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DOLFIN4123 | 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 corresponding parts of the UCITS prospectus.
The UCITS and its units are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The UCITS 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 UCITS may not be offered or sold for the benefit or on behalf of a “U.S. 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.
This UCITS is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (Paris Trade and Companies Register No. 332 652 536) is authorised in France under the number GP-04000015 and regulated by the AMF.
This key investor information is accurate and up to date as at 08.07.2022. | ## 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 OICVM.
El OICVM y sus participaciones no están ni estarán registrados en los Estados Unidos en virtud de la Ley estadounidense de valores de 1933 o de cualquier otra normativa de los Estados Unidos. El OICVM 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 OICVM 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.
Este OICVM está autorizado en Francia y regulado por la Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (332 652 536 Registro Mercantil de París) está autorizada en Francia con el número GP-04000015 y está regulada por la AMF. Los presentes datos fundamentales para el inversor son exactos a 8 de julio de 2022. | ## 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 corresponding parts of the UCITS prospectus.
The UCITS and its units are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The UCITS 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 UCITS may not be offered or sold for the benefit or on behalf of a “U.S. 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.
This UCITS is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (Paris Trade and Companies Register No. 332 652 536) is authorised in France under the number GP-04000015 and regulated by the AMF.
This key investor information is accurate and up to date as at 08.07.2022. | en | es |
DOLFIN4125 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
| ) Lower risk Higher risk ) ) Typically lower rewards Typically higher rewards ) |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
The Risk and Reward Indicator table illustrates where the share class ranks in terms of its potential risk and return. The higher the rank, the greater the potential reward, but also the greater the risk of losing money. The table uses a standard calculation method that is used by all companies who offer such funds within the European Union.
Please note that the lowest category does not mean a risk- free investment.
The shaded area in the table above shows the Class’s ranking based on the Synthetic Risk and Reward Indicator. It is based upon how much the price of the Class has moved up and down in the past.
The share class is ranked at 5, because it invests in equity securities located in various countries around the world and across a range of sectors whose values tend to fluctuate more widely. Please note that the calculation is based on past
information and may not reliably predict how the share class will perform in the future. Its ranking may shift over time and therefore is not guaranteed to remain unchanged.
The Risk and Reward Indicator does not take into account the following:
- The value of the assets in the Fund may be affected by uncertainties in government policies, taxation, social and religious instability, and political or other developments in the law or regulations of the countries which the Fund may invest in.
- There is no guarantee that the Fund can prevent liquidity risks. In highly volatile markets, certain securities may become less liquid, which means they cannot be sold as quickly or easily. Some securities may be illiquid because of legal restrictions, the nature of the investment and certain features such as guarantees or a lack of buyers interest in the particular security or market.
- There is no guarantee that the Fund can prevent currency risks. The Fund may use derivatives to reduce or manage the risk.
| One off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| The entry and exit charges shown are maximum figures. In some cases, you might pay less. A conversion charge of up to 2.00% may also apply in certain circumstances. |
| Charges taken from the Fund over a year |
| Ongoing charge | 0.70% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | N/A | | # Perfil de riesgo y remuneración
| ) Menor riesgo Mayor riesgo ) ) Normalmente menor Normalmente mayor ) remuneración remuneración |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
El indicador de riesgo y remuneración muestra la categoría de la clase de acciones y su riesgo y remuneración potencial.
Cuanto más alta sea la categoría, más alta será la posible remuneración, pero también el riesgo de perder dinero. El indicador utiliza un método de cálculo estándar que utilizan todas las empresas que ofrecen tales fondos dentro de la Unión Europea.
Tenga en cuenta que la categoría más baja no significa que la inversión esté libre de riesgo.
La parte sombreada de la tabla anterior muestra la calificación de la Clase según el Indicador sintético de riesgo y remuneración. Se basa en las fluctuaciones históricas del precio de la Clase.
Esta clase de acciones tiene una calificación de 5, porque invierte en valores de renta variable ubicados en varios países del mundo y en distintos sectores cuyos valores tienden a fluctuar más ampliamente. Tenga en cuenta que el cálculo está basado en datos históricos y puede que no constituya
una indicación fiable sobre el modo en el que la clase de acciones se ejecutará en el futuro. Su categoría podrá cambiar con el tiempo y, por lo tanto, no está garantizado que permanezca sin cambios.
El indicador de riesgo y remuneración no tiene en cuenta los siguientes aspectos:
- El valor de los activos del Fondo podrá verse afectado por incertidumbres en cuanto a las políticas gubernamentales e incertidumbres fiscales, sociales y religiosas, así como otros acontecimientos políticos o que afecten a la legislación de países en los que puede invertir el Fondo.
- No existe garantía alguna de que el Fondo pueda prevenir los riesgos de liquidez. En mercados altamente volátiles, determinados valores pueden ser menos líquidos, lo que impide que se vendan con rapidez y facilidad. Algunos valores pueden ser ilíquidos debido a restricciones legales, a la naturaleza de la inversión y a ciertas características como garantías o una falta de interés por parte de los compradores en un valor o un mercado en particular.
- No existe garantía alguna de que el Fondo pueda prevenir los riesgos de divisas. El Fondo puede utilizar derivados para reducir o gestionar el riesgo.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5,00% |
| Gastos de salida | 0,00% |
| Los gastos de entrada y salida indicados representan las cifras máximas. Es posible que en algunos casos deba pagar menos. En determinadas circunstancias, podrá aplicarse un gasto de conversión de hasta un 2,00%. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0,70% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | N/D | | # Risk and Reward Profile
| ) Lower risk Higher risk ) ) Typically lower rewards Typically higher rewards ) |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
The Risk and Reward Indicator table illustrates where the share class ranks in terms of its potential risk and return. The higher the rank, the greater the potential reward, but also the greater the risk of losing money. The table uses a standard calculation method that is used by all companies who offer such funds within the European Union.
Please note that the lowest category does not mean a risk- free investment.
The shaded area in the table above shows the Class’s ranking based on the Synthetic Risk and Reward Indicator. It is based upon how much the price of the Class has moved up and down in the past.
The share class is ranked at 5, because it invests in equity securities located in various countries around the world and across a range of sectors whose values tend to fluctuate more widely. Please note that the calculation is based on past
information and may not reliably predict how the share class will perform in the future. Its ranking may shift over time and therefore is not guaranteed to remain unchanged.
The Risk and Reward Indicator does not take into account the following:
- The value of the assets in the Fund may be affected by uncertainties in government policies, taxation, social and religious instability, and political or other developments in the law or regulations of the countries which the Fund may invest in.
- There is no guarantee that the Fund can prevent liquidity risks. In highly volatile markets, certain securities may become less liquid, which means they cannot be sold as quickly or easily. Some securities may be illiquid because of legal restrictions, the nature of the investment and certain features such as guarantees or a lack of buyers interest in the particular security or market.
- There is no guarantee that the Fund can prevent currency risks. The Fund may use derivatives to reduce or manage the risk.
| One off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| The entry and exit charges shown are maximum figures. In some cases, you might pay less. A conversion charge of up to 2.00% may also apply in certain circumstances. |
| Charges taken from the Fund over a year |
| Ongoing charge | 0.70% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | N/A | | en | es |
DOLFIN4136 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 0.50% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.27% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 10.00% of any Share Class Return above the MSCI World Growth Index, or the High Water Mark, whichever is the lower. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 0.29%. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5.00% |
| Gastos de salida | 0.00% |
| Comisión de canje | 0.50% |
| 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 | 2.27% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Metodología de cálculo: 10.00% de la rentabilidad de la clase de acciones superior al MSCI World Growth Index o la High Water Mark, de ambos valores el más bajo. El Periodo de cálculo se basa en el mismo periodo utilizado para la cifra de gastos corrientes. Comisión de rentabilidad percibida en el último Periodo de cálculo: 0.29%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 0.50% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.27% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 10.00% of any Share Class Return above the MSCI World Growth Index, or the High Water Mark, whichever is the lower. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 0.29%. | | en | es |
DOLFIN4138 | 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 achieve a return in excess of the benchmark by exploiting investment opportunities in, amongst others, the debt and currency markets, and using derivatives where appropriate.
INVESTMENT PROCESS
Investment approach
- Uses an absolute return oriented approach to target uncorrelated, low volatility returns over the medium term regardless of market conditions.
- Flexibility to draw on diversified sources of returns across three distinct strategies: tactical rotation between traditional fixed income sectors, alternative strategies such as relative value trading, and hedging strategies.
Share Class Benchmark ICE BofA ESTR Overnight Rate Index Total Return in EUR
Benchmark uses and resemblance
- Performance comparison.
- Performance fee calculation.
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure The majority of assets invested in a broad range of government and corporate debt securities from issuers anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 10% and 30% of its assets in mortgage-backed securities (MBS) and/or asset-backed securities (ABS) of any credit quality, however, due to the unconstrained investment approach, the actual investment level may vary. MBS which may be agency (issued by quasi US government agencies) and non-agency (issued by private institutions) refers to debt securities that are backed by mortgages, including residential and commercial mortgages, and ABS refers to those that are backed by other types of assets such as credit card debt, car loans, consumer loans and equipment leases. | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Conseguir una rentabilidad superior a la del índice de referencia mediante la búsqueda de oportunidades de inversión en los mercados de renta fija y de divisas, entre otros, y utilizando derivados cuando proceda.
PROCESO DE INVERSIÓN
Enfoque de inversión
- Emplea un enfoque orientado a la rentabilidad absoluta con el fin de generar rentabilidad a medio plazo con una volatilidad reducida y sin correlación con independencia de las condiciones del mercado.
- Flexibilidad para emplear fuentes de rentabilidad diversificadas en tres estrategias diferenciadas entre sí: rotación táctica entre sectores de renta fija tradicionales, estrategias alternativas (por ejemplo, valor relativo) y estrategias de cobertura.
Índice de referencia de la Clase de Acciones ICE BofA ESTR Overnight Rate Index Total Return in EUR
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Cálculo de la comisión de éxito.
El Subfondo se gestiona de forma activa, con total libertad respecto a su índice de referencia.
POLÍTICAS
Exposición de inversión principal La mayor parte del patrimonio se invierte en un amplio abanico de títulos de deuda pública y corporativa de emisores de cualquier lugar del mundo, incluidos los mercados emergentes.
Se prevé que el Subfondo invierta entre un 10% y un 30% de su patrimonio en titulizaciones hipotecarias (MBS) y/o activos titulizados (ABS) de cualquier calidad crediticia; sin embargo, debido al carácter sin restricciones del enfoque de inversión, el nivel de inversión real podrá variar. Los MBS, que pueden haber sido emitidos por agencias (organismos cuasigubernamentales de Estados Unidos) o por otras entidades distintas de agencias (instituciones privadas), representan títulos de deuda que están respaldados por hipotecas, incluidas las hipotecas residenciales y comerciales; los ABS hacen referencia a los títulos de deuda que están respaldados por otros tipos de activos, como deudas de tarjetas de crédito, préstamos para automóviles, créditos al consumo y arrendamiento de bienes de equipo.
Asimismo, el Subfondo podrá invertir en otros activos, como valores convertibles, valores de renta variable, ETF y REIT. El Subfondo podrá | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of the benchmark by exploiting investment opportunities in, amongst others, the debt and currency markets, and using derivatives where appropriate.
INVESTMENT PROCESS
Investment approach
- Uses an absolute return oriented approach to target uncorrelated, low volatility returns over the medium term regardless of market conditions.
- Flexibility to draw on diversified sources of returns across three distinct strategies: tactical rotation between traditional fixed income sectors, alternative strategies such as relative value trading, and hedging strategies.
Share Class Benchmark ICE BofA ESTR Overnight Rate Index Total Return in EUR
Benchmark uses and resemblance
- Performance comparison.
- Performance fee calculation.
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure The majority of assets invested in a broad range of government and corporate debt securities from issuers anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 10% and 30% of its assets in mortgage-backed securities (MBS) and/or asset-backed securities (ABS) of any credit quality, however, due to the unconstrained investment approach, the actual investment level may vary. MBS which may be agency (issued by quasi US government agencies) and non-agency (issued by private institutions) refers to debt securities that are backed by mortgages, including residential and commercial mortgages, and ABS refers to those that are backed by other types of assets such as credit card debt, car loans, consumer loans and equipment leases. | en | es |
DOLFIN4146 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The performance fee is payable even if the unit’s performance over the observation period is negative, provided that the unit outperforms the Reference Assets.
Past performance
11.1%
For further information regarding costs, please refer to the "Costs and Fees" section of the Fund's Prospectus available upon request to the Management Company.
12 % .
10
8
6
4
2
0
-2
-4
-6
-8
Performance is not constant over time and is no guarantee of future performance.
8.2%
The year-on-year performances presented in this chart are calculated after deduction of all fees charged by the Fund. The Fund was launched on 07 February 2012 and its R class was created on 20 November 2017.
The reference currency is the euro (EUR).
-7.3%
6.8%
2017 2018 2019 2020 2021
Name of the Depositary: CACEIS Bank. | # La comisión de rentabilidad superior se percibe incluso si la rentabilidad de la participación es negativa durante el periodo de observación, siempre que sea superior a la rentabilidad del activo de referencia.
Rentabilidad histórica
11,1%
Si desea obtener más información sobre los gastos, consulte la sección "gastos y comisión" del folleto de este OICVM, disponible previa solicitud del interesado en la sociedad gestora.
12 % .
10
8
6
4
2
0
-2
-4
-6
-8
La rentabilidad no es constante en el tiempo ni es indicativa de rentabilidades futuras.
La rentabilidad anualizada que se presenta en este diagrama se calcula tras restar todos los gastos detraídos por el Fondo.
8,2%
El fondo se creó el 07 de febrero de 2012 y su clase R el 20 de noviembre de 2017.
La divisa de referencia es el euro (EUR).
-7,3%
6,8%
2017 2018 2019 2020 2021
Nombre del depositario: CACEIS Bank. | # The performance fee is payable even if the unit’s performance over the observation period is negative, provided that the unit outperforms the Reference Assets.
Past performance
11.1%
For further information regarding costs, please refer to the "Costs and Fees" section of the Fund's Prospectus available upon request to the Management Company.
12 % .
10
8
6
4
2
0
-2
-4
-6
-8
Performance is not constant over time and is no guarantee of future performance.
8.2%
The year-on-year performances presented in this chart are calculated after deduction of all fees charged by the Fund. The Fund was launched on 07 February 2012 and its R class was created on 20 November 2017.
The reference currency is the euro (EUR).
-7.3%
6.8%
2017 2018 2019 2020 2021
Name of the Depositary: CACEIS Bank. | en | es |
DOLFIN4149 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Credit Risk with respect to Cash
The Fund will be exposed to the credit risk of the Depositary or any sub-custodian used by the Depositary where cash is held by the Depositary or sub-custodians. Credit risk is the risk that an entity will fail to discharge an obligation or commitment that it has entered into with the Fund. Cash held by the Depositary and sub-custodians will not be segregated in practice but will be a debt owing from the Depositary or other sub-custodians to the Fund as a depositor. Such cash will be co-mingled with cash belonging to other clients of the Depositary and/or sub-custodians. In the event of the insolvency of the Depositary or sub-custodians, the Fund will be treated as a general unsecured creditor of the Depositary or sub-custodians in relation to cash holdings of the Fund. The Fund may face difficulties and/or encounter delays in recovering such debt, or may not be able to recover it in full or at all, in which case the relevant fund(s) will lose some or all of their cash. The Fund may enter into additional arrangements (for example, placing cash in money market collective investment schemes) in order to mitigate credit exposure for its cash holdings but may be exposed to other risks as a result. To mitigate the Fund’s exposure to the Depositary, the Management Company employs specific procedures to ensure that the Depositary is a reputable institution and that the credit risk is acceptable to the Fund. If there is a change in Depositary then the new custodian will be a regulated entity subject to prudential supervision with high credit ratings assigned by international credit rating agencies.
Central Securities Depositary
Where securities are held by a central securities depositary or clearing system, such securities may be held by such entities in client omnibus accounts and in the event of a default by any such entity, where there is an irreconcilable shortfall of such securities, the Fund may have to share that shortfall on a pro-rata basis. Securities may be deposited with central securities depositary which the Depositary is not obliged to appoint as its sub-custodians and in respect of the acts or defaults of which the Depositary shall have no liability.
- Cross Share Class LiabilitiesAlthough assets and liabilities are clearly attributable to each class of Shares, there is no legal segregation between classes of Shares within a fund. This means that if the liabilities of a class of Shares exceed its assets, creditors of such class may have recourse without restriction to assets which are attributable to the other classes of Shares within the same fund. Although the Management Company implements appropriate procedures to mitigate this risk of contagion, Shareholders should note that specific transactions (e.g. currency hedging) may be entered into for the benefit of a particular class of Shares but result in liabilities for the other classes of Shares within the same fund.
- Hedged Share ClassesInvestors should be aware that, whilst the Investment Manager seeks to hedge undesired foreign exchange risk into the Principal Dealing Currency through the use of forward foreign exchange contracts (as further detailed in Part II section 2.1 in the Prospectus), the currency hedging process may not give a precise hedge. Furthermore, there is no guarantee that the hedging will entirely eliminate the risk from undesired currency exposures. Investors in the hedged Share classes may have exposure to currencies other than their Principal Dealing Currency and may also be exposed to the risks associated with the instruments used in the hedging process.
