Subfondos o en caso de que las compras y ventas hechas en su nombre no puedan realizarse a tipos de cambio normales;
- en caso de que factores relacionados con la situación política, económica, militar o monetaria, entre otros, ajenos al control, la responsabilidad y la capacidad operativa de la Sociedad, le impidan enajenar su activo y determinar su Valor liquidativo de forma normal o razonable;
- tras cualquier decisión de disolución de uno, varios o todos los Subfondos de la Sociedad;
- en caso de que el mercado de una divisa en la que está expresada una parte importante del activo de uno o varios Subfondos se cierre durante periodos distintos de los festivos normales, o en caso de que la negociación en dicho mercado se suspenda o se vea sujeta a restricciones;
- para establecer paridades de cambio en el contexto de una aportación de activo, escisión o cualquier operación de reestructuración en uno o varios Subfondos o por parte de uno o varios Subfondos.
- cuando se produzca una fusión de un Subfondo con otro Subfondo de la Sociedad u otro OICVM u OIC (o un Subfondo de este), siempre y cuando dicha suspensión redunde en interés de los Accionistas;
- cuando se trate de un Subfondo subordinado (feeder) de la Sociedad, si se suspende el cálculo del Valor liquidativo del Subfondo principal o el OICVM principal (master). | The Board of Directors of the Company is authorised to temporarily suspend the calculation of the Net Asset Value per share of one or several Sub-Funds and/or the issue, redemption and conversion of Shares in the following cases:
- in the event of the closure, for periods other than normal holidays, of a stock exchange or other regulated market that operates regularly, is recognised and open to the public and provides the listings for a significant portion of the assets of one or more Sub-Funds are closed, or in the event that transactions on such markets are suspended, subject to restrictions or impossible to execute in the required quantities;
- where there is a breakdown in the methods of communication normally used to determine the value of investments of the Company or the current value on any investment exchange or when, for any reason whatsoever, the value of investments cannot be promptly and accurately ascertained;
- where exchange or capital transfer restrictions prevent the execution of transactions on behalf of one or more Sub-Funds or where purchases and sales made on its behalf cannot be executed at normal exchange rates;
- where factors relating inter alia to the political, economic, military or monetary situation, and which are beyond the control, responsibility and operational ability of the Company, prevent it from disposing of its assets and determining their Net Asset Value in a normal or reasonable way;
- following any decision to dissolve one, several or all Sub-Funds of the Company;
- where the market of a currency in which a significant portion of the assets of one or more Sub-Funds is expressed is closed for periods other than normal holidays, or where trading on such a market is either suspended or subject to restrictions;
- to establish exchange parities in the context of a contribution of assets, split or any restructuring operation, within or by one or more Sub-Funds.
- in case of a merger of a Sub-Fund with another Sub-Fund of the Company or of another UCITS or UCI (or a Sub-Fund thereof),provided such suspension is in the best interest of the Shareholders;