- Dealing ArrangementsIn certain circumstances, the investor’s right to redeem Shares may be suspended or redemption requests may be deferred.
- Cyber EventsCyber-attacks, disruptions, or failures (collectively: cyber events) that affect the Fund’s service providers or counterparties, issuers of securities held by the Fund or other market participants may adversely impact the Fund and its Shareholders, including by causing financial losses or impairing operations. While the Management Company has established systems and processes seeking to address cyber events there are inherent limitations as the Fund cannot control the cyber security plans of its counterparties.
- Distribution of Dividends and Expenses out of/effectively out of Capital (CDIST/MCDIST/MINCOME/QINCOME Share classes only)For distributing classes of Shares, dividends may be paid out of capital where the investment income/capital gain generated by the relevant fund is insufficient to pay a distribution as declared. Certain distributing classes of Shares may also pay dividends out of gross investment income whilst all or part of their fees and expenses are paid out of capital, thereby resulting in an increase in distributable income for the payment of dividends to such classes of Shares. It is important to note that distributing classes of Shares may distribute not only investment income, but also realised and unrealised capital gains or capital. Investors should also note that the payment of dividends and/or fees and expenses (collectively, “distributions”) out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the Net Asset Value per Share of the fund and in the capital that the fund has available for investment in the future. Capital growth may be reduced so that a high distribution yield does not imply a positive or high return on investors’ total investments. | Riesgo crediticio con respecto al efectivo
El Fondo estará expuesto al riesgo crediticio del Depositario o de cualquier subcustodio al que recurra el Depositario cuando haya efectivo en poder del Depositario o de los subcustodios. El riesgo crediticio es el riesgo de que una entidad no cumpla con una obligación o compromiso que haya contraído con el Fondo. El efectivo en poder del Depositario y los subcustodios no se segregará en la práctica, sino que será una deuda del Depositario u otros subcustodios con el Fondo como depositante. Dicho efectivo se mezclará con efectivo perteneciente a otros clientes del Depositario o los subcustodios. En caso de insolvencia del Depositario o los subcustodios, se tratará al Fondo como un acreedor general no garantizado del Depositario o los subcustodios en relación con sus posiciones en efectivo. El Fondo puede afrontar dificultades o sufrir retrasos a la hora de recobrar esa deuda, o puede que no sea capaz de recuperarla en su totalidad o en absoluto, en cuyo caso, los Subfondos afectados perderán la totalidad o parte de su efectivo. El Fondo puede formalizar acuerdos adicionales (como, por ejemplo, colocar efectivo en organismos de inversión colectiva del mercado monetario) con el fin de reducir la exposición a crédito para sus posiciones en efectivo, aunque podrá estar expuesto a otros riesgos como resultado. Para mitigar la exposición del Fondo al Depositario, la Sociedad Gestora recurre a procedimientos específicos para garantizar que el Depositario sea una institución de buena reputación y que el riesgo crediticio resulte aceptable para el Fondo. Si se produce un cambio de Depositario, el nuevo custodio será una entidad regulada sujeta a supervisión con calificaciones crediticias elevadas por parte de las agencias de calificación internacionales.
Depositario central de valores
Cuando los valores están en poder de un depositario central de valores o un sistema de compensación, dichos valores pueden estar en poder de estas entidades en cuentas ómnibus de clientes, y, en caso de impago por parte de alguna de estas entidades, cuando se produzca un déficit irreconciliable de dichos valores, es posible que el Fondo tenga que asumir dicho déficit de forma prorrateada. Los valores podrán depositarse en un depositario central de valores, que el Depositario no tendrá obligación de designar como su subcustodio y ante cuyos actos o incumplimientos no asumirá responsabilidad alguna.
- Cruce de pasivos entre Clases de AccionesSi bien los activos y pasivos son claramente atribuibles a cada Clase de Acciones, no existe segregación legal entre las Clases de Acciones de un mismo Subfondo. Esto significa que, si el pasivo de una Clase de Acciones es superior a su activo, los acreedores de dicha Clase pueden recurrir sin límite al activo atribuible a las demás Clases de Acciones dentro de ese Subfondo. Aunque la Sociedad Gestora aplica los procedimientos adecuados para mitigar este riesgo de contagio, los accionistas deben tener en cuenta que es posible que se formalicen algunas operaciones concretas (ej. cobertura de divisas) a beneficio de una clase de Acciones concreta pero que den como resultado la creación de un pasivo para otras clases de Acciones de un mismo Subfondo.
- Clases de acciones hedgedLos inversores deben saber que, aunque el Gestor de Inversiones intenta cubrir el riesgo cambiario no deseado procedente de la conversión a la Divisa de Negociación Principal mediante el uso de contratos de divisas a plazo (tal y como se detalla en el apartado 2.1 de la Parte II del Folleto informativo), es posible que el proceso de cobertura cambiaria no ofrezca una cobertura precisa. Asimismo, no hay garantía de que la cobertura elimine completamente los riesgos que plantea la exposición no deseada a divisas. Los inversores de las clases de Acciones hedged pueden estar expuestos a divisas distintas de su Divisa de Negociación Principal y a los riesgos asociados a los instrumentos que se utilicen en el proceso de cobertura.
- Acuerdos de negociaciónEn algunos casos, el derecho de los inversores a reembolsar las Acciones puede quedar en suspenso o es posible que se pospongan las solicitudes de reembolso.
- CiberamenazasLos ciberataques, disrupciones o fallos (conjuntamente, las «ciberamenazas») que afecten a los proveedores de servicios o contrapartes del Fondo o a los emisores de valores mantenidos por el Fondo pueden afectar negativamente al Fondo y a sus Accionistas, provocando, por ejemplo, pérdidas económicas o deteriorando su operativa. Aunque la Sociedad Gestora haya puesto en marcha sistemas y procesos con el objetivo de hacer frente a las ciberamenazas, estos tienen limitaciones inherentes, ya que el Fondo no puede controlar la política de ciberseguridad de sus contrapartes.
- Pago de dividendos y gastos con el Capital (solo para las clases de Acciones CDIST/MCDIST/MINCOME/QINCOME)En el caso de las Clases de Acciones de distribución, los dividendos pueden pagarse con el capital cuando los ingresos o la plusvalía de la inversión que haya generado el Subfondo correspondiente sean insuficientes para pagar una distribución declarada. Algunas Clases de Acciones de distribución pueden pagar dividendos con el rendimiento bruto de la inversión, mientras que la totalidad o parte de sus gastos y comisiones se pagan con el capital, lo que resulta en un aumento de los ingresos distribuibles para el pago de los dividendos correspondiente a dichas Clases de Acciones. Cabe destacar que las Clases de Acciones de distribución pueden repartir no solo ingresos de la inversión, sino también plusvalías (tanto materializadas como latentes) o capital. Los inversores también deberían tener en cuenta que el pago de dividendos o comisiones y gastos (conjuntamente, las «distribuciones») con el capital representa una devolución o retirada de parte del importe inicialmente invertido o de plusvalías atribuibles a la inversión original. Dichas distribuciones pueden resultar en un descenso inmediato en el Valor liquidativo por Acción del Subfondo y en el capital del que dispone el Subfondo para invertir en un futuro. El crecimiento del capital puede verse reducido de modo que un elevado rendimiento de distribución no genere unos beneficios altos o positivos para las inversiones totales que haya efectuado el inversor. | Credit Risk with respect to Cash
The Fund will be exposed to the credit risk of the Depositary or any sub-custodian used by the Depositary where cash is held by the Depositary or sub-custodians. Credit risk is the risk that an entity will fail to discharge an obligation or commitment that it has entered into with the Fund. Cash held by the Depositary and sub-custodians will not be segregated in practice but will be a debt owing from the Depositary or other sub-custodians to the Fund as a depositor. Such cash will be co-mingled with cash belonging to other clients of the Depositary and/or sub-custodians. In the event of the insolvency of the Depositary or sub-custodians, the Fund will be treated as a general unsecured creditor of the Depositary or sub-custodians in relation to cash holdings of the Fund. The Fund may face difficulties and/or encounter delays in recovering such debt, or may not be able to recover it in full or at all, in which case the relevant fund(s) will lose some or all of their cash. The Fund may enter into additional arrangements (for example, placing cash in money market collective investment schemes) in order to mitigate credit exposure for its cash holdings but may be exposed to other risks as a result. To mitigate the Fund’s exposure to the Depositary, the Management Company employs specific procedures to ensure that the Depositary is a reputable institution and that the credit risk is acceptable to the Fund. If there is a change in Depositary then the new custodian will be a regulated entity subject to prudential supervision with high credit ratings assigned by international credit rating agencies.
Central Securities Depositary
Where securities are held by a central securities depositary or clearing system, such securities may be held by such entities in client omnibus accounts and in the event of a default by any such entity, where there is an irreconcilable shortfall of such securities, the Fund may have to share that shortfall on a pro-rata basis. Securities may be deposited with central securities depositary which the Depositary is not obliged to appoint as its sub-custodians and in respect of the acts or defaults of which the Depositary shall have no liability.
- Cross Share Class LiabilitiesAlthough assets and liabilities are clearly attributable to each class of Shares, there is no legal segregation between classes of Shares within a fund. This means that if the liabilities of a class of Shares exceed its assets, creditors of such class may have recourse without restriction to assets which are attributable to the other classes of Shares within the same fund. Although the Management Company implements appropriate procedures to mitigate this risk of contagion, Shareholders should note that specific transactions (e.g. currency hedging) may be entered into for the benefit of a particular class of Shares but result in liabilities for the other classes of Shares within the same fund.
- Hedged Share ClassesInvestors should be aware that, whilst the Investment Manager seeks to hedge undesired foreign exchange risk into the Principal Dealing Currency through the use of forward foreign exchange contracts (as further detailed in Part II section 2.1 in the Prospectus), the currency hedging process may not give a precise hedge. Furthermore, there is no guarantee that the hedging will entirely eliminate the risk from undesired currency exposures. Investors in the hedged Share classes may have exposure to currencies other than their Principal Dealing Currency and may also be exposed to the risks associated with the instruments used in the hedging process.
- Dealing ArrangementsIn certain circumstances, the investor’s right to redeem Shares may be suspended or redemption requests may be deferred.
- Cyber EventsCyber-attacks, disruptions, or failures (collectively: cyber events) that affect the Fund’s service providers or counterparties, issuers of securities held by the Fund or other market participants may adversely impact the Fund and its Shareholders, including by causing financial losses or impairing operations. While the Management Company has established systems and processes seeking to address cyber events there are inherent limitations as the Fund cannot control the cyber security plans of its counterparties.
- Distribution of Dividends and Expenses out of/effectively out of Capital (CDIST/MCDIST/MINCOME/QINCOME Share classes only)For distributing classes of Shares, dividends may be paid out of capital where the investment income/capital gain generated by the relevant fund is insufficient to pay a distribution as declared. Certain distributing classes of Shares may also pay dividends out of gross investment income whilst all or part of their fees and expenses are paid out of capital, thereby resulting in an increase in distributable income for the payment of dividends to such classes of Shares. It is important to note that distributing classes of Shares may distribute not only investment income, but also realised and unrealised capital gains or capital. Investors should also note that the payment of dividends and/or fees and expenses (collectively, “distributions”) out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the Net Asset Value per Share of the fund and in the capital that the fund has available for investment in the future. Capital growth may be reduced so that a high distribution yield does not imply a positive or high return on investors’ total investments. | en | es |
DOLFIN4152 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 31/03/2017.
The share class of the Fund was launched on 15/07/2021.
This past performance is calculated from the past performance of Class I USD converted at the applicable spot exchange rate. On 04/ 05/2018, all of the assets and liabilities of AB FCP I – American Growth Portfolio were transferred to the newly created AB SICAV I – American Growth Portfolio. As a result, the share class past performance prior to this date relates to the past performance of the relevant share class of AB FCP I – American Growth Portfolio.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | La rentabilidad histórica se indica tras deducirse los gastos corrientes. Los gastos de entrada/salida se han excluido del cálculo.
El Fondo se constituyó el 31/03/2017.
La clase de acciones del Fondo se constituyó el 15/07/2021.
Esta rentabilidad histórica se calcula a partir de la rentabilidad histórica de la clase I USD convertida al tipo de cambio al contado aplicable. El 04/05/ 2018, todos los activos y pasivos de AB FCP I – American Growth Portfolio se transmitieron a AB SICAV I – American Growth Portfolio, de nueva creación. En consecuencia, la rentabilidad histórica de la clase de acciones antes de esa fecha hace referencia a la rentabilidad histórica de la clase de acciones correspondiente de AB FCP I – American Growth Portfolio.
Solo se indica la rentabilidad cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad. | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 31/03/2017.
The share class of the Fund was launched on 15/07/2021.
This past performance is calculated from the past performance of Class I USD converted at the applicable spot exchange rate. On 04/ 05/2018, all of the assets and liabilities of AB FCP I – American Growth Portfolio were transferred to the newly created AB SICAV I – American Growth Portfolio. As a result, the share class past performance prior to this date relates to the past performance of the relevant share class of AB FCP I – American Growth Portfolio.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | en | es |
DOLFIN4157 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Material risks to the Sub-fund that are not taken into account in the indicator:
Credit risk:the risk of a sudden downgrading of an issuer’s credit rating or the risk of an issuer’s insolvency. Liquidity risk: the Sub-fund invests in markets that may be affected by a fall in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions. Impact of financial techniques:taking into account the use of derivatives in particular, maximum exposure to individual asset classes may exceed the net assets. In the event of unfavourable changes in the strategies used, the net asset value may fall more significantly than the markets to which the Sub-fund is exposed. Counterparty risk: risk of a counterparty’s default, causing it to default on payment. The Sub-fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
If one of these risks were to materialise, the Sub-fund’s net asset value may fall. | ## Riesgos importantes para el Subfondo que no engloba el indicador:
Riesgo de crédito:riesgo de una repentina rebaja de la calificación crediticia de un emisor o de su impago. Riesgo de liquidez: el Subfondo invierte en mercados que pueden verse afectados por una reducción de liquidez. El escaso volumen de transacciones en estos mercados puede influir negativamente en los precios a los que el gestor inicie o liquide sus posiciones. Impacto de las técnicas financieras:en relación con la utilización de productos derivados en particular, la exposición máxima a las diferentes clases de activos podrá ser superior al patrimonio neto. Si las estrategias aplicadas registraran un comportamiento desfavorable, el valor liquidativo podría descender de forma más acusada que los mercados a los que está expuesto el Subfondo. Riesgo de contraparte: representa el riesgo de impago de una contraparte que le impida satisfacer sus obligaciones de pago. El Subfondo podrá estar expuesto a este riesgo cuando la entidad de crédito con la que ha celebrado contratos extrabursátiles u OTC de instrumentos financieros a plazo o de adquisición y cesión temporal de valores no pueda cumplir sus compromisos.
Cualquiera de estos riesgos podría conllevar una disminución del valor liquidativo del Subfondo. | ## Material risks to the Sub-fund that are not taken into account in the indicator:
Credit risk:the risk of a sudden downgrading of an issuer’s credit rating or the risk of an issuer’s insolvency. Liquidity risk: the Sub-fund invests in markets that may be affected by a fall in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions. Impact of financial techniques:taking into account the use of derivatives in particular, maximum exposure to individual asset classes may exceed the net assets. In the event of unfavourable changes in the strategies used, the net asset value may fall more significantly than the markets to which the Sub-fund is exposed. Counterparty risk: risk of a counterparty’s default, causing it to default on payment. The Sub-fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
If one of these risks were to materialise, the Sub-fund’s net asset value may fall. | en | es |
DOLFIN4161 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment regardless of market conditions.
The Fund will provide exposure to several investment styles including, (i) Value: focuses on investments that appear relatively cheap with the aim of outperformance relative to expensive assets; (ii) Momentum: focuses on investments with relatively strong medium term performance with the aim of benefitting from an asset’s recent relative performance continuing in the short term; (iii) Carry: focuses on higher-yielding investments with the aim of benefitting from the higher returns of these assets relative to lower-yielding assets; and (iv) Defensive: focuses on investments with low-risk characteristics with the aim of benefitting from the tendency for lower risk, higher quality assets to generate higher risk-adjusted returns than higher risk, lower quality assets.
The Fund will invest on a global basis in any or all of the following asset classes: equity securities (e.g. shares), other equity-related securities, fixed income securities (e.g. bonds), other fixed-income related securities, permitted money market instruments (e.g. debt instruments with short-term maturities), mortgage backed securities (MBS) (i.e. financial securities backed by cash flows from debt), permitted deposits, cash and other funds.
The Fund may invest in financial derivative instruments (FDIs). FDIs are investments the prices of which are based on one or more underlying assets. The IA intends to generate market leverage via FDIs (i.e. where the Fund gains market exposure in excess of the value of its assets).A significant portion of the Fund’s assets may be invested in total return swaps and contracts for difference that aim to achieve a specified return based on underlying assets such as equity and FI securities.
The fixed income securities and money market instruments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). The Fund will invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated.
The Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection.The Fund intends to pursue a broadly market-neutral strategy (i.e. the intention is not to take a view as to the direction the market will move when selecting assets). At any one time, a substantial amount, or even all of the Fund’s assets may be held as cash.
The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The 3 Month Secured Overnight Financing Rate (SOFR) compounded in arrears plus 26.1 basis point spread should be used by shareholders to compare the performance of the Fund. Compounding in arrears is a methodology that compounds daily values of the overnight rate throughout the relevant term period (i.e.3 Months).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$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 Fondo trata de obtener una rentabilidad absoluta positiva a través de una combinación de crecimiento del capital y rendimientos de sus inversiones al margen de las condiciones del mercado.
El Fondo ofrecerá exposición a varios estilos de inversión, incluyendo, (i) Valor: centrado en instrumentos aparentemente baratos, a fin de obtener una rentabilidad superior a la de los activos caros; (ii) Momentum: centrado en inversiones con una rentabilidad a medio plazo relativamente fuerte, a fin de beneficiarse de la reciente rentabilidad relativa de un activo que continúa a corto plazo; (iii) Carry: centrado en inversiones de alto rendimiento, a fin de beneficiarse de las rentabilidades de estos activos superiores a las de los activos de menor rendimiento; y (iv) Defensivo: centrado en inversiones con características de bajo riesgo, a fin de beneficiarse de la tendencia de los activos de bajo riesgo y alta calidad para generar rentabilidades ajustadas al riesgo superiores a las de los activos de mayor riesgo y baja calidad.
El Fondo invertirá en todo el mundo en cualquiera o la totalidad de las siguientes clases de activos: valores de renta variable (p. ej., acciones), otros valores relacionados con renta variable, valores de renta fija (p. ej., bonos), otros valores relacionados con renta fija, instrumentos del mercado monetario autorizados (p. ej., instrumentos de deuda con vencimientos a corto plazo), valores respaldados por hipotecas (MBS) (es decir, valores financieros respaldados por flujos de efectivo derivados de deuda), depósitos autorizados, tesorería y otros fondos.
El Fondo podrá invertir en instrumentos financieros derivados (IFD). Los IFD son inversiones cuyos precios se basan en uno o más activos subyacentes. El AI pretende generar apalancamiento de mercado a través de los IFD (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos). Una parte sustancial de los activos del Fondo podrá invertirse en swaps de rentabilidad total y contratos por diferencia, que tratan de conseguir una rentabilidad específica determinada por activos subyacentes, como valores de renta variable y valores de RF.
Los valores de renta fija e instrumentos del mercado monetario podrán estar emitidos por gobiernos, agencias gubernamentales, empresas e instituciones supranacionales (como el Banco Internacional de Reconstrucción y Fomento). El Fondo podrá invertir en una gama completa de valores de renta fija, que podrían incluir inversiones con una calificación de solvencia relativamente baja o que carecen de calificación.
El Fondo utilizará modelos cuantitativos (es decir, matemáticos o estadísticos) para lograr un enfoque sistemático (basado en normas) de selección de valores. El Fondo pretende aplicar una estrategia generalmente neutral respecto del mercado (es decir, al seleccionar activos no pretende orientarse por el sentido de la evolución prevista del mercado). Una parte importante o incluso la totalidad de los activos del Fondo pondrán mantenerse en posiciones de tesorería en un momento determinado.
El Fondo se gestiona de forma activa, lo que significa que el AI tiene la potestad para seleccionar las inversiones del Fondo y que no está limitado por ningún parámetro de referencia para llevar a cabo este proceso. Los accionistas deberían utilizar el 3 Month Secured Overnight Financing Rate (SOFR) compuesto a plazo vencido, más un diferencial de 26,1 puntos básicos, para comparar la rentabilidad del Fondo. La composición a plazo vencido es una metodología que acumula los valores diarios de los tipos a un día a lo largo del período de tiempo pertinente (es decir, 3 meses).
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 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 achieve a positive absolute return through a combination of capital growth and income on your investment regardless of market conditions.
The Fund will provide exposure to several investment styles including, (i) Value: focuses on investments that appear relatively cheap with the aim of outperformance relative to expensive assets; (ii) Momentum: focuses on investments with relatively strong medium term performance with the aim of benefitting from an asset’s recent relative performance continuing in the short term; (iii) Carry: focuses on higher-yielding investments with the aim of benefitting from the higher returns of these assets relative to lower-yielding assets; and (iv) Defensive: focuses on investments with low-risk characteristics with the aim of benefitting from the tendency for lower risk, higher quality assets to generate higher risk-adjusted returns than higher risk, lower quality assets.
The Fund will invest on a global basis in any or all of the following asset classes: equity securities (e.g. shares), other equity-related securities, fixed income securities (e.g. bonds), other fixed-income related securities, permitted money market instruments (e.g. debt instruments with short-term maturities), mortgage backed securities (MBS) (i.e. financial securities backed by cash flows from debt), permitted deposits, cash and other funds.
The Fund may invest in financial derivative instruments (FDIs). FDIs are investments the prices of which are based on one or more underlying assets. The IA intends to generate market leverage via FDIs (i.e. where the Fund gains market exposure in excess of the value of its assets).A significant portion of the Fund’s assets may be invested in total return swaps and contracts for difference that aim to achieve a specified return based on underlying assets such as equity and FI securities.
The fixed income securities and money market instruments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). The Fund will invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated.
The Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection.The Fund intends to pursue a broadly market-neutral strategy (i.e. the intention is not to take a view as to the direction the market will move when selecting assets). At any one time, a substantial amount, or even all of the Fund’s assets may be held as cash.
The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The 3 Month Secured Overnight Financing Rate (SOFR) compounded in arrears plus 26.1 basis point spread should be used by shareholders to compare the performance of the Fund. Compounding in arrears is a methodology that compounds daily values of the overnight rate throughout the relevant term period (i.e.3 Months).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$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 |
DOLFIN4166 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI ACWI Emerging Market Consumer Growth Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of consumer orientated large and mid-market capitalisation companies in both developed and emerging markets (EMs), which derive high or growing revenues from emerging markets.
Companies included in the Index are selected from the Global Industry Classification Standard (GICS) consumer discretionary, consumer staples, information technology, telecommunications, industrial and healthcare sectors. To be eligible for inclusion, securities from any of these sectors must either derive at least 50% of their revenues from EMs, or derive at least 25% of their revenues from EMs and such EM revenue has a compound annual growth rate (i.e. year-over-year growth rate of an investment over a specified period) of at least 10% over the previous 3 years. In addition, securities from information technology, telecommunications, industrial and healthcare sectors must also derive at least 60% of their revenues from consumer oriented products and services.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs (including FX contracts) 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 MSCI ACWI Emerging Market Consumer Growth Index, el índice de referencia del Fondo (Índice).
La Clase de acciones, a través del Fondo, se gestiona de forma pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta variable (p. ej., acciones) que componen el Índice.
El Índice mide la rentabilidad de empresas de capitalización bursátil elevada y mediana orientadas al consumidor de mercados desarrollados y emergentes, cuyos ingresos elevados o crecientes se obtienen en los mercados emergentes.
Las empresas del Índice se seleccionan de los sectores de consumo discrecional, consumo básico, tecnología de la información, telecomunicaciones, industria y atención sanitaria, incluidos en la Norma de clasificación sectorial global (GICS). Para cumplir los requisitos de inclusión, los valores de estos sectores deben obtener al menos el 50 % de sus ingresos en los mercados emergentes, o al menos el 25 % en los mercados emergentes y tener dichos mercados una tasa de crecimiento anual total (la tasa de crecimiento interanual de una inversión en un periodo específico) de al menos el 10 % en los tres años anteriores. Además, los valores de la tecnología de la información, telecomunicaciones, industria y atención sanitaria deben obtener también al menos el 60 % de sus ingresos de productos y servicios orientados al consumidor.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar los objetivos de inversión del Fondo. Se pueden utilizar IFD (incluidos contratos de divisas) con fines de inversión directa. Para esta clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI ACWI Emerging Market Consumer Growth Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of consumer orientated large and mid-market capitalisation companies in both developed and emerging markets (EMs), which derive high or growing revenues from emerging markets.
Companies included in the Index are selected from the Global Industry Classification Standard (GICS) consumer discretionary, consumer staples, information technology, telecommunications, industrial and healthcare sectors. To be eligible for inclusion, securities from any of these sectors must either derive at least 50% of their revenues from EMs, or derive at least 25% of their revenues from EMs and such EM revenue has a compound annual growth rate (i.e. year-over-year growth rate of an investment over a specified period) of at least 10% over the previous 3 years. In addition, securities from information technology, telecommunications, industrial and healthcare sectors must also derive at least 60% of their revenues from consumer oriented products and services.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs (including FX contracts) 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 |
DOLFIN4167 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in the equity securities (e.g. shares) of companies the main business of which is real estate.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the FTSE EPRA/Nareit Developed Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities.
However, the sector requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo.
El Fondo invierte a escala mundial al menos el 70% de su activo total en valores de renta variable (como acciones) de empresas que desarrollen una parte predominante de su actividad económica en bienes inmobiliarios.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al FTSE EPRA/Nareit Developed Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su poder discrecional para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, los requisitos en materia de sectores del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado al efecto por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in the equity securities (e.g. shares) of companies the main business of which is real estate.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the FTSE EPRA/Nareit Developed Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities.
However, the sector requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN4185 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Charges
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 1.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the UCITS over a year |
| Ongoing charges | 1.24% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee Up to 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index. In the event of the outperformance of the unit of the Sub-fund compared to its benchmark index, and even if its performance is negative, an outperformance fee may be charged for the reference period. |
Past performance
A
8
6
4
2
0
-2
-4
-6
The charges and fees you pay are used to cover the costs of running the Sub-fund, including the costs of marketing and distributing the shares. These charges reduce the potential growth of your investment.
The entry and exit charges shown here are maximum figures; in some cases, investors may pay less.
Investors can find out the actual entry and exit charges from their adviser or distributor.
The ongoing charges figure is based on the charges for the year ending in September 2021. This figure may vary from year to year.
It excludes intermediary fees with the exception of the entry and exit charges paid by the Sub-fund when buying or selling units and/or shares of other UCIs and investment funds.
The performance fee, excluding ongoing charges, was paid during the last financial year ended September 2021 and represents 0.27% of average net assets.
More detailed information on charges and fees can be found in the Sub-fund prospectus and on the website www.edram.fr.
Past performance is not an indication of future returns. Performance may vary over time. Ongoing charges, intermediary fees and any performance fees charged are included in the performance calculation. Entry and exit charges are excluded.
Past performance has been calculated in EUR, with net dividends reinvested. EdR SICAV – Euro Sustainable Credit was launched on 12.02.2019
Unit launch date: 09.2016
Benchmark index: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return, net dividends reinvested
2017 2018 2019 2020 2021
EdR SICAV – Euro Sustainable Credit R EUR Benchmark index
A: The E unit of the Euro Sustainable Credit Fund was absorbed on 12.02.2019 by the R EUR share of the EdR SICAV – Euro Sustainable Credit Sub-fund. The absorbing Sub-fund is subject to the same investment restrictions and limitations and risk profile of the absorbed Fund. Until 12.02.2019 (date of the merger/absorption), past performance corresponded to that of the E unit of the Absorbed Fund. | # Gastos
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 1,00% |
| Gastos de salida | No procede |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del OICVM a lo largo de un año |
| Gastos corrientes | 1,24% |
| Gastos detraídos del OICVM en determinadas condiciones específicas |
| Comisión de rentabilidad Máximo del 15% anual de la rentabilidad superior al índice de referencia Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. Si la rentabilidad de la acción del Subfondo es superior a la del índice de referencia (incluso si se trata de un valor negativo), es posible que se aplique una comisión sobre rentabilidad en el periodo de referencia. |
Rentabilidad histórica
A
8
6
4
2
0
-2
-4
-6
Los gastos y las comisiones se utilizan para cubrir los costes operativos del subfondo, incluidas la comercialización y la distribución de acciones. Estos gastos reducen el potencial de crecimiento de su inversión.
Los gastos de entrada y de salida que se indican en este documento constituyen un límite máximo, es decir, el inversor podrá pagar una cantidad inferior en determinados casos.
El inversor podrá obtener de su asesor o de su distribuidor financiero la información relativa al importe efectivo de los gastos de entrada y de salida.
El importe de los gastos corrientes se calcula en función de los gastos del ejercicio finalizado en septiembre de 2021. Esta cifra puede variar de un ejercicio a otro.
No se incluyen los gastos de intermediación, salvo los gastos de entrada y de salida pagados por el subfondo cuando compra o vende participaciones y/o acciones de otro OIC y fondos de inversión.
La comisión de rentabilidad no incluye los gastos corrientes, se paga a lo largo del último ejercicio, cerrado en septiembre de 2021, y representa el 0,27% del patrimonio neto medio.
Puede encontrar información más detallada acerca de los gastos y las comisiones en el folleto del subfondo y en el sitio web www.edram.fr.
La rentabilidad histórica no es indicativa de rendimientos futuros. No son constantes en el tiempo.
Los gastos corrientes, los gastos de intermediación y las comisiones de rentabilidad que se puedan detraer se incluyen en el cálculo de la rentabilidad. Se excluyen las comisiones de entrada y de salida.
La rentabilidad histórica se ha calculado en EUR, dividendos netos reinvertidos. EdR SICAV - Euro Sustainable Credit se lanzó el 12.02.2019
Fecha de lanzamiento de la participación: 09.2016
Índice de referencia: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return, dividendos netos reinvertidos
2017 2018 2019 2020 2021
EdR SICAV - Euro Sustainable Credit R EUR Índice de referencia
A: La participación “E” del FI Euro Sustainable Credit fue absorbida el 12.02.2019 por la acción “R EUR” del subfondo EdR SICAV - Euro Sustainable Credit. El subfondo absorbente ha asumido las restricciones y límites de inversión, así como el perfil de riesgo del FI absorbido. Hasta el 12.02.2019 (fecha de la fusión-absorción), la rentabilidad histórica corresponde a la de la participación E del FI absorbido. | # Charges
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 1.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the UCITS over a year |
| Ongoing charges | 1.24% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee Up to 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index. In the event of the outperformance of the unit of the Sub-fund compared to its benchmark index, and even if its performance is negative, an outperformance fee may be charged for the reference period. |
Past performance
A
8
6
4
2
0
-2
-4
-6
The charges and fees you pay are used to cover the costs of running the Sub-fund, including the costs of marketing and distributing the shares. These charges reduce the potential growth of your investment.
The entry and exit charges shown here are maximum figures; in some cases, investors may pay less.
Investors can find out the actual entry and exit charges from their adviser or distributor.
The ongoing charges figure is based on the charges for the year ending in September 2021. This figure may vary from year to year.
It excludes intermediary fees with the exception of the entry and exit charges paid by the Sub-fund when buying or selling units and/or shares of other UCIs and investment funds.
The performance fee, excluding ongoing charges, was paid during the last financial year ended September 2021 and represents 0.27% of average net assets.
More detailed information on charges and fees can be found in the Sub-fund prospectus and on the website www.edram.fr.
Past performance is not an indication of future returns. Performance may vary over time. Ongoing charges, intermediary fees and any performance fees charged are included in the performance calculation. Entry and exit charges are excluded.
Past performance has been calculated in EUR, with net dividends reinvested. EdR SICAV – Euro Sustainable Credit was launched on 12.02.2019
Unit launch date: 09.2016
Benchmark index: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return, net dividends reinvested
2017 2018 2019 2020 2021
EdR SICAV – Euro Sustainable Credit R EUR Benchmark index
A: The E unit of the Euro Sustainable Credit Fund was absorbed on 12.02.2019 by the R EUR share of the EdR SICAV – Euro Sustainable Credit Sub-fund. The absorbing Sub-fund is subject to the same investment restrictions and limitations and risk profile of the absorbed Fund. Until 12.02.2019 (date of the merger/absorption), past performance corresponded to that of the E unit of the Absorbed Fund. | en | es |
DOLFIN4189 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Economic review
2021 started on a positive note, characterised by optimism around a global economic recovery. With an unprecedented level of monetary and fiscal support, successful vaccine roll-outs and a significant level of pent-up consumer demand, the outlook had undoubtedly brightened.
Progress on the roll-out of Covid-19 vaccines dominated newsflow in the first six month of 2021 and reinforced expectations of a swift rebound in the global economy. In addition, January brought news that the November 2020 US presidential election had turned into a Democrat “blue sweep”. Run-off elections in Georgia confirmed that the Democrats had taken the Presidency, House and Senate. This paved the way for further stimulus to help the economy recover from the pandemic, as well as raising the prospect that President Joe Biden would be able to pass key parts of his platform, including measures to combat climate change.
The increased optimism was closely correlated with rising global bond yields. Both realised inflation and market-based inflation expectations rose to high levels in response to economies re-opening and the unleashing of pent-up demand. Meanwhile, Covid disruption caused bottlenecks along global supply chains, which pushed up prices for manufactured goods.