- in case of a feeder Sub-Fund of the Company if the net asset calculation of the master Sub-Fund or the master UCITS is suspended. | en | es |
DOLFIN3594 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Euro Bond Absolute Return – Schedule of Investments (Continued)
### Financial Assets at Fair Value through Profit or Loss (Continued)
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value EUR | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| | Corporate Bonds 31.94% (31 December 2020: 44.62%) (continued) | | | | |
| | Euro (continued) | | | | |
| 300,000 | Heimstaden Bostad AB* | 3.63% | 29/12/2049 | 298,579 | 0.55 |
| 500,000 | Intesa Sanpaolo SpA* | 3.75% | 29/12/2049 | 495,298 | 0.91 |
| 250,000 | Intrum AB* | 3.00% | 15/09/2027 | 246,727 | 0.46 |
| 400,000 | Islandsbanki HF* | 1.13% | 19/01/2024 | 403,588 | 0.75 |
| 224,000 | Kreditanstalt fuer Wiederaufbau* | 0.00% | 15/09/2031 | 221,397 | 0.41 |
| 500,000 | Landsbankinn HF* | 0.75% | 25/05/2026 | 498,280 | 0.92 |
| 200,000 | Maxeda DIY Holding BV** | 5.88% | 01/10/2026 | 204,696 | 0.38 |
| 400,000 | Morgan Stanley* | 1.10% | 29/04/2033 | 400,450 | 0.74 |
| 100,000 | Ontex Group NV* | 3.50% | 15/07/2026 | 95,510 | 0.18 |
| 300,000 | Petroleos Mexicanos* | 4.75% | 26/02/2029 | 296,559 | 0.55 |
| 200,000 | Pinnacle Bidco Plc* | 5.50% | 15/02/2025 | 204,865 | 0.38 |
| 200,000 | Repsol International Finance BV* | 2.50% | 29/12/2049 | 199,772 | 0.37 |
| 200,000 | Ryanair DAC* | 0.88% | 25/05/2026 | 200,239 | 0.37 |
| 400,000 | SBB Treasury OYJ* | 1.13% | 26/11/2029 | 386,906 | 0.71 |
| 300,000 | SGL Carbon SE* | 4.63% | 30/09/2024 | 305,625 | 0.56 |
| 400,000 | Societe Generale SFH SA* | 0.01% | 02/12/2026 | 401,054 | 0.74 |
| 200,000 | SoftBank Group Corp* | 5.00% | 15/04/2028 | 206,286 | 0.38 |
| 470,000 | Southern Co* | 1.88% | 15/09/2081 | 457,677 | 0.85 |
| 225,000 | Sr-boligkreditt AS* | 0.01% | 08/09/2028 | 223,149 | 0.41 |
| 300,000 | Stellantis NV* | 1.25% | 20/06/2033 | 293,078 | 0.54 |
| 400,000 | Stryker Corp* | 2.63% | 30/11/2030 | 460,832 | 0.85 |
| 300,000 | Unibail-Rodamco-Westfield SE* | 2.13% | 29/12/2049 | 297,306 | 0.55 |
| 200,000 | UniCredit SpA** | 3.88% | 29/12/2049 | 191,956 | 0.35 |
| 200,000 | UniCredit SpA* | 4.45% | 29/12/2049 | 203,069 | 0.37 |
| 200,000 | United Group BV** | 3.13% | 15/02/2026 | 194,730 | 0.36 |
| 300,000 | Veolia Environnement SA* | 2.50% | 29/12/2049 | 301,208 | 0.56 |
| 400,000 | Vivion Investments Sarl* | 3.00% | 08/08/2024 | 392,800 | 0.73 |
| 300,000 | Vodafone Group Plc* | 3.00% | 27/08/2080 | 303,187 | 0.56 |
| 400,000 | Volkswagen Financial Services AG* | 0.13% | 12/02/2027 | 391,605 | 0.72 |
| 400,000 | Volkswagen International Finance NV* | 3.88% | 29/12/2049 | 435,550 | 0.80 |
| 250,000 | Westpac Banking Corp* | 0.38% | 02/04/2026 | 253,821 | 0.47 |
| 200,000 | Wizz Air Finance Co BV* | 1.35% | 19/01/2024 | 202,138 | 0.37 |
| | Total Euro | | | 16,673,920 | 30.78 |
| | Total Corporate Bonds | | | 17,300,482 | 31.94 |
| | | | | | |
| | Government Bonds 54.09% (31 December 2020: 39.45%) | | | | |
| | Euro | | | | |
| 210,000 | Acquirente Unico SpA* | 2.80% | 20/02/2026 | 228,582 | 0.42 |
| 300,000 | Adif Alta Velocidad* | 0.95% | 30/04/2027 | 313,896 | 0.58 |
| 100,000 | Adif Alta Velocidad* | 1.88% | 28/01/2025 | 106,692 | 0.20 |
ANNUAL REPORT 2021 231
FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS | # Euro Bond Absolute Return – Cartera de inversiones (cont.)
### Activos financieros al valor razonable con cambios en resultados (cont.)
| Importe principal | Descripción de los valores | Cupón | Fecha de vencimiento | Valor razonable EUR | % del Patri- monio neto |
| --- | --- | --- | --- | --- | --- |
| | Bonos de empresa 31,94% (31 de diciembre de 2020: 44,62%) (cont.) | | | | |
| | Euro (cont.) | | | | |
| 300.000 | Heimstaden Bostad AB* | 3,63% | 29/12/2049 | 298.579 | 0,55 |
| 500.000 | Intesa Sanpaolo SpA* | 3,75% | 29/12/2049 | 495.298 | 0,91 |
| 250.000 | Intrum AB* | 3,00% | 15/09/2027 | 246.727 | 0,46 |
| 400.000 | Islandsbanki HF* | 1,13% | 19/01/2024 | 403.588 | 0,75 |
| 224.000 | Kreditanstalt fuer Wiederaufbau* | 0,00% | 15/09/2031 | 221.397 | 0,41 |
| 500.000 | Landsbankinn HF* | 0,75% | 25/05/2026 | 498.280 | 0,92 |
| 200.000 | Maxeda DIY Holding BV** | 5,88% | 01/10/2026 | 204.696 | 0,38 |
| 400.000 | Morgan Stanley* | 1,10% | 29/04/2033 | 400.450 | 0,74 |
| 100.000 | Ontex Group NV* | 3,50% | 15/07/2026 | 95.510 | 0,18 |
| 300.000 | Petroleos Mexicanos* | 4,75% | 26/02/2029 | 296.559 | 0,55 |
| 200.000 | Pinnacle Bidco Plc* | 5,50% | 15/02/2025 | 204.865 | 0,38 |
| 200.000 | Repsol International Finance BV* | 2,50% | 29/12/2049 | 199.772 | 0,37 |
| 200.000 | Ryanair DAC* | 0,88% | 25/05/2026 | 200.239 | 0,37 |
| 400.000 | SBB Treasury OYJ* | 1,13% | 26/11/2029 | 386.906 | 0,71 |
| 300.000 | SGL Carbon SE* | 4,63% | 30/09/2024 | 305.625 | 0,56 |
| 400.000 | Societe Generale SFH SA* | 0,01% | 02/12/2026 | 401.054 | 0,74 |
| 200.000 | SoftBank Group Corp* | 5,00% | 15/04/2028 | 206.286 | 0,38 |
| 470.000 | Southern Co* | 1,88% | 15/09/2081 | 457.677 | 0,85 |
| 225.000 | Sr-boligkreditt AS* | 0,01% | 08/09/2028 | 223.149 | 0,41 |
| 300.000 | Stellantis NV* | 1,25% | 20/06/2033 | 293.078 | 0,54 |
| 400.000 | Stryker Corp* | 2,63% | 30/11/2030 | 460.832 | 0,85 |
| 300.000 | Unibail-Rodamco-Westfield SE* | 2,13% | 29/12/2049 | 297.306 | 0,55 |
| 200.000 | UniCredit SpA** | 3,88% | 29/12/2049 | 191.956 | 0,35 |
| 200.000 | UniCredit SpA* | 4,45% | 29/12/2049 | 203.069 | 0,37 |
| 200.000 | United Group BV** | 3,13% | 15/02/2026 | 194.730 | 0,36 |
| 300.000 | Veolia Environnement SA* | 2,50% | 29/12/2049 | 301.208 | 0,56 |
| 400.000 | Vivion Investments Sarl* | 3,00% | 08/08/2024 | 392.800 | 0,73 |
| 300.000 | Vodafone Group Plc* | 3,00% | 27/08/2080 | 303.187 | 0,56 |
| 400.000 | Volkswagen Financial Services AG* | 0,13% | 12/02/2027 | 391.605 | 0,72 |
| 400.000 | Volkswagen International Finance NV* | 3,88% | 29/12/2049 | 435.550 | 0,80 |
| 250.000 | Westpac Banking Corp* | 0,38% | 02/04/2026 | 253.821 | 0,47 |
| 200.000 | Wizz Air Finance Co BV* | 1,35% | 19/01/2024 | 202.138 | 0,37 |
| | Total euro | | | 16.673.920 | 30,78 |
| | Total bonos de empresa | | | 17.300.482 | 31,94 |
| | | | | | |
| | Bonos del Estado 54,09% (31 de diciembre de 2020: 39,45%) | | | | |
| | Euro | | | | |
| 210.000 | Acquirente Unico SpA* | 2,80% | 20/02/2026 | 228.582 | 0,42 |
| 300.000 | Adif Alta Velocidad* | 0,95% | 30/04/2027 | 313.896 | 0,58 |