Nevertheless, central banks initially looked through above-target levels of inflation, viewing it as being caused by temporary factors, and the transitory nature of inflation was a constant topic of focus for market observers throughout the year. The US Federal Reserve (Fed) maintained its policy of average inflation targeting (AIT), dismissing the steep rise in inflation as being caused by temporary demand and supply side distortions. It was this commitment by major central banks to maintain accommodative monetary policy to aid the economic recovery which offered support to the global markets during the second quarter.
However, fears grew that the pace of the recovery and consequent supply bottlenecks could bring about a persistent rise in inflation. The supply bottlenecks contributing to rising inflation included some labour shortages in certain sectors. A key theme of the period was shortages of semiconductors affecting the production of all kinds of goods, notably electric cars. Global trade was also disrupted by rising shipping costs as well as delays after a container ship blocked the Suez canal.
By the middle of the year, the extent of central banks’ continued support was unclear. With activity data showing resilience as emergency labour market provisions were withdrawn and recorded inflation hit record highs, the communication by some central banks was turning increasingly hawkish. June’s Federal Open Market’s Committee (FOMC) meeting provided insight into the Fed’s tolerance of an inflation overshoot, removing the market’s assurance of infinite policy support.
Despite periods of uncertainty caused by new variants of Covid once again impacting mobility and economic activity, the remainder of 2021 was characterised by ongoing economic resilience and prolonged inflationary pressures. This led to the resumption of a move higher in government bond yields. Central banks globally responded to high inflation by either raising interest rates or reflecting their hawkish views through forward guidance. Emerging market central banks in particular reversed much of the easier monetary policy conditions put in place during the depths of the crisis. | #### Análisis económico
2021 empezó con buen pie, caracterizado por el optimismo en torno a una recuperación económica global. Con un nivel sin precedentes de apoyo monetario y fiscal, un despliegue exitoso de las vacunas y un nivel significativo de demanda reprimida de los consumidores, sin duda, las perspectivas habían mejorado.
Los avances en la administración de las vacunas contra la COVID-19 protagonizaron las noticias durante el primer semestre de 2021 y reforzaron las expectativas de un rápido repunte de la economía mundial. Además, en enero, supimos de la victoria de los demócratas en las elecciones presidenciales de noviembre de 2020 de EE. UU. Las elecciones en Georgia confirmaron que los demócratas habían logrado ocupar la Presidencia, así como una máxima representación en la Cámara de Representantes y el Senado. Esto allanó el camino a más estímulos para contribuir a la recuperación de la economía de la pandemia, así como a mayores posibilidades de que el presidente Joe Biden pudiera lograr la aprobación de elementos esenciales de su programa, incluidas medidas para combatir el cambio climático.
El mayor optimismo se correlacionó estrechamente con el aumento de los rendimientos de los bonos mundiales. Tanto la inflación realizada como las expectativas de inflación basadas en el mercado aumentaron a cotas elevadas en respuesta a la reapertura de las economías y al alivio de la demanda reprimida. Mientras tanto, la perturbación derivada de la COVID causó cuellos de botella en las cadenas de suministro globales, lo que provocó una subida de los precios de las mercancías.
En un principio, los bancos centrales no le dieron importancia a que la inflación superara los niveles objetivo, pues consideraban que se debía a factores temporales; de hecho, los analistas del mercado estuvieron pendientes de la naturaleza transitoria de la inflación durante todo el año. La Reserva Federal de Estados Unidos (Fed) mantuvo su política de objetivo de inflación media (AIT) y desestimó que el pronunciado aumento de la inflación se debiera a distorsiones temporales en la oferta y la demanda. Fue precisamente este compromiso de los principales bancos centrales de mantener una política monetaria acomodaticia para ayudar a la recuperación económica lo que brindó apoyo a los mercados mundiales durante el segundo trimestre.
Sin embargo, aumentaron los temores con respecto a que el ritmo de la recuperación y los consiguientes cuellos de botella en la oferta pudieran provocar un aumento persistente de la inflación. Los cuellos de botella en la oferta que contribuyeron al aumento de la inflación incluyeron cierta falta de mano de obra en determinados sectores. Un asunto clave del periodo fue la escasez de semiconductores que afectaba a la producción de todo tipo de bienes, en concreto, de coches eléctricos. Asimismo, el comercio mundial se vio afectado por el aumento de los costes de transporte de mercancías, así como por los retrasos sufridos después de que un buque portacontenedores bloqueara el canal de Suez.
A mediados de año, había dudas con respecto al grado de apoyo continuado de los bancos centrales. Dado que, conforme se levantaban las medidas de emergencia en el mercado laboral y la inflación alcanzaba máximos históricos, los datos de actividad reflejaban resistencia, las declaraciones de algunos bancos centrales adquirían un tono cada vez más conservador. La reunión del Comité Federal de Mercado Abierto (FOMC) de junio dio una idea sobre la tolerancia de la Fed frente a un exceso de inflación, mostrando al mercado que no se garantizaba un apoyo político infinito.
A pesar de los periodos de incertidumbre causados por las nuevas variantes de COVID —que de nuevo repercutieron en los desplazamientos y la actividad económica—, el resto de 2021 se caracterizó por la continua resistencia económica y las prolongadas presiones inflacionarias. Esto llevó a que nuevamente se registraran mayores oscilaciones en los rendimientos de la deuda pública. Los bancos centrales de todo el mundo respondieron a la alta inflación, bien subiendo los tipos de interés o bien materializando sus opiniones conservadoras en su estrategia de orientación prospectiva. En particular, los bancos centrales de los mercados emergentes revirtieron gran parte de las disposiciones de política monetaria más acomodaticias promulgadas durante lo peor de la crisis. | #### Economic review
2021 started on a positive note, characterised by optimism around a global economic recovery. With an unprecedented level of monetary and fiscal support, successful vaccine roll-outs and a significant level of pent-up consumer demand, the outlook had undoubtedly brightened.
Progress on the roll-out of Covid-19 vaccines dominated newsflow in the first six month of 2021 and reinforced expectations of a swift rebound in the global economy. In addition, January brought news that the November 2020 US presidential election had turned into a Democrat “blue sweep”. Run-off elections in Georgia confirmed that the Democrats had taken the Presidency, House and Senate. This paved the way for further stimulus to help the economy recover from the pandemic, as well as raising the prospect that President Joe Biden would be able to pass key parts of his platform, including measures to combat climate change.
The increased optimism was closely correlated with rising global bond yields. Both realised inflation and market-based inflation expectations rose to high levels in response to economies re-opening and the unleashing of pent-up demand. Meanwhile, Covid disruption caused bottlenecks along global supply chains, which pushed up prices for manufactured goods.
Nevertheless, central banks initially looked through above-target levels of inflation, viewing it as being caused by temporary factors, and the transitory nature of inflation was a constant topic of focus for market observers throughout the year. The US Federal Reserve (Fed) maintained its policy of average inflation targeting (AIT), dismissing the steep rise in inflation as being caused by temporary demand and supply side distortions. It was this commitment by major central banks to maintain accommodative monetary policy to aid the economic recovery which offered support to the global markets during the second quarter.
However, fears grew that the pace of the recovery and consequent supply bottlenecks could bring about a persistent rise in inflation. The supply bottlenecks contributing to rising inflation included some labour shortages in certain sectors. A key theme of the period was shortages of semiconductors affecting the production of all kinds of goods, notably electric cars. Global trade was also disrupted by rising shipping costs as well as delays after a container ship blocked the Suez canal.
By the middle of the year, the extent of central banks’ continued support was unclear. With activity data showing resilience as emergency labour market provisions were withdrawn and recorded inflation hit record highs, the communication by some central banks was turning increasingly hawkish. June’s Federal Open Market’s Committee (FOMC) meeting provided insight into the Fed’s tolerance of an inflation overshoot, removing the market’s assurance of infinite policy support.
Despite periods of uncertainty caused by new variants of Covid once again impacting mobility and economic activity, the remainder of 2021 was characterised by ongoing economic resilience and prolonged inflationary pressures. This led to the resumption of a move higher in government bond yields. Central banks globally responded to high inflation by either raising interest rates or reflecting their hawkish views through forward guidance. Emerging market central banks in particular reversed much of the easier monetary policy conditions put in place during the depths of the crisis. | en | es |
DOLFIN4192 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 CHF |
| Exit costs | 0.00%, We do not charge an exit fee for this product, but the person selling you the product may do so. | Up to 0 CHF |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 2.19% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 218.6 CHF |
| Transaction costs | 1.18% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 118.2 CHF |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.56%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 55.8 CHF | | | Costes únicos de entrada o salida | | If you exit after 1 year |
| --- | --- | --- |
| Costes de entrada | 0.00%, no cobramos una tarifa de entrada por este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 CHF |
| Costes de salida | 0.00%, no cobramos una tarifa de salida para este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 CHF |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativ os o de funcionamien to | 2.19% del valor de sus inversiones por año. Esta es una estimación basada en los costos reales durante el último año. | 218.6 CHF |
| Costes de operación | 1.18% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 118.2 CHF |
| Costes accesorios detraídos en condiciones específicas | | |
| Comisiones de rendimiento | 0.56%, una tarifa de rendimiento del 10 % p.a. por encima del punto de referencia (con marca de agua alta) es aplicable. La cantidad real variará según el rendimiento de su inversión. La estimación de este documento incluye la media de los últimos 5 años. | 55.8 CHF | | | One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 CHF |
| Exit costs | 0.00%, We do not charge an exit fee for this product, but the person selling you the product may do so. | Up to 0 CHF |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 2.19% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 218.6 CHF |
| Transaction costs | 1.18% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 118.2 CHF |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.56%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 55.8 CHF | | en | es |
DOLFIN4198 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for the holding period(s). They include potential early exit penalties. The figures assume you invest 10,000.00 USD. The figures are estimates and may change in the future. | # ¿Cuáles son los costes?
La reducción del rendimiento muestra el impacto que tendrán los costes totales que paga en el rendimiento de la inversión que podrá obtener. Los costes totales tienen en cuenta los costes únicos, corrientes y accesorios.
Los importes presentados son los costes acumulados del producto propiamente dicho, para el período de mantenimiento. Incluyen posibles penalizaciones por salida anticipada. Las cifras suponen una inversión de 10.000,00 USD. Las cifras son estimaciones y pueden cambiar en el futuro. | # What are the costs?
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for the holding period(s). They include potential early exit penalties. The figures assume you invest 10,000.00 USD. The figures are estimates and may change in the future. | en | es |
DOLFIN4199 | 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 P Acc USD between 28/02/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,657
-3.4%
USD 9,922
-0.2% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P Acc USD entre 28/02/2022-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 657 USD
-3,4%
9 922 USD
-0,2% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P Acc USD between 28/02/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,657
-3.4%
USD 9,922
-0.2% | en | es |
DOLFIN4202 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.03%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | | Gastos detraídos del Fondo cada año |
| --- |
| Gastos corrientes | 0,03%** |
| Gastos detraídos del Fondo en determinadas condiciones |
| Comisión de rentabilidad | Ninguna | | | Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.03%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | en | es |
DOLFIN4203 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
1 Man Asset Management (Ireland) Limited 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.
1 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 BNY Mellon Trust Company (Ireland) Limited and are legally segregated from the assets of other sub-funds of the Company.
1 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.
1 The Fund was authorised in 2015.
This share class was launched on 27 July 2016.
1 The past performance chart shows the annual performance, calculated in EUR, for each full calendar year since launch.
1 The performance in this table includes all fees and expenses, excluding any entry charges, and shows percentage year-on-year changes in Fund value.
1 Please be aware that past performance is not a reliable indicator of, or guide to, future performance.
1 The Fund is subject to taxation legislation in Ireland, which may have an impact on your personal tax position as an investor in the Fund.
1 You may switch shares in the Fund for shares in any other sub-fund of the Company. Further information and provisions are in the prospectus.
1 Details of Man Asset Management (Ireland) Limited's Remuneration Policy are available at www.man.com/gpam-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 Man Asset Management (Ireland) Limited at 70 Sir John Rogerson's Quay, Dublin 2, Ireland.
The Fund and Man Asset Management (Ireland) Limited are authorised in Ireland and regulated by the Central Bank of Ireland.
This key investor information is accurate as at 01/12/2022. | # Información práctica
1 Man Asset Management (Ireland) Limited 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.
1 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 BNY Mellon Trust Company (Ireland) Limited, y están segregados legalmente de los activos de otros subfondos de la Sociedad.
1 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.
1 El Fondo fue autorizado en 2015.
Esta clase de acciones fue lanzada el 27 julio de 2016.
1 La tabla de rentabilidad histórica muestra la rentabilidad anual (calculada en EUR) de todos los años naturales completos que transcurrieron desde su lanzamiento.
1 Las rentabilidades de esta tabla incluyen todas las comisiones y gastos, a excepción de los gastos de entrada, e indican las variaciones porcentuales interanuales en el valor del Fondo.
1 Tenga en cuenta que la rentabilidad histórica no es un indicador ni una guía fiable de la rentabilidad futura.
1 El Fondo está sujeto a la legislación tributaria de Irlanda, lo que podría incidir en su situación tributaria personal como inversor en el Fondo.
1 Está permitido el canje de acciones del Fondo por acciones de otros subfondos de la Sociedad. En el folleto encontrará información e instrucciones adicionales al respecto.
1 La información sobre la Política de remuneración de Man Asset Management (Ireland) Limited está disponible en www.man.com/gpam-r emuneration-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 Man Asset Management (Ireland) Limited en 70 Sir John Rogerson's Quay, Dublín 2, Irlanda.
El Fondo y Man Asset Management (Ireland) Limited están autorizados en Irlanda y están regulados por el Banco Central de Irlanda.
Los presentes datos fundamentales para el inversor son exactos a 01/12/2022. | # Practical information
1 Man Asset Management (Ireland) Limited 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.
1 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 BNY Mellon Trust Company (Ireland) Limited and are legally segregated from the assets of other sub-funds of the Company.
1 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.
1 The Fund was authorised in 2015.
This share class was launched on 27 July 2016.
1 The past performance chart shows the annual performance, calculated in EUR, for each full calendar year since launch.
1 The performance in this table includes all fees and expenses, excluding any entry charges, and shows percentage year-on-year changes in Fund value.
1 Please be aware that past performance is not a reliable indicator of, or guide to, future performance.
1 The Fund is subject to taxation legislation in Ireland, which may have an impact on your personal tax position as an investor in the Fund.
1 You may switch shares in the Fund for shares in any other sub-fund of the Company. Further information and provisions are in the prospectus.
1 Details of Man Asset Management (Ireland) Limited's Remuneration Policy are available at www.man.com/gpam-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 Man Asset Management (Ireland) Limited at 70 Sir John Rogerson's Quay, Dublin 2, Ireland.
The Fund and Man Asset Management (Ireland) Limited are authorised in Ireland and regulated by the Central Bank of Ireland.
This key investor information is accurate as at 01/12/2022. | en | es |
DOLFIN4209 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The fund may use trackers, listed index funds and exchange traded funds.
DEPOSITS AND CASH
The fund may use deposits in order to optimise its cash management and to manage the various subscription or redemption settlement dates of the underlying funds. These trades are made within the limit of 20% of the net assets. This type of transaction will be made on an exceptional basis.
The fund may hold cash on an ancillary basis, in particular in order to meet its redemption obligations in relation to investors.
Cash lending is prohibited.
CASH BORROWING
The fund may borrow cash, in particular to cover investment/disinvestments and subscriptions/redemptions. As the fund is not intended to be a structural borrower of cash, these loans will be temporary and limited to 10% of the fund’s net assets.
TEMPORARY PURCHASE AND SALE OF SECURITIES
For efficient portfolio management purposes, and without deviating from its investment objectives, the fund may allocate up to 20% of its net assets to temporary purchases/sales (securities financing transactions) of securities eligible for the fund (essentially equities and money market instruments). These trades are made to optimise the fund's income, invest its cash, adjust the portfolio to changes in the assets under management, or implement the strategies described above. The transactions consist of:
- Securities repurchase and reverse repurchase agreements,
- Securities lending/borrowing. | El fondo puede recurrir a trackers, instrumentos indexados que cotizan en bolsa y fondos cotizados (ETF).
DEPÓSITOS Y LIQUIDEZ
El fondo puede recurrir a los depósitos con el fin de optimizar la gestión de su tesorería y gestionar las diferentes fechas de valor de suscripción/reembolso de las IIC subyacentes. Estas operaciones se llevan a cabo dentro del límite del 20% del patrimonio neto. Se recurrirá a este tipo de operación de manera excepcional.
El fondo podrá mantener posiciones de liquidez a título accesorio, en particular para hacer frente a los reembolsos de participaciones por parte de los inversores.
Los préstamos en efectivo están prohibidos.
EMPRÉSTITOS EN EFECTIVO
El fondo puede tomar efectivo en préstamo, sobre todo con motivo de operaciones de inversión/desinversión o suscripción/reembolso. Puesto que el fondo no tiene como objetivo principal tomar prestado efectivo, dichos préstamos se realizarán de manera provisional y estarán limitados a un máximo del 10% del patrimonio neto del fondo.