| 100.000 | Adif Alta Velocidad* | 1,88% | 28/01/2025 | 106.692 | 0,20 |
INFORME ANUAL 2021 231
CUENTAS CARTERA DE INVERSIONES | # Euro Bond Absolute Return – Schedule of Investments (Continued)
### Financial Assets at Fair Value through Profit or Loss (Continued)
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value EUR | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| | Corporate Bonds 31.94% (31 December 2020: 44.62%) (continued) | | | | |
| | Euro (continued) | | | | |
| 300,000 | Heimstaden Bostad AB* | 3.63% | 29/12/2049 | 298,579 | 0.55 |
| 500,000 | Intesa Sanpaolo SpA* | 3.75% | 29/12/2049 | 495,298 | 0.91 |
| 250,000 | Intrum AB* | 3.00% | 15/09/2027 | 246,727 | 0.46 |
| 400,000 | Islandsbanki HF* | 1.13% | 19/01/2024 | 403,588 | 0.75 |
| 224,000 | Kreditanstalt fuer Wiederaufbau* | 0.00% | 15/09/2031 | 221,397 | 0.41 |
| 500,000 | Landsbankinn HF* | 0.75% | 25/05/2026 | 498,280 | 0.92 |
| 200,000 | Maxeda DIY Holding BV** | 5.88% | 01/10/2026 | 204,696 | 0.38 |
| 400,000 | Morgan Stanley* | 1.10% | 29/04/2033 | 400,450 | 0.74 |
| 100,000 | Ontex Group NV* | 3.50% | 15/07/2026 | 95,510 | 0.18 |
| 300,000 | Petroleos Mexicanos* | 4.75% | 26/02/2029 | 296,559 | 0.55 |
| 200,000 | Pinnacle Bidco Plc* | 5.50% | 15/02/2025 | 204,865 | 0.38 |
| 200,000 | Repsol International Finance BV* | 2.50% | 29/12/2049 | 199,772 | 0.37 |
| 200,000 | Ryanair DAC* | 0.88% | 25/05/2026 | 200,239 | 0.37 |
| 400,000 | SBB Treasury OYJ* | 1.13% | 26/11/2029 | 386,906 | 0.71 |
| 300,000 | SGL Carbon SE* | 4.63% | 30/09/2024 | 305,625 | 0.56 |
| 400,000 | Societe Generale SFH SA* | 0.01% | 02/12/2026 | 401,054 | 0.74 |
| 200,000 | SoftBank Group Corp* | 5.00% | 15/04/2028 | 206,286 | 0.38 |
| 470,000 | Southern Co* | 1.88% | 15/09/2081 | 457,677 | 0.85 |
| 225,000 | Sr-boligkreditt AS* | 0.01% | 08/09/2028 | 223,149 | 0.41 |
| 300,000 | Stellantis NV* | 1.25% | 20/06/2033 | 293,078 | 0.54 |
| 400,000 | Stryker Corp* | 2.63% | 30/11/2030 | 460,832 | 0.85 |
| 300,000 | Unibail-Rodamco-Westfield SE* | 2.13% | 29/12/2049 | 297,306 | 0.55 |
| 200,000 | UniCredit SpA** | 3.88% | 29/12/2049 | 191,956 | 0.35 |
| 200,000 | UniCredit SpA* | 4.45% | 29/12/2049 | 203,069 | 0.37 |
| 200,000 | United Group BV** | 3.13% | 15/02/2026 | 194,730 | 0.36 |
| 300,000 | Veolia Environnement SA* | 2.50% | 29/12/2049 | 301,208 | 0.56 |
| 400,000 | Vivion Investments Sarl* | 3.00% | 08/08/2024 | 392,800 | 0.73 |
| 300,000 | Vodafone Group Plc* | 3.00% | 27/08/2080 | 303,187 | 0.56 |
| 400,000 | Volkswagen Financial Services AG* | 0.13% | 12/02/2027 | 391,605 | 0.72 |
| 400,000 | Volkswagen International Finance NV* | 3.88% | 29/12/2049 | 435,550 | 0.80 |
| 250,000 | Westpac Banking Corp* | 0.38% | 02/04/2026 | 253,821 | 0.47 |
| 200,000 | Wizz Air Finance Co BV* | 1.35% | 19/01/2024 | 202,138 | 0.37 |
| | Total Euro | | | 16,673,920 | 30.78 |
| | Total Corporate Bonds | | | 17,300,482 | 31.94 |
| | | | | | |
| | Government Bonds 54.09% (31 December 2020: 39.45%) | | | | |
| | Euro | | | | |
| 210,000 | Acquirente Unico SpA* | 2.80% | 20/02/2026 | 228,582 | 0.42 |