ADQUISICIÓN Y CESIÓN TEMPORAL DE VALORES
Con el fin de lograr una gestión eficaz de la cartera y sin desviarse de sus objetivos de inversión, el fondo puede efectuar operaciones de adquisición y cesión temporal de valores (operaciones de financiación de títulos), en relación con los títulos financieros elegibles del fondo (esencialmente, acciones e instrumentos del mercado monetario), hasta el 20% de su patrimonio neto. El fondo recurre a estas operaciones con el propósito de optimizar sus ingresos, invertir su tesorería, ajustar la cartera en función de las variaciones de los activos gestionados o implementar las estrategias descritas con anterioridad. Estas transacciones comprenden:
- Operaciones con pacto de recompra y recompra inversa,
- Préstamo/empréstito de valores. | The fund may use trackers, listed index funds and exchange traded funds.
DEPOSITS AND CASH
The fund may use deposits in order to optimise its cash management and to manage the various subscription or redemption settlement dates of the underlying funds. These trades are made within the limit of 20% of the net assets. This type of transaction will be made on an exceptional basis.
The fund may hold cash on an ancillary basis, in particular in order to meet its redemption obligations in relation to investors.
Cash lending is prohibited.
CASH BORROWING
The fund may borrow cash, in particular to cover investment/disinvestments and subscriptions/redemptions. As the fund is not intended to be a structural borrower of cash, these loans will be temporary and limited to 10% of the fund’s net assets.
TEMPORARY PURCHASE AND SALE OF SECURITIES
For efficient portfolio management purposes, and without deviating from its investment objectives, the fund may allocate up to 20% of its net assets to temporary purchases/sales (securities financing transactions) of securities eligible for the fund (essentially equities and money market instruments). These trades are made to optimise the fund's income, invest its cash, adjust the portfolio to changes in the assets under management, or implement the strategies described above. The transactions consist of:
- Securities repurchase and reverse repurchase agreements,
- Securities lending/borrowing. | en | es |
DOLFIN4211 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- units in UCITS authorized according to Directive 2009/65/EC and/or other UCI within the meaning of clause 1, paragraph (2), clauses (a) and (b) of Directive 2009/65/EC, whether established in a Member State or not, provided that:
- such other UCI are authorized under laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in EU law, and that cooperation between authorities is sufficiently ensured;
- the level of protection guaranteed to unitholders in these other UCI is equivalent to that provided for unitholders of a UCITS and, in particular, that the rules on asset segregation, borrowing, lending and short-selling of transferable securities and money market instruments are equivalent to the requirements of Directive 2009/65/EC;
- the activities of these other UCI are reported in semi-annual and annual reports such that their assets, liabilities, income and activities over the reporting period may be evaluated;
- the proportion of assets that the UCITS or other UCI whose acquisition is contemplated, may invest overall, in accordance with their management rules or their documents of incorporation, in units in other UCITS or other UCI does not exceed 10%. | - participaciones en OICVM autorizados de acuerdo con la Directiva 2009/65/CE o cualquier otro OIC según su definición en la cláusula 1, párrafo (2), cláusulas (a) y (b) de la Directiva 2009/65/CE, constituido o no en un Estado miembro, a condición de que:
- dicho otro OIC esté autorizado en virtud de una legislación que garantice que está sujeto a una supervisión que la CSSF considere equivalente a la que establece el derecho de la UE, y que se asegura suficientemente la cooperación entre las autoridades;
- el nivel de protección garantizado a los partícipes de dichos otros OIC es equivalente al que obtienen los partícipes de un OICVM y, en particular, que las reglas de segregación de activos, empréstitos, préstamos y venta en corto de valores mobiliarios e instrumentos del mercado monetario sean equivalentes a los requisitos de la Directiva 2009/65/CE;
- las actividades de estos otros OIC se recogen en informes semestrales y anuales con objeto de facilitar la evaluación de sus activos, pasivos, ingresos y actividades en el periodo del informe;
- la proporción de activos que el OICVM u otros OIC cuya adquisición esté contemplada pueden invertir en total en participaciones en otro OICVM u otros OIC, de acuerdo con sus reglas de gestión o sus documentos de constitución, no sobrepase un 10%. | - units in UCITS authorized according to Directive 2009/65/EC and/or other UCI within the meaning of clause 1, paragraph (2), clauses (a) and (b) of Directive 2009/65/EC, whether established in a Member State or not, provided that:
- such other UCI are authorized under laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in EU law, and that cooperation between authorities is sufficiently ensured;
- the level of protection guaranteed to unitholders in these other UCI is equivalent to that provided for unitholders of a UCITS and, in particular, that the rules on asset segregation, borrowing, lending and short-selling of transferable securities and money market instruments are equivalent to the requirements of Directive 2009/65/EC;
- the activities of these other UCI are reported in semi-annual and annual reports such that their assets, liabilities, income and activities over the reporting period may be evaluated;
- the proportion of assets that the UCITS or other UCI whose acquisition is contemplated, may invest overall, in accordance with their management rules or their documents of incorporation, in units in other UCITS or other UCI does not exceed 10%. | en | es |
DOLFIN4218 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests at least 80% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The fixed income 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.
At least 80% of the Fund’s total assets will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.
At least 70% of the Fund’s total assets will be invested in securities that are denominated in US Dollars.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the Bloomberg US Aggregate Bond Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities.
However, the geographical scope and credit rating requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be 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 Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo.
El Fondo invierte a escala mundial al menos el 80% de sus activos totales en valores de renta fija. Entre estos están los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
Los valores de renta fija podrán ser emitidos por el gobierno de 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 Desarrollo) domiciliados dentro o fuera de Estados Unidos.
Al menos el 80% de los activos totales del Fondo tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de la adquisición. Las inversiones restantes podrían tener una calificación de solvencia relativamente baja, o carecer de calificación.
Al menos el 70% del activo total del Fondo se invertirá en valores denominados en dólares estadounidenses.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al Bloomberg US Aggregate Bond Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su poder discrecional para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, el ámbito geográfico y los requisitos de calificación de solvencia del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán 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 maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests at least 80% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The fixed income 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.
At least 80% of the Fund’s total assets will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.
At least 70% of the Fund’s total assets will be invested in securities that are denominated in US Dollars.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the Bloomberg US Aggregate Bond Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities.
However, the geographical scope and credit rating requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be 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 |
DOLFIN4220 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund aims to provide an annual return on investment (generated through an increase in the value of the securities held by the Sub-Fund and/or income received from those securities) of approximately 2% gross of all fees/expenses above the annual return of the Index over a rolling five-year basis.
The Sub-Fund is actively managed through the use of proprietary quantitative stock-selection models that analyse financial and non-financial data of companies whose equity securities are listed on the Shanghai and Shenzhen exchanges. The models are used to derive insights into the valuation, quality and momentum of each company by comparing balance sheets, income statements, historic earnings data and information and how these may change in the future together with investor sentiment to such companies as it changes over time (characteristics known as ‘Factors’). The Manager also considers available Environmental, Social and Governance (“ESG”) information – such as data on emissions, corporate behaviour and diversity – relevant to the companies within the investment universe as part of the portfolio construction process. The Manager seeks to invest in securities issued by companies which, in its opinion, have an attractive ESG and risk vs return profile.
The specific weight allocated to a security identified as an attractive investment opportunity is determined by a quantitative investment process that seeks to capture the desired exposure to those Factors which in the opinion of the Manager are most relevant to the market in which the Sub-Fund invests and are expected to enable the Sub-Fund to achieve its investment objective. In constructing the Sub-Fund's portfolio, the Manager will reference the Index which means that, while the Manager has discretion to select the investments for the Sub-Fund, the Sub-Fund's divergence from the Index is controlled. In controlling the Sub-Fund’s divergence from the Index the Manager may consider and apply limits to, among other things, the divergence of the Sub-Fund's exposure to certain industries, sectors and securities from the equivalent Index exposures. Any such limits may vary over time depending upon the Manager's view of market conditions and opportunities. The resulting portfolio of securities is expected to demonstrate similar levels of volatility to that of the Index. The Manager’s quantitative investment process continuously assesses and evaluates the securities in the Sub-Fund's portfolio and the level of the risk and desired exposure to the relevant Factors each security contributes.
The Index captures large and mid-cap representation across China securities listed on the Shanghai and Shenzhen exchanges. The index covers only those securities that are accessible through "Stock Connect". The index is designed for international investors and is calculated using China A Stock Connect listings based on the offshore RMB exchange rate (CNH).
It is anticipated that the Net Asset Value of the Sub-Fund will exhibit high volatility due to the nature of its investment policy. Investments in emerging markets are often more volatile than developed markets and this may have a negative impact on the performance of the Sub-Fund. Although the Sub-Fund aims to deliver a positive total return over the Investment Horizon, there is no guarantee that this will be achieved over this time period, or any time period. The Fund’s capital is at risk meaning that the Sub-Fund could suffer a decrease in value and the value of your investment would decrease as a result.
An investment in this Sub-Fund should not constitute a substantial portion of an investment portfolio and may not be appropriate for all investors.
- Business Day/Dealing Day DefinitionBusiness Day: a day normally treated as a business day in Dublin, New York, London, Hong Kong and Singapore provided always that (i) the stock exchanges in Shanghai and Shenzhen are open for business and (ii) Stock Connect is open for Northbound trading on such day. | El Subfondo pretende proporcionar un rendimiento anual de la inversión (generado por el aumento del valor de los títulos incluidos en la cartera del Subfondo o de los ingresos recibidos de dichos valores) de aproximadamente el 2% bruto sin descontar todas las comisiones o gastos que supere la rentabilidad anual del Índice durante cinco años consecutivos.
El Subfondo se gestiona de forma activa mediante modelos propios de selección cuantitativa de valores que analizan los datos tanto financieros como no financieros de las empresas cuyos títulos de renta variable cotizan en las bolsas de Shanghái y Shenzhen. Los modelos se utilizan para obtener información sobre la valoración, la calidad y el dinamismo de cada empresa mediante la comparación de los balances, las cuentas de resultados, la información y los datos sobre beneficios históricos, así como para determinar cómo pueden cambiar en el futuro en consonancia con el sentimiento inversor hacia dichas empresas a medida que va cambiando con el tiempo (características que se conocen como “Factores”). Asimismo, la Sociedad gestora tiene en cuenta la información ambiental, social y de gobierno corporativo (“ASG”) disponible —como datos sobre emisiones, comportamiento corporativo y diversidad— relevante para las empresas incluidas en el universo de inversión como parte del proceso de elaboración de la cartera. La Sociedad gestora trata de invertir en valores emitidos por empresas que conforme a su criterio, cuentan con un perfil atractivo de ASG y riesgo con respecto a su rentabilidad.
La ponderación específica asignada a un valor que se considera una oportunidad inversión atractiva se determina mediante un proceso de inversión cuantitativo que pretende captar la exposición deseada a aquellos Factores que, conforme al criterio de la Sociedad gestora, son más relevantes para el mercado en el que invierte el Subfondo y que se prevé que permitan que este logre su objetivo de inversión. Para construir la cartera del Subfondo, la Sociedad gestora tomará como referencia el índice, lo que significa que, pese a que esta tiene potestad para seleccionar las inversiones del Subfondo, la divergencia de este con respecto al índice está controlada. Puede que la Sociedad gestora considere y aplique límites a la divergencia de la exposición del Subfondo a determinadas industrias, sectores y valores con respecto a las exposiciones equivalentes del Índice, con el fin de controlar la divergencia del Subfondo con respecto a este. Cualquier límite de este tipo podrá variar con el tiempo en función del punto de vista de la Sociedad gestora sobre las condiciones y oportunidades del mercado. Se prevé que en la cartera de valores resultante muestre unos niveles de volatilidad similares a los del Índice. El proceso de inversión cuantitativa de la Sociedad gestora analiza y evalúa constantemente los valores incluidos en la cartera del Subfondo y el nivel de riesgo y la exposición deseados a los Factores relevantes a los que contribuye cada valor.
El Índice capta una representación de gran y mediana capitalización de los valores chinos que cotizan en las bolsas de Shanghái y Shenzhen. Este índice únicamente incluye aquellos valores a los que puede accederse a través de "Stock Connect". El índice ha sido diseñado para los inversores internacionales y se calcula mediante las cotizaciones en Stock Connect de acciones A chinas con arreglo al tipo de cambio del RMB offshore (CNH).
Se prevé que el Valor Liquidativo del Subfondo muestre una alta volatilidad debido a la naturaleza de su política de inversión. Con frecuencia, las inversiones en mercados emergentes muestran una mayor volatilidad que las de los mercados desarrollados, lo cual puede incidir negativamente en la rentabilidad del Subfondo. Pese a que el Subfondo pretende obtener una rentabilidad total positiva durante el Horizonte de inversión, no existen garantías de que vaya conseguirse ni durante este período ni durante ningún otro. El capital del Fondo se ve expuesto al riesgo, lo que significa que el Subfondo podría haber reducido su valor y su inversión también se vería reducida como consecuencia.
Una inversión en este Fondo no debe constituir una parte considerable de una cartera de inversión y quizás no resulte adecuada para todos los inversores.
- Definición de Día Hábil/Día de NegociaciónDía hábil: un día normalmente considerado hábil en Dublín, Nueva York, Londres, Hong Kong y Singapur, siempre y cuando (i) las Bolsas de Shanghái y Shenzhen estén abiertas a la negociación y (ii) Stock Connect esté abierta a la negociación Northbound (en dirección norte) ese día. | The Sub-Fund aims to provide an annual return on investment (generated through an increase in the value of the securities held by the Sub-Fund and/or income received from those securities) of approximately 2% gross of all fees/expenses above the annual return of the Index over a rolling five-year basis.
The Sub-Fund is actively managed through the use of proprietary quantitative stock-selection models that analyse financial and non-financial data of companies whose equity securities are listed on the Shanghai and Shenzhen exchanges. The models are used to derive insights into the valuation, quality and momentum of each company by comparing balance sheets, income statements, historic earnings data and information and how these may change in the future together with investor sentiment to such companies as it changes over time (characteristics known as ‘Factors’). The Manager also considers available Environmental, Social and Governance (“ESG”) information – such as data on emissions, corporate behaviour and diversity – relevant to the companies within the investment universe as part of the portfolio construction process. The Manager seeks to invest in securities issued by companies which, in its opinion, have an attractive ESG and risk vs return profile.
The specific weight allocated to a security identified as an attractive investment opportunity is determined by a quantitative investment process that seeks to capture the desired exposure to those Factors which in the opinion of the Manager are most relevant to the market in which the Sub-Fund invests and are expected to enable the Sub-Fund to achieve its investment objective. In constructing the Sub-Fund's portfolio, the Manager will reference the Index which means that, while the Manager has discretion to select the investments for the Sub-Fund, the Sub-Fund's divergence from the Index is controlled. In controlling the Sub-Fund’s divergence from the Index the Manager may consider and apply limits to, among other things, the divergence of the Sub-Fund's exposure to certain industries, sectors and securities from the equivalent Index exposures. Any such limits may vary over time depending upon the Manager's view of market conditions and opportunities. The resulting portfolio of securities is expected to demonstrate similar levels of volatility to that of the Index. The Manager’s quantitative investment process continuously assesses and evaluates the securities in the Sub-Fund's portfolio and the level of the risk and desired exposure to the relevant Factors each security contributes.
The Index captures large and mid-cap representation across China securities listed on the Shanghai and Shenzhen exchanges. The index covers only those securities that are accessible through "Stock Connect". The index is designed for international investors and is calculated using China A Stock Connect listings based on the offshore RMB exchange rate (CNH).
It is anticipated that the Net Asset Value of the Sub-Fund will exhibit high volatility due to the nature of its investment policy. Investments in emerging markets are often more volatile than developed markets and this may have a negative impact on the performance of the Sub-Fund. Although the Sub-Fund aims to deliver a positive total return over the Investment Horizon, there is no guarantee that this will be achieved over this time period, or any time period. The Fund’s capital is at risk meaning that the Sub-Fund could suffer a decrease in value and the value of your investment would decrease as a result.
An investment in this Sub-Fund should not constitute a substantial portion of an investment portfolio and may not be appropriate for all investors.
- Business Day/Dealing Day DefinitionBusiness Day: a day normally treated as a business day in Dublin, New York, London, Hong Kong and Singapore provided always that (i) the stock exchanges in Shanghai and Shenzhen are open for business and (ii) Stock Connect is open for Northbound trading on such day. | en | es |
DOLFIN4234 | 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 |
| --- | --- |
| Total costs | 208 EUR | 1 225 EUR |
| Annual cost impact (*) | 2.1% | 2.1% each year | | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- |
| Costes totales | 208 EUR | 1 225 EUR |
| Incidencia anual de los costes (*) | 2.1% | 2.1% cada año | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 208 EUR | 1 225 EUR |
| Annual cost impact (*) | 2.1% | 2.1% each year | | en | es |
DOLFIN4237 | 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 | 5,919 EUR | 4,279 EUR |
| Average return each year | -40.81% | -15.62% |
| Unfavourable scenario | What you might get back after costs | 7,101 EUR | 6,937 EUR |
| Average return each year | -28.99% | -7.05% |
| Moderate scenario | What you might get back after costs | 11,447 EUR | 20,802 EUR |
| Average return each year | 14.47% | 15.78% |
| Favourable scenario | What you might get back after costs | 15,065 EUR | 26,642 EUR |
| Average return each year | 50.65% | 21.65% | | | 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 | 5.919 EUR | 4.279 EUR |
| Rendimiento medio cada año | -40,81 % | -15,62 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7.101 EUR | 6.937 EUR |
| Rendimiento medio cada año | -28,99 % | -7,05 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 11.447 EUR | 20.802 EUR |
| Rendimiento medio cada año | 14,47 % | 15,78 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 15.065 EUR | 26.642 EUR |
| Rendimiento medio cada año | 50,65 % | 21,65 % | | | 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 | 5,919 EUR | 4,279 EUR |
| Average return each year | -40.81% | -15.62% |
| Unfavourable scenario | What you might get back after costs | 7,101 EUR | 6,937 EUR |
| Average return each year | -28.99% | -7.05% |
| Moderate scenario | What you might get back after costs | 11,447 EUR | 20,802 EUR |
| Average return each year | 14.47% | 15.78% |
| Favourable scenario | What you might get back after costs | 15,065 EUR | 26,642 EUR |
| Average return each year | 50.65% | 21.65% | | en | es |
DOLFIN4241 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### General
Various tax reform policies have been implemented by the PRC government in recent years, and existing tax laws and regulations may be revised or amended in the future. There is a possibility that the current tax laws, regulations and practice, including tax exemptions or reductions, in the PRC will be changed with retrospective effect in the future and any such change may have an adverse effect on the asset value of the Sub-Fund.
Moreover, there is no assurance that preferential tax treatment currently offered to foreign investors or enterprises, if any, will not be cancelled. Any changes in tax policies may reduce the after-tax profits of the companies in the PRC which the Sub-Fund invests in, thereby reducing the income from, and/or value of the Shares. | #### Cuestiones generales
El Gobierno chino ha aplicado en los últimos años diversas políticas de reforma fiscal, y es posible que la actual legislación y los reglamentos en materia fiscal sean revisados o modificados en un futuro. Existe la posibilidad de que la legislación, los reglamentos y las prácticas actuales en materia fiscal de la RPC, incluyendo las exenciones o reducciones, cambien con efectos retroactivos en un futuro, y dichos cambios podrían tener un efecto adverso sobre el patrimonio del Subfondo. Es más, no hay ninguna seguridad de que el trato fiscal preferente dado actualmente a los inversores o empresas extranjeros (de haberlo) no vaya a ser suprimido. Cualquier cambio en las políticas fiscales podría reducir los beneficios después de impuestos de
las empresas de la RPC en las que invierte el Subfondo, con la consiguiente reducción de los ingresos y / o del valor de las Acciones. | #### General
Various tax reform policies have been implemented by the PRC government in recent years, and existing tax laws and regulations may be revised or amended in the future. There is a possibility that the current tax laws, regulations and practice, including tax exemptions or reductions, in the PRC will be changed with retrospective effect in the future and any such change may have an adverse effect on the asset value of the Sub-Fund.
Moreover, there is no assurance that preferential tax treatment currently offered to foreign investors or enterprises, if any, will not be cancelled. Any changes in tax policies may reduce the after-tax profits of the companies in the PRC which the Sub-Fund invests in, thereby reducing the income from, and/or value of the Shares. | en | es |
DOLFIN4252 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
No deferred sales charge will be imposed on Class B, Class B3, Class B4 and Class B5 shares if Shareholders redeem Shares after the four-year period.
No deferred sales charge will be imposed on Class C Shares if Shareholders redeem Shares after the one- year period. No deferred sales charge will be imposed on Class Y shares if Shareholders redeem Shares after the six-year period.
Shares acquired by reinvestment of dividends or distributions will be exempt from the deferred sales charge in the same manner as the deferred sales charge will also be waived on redemption of Classes B, B3, B4, B5, C, W and Y Shares arising out of death or disability of a Shareholder or all Shareholders (in case of a single Shareholder or in case of joint Shareholding).
For Shares subject to a deferred sales charge, the amount of the charge is determined as a percentage of the lesser of the current market value and the purchase price of the Shares being redeemed. For example, when a Share that has appreciated in value is redeemed during the deferred sales charge period, a deferred sales charge is assessed only on its initial purchase price.
In determining whether a deferred sales charge is payable on any redemption, the Sub-Fund will first redeem Shares not subject to any deferred sales charge, and then Shares held longest during the deferred sales charge period. The amount of any deferred sales charge to be paid will be retained by the Management Company which is entitled to such deferred sales charge. | No se aplicará ninguna comisión de suscripción diferida a las Acciones de las Clases B, B3, B4 y B5 cuando los Accionistas las reembolsen transcurrido el periodo de cuatro años.
No se aplicará comisión de suscripción diferida alguna a las Acciones de la Clase C cuando los Accionistas las reembolsen transcurrido el periodo de un año. No se aplicará comisión de suscripción diferida alguna a las Acciones de la Clase Y cuando los Accionistas las reembolsen transcurrido el periodo de seis años.
Las Acciones adquiridas mediante una reinversión de dividendos o de otros repartos estarán exentas del pago de la comisión de suscripción diferida de igual forma que se dispensará asimismo de su pago a los reembolsos de Acciones de las Clases B, B3, B4, B5, C, W e Y que se deriven del fallecimiento o de la incapacidad sobrevenida de un Accionista o de todos los Accionistas (dependiendo de que haya un único Accionista titular o varios Accionistas cotitulares).
En el caso de las Acciones sujetas al pago de una comisión de suscripción diferida, el importe de esta se determinará como un porcentaje del valor de mercado corriente o, si fuese inferior, del precio de suscripción de las Acciones objeto de reembolso. Así, cuando se reembolse una Acción cuyo valor se haya incrementado durante el periodo de devengo de la comisión de suscripción diferida, dicha comisión únicamente se liquidará sobre su precio de suscripción inicial.
A la hora de establecer si ha de pagarse una comisión de suscripción diferida con respecto a un reembolso, el Subfondo reembolsará, en primer lugar, las Acciones no sujetas al pago de una comisión de suscripción diferida y, a continuación, las Acciones que se hayan mantenido más tiempo durante el periodo de devengo de la comisión de suscripción diferida. El importe de cualquier comisión de suscripción diferida que haya de pagarse será retenido por la Sociedad Gestora en su condición de entidad con derecho a ella. | No deferred sales charge will be imposed on Class B, Class B3, Class B4 and Class B5 shares if Shareholders redeem Shares after the four-year period.
No deferred sales charge will be imposed on Class C Shares if Shareholders redeem Shares after the one- year period. No deferred sales charge will be imposed on Class Y shares if Shareholders redeem Shares after the six-year period.
Shares acquired by reinvestment of dividends or distributions will be exempt from the deferred sales charge in the same manner as the deferred sales charge will also be waived on redemption of Classes B, B3, B4, B5, C, W and Y Shares arising out of death or disability of a Shareholder or all Shareholders (in case of a single Shareholder or in case of joint Shareholding).
For Shares subject to a deferred sales charge, the amount of the charge is determined as a percentage of the lesser of the current market value and the purchase price of the Shares being redeemed. For example, when a Share that has appreciated in value is redeemed during the deferred sales charge period, a deferred sales charge is assessed only on its initial purchase price.
In determining whether a deferred sales charge is payable on any redemption, the Sub-Fund will first redeem Shares not subject to any deferred sales charge, and then Shares held longest during the deferred sales charge period. The amount of any deferred sales charge to be paid will be retained by the Management Company which is entitled to such deferred sales charge. | en | es |
DOLFIN4256 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund can invest to a lesser extent in:
- debt securities of any maturity or quality issued by companies of any size located in any country
- units of other mutual funds and exchange-traded funds (limited to 10% of assets)Companies relevant to the Fund's investment theme of genomic advancements are those that the investment team believes are substantially focused on and/or are expected to substantially benefit from extending and enhancing the quality of human and other life (e.g., animals) by incorporating technological and scientific developments, improvements and advancements in the field of genomics into their business. These companies may include those that research, develop, produce, manufacture or significantly rely on orenable bionic devices, bio-inspired computing, bioinformatics, molecular medicine and diagnostics, pharmaceuticals and agricultural applications of genomics, and related equipment, techniques and processes. The Fund may have a substantial part of its portfolio invested in companies located or traded in the US. | ### El Fondo puede invertir en menor medida en:
- títulos de deuda de cualquier vencimiento o calidad emitidos por sociedades de cualquier tamaño, situadas en cualquier país
- participaciones de otros fondos de inversión y fondos cotizados en bolsa (limitadas al 10 % de los activos)Las empresas pertinentes para el tema de inversión de los avances genómicos del Fondo son aquellas que, en opinión del equipo de inversiones, se centran básicamente en ampliar y mejorar la calidad de la vida humana y de otros seres vivos (por ejemplo, animales) al incorporar avances tecnológicos y científicos, mejoras y progresos en el campo de la genómica en sus negocios. Entre estas empresas se incluyen las que investigan desarrollan, producen, fabrican o dependen en gran medida o facilitan dispositivos biónicos, sistemas bioinspirados, bioinformática,diagnóstico y medicina molecular, aplicaciones farmacéuticas y agrícolas de la genómica y los equipos, técnicas y procesos relacionados. El Fondo puede invertir una parte importante de su cartera en empresas ubicadas o cotizadas en Estados Unidos. | ### The Fund can invest to a lesser extent in:
- debt securities of any maturity or quality issued by companies of any size located in any country
- units of other mutual funds and exchange-traded funds (limited to 10% of assets)Companies relevant to the Fund's investment theme of genomic advancements are those that the investment team believes are substantially focused on and/or are expected to substantially benefit from extending and enhancing the quality of human and other life (e.g., animals) by incorporating technological and scientific developments, improvements and advancements in the field of genomics into their business. These companies may include those that research, develop, produce, manufacture or significantly rely on orenable bionic devices, bio-inspired computing, bioinformatics, molecular medicine and diagnostics, pharmaceuticals and agricultural applications of genomics, and related equipment, techniques and processes. The Fund may have a substantial part of its portfolio invested in companies located or traded in the US. | en | es |
DOLFIN4265 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
-9,1
-9,9
-10
Ongoing charges are based on figures for the year ended 31 December 2021 .
This figure may vary from year to year and does not include Fund transaction costs.
For more information about charges, please see the Fund’s prospectus, available at www.comgest.com.
Past performance is not a reliable guide to future performance.
Performance results include ongoing charges taken from the Fund but do not include any entry charges that you might have to pay.
The share class came into existence in 2011.
As the initial offer period for this share class closed in 2012, there is not enough historical data to provide investors with any useful indication of past performance for 2012.
Past performance has been calculated in EUR.
-17,1
-13,8
-19,3
-20,9
-20
-26,8
-23,2
-30
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Comgest Growth Latin America - EUR R Acc Class MSCI Emerging Markets Latin America - Net Return | -9,1
-9,9
-10
La cifra de gastos corrientes se basa en las cifras del ejercicio finalizado el 31 diciembre 2021 .
Dicha cifra puede variar de un año a otro y no incluye los costes de transacción del Fondo.
Para obtener más información sobre los gastos, consulte el folleto del Fondo, disponible en www.comgest.com.
La rentabilidad histórica no es un indicador fiable de la rentabilidad futura.
El resultado incluye gastos corrientes detraídos del Fondo, pero no incluye los gastos de entrada que usted pudiera tener que pagar.
La clase de acciones fue lanzada en 2011.
Debido a que el período de oferta inicial para esta clase de acciones se cerró en 2012, los datos disponibles son insuficientes para proporcionar a los inversores una indicación de la rentabilidad histórica relativa a 2012 que resulte de utilidad.
La rentabilidad histórica se ha calculado en EUR.
-17,1
-13,8
-19,3
-20,9
-20
-26,8
-23,2
-30
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Comgest Growth Latin America - EUR R Acc Class MSCI Emerging Markets Latin America - Net Return | -9,1
-9,9
-10
Ongoing charges are based on figures for the year ended 31 December 2021 .
This figure may vary from year to year and does not include Fund transaction costs.
For more information about charges, please see the Fund’s prospectus, available at www.comgest.com.
Past performance is not a reliable guide to future performance.
Performance results include ongoing charges taken from the Fund but do not include any entry charges that you might have to pay.
The share class came into existence in 2011.
As the initial offer period for this share class closed in 2012, there is not enough historical data to provide investors with any useful indication of past performance for 2012.
Past performance has been calculated in EUR.
-17,1
-13,8
-19,3
-20,9
-20
-26,8
-23,2
-30
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Comgest Growth Latin America - EUR R Acc Class MSCI Emerging Markets Latin America - Net Return | en | es |
DOLFIN4267 | 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 GBP 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 1998. The share class was launched in 2008.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹Sterling Overnight Index Average Rate (SONIA) (GBP)
Prior to 26.11.2021, 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 GBP 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 1998. La clase de acciones se lanzó en 2008.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹Sterling Overnight Index Average Rate (SONIA) (GBP)
Antes del 26.11.2021, 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 GBP 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 1998. The share class was launched in 2008.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹Sterling Overnight Index Average Rate (SONIA) (GBP)
Prior to 26.11.2021, the Fund used a different benchmark which is reflected in the benchmark data. | en | es |
DOLFIN4268 | 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 31/01/2014-31/01/2020.
Favourable scenario
What you might get back after costs
Average return each year
EUR 13,288
32.9%
EUR 18,690
11.0% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) entre 31/01/2014-31/01/2020.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
13 288 EUR
32,9%
18 690 EUR
11,0% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) between 31/01/2014-31/01/2020.
Favourable scenario
What you might get back after costs
Average return each year
EUR 13,288
32.9%
EUR 18,690
11.0% | en | es |
DOLFIN4273 | 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 |
| 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 | 1.97% |
| Charges taken from the fund under certain specific conditions |
| Performance fee The performance fee is fixed at 20% of the difference recorded between the Class NAV and the target NAV (initial target NAV adjusted based on the performance of the benchmark index). A performance fee may be paid even in the event of negative performance. Payable annually on 31 December. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 3,00% |
| Gastos de salida | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 1,97% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad La comisión de rentabilidad se fija en el 20% de la diferencia entre el VL de la Clase y el VL objetivo (VL objetivo inicial ajustado por la evolución del índice de referencia). La comisión de rentabilidad puede pagarse incluso en caso de rentabilidad negativa. Se paga anualmente el 31 de diciembre. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.97% |
| Charges taken from the fund under certain specific conditions |
| Performance fee The performance fee is fixed at 20% of the difference recorded between the Class NAV and the target NAV (initial target NAV adjusted based on the performance of the benchmark index). A performance fee may be paid even in the event of negative performance. Payable annually on 31 December. | | en | es |
DOLFIN4276 | 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 income and long-term capital growth from a portfolio primarily made up of equity securities issued by companies throughout the world.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in shares of companies that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time. In addition, the Investment Manager will exclude investment in issuers having exposure to adult entertainment, fossil fuel exploration and extraction, alcohol, cannabis, gambling, thermal coal-based power generation or fossil fuel-based power generation.
- Carbon footprint is defined as tonnes of CO2 emissions per $1 million of sales.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class.
- The fund will aim to have a lower carbon footprint compared to that of the MSCI ACWI Index (Net) (the ‘‘Index’’).
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference 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.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El Subfondo tiene como objetivo lograr rentas y crecimiento del capital a largo plazo con una cartera formada fundamentalmente por valores de renta variable emitidos por empresas de todo el mundo.
- El Subfondo sigue una estrategia centrada en la sostenibilidad en virtud de la cual, como mínimo un 70 % de su patrimonio neto se invertirá en acciones de empresas que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- Tendrá siempre en cuenta un amplio abanico de características medioambientales y sociales, como la mitigación del cambio climático y la adaptación al mismo, la gestión del agua y los residuos, la biodiversidad, la seguridad de los productos, la cadena de suministro, la salud y seguridad y los Derechos Humanos. El Subfondo trata de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
- El Subfondo se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones. Además, el Gestor de Inversiones excluirá la inversión en emisores expuestos al entretenimiento para adultos, la prospección y extracción de combustibles fósiles, el alcohol, el tabaco, el cánnabis, el juego, o la generación de energía a partir de carbón térmico o combustibles fósiles.
- La huella de carbono se define como las toneladas de CO2 por un millón de USD en ventas.
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. La calificación media de ESG del Subfondo será superior a la calificación media de ESG del universo de inversión del Subfondo una vez excluido, como mínimo, el 20 % de los activos con calificaciones ESG más bajas.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- La divisa de referencia del fondo se cubre con la divisa de referencia de la clase de acciones. El efecto de esta cobertura implica la conversión (o la «réplica») de la rentabilidad expresada en la divisa de referencia del fondo en la rentabilidad expresada en la divisa de referencia de la clase de acciones.
- El Subfondo tiene como objetivo contar con una huella de carbono inferior a la del MSCI ACWI Index (Net) (el «Índice»).
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el 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.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to achieve income and long-term capital growth from a portfolio primarily made up of equity securities issued by companies throughout the world.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in shares of companies that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time. In addition, the Investment Manager will exclude investment in issuers having exposure to adult entertainment, fossil fuel exploration and extraction, alcohol, cannabis, gambling, thermal coal-based power generation or fossil fuel-based power generation.
- Carbon footprint is defined as tonnes of CO2 emissions per $1 million of sales.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class.
- The fund will aim to have a lower carbon footprint compared to that of the MSCI ACWI Index (Net) (the ‘‘Index’’).