| 300,000 | Adif Alta Velocidad* | 0.95% | 30/04/2027 | 313,896 | 0.58 |
| 100,000 | Adif Alta Velocidad* | 1.88% | 28/01/2025 | 106,692 | 0.20 |
ANNUAL REPORT 2021 231
FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS | en | es |
DOLFIN3604 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Fund normally invests in bank deposits repayable within six months and money market instruments (tradable securities where money can be invested for short periods) with a lifespan of up to one year.
The Fund’s investments are priced or hedged (an investment technique which aims to protect the value of an investment against currency movements) back into US dollars.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The Overnight SOFR is used for performance comparison. The Fund cannot replicate the benchmark index. The benchmark index is not investable and therefore cannot be replicated.
The Investment Manager is free to choose the investments of the Fund and these will not resemble the components of the benchmark index.
Any income due from your investment is paid out to you.
You can typically buy or sell shares in the Fund on any business day.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the lower end of the Risk and Reward Indicator scale. This is because the Fund invests in money market instruments, whose returns do not tend to fluctuate widely.
Risks that may not be fully captured by the Risk and Reward Indicator: Default: There is a risk that the issuers of fixed income investments (e.g.
bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Government securities exposure: The Fund may invest up to 100% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Money Market Funds: These investments differ from deposits as the amount invested is not guaranteed; the value of investments may rise and fall. The Fund does not receive external support to help keep its value stable nor guarantee its liquidity, for example its investments can be easily converted to cash. The risk of loss is borne by the investor.
Negative Yield: As a result of market conditions, including but not limited to a reduction in interest rates, certain money market instruments in which the Fund invests may trade at a negative yield. Consequently, this may result in a reduction in value for accumulation shares and in the amount of income available for distribution in respect of income shares.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | El Fondo invierte normalmente en depósitos bancarios reembolsables en el plazo de seis meses e instrumentos del mercado monetario (valores mobiliarios en los que se puede invertir dinero durante periodos breves), con una duración máxima de un año.
Las inversiones del Fondo están denominadas o tienen cobertura (una técnica de inversión destinada a proteger el valor de una inversión frente a fluctuaciones cambiarias) en dólares estadounidenses.
El Fondo se gestiona de forma activa. Esto significa que el Gestor de inversiones tiene libertad a la hora de seleccionar inversiones con el fin de lograr los objetivos del Fondo.