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference 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.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN4278 | 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 7,720 | EUR 7,840 |
| | Average return each year % | -22.80% | -7.79% |
| Unfavourable scenario | What you might get back after costs | EUR 8,730 | EUR 9,390 |
| | Average return each year % | -12.70% | -2.08% |
| Moderate scenario | What you might get back after costs | EUR 10,380 | EUR 11,060 |
| | Average return each year % | 3.80% | 3.42% |
| Favourable scenario | What you might get back after costs | EUR 13,040 | EUR 13,410 |
| | Average return each year % | 30.40% | 10.27% | | | | 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 7.720 | EUR 7.840 |
| | Rendimiento medio cada año | -22,80% | -7,79% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 8.730 | EUR 9.390 |
| | Rendimiento medio cada año | -12,70% | -2,08% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.380 | EUR 11.060 |
| | Rendimiento medio cada año | 3,80% | 3,42% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 13.040 | EUR 13.410 |
| | Rendimiento medio cada año | 30,40% | 10,27% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 7,720 | EUR 7,840 |
| | Average return each year % | -22.80% | -7.79% |
| Unfavourable scenario | What you might get back after costs | EUR 8,730 | EUR 9,390 |
| | Average return each year % | -12.70% | -2.08% |
| Moderate scenario | What you might get back after costs | EUR 10,380 | EUR 11,060 |
| | Average return each year % | 3.80% | 3.42% |
| Favourable scenario | What you might get back after costs | EUR 13,040 | EUR 13,410 |
| | Average return each year % | 30.40% | 10.27% | | en | es |
DOLFIN4286 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 0.18% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 18 EUR |
| Transaction costs | 0.11% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 11 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 0.75% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 75 EUR | | | Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 0,00%, no cobramos comisión de entrada. | 0 EUR |
| Costes de salida | 0,00%, no cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes detraídos cada año | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,18% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 18 EUR |
| Costes de operación | 0,11% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 11 EUR |
| Costes accesorios detraídos en condiciones específicas | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de rendimiento | 0,75% La cantidad real variará dependiendo de qué tan bien se desempeñe su inversión. El costo agregado anterior es una estimación. | 75 EUR | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 0.18% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 18 EUR |
| Transaction costs | 0.11% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 11 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 0.75% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 75 EUR | | en | es |
DOLFIN4287 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: December 1, 2010. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
10%
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 1 de diciembre de 2010. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en EUR.
10%
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: December 1, 2010. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
10%
5%
0% | en | es |
DOLFIN4289 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
7.65%
7.08%
12% Past performance is no guarantee of any particular performance,
1.10%
2.28%
10%
0.11%
8%
6%
4%
2%
0%
-2.11%
-3.16%
-0.20%
-2.63%
-1.41%
-2%
-3.40%
-3.63%
-4%
-4.68%
-5.09%
-6%
-8%
neither present nor future.
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT Sustainable Bond Fund Global (USD) I1 launch date: 31/03/2012
Performance is calculated in USD.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
LGT Sustainable Bond Fund Global (USD) I1 Bloomberg Global Aggregate Ex-Securitized (USD) (TR)
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
- | # Rendimiento pasado
7.65%
7.08%
12% El rendimiento pasado no constituye garantía de ningún rendi-
1.10%
2.28%
10%
0.11%
8%
6%
4%
2%
0%
-2.11%
-3.16%
-0.20%
-2.63%
-1.41%
-2%
-3.40%
-3.63%
-4%
-4.68%
-5.09%
-6%
-8%
miento en particular, ni presente ni futuro.
A efectos de estos cálculos, se han detraído todas las comisiones y gastos, a excepción de las de suscripción y reembolso.
LGT Sustainable Bond Fund Global (USD) I1 fecha de lanzamiento: 31/03/2012
El rendimiento se calcula en USD.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
LGT Sustainable Bond Fund Global (USD) I1 Bloomberg Global Aggregate Ex-Securitized (USD) (TR)
Para más información sobre la rentabilidad pasada, le recomendamos que consulte los informes mensuales (www.lgtcp.com/en/regulatory-information).
- | # Past Performance
7.65%
7.08%
12% Past performance is no guarantee of any particular performance,
1.10%
2.28%
10%
0.11%
8%
6%
4%
2%
0%
-2.11%
-3.16%
-0.20%
-2.63%
-1.41%
-2%
-3.40%
-3.63%
-4%
-4.68%
-5.09%
-6%
-8%
neither present nor future.
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT Sustainable Bond Fund Global (USD) I1 launch date: 31/03/2012
Performance is calculated in USD.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
LGT Sustainable Bond Fund Global (USD) I1 Bloomberg Global Aggregate Ex-Securitized (USD) (TR)
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
- | en | es |
DOLFIN4303 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Schedule of Investments and Other Net Assets as at 31 December 2017 (in GBP)
| Description | Quantity/ Nominal Value | Market Value* | % of net assets |
| --- | --- | --- | --- |
| GBP Equities (continued) | |
| --- | --- |
| Xaar Plc | 209,827 | 775,835 | 0.62 |
| Xafinity Plc | 49,785 | 10,704 | 0.01 |
| Xafinity Plc | 647,207 | 1,239,401 | 0.98 |
| | | 119,072,212 | 94.47 |
| TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET | 119,072,212 | 94.47 |
| Total Investment in Securities | 119,072,212 | 94.47 |
| Cash and cash equivalent | 4,146,819 | 3.29 |
| Other Net Assets | 2,829,077 | 2.24 |
| TOTAL NET ASSETS | 126,048,108 | 100.00 |
The accompanying notes form an integral part of these financial statements.
*Please refer to note 2d) for more information on valuation of Investments. | # Cartera de inversiones y otros activos netos a 31 de diciembre de 2017 (en GBP)
| Descripción | Cantidad/ Valor nominal | Valor de mercado* | en % del patrimonio neto |
| --- | --- | --- | --- |
| Acciones en GBP (continuación) | |
| --- | --- |
| Xaar Plc | 209,827 | 775,835 | 0.62 |
| Xafinity Plc | 49,785 | 10,704 | 0.01 |
| Xafinity Plc | 647,207 | 1,239,401 | 0.98 |
| | | 119,072,212 | 94.47 |
| TOTAL VALORES MOBILIARIOS ADMITIDOS A COTIZACIÓN OFICIAL EN BOLSA O NEGOCIADOS EN OTRO MERCADO REGULADO | 119,072,212 | 94.47 |
| Total Cartera de inversión | 119,072,212 | 94.47 |
| Tresoría y equivalentes de tesorería | 4,146,819 | 3.29 |
| Otros Activos Netos | 2,829,077 | 2.24 |
| TOTAL PATRIMONIO NETO | 126,048,108 | 100.00 |
Las notas adjuntas forman parte integrante de estos estados financieros.
*Para obtener más información sobre la valoración de las inversiones, consulte nota 2d). | # Schedule of Investments and Other Net Assets as at 31 December 2017 (in GBP)
| Description | Quantity/ Nominal Value | Market Value* | % of net assets |
| --- | --- | --- | --- |
| GBP Equities (continued) | |
| --- | --- |
| Xaar Plc | 209,827 | 775,835 | 0.62 |
| Xafinity Plc | 49,785 | 10,704 | 0.01 |
| Xafinity Plc | 647,207 | 1,239,401 | 0.98 |
| | | 119,072,212 | 94.47 |
| TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET | 119,072,212 | 94.47 |
| Total Investment in Securities | 119,072,212 | 94.47 |
| Cash and cash equivalent | 4,146,819 | 3.29 |
| Other Net Assets | 2,829,077 | 2.24 |
| TOTAL NET ASSETS | 126,048,108 | 100.00 |
The accompanying notes form an integral part of these financial statements.
*Please refer to note 2d) for more information on valuation of Investments. | en | es |
DOLFIN4305 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 5G Connectivity – Schedule of Investments (Continued)
### Financial Assets at Fair Value through Profit or Loss (Continued)
| Number of Shares | Security Description | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- |
| | Equities 97.18% (31 December 2020: 95.39%) (continued) | | |
| | United States Dollar (continued) | | |
| 297,377 | Block Inc Class A | 48,029,359 | 2.01 |
| 194,510 | Cadence Design Systems Inc | 36,246,938 | 1.51 |
| 478,440 | Ciena Corp | 36,825,527 | 1.54 |
| 230,699 | Crowdstrike Holdings Inc Class A | 47,235,620 | 1.97 |
| 68,726 | Dexcom Inc | 36,902,426 | 1.54 |
| 121,563 | HubSpot Inc | 80,128,251 | 3.35 |
| 518,763 | II-VI Inc | 35,447,076 | 1.48 |
| 406,903 | Keysight Technologies Inc | 84,029,539 | 3.51 |
| 917,166 | Marvell Technology Inc | 80,242,853 | 3.35 |
| 85,111 | Masimo Corp | 24,918,799 | 1.04 |
| 106,638 | Microsoft Corp | 35,864,492 | 1.50 |
| 158,885 | Monolithic Power Systems Inc | 78,382,737 | 3.27 |
| 12,588,325 | Nokia OYJ ADR | 78,299,381 | 3.27 |
| 135,943 | Omnicell Inc | 24,529,555 | 1.02 |
| 131,756 | QUALCOMM Inc | 24,094,220 | 1.01 |
| 720,444 | ROBLOX Corp Class A | 74,321,003 | 3.10 |
| 119,989 | ServiceNow Inc | 77,886,060 | 3.25 |
| 353,625 | Snap Inc Class A | 16,630,984 | 0.69 |
| 125,133 | Synaptics Inc | 36,227,255 | 1.51 |
| 294,602 | Teradyne Inc | 48,176,265 | 2.01 |
| 291,994 | T-Mobile US Inc | 33,865,464 | 1.41 |
| 295,044 | Unity Software Inc | 42,188,342 | 1.76 |
| 96,807 | Universal Display Corp | 15,976,059 | 0.67 |
| 1,460,369 | Vertiv Holdings Co Class A | 36,465,414 | 1.52 |
| 630,757 | Wolfspeed Inc | 70,499,710 | 2.94 |
| 79,590 | Zscaler Inc | 25,574,655 | 1.07 |
| | Total United States Dollar | 1,479,759,200 | 61.77 |
| | Total Equities * | 2,328,090,567 | 97.18 |
| | Total Investments | 2,328,090,567 | 97.18 |
Forward Currency Contracts 0.05% (31 December 2020: 0.41%)
| Amount Receivable | Amount Payable | Maturity Date | Counterparty | Contracts | Unrealised Gain US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- | --- |
| AUD Hedged Classes | | | | | | |
| AUD 606,946 | US$ 425,517 | 19/01/2022 | Goldman Sachs International | 1 | 15,784 | 0.00 |
| AUD 259,568 | US$ 188,188 | 19/01/2022 | UBS AG | 1 | 540 | 0.00 |
| AUD 5,058,698 | US$ 3,636,734 | 19/01/2022 | Westpac Banking Corp | 12 | 41,365 | 0.00 |
| US$ 795,318 | AUD 1,068,652 | 19/01/2022 | Goldman Sachs International | 3 | 18,319 | 0.00 |
| US$ 1,453,264 | AUD 1,982,337 | 19/01/2022 | Westpac Banking Corp | 15 | 11,941 | 0.00 |
112 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | # 5G Connectivity – Cartera de inversiones (cont.)
### Activos financieros al valor razonable con cambios en resultados (cont.)
| Número de Acciones | Descripción de los valores | Valor razonable USD | % del Patri- monio neto |
| --- | --- | --- | --- |
| | Valores de renta variable 97,18% (31 de diciembre de 2020: 95,39%) (cont.) | | |
| | Dólar estadounidense (cont.) | | |
| 297.377 | Block Inc Class A | 48.029.359 | 2,01 |
| 194.510 | Cadence Design Systems Inc | 36.246.938 | 1,51 |
| 478.440 | Ciena Corp | 36.825.527 | 1,54 |
| 230.699 | Crowdstrike Holdings Inc Class A | 47.235.620 | 1,97 |
| 68.726 | Dexcom Inc | 36.902.426 | 1,54 |
| 121.563 | HubSpot Inc | 80.128.251 | 3,35 |
| 518.763 | II-VI Inc | 35.447.076 | 1,48 |
| 406.903 | Keysight Technologies Inc | 84.029.539 | 3,51 |
| 917.166 | Marvell Technology Inc | 80.242.853 | 3,35 |
| 85.111 | Masimo Corp | 24.918.799 | 1,04 |
| 106.638 | Microsoft Corp | 35.864.492 | 1,50 |
| 158.885 | Monolithic Power Systems Inc | 78.382.737 | 3,27 |
| 12.588.325 | Nokia OYJ ADR | 78.299.381 | 3,27 |
| 135.943 | Omnicell Inc | 24.529.555 | 1,02 |
| 131.756 | QUALCOMM Inc | 24.094.220 | 1,01 |
| 720.444 | ROBLOX Corp Class A | 74.321.003 | 3,10 |
| 119.989 | ServiceNow Inc | 77.886.060 | 3,25 |
| 353.625 | Snap Inc Class A | 16.630.984 | 0,69 |
| 125.133 | Synaptics Inc | 36.227.255 | 1,51 |
| 294.602 | Teradyne Inc | 48.176.265 | 2,01 |
| 291.994 | T-Mobile US Inc | 33.865.464 | 1,41 |
| 295.044 | Unity Software Inc | 42.188.342 | 1,76 |
| 96.807 | Universal Display Corp | 15.976.059 | 0,67 |
| 1.460.369 | Vertiv Holdings Co Class A | 36.465.414 | 1,52 |
| 630.757 | Wolfspeed Inc | 70.499.710 | 2,94 |
| 79.590 | Zscaler Inc | 25.574.655 | 1,07 |
| | Total dólar estadounidense | 1.479.759.200 | 61,77 |
| | Total valores de renta variable * | 2.328.090.567 | 97,18 |
| | Total inversiones | 2.328.090.567 | 97,18 |
Contratos de divisas a plazo 0,05% (31 de diciembre de 2020: 0,41%)
| Importe a percibir | Importe a pagar | Fecha de vencimiento | Contraparte | Contratos | Plusvalía latente USD | % del Patri- monio neto |
| --- | --- | --- | --- | --- | --- | --- |
| Clases AUD con cobertura | | | | | | |
| 606.946 AUD | 425.517 USD | 19/01/2022 | Goldman Sachs International | 1 | 15.784 | 0,00 |
| 259.568 AUD | 188.188 USD | 19/01/2022 | UBS AG | 1 | 540 | 0,00 |
| 5.058.698 AUD | 3.636.734 USD | 19/01/2022 | Westpac Banking Corp | 12 | 41.365 | 0,00 |
| 795.318 USD | 1.068.652 AUD | 19/01/2022 | Goldman Sachs International | 3 | 18.319 | 0,00 |