El SOFR a un día se utiliza a efectos de comparación de la rentabilidad. El Fondo no puede replicar el índice de referencia. El índice de referencia no es apto para la inversión y, por tanto, no puede replicarse.
El Gestor de inversiones tiene libertad para escoger las inversiones del Fondo, que no se asemejarán a los componentes del índice de referencia.
Los ingresos generados por la inversión se distribuyen a los inversores.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y dicha categoría puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
El valor de su inversión y el valor de los ingresos generados por ella pueden tanto subir como bajar y no hay ninguna seguridad de que los inversores vayan a lograr beneficios, pudiendo llegar a sufrir pérdidas.
Los acontecimientos o factores de riesgo relacionados con aspectos medioambientales, sociales o de gobierno corporativo, en caso de suceder, podrían afectar negativamente al valor de las inversiones realizadas por el Fondo.
El Fondo se sitúa en la parte inferior de la escala del indicador de riesgo y remuneración. Esto se debe a que el Fondo invierte en instrumentos del mercado monetario, cuya rentabilidad no suele experimentar grandes fluctuaciones.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Impagos: Existe el riesgo de que los emisores de inversiones de renta fija (como, por ejemplo, bonos) no puedan hacer frente al pago de intereses ni reembolsar el dinero que han tomado en préstamo. Cuanto peor sea la calidad crediticia del emisor, mayor será el riesgo de impago y, por consiguiente, de pérdida de la inversión.
Exposición a valores de emisores públicos: El Fondo puede invertir hasta el 100% de sus activos en valores emitidos o garantizados por una entidad soberana autorizada, según la definición recogida en el apartado de definiciones del folleto del Fondo.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
Fondos del mercado monetario: Estas inversiones son distintas de los depósitos, ya que el importe invertido no está garantizado; el valor de las inversiones puede tanto subir como bajar. El Fondo no recibe ayuda externa para mantener su valor estable ni para garantizar su liquidez, es decir, que sus inversiones puedan convertirse fácilmente en efectivo. El inversor soporta el riesgo de pérdida.
Rentabilidad negativa: Como resultado de las condiciones del mercado (incluyendo, entre otras, una rebaja de los tipos de interés), puede que determinados instrumentos del mercado monetario en los que invierte el Fondo coticen con una rentabilidad negativa. Esto puede dar lugar a una reducción del valor, en el caso de las acciones de acumulación, y de la cantidad de rentas disponibles para reparto, en el caso de las acciones de distribución.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | The Fund normally invests in bank deposits repayable within six months and money market instruments (tradable securities where money can be invested for short periods) with a lifespan of up to one year.
The Fund’s investments are priced or hedged (an investment technique which aims to protect the value of an investment against currency movements) back into US dollars.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The Overnight SOFR is used for performance comparison. The Fund cannot replicate the benchmark index. The benchmark index is not investable and therefore cannot be replicated.
The Investment Manager is free to choose the investments of the Fund and these will not resemble the components of the benchmark index.
Any income due from your investment is paid out to you.
You can typically buy or sell shares in the Fund on any business day.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the lower end of the Risk and Reward Indicator scale. This is because the Fund invests in money market instruments, whose returns do not tend to fluctuate widely.
Risks that may not be fully captured by the Risk and Reward Indicator: Default: There is a risk that the issuers of fixed income investments (e.g.
bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Government securities exposure: The Fund may invest up to 100% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Money Market Funds: These investments differ from deposits as the amount invested is not guaranteed; the value of investments may rise and fall. The Fund does not receive external support to help keep its value stable nor guarantee its liquidity, for example its investments can be easily converted to cash. The risk of loss is borne by the investor.
Negative Yield: As a result of market conditions, including but not limited to a reduction in interest rates, certain money market instruments in which the Fund invests may trade at a negative yield. Consequently, this may result in a reduction in value for accumulation shares and in the amount of income available for distribution in respect of income shares.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
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