| 1.453.264 USD | 1.982.337 AUD | 19/01/2022 | Westpac Banking Corp | 15 | 11.941 | 0,00 |
112 NEUBERGER BERMAN INVESTMENT FUNDS PLC
CARTERA DE INVERSIONES CUENTAS | # 5G Connectivity – Schedule of Investments (Continued)
### Financial Assets at Fair Value through Profit or Loss (Continued)
| Number of Shares | Security Description | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- |
| | Equities 97.18% (31 December 2020: 95.39%) (continued) | | |
| | United States Dollar (continued) | | |
| 297,377 | Block Inc Class A | 48,029,359 | 2.01 |
| 194,510 | Cadence Design Systems Inc | 36,246,938 | 1.51 |
| 478,440 | Ciena Corp | 36,825,527 | 1.54 |
| 230,699 | Crowdstrike Holdings Inc Class A | 47,235,620 | 1.97 |
| 68,726 | Dexcom Inc | 36,902,426 | 1.54 |
| 121,563 | HubSpot Inc | 80,128,251 | 3.35 |
| 518,763 | II-VI Inc | 35,447,076 | 1.48 |
| 406,903 | Keysight Technologies Inc | 84,029,539 | 3.51 |
| 917,166 | Marvell Technology Inc | 80,242,853 | 3.35 |
| 85,111 | Masimo Corp | 24,918,799 | 1.04 |
| 106,638 | Microsoft Corp | 35,864,492 | 1.50 |
| 158,885 | Monolithic Power Systems Inc | 78,382,737 | 3.27 |
| 12,588,325 | Nokia OYJ ADR | 78,299,381 | 3.27 |
| 135,943 | Omnicell Inc | 24,529,555 | 1.02 |
| 131,756 | QUALCOMM Inc | 24,094,220 | 1.01 |
| 720,444 | ROBLOX Corp Class A | 74,321,003 | 3.10 |
| 119,989 | ServiceNow Inc | 77,886,060 | 3.25 |
| 353,625 | Snap Inc Class A | 16,630,984 | 0.69 |
| 125,133 | Synaptics Inc | 36,227,255 | 1.51 |
| 294,602 | Teradyne Inc | 48,176,265 | 2.01 |
| 291,994 | T-Mobile US Inc | 33,865,464 | 1.41 |
| 295,044 | Unity Software Inc | 42,188,342 | 1.76 |
| 96,807 | Universal Display Corp | 15,976,059 | 0.67 |
| 1,460,369 | Vertiv Holdings Co Class A | 36,465,414 | 1.52 |
| 630,757 | Wolfspeed Inc | 70,499,710 | 2.94 |
| 79,590 | Zscaler Inc | 25,574,655 | 1.07 |
| | Total United States Dollar | 1,479,759,200 | 61.77 |
| | Total Equities * | 2,328,090,567 | 97.18 |
| | Total Investments | 2,328,090,567 | 97.18 |
Forward Currency Contracts 0.05% (31 December 2020: 0.41%)
| Amount Receivable | Amount Payable | Maturity Date | Counterparty | Contracts | Unrealised Gain US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- | --- |
| AUD Hedged Classes | | | | | | |
| AUD 606,946 | US$ 425,517 | 19/01/2022 | Goldman Sachs International | 1 | 15,784 | 0.00 |
| AUD 259,568 | US$ 188,188 | 19/01/2022 | UBS AG | 1 | 540 | 0.00 |
| AUD 5,058,698 | US$ 3,636,734 | 19/01/2022 | Westpac Banking Corp | 12 | 41,365 | 0.00 |
| US$ 795,318 | AUD 1,068,652 | 19/01/2022 | Goldman Sachs International | 3 | 18,319 | 0.00 |
| US$ 1,453,264 | AUD 1,982,337 | 19/01/2022 | Westpac Banking Corp | 15 | 11,941 | 0.00 |
112 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | en | es |
DOLFIN4311 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Ultra Short Term Euro Bond – 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 71.41% (31 December 2020: 70.33%) (continued) | | | | |
| | Euro (continued) | | | | |
| 4,000,000 | AbbVie Inc* | 1.50% | 15/11/2023 | 4,122,592 | 0.36 |
| 1,300,000 | Abertis Infraestructuras Finance BV* | 2.63% | 29/12/2049 | 1,274,247 | 0.11 |
| 1,000,000 | Accor SA* | 2.63% | 29/12/2049 | 953,170 | 0.08 |
| 2,900,000 | ADLER Real Estate AG* | 1.50% | 17/04/2022 | 2,852,875 | 0.25 |
| 1,000,000 | ALD SA* | 0.00% | 23/02/2024 | 1,000,127 | 0.09 |
| 4,000,000 | ALD SA* | 0.38% | 18/07/2023 | 4,031,548 | 0.35 |
| 1,100,000 | ALD SA* | 0.38% | 19/10/2023 | 1,109,197 | 0.10 |
| 1,400,000 | Altice France SA* | 3.38% | 15/01/2028 | 1,365,308 | 0.12 |
| 11,000,000 | AMCO - Asset Management Co SpA** | 1.38% | 27/01/2025 | 11,275,210 | 0.97 |
| 1,500,000 | AMCO - Asset Management Co SpA* | 1.50% | 17/07/2023 | 1,534,218 | 0.13 |
| 1,500,000 | American Tower Corp* | 0.40% | 15/02/2027 | 1,477,883 | 0.13 |
| 1,800,000 | American Tower Corp* | 1.38% | 04/04/2025 | 1,861,727 | 0.16 |
| 700,000 | American Tower Corp* | 1.95% | 22/05/2026 | 742,666 | 0.06 |
| 3,000,000 | Aroundtown SA* | 0.38% | 15/04/2027 | 2,930,457 | 0.25 |
| 700,000 | Aroundtown SA* | 0.63% | 09/07/2025 | 708,074 | 0.06 |
| 1,000,000 | Aroundtown SA* | 3.38% | 29/12/2049 | 1,035,805 | 0.09 |
| 5,000,000 | Arval Service Lease SA* | 0.00% | 30/09/2024 | 5,005,425 | 0.43 |
| 1,000,000 | Asahi Group Holdings Ltd* | 0.01% | 19/04/2024 | 1,000,831 | 0.09 |
| 400,000 | Asahi Group Holdings Ltd* | 0.16% | 23/10/2024 | 401,284 | 0.03 |
| 2,400,000 | Ashland Services BV** | 2.00% | 30/01/2028 | 2,450,530 | 0.21 |
| 12,900,000 | Athene Global Funding* | 0.37% | 10/09/2026 | 12,802,012 | 1.10 |
| 3,000,000 | Athene Global Funding* | 1.88% | 23/06/2023 | 3,084,390 | 0.27 |
| 1,700,000 | Atrium European Real Estate Ltd* | 3.63% | 29/12/2049 | 1,543,175 | 0.13 |
| 1,500,000 | Autostrade per l'Italia SpA* | 2.00% | 04/12/2028 | 1,556,408 | 0.13 |
| 1,400,000 | Balder Finland OYJ* | 0.01% | 14/06/2023 | 1,401,452 | 0.12 |
| 1,000,000 | Banco de Sabadell SA* | 0.63% | 07/11/2025 | 1,004,005 | 0.09 |
| 1,100,000 | Banco Santander SA* | 0.00% | 11/02/2025 | 1,107,315 | 0.10 |
| 7,000,000 | Bank of America Corp* | 0.41% | 22/09/2026 | 7,123,759 | 0.61 |
| 5,700,000 | Bank of America Corp* | 0.81% | 09/05/2026 | 5,804,750 | 0.50 |
| 2,000,000 | Bank of America Corp* | 1.38% | 07/02/2025 | 2,057,104 | 0.18 |
| 4,500,000 | Banque Federative du Credit Mutuel SA* | 0.01% | 07/03/2025 | 4,492,130 | 0.39 |
| 12,000,000 | Banque Federative du Credit Mutuel SA* | 0.01% | 11/05/2026 | 11,870,484 | 1.02 |
| 3,510,000 | Banque Federative du Credit Mutuel SA* | 0.12% | 29/12/2049 | 3,374,865 | 0.29 |
| 6,800,000 | Banque Federative du Credit Mutuel SA* | 0.20% | 29/12/2049 | 6,531,400 | 0.56 |
| 1,500,000 | Banque Federative du Credit Mutuel SA* | 0.75% | 17/07/2025 | 1,532,445 | 0.13 |
| 3,600,000 | Barclays Bank Plc* | 0.11% | 29/12/2049 | 3,471,106 | 0.30 |
| 5,600,000 | Barclays Plc* | 0.75% | 09/06/2025 | 5,679,834 | 0.49 |
| 1,000,000 | Barclays Plc* | 1.38% | 24/01/2026 | 1,032,740 | 0.09 |
| 15,000,000 | Barclays Plc* | 3.38% | 02/04/2025 | 16,092,465 | 1.39 |
| 5,700,000 | Bayer AG* | 0.05% | 12/01/2025 | 5,687,813 | 0.49 |
448 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | # Ultra Short Term Euro Bond – 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 71,41% (31 de diciembre de 2020: 70,33%) (cont.) | | | | |
| | Euro (cont.) | | | | |
| 4.000.000 | AbbVie Inc* | 1,50% | 15/11/2023 | 4.122.592 | 0,36 |
| 1.300.000 | Abertis Infraestructuras Finance BV* | 2,63% | 29/12/2049 | 1.274.247 | 0,11 |
| 1.000.000 | Accor SA* | 2,63% | 29/12/2049 | 953.170 | 0,08 |
| 2.900.000 | ADLER Real Estate AG* | 1,50% | 17/04/2022 | 2.852.875 | 0,25 |
| 1.000.000 | ALD SA* | 0,00% | 23/02/2024 | 1.000.127 | 0,09 |
| 4.000.000 | ALD SA* | 0,38% | 18/07/2023 | 4.031.548 | 0,35 |
| 1.100.000 | ALD SA* | 0,38% | 19/10/2023 | 1.109.197 | 0,10 |
| 1.400.000 | Altice France SA* | 3,38% | 15/01/2028 | 1.365.308 | 0,12 |
| 11.000.000 | AMCO - Asset Management Co SpA** | 1,38% | 27/01/2025 | 11.275.210 | 0,97 |
| 1.500.000 | AMCO - Asset Management Co SpA* | 1,50% | 17/07/2023 | 1.534.218 | 0,13 |
| 1.500.000 | American Tower Corp* | 0,40% | 15/02/2027 | 1.477.883 | 0,13 |
| 1.800.000 | American Tower Corp* | 1,38% | 04/04/2025 | 1.861.727 | 0,16 |
| 700.000 | American Tower Corp* | 1,95% | 22/05/2026 | 742.666 | 0,06 |
| 3.000.000 | Aroundtown SA* | 0,38% | 15/04/2027 | 2.930.457 | 0,25 |
| 700.000 | Aroundtown SA* | 0,63% | 09/07/2025 | 708.074 | 0,06 |
| 1.000.000 | Aroundtown SA* | 3,38% | 29/12/2049 | 1.035.805 | 0,09 |
| 5.000.000 | Arval Service Lease SA* | 0,00% | 30/09/2024 | 5.005.425 | 0,43 |
| 1.000.000 | Asahi Group Holdings Ltd* | 0,01% | 19/04/2024 | 1.000.831 | 0,09 |
| 400.000 | Asahi Group Holdings Ltd* | 0,16% | 23/10/2024 | 401.284 | 0,03 |
| 2.400.000 | Ashland Services BV** | 2,00% | 30/01/2028 | 2.450.530 | 0,21 |
| 12.900.000 | Athene Global Funding* | 0,37% | 10/09/2026 | 12.802.012 | 1,10 |
| 3.000.000 | Athene Global Funding* | 1,88% | 23/06/2023 | 3.084.390 | 0,27 |
| 1.700.000 | Atrium European Real Estate Ltd* | 3,63% | 29/12/2049 | 1.543.175 | 0,13 |
| 1.500.000 | Autostrade per l'Italia SpA* | 2,00% | 04/12/2028 | 1.556.408 | 0,13 |
| 1.400.000 | Balder Finland OYJ* | 0,01% | 14/06/2023 | 1.401.452 | 0,12 |
| 1.000.000 | Banco de Sabadell SA* | 0,63% | 07/11/2025 | 1.004.005 | 0,09 |
| 1.100.000 | Banco Santander SA* | 0,00% | 11/02/2025 | 1.107.315 | 0,10 |
| 7.000.000 | Bank of America Corp* | 0,41% | 22/09/2026 | 7.123.759 | 0,61 |
| 5.700.000 | Bank of America Corp* | 0,81% | 09/05/2026 | 5.804.750 | 0,50 |
| 2.000.000 | Bank of America Corp* | 1,38% | 07/02/2025 | 2.057.104 | 0,18 |
| 4.500.000 | Banque Federative du Credit Mutuel SA* | 0,01% | 07/03/2025 | 4.492.130 | 0,39 |
| 12.000.000 | Banque Federative du Credit Mutuel SA* | 0,01% | 11/05/2026 | 11.870.484 | 1,02 |
| 3.510.000 | Banque Federative du Credit Mutuel SA* | 0,12% | 29/12/2049 | 3.374.865 | 0,29 |
| 6.800.000 | Banque Federative du Credit Mutuel SA* | 0,20% | 29/12/2049 | 6.531.400 | 0,56 |
| 1.500.000 | Banque Federative du Credit Mutuel SA* | 0,75% | 17/07/2025 | 1.532.445 | 0,13 |
| 3.600.000 | Barclays Bank Plc* | 0,11% | 29/12/2049 | 3.471.106 | 0,30 |
| 5.600.000 | Barclays Plc* | 0,75% | 09/06/2025 | 5.679.834 | 0,49 |
| 1.000.000 | Barclays Plc* | 1,38% | 24/01/2026 | 1.032.740 | 0,09 |
| 15.000.000 | Barclays Plc* | 3,38% | 02/04/2025 | 16.092.465 | 1,39 |
| 5.700.000 | Bayer AG* | 0,05% | 12/01/2025 | 5.687.813 | 0,49 |
448 NEUBERGER BERMAN INVESTMENT FUNDS PLC
CARTERA DE INVERSIONES CUENTAS | # Ultra Short Term Euro Bond – 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 71.41% (31 December 2020: 70.33%) (continued) | | | | |
| | Euro (continued) | | | | |
| 4,000,000 | AbbVie Inc* | 1.50% | 15/11/2023 | 4,122,592 | 0.36 |
| 1,300,000 | Abertis Infraestructuras Finance BV* | 2.63% | 29/12/2049 | 1,274,247 | 0.11 |
| 1,000,000 | Accor SA* | 2.63% | 29/12/2049 | 953,170 | 0.08 |
| 2,900,000 | ADLER Real Estate AG* | 1.50% | 17/04/2022 | 2,852,875 | 0.25 |
| 1,000,000 | ALD SA* | 0.00% | 23/02/2024 | 1,000,127 | 0.09 |
| 4,000,000 | ALD SA* | 0.38% | 18/07/2023 | 4,031,548 | 0.35 |
| 1,100,000 | ALD SA* | 0.38% | 19/10/2023 | 1,109,197 | 0.10 |
| 1,400,000 | Altice France SA* | 3.38% | 15/01/2028 | 1,365,308 | 0.12 |
| 11,000,000 | AMCO - Asset Management Co SpA** | 1.38% | 27/01/2025 | 11,275,210 | 0.97 |
| 1,500,000 | AMCO - Asset Management Co SpA* | 1.50% | 17/07/2023 | 1,534,218 | 0.13 |
| 1,500,000 | American Tower Corp* | 0.40% | 15/02/2027 | 1,477,883 | 0.13 |
| 1,800,000 | American Tower Corp* | 1.38% | 04/04/2025 | 1,861,727 | 0.16 |
| 700,000 | American Tower Corp* | 1.95% | 22/05/2026 | 742,666 | 0.06 |
| 3,000,000 | Aroundtown SA* | 0.38% | 15/04/2027 | 2,930,457 | 0.25 |
| 700,000 | Aroundtown SA* | 0.63% | 09/07/2025 | 708,074 | 0.06 |
| 1,000,000 | Aroundtown SA* | 3.38% | 29/12/2049 | 1,035,805 | 0.09 |
| 5,000,000 | Arval Service Lease SA* | 0.00% | 30/09/2024 | 5,005,425 | 0.43 |
| 1,000,000 | Asahi Group Holdings Ltd* | 0.01% | 19/04/2024 | 1,000,831 | 0.09 |
| 400,000 | Asahi Group Holdings Ltd* | 0.16% | 23/10/2024 | 401,284 | 0.03 |
| 2,400,000 | Ashland Services BV** | 2.00% | 30/01/2028 | 2,450,530 | 0.21 |
| 12,900,000 | Athene Global Funding* | 0.37% | 10/09/2026 | 12,802,012 | 1.10 |
| 3,000,000 | Athene Global Funding* | 1.88% | 23/06/2023 | 3,084,390 | 0.27 |
| 1,700,000 | Atrium European Real Estate Ltd* | 3.63% | 29/12/2049 | 1,543,175 | 0.13 |
| 1,500,000 | Autostrade per l'Italia SpA* | 2.00% | 04/12/2028 | 1,556,408 | 0.13 |
| 1,400,000 | Balder Finland OYJ* | 0.01% | 14/06/2023 | 1,401,452 | 0.12 |
| 1,000,000 | Banco de Sabadell SA* | 0.63% | 07/11/2025 | 1,004,005 | 0.09 |
| 1,100,000 | Banco Santander SA* | 0.00% | 11/02/2025 | 1,107,315 | 0.10 |
| 7,000,000 | Bank of America Corp* | 0.41% | 22/09/2026 | 7,123,759 | 0.61 |
| 5,700,000 | Bank of America Corp* | 0.81% | 09/05/2026 | 5,804,750 | 0.50 |
| 2,000,000 | Bank of America Corp* | 1.38% | 07/02/2025 | 2,057,104 | 0.18 |
| 4,500,000 | Banque Federative du Credit Mutuel SA* | 0.01% | 07/03/2025 | 4,492,130 | 0.39 |
| 12,000,000 | Banque Federative du Credit Mutuel SA* | 0.01% | 11/05/2026 | 11,870,484 | 1.02 |
| 3,510,000 | Banque Federative du Credit Mutuel SA* | 0.12% | 29/12/2049 | 3,374,865 | 0.29 |
| 6,800,000 | Banque Federative du Credit Mutuel SA* | 0.20% | 29/12/2049 | 6,531,400 | 0.56 |
| 1,500,000 | Banque Federative du Credit Mutuel SA* | 0.75% | 17/07/2025 | 1,532,445 | 0.13 |
| 3,600,000 | Barclays Bank Plc* | 0.11% | 29/12/2049 | 3,471,106 | 0.30 |
| 5,600,000 | Barclays Plc* | 0.75% | 09/06/2025 | 5,679,834 | 0.49 |
| 1,000,000 | Barclays Plc* | 1.38% | 24/01/2026 | 1,032,740 | 0.09 |
| 15,000,000 | Barclays Plc* | 3.38% | 02/04/2025 | 16,092,465 | 1.39 |
| 5,700,000 | Bayer AG* | 0.05% | 12/01/2025 | 5,687,813 | 0.49 |
448 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | en | es |
DOLFIN4312 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The UCITS may invest up to 100% of its assets in:
- Money market instruments, whether denominated in euros or not, traded on a regulated market within the meaning of Directive 2004/39/EC or traded on another market of a Member State that is regulated, operates regularly, is recognised and open to the public, or traded on another third market that is regulated, operates regularly, is recognised and open to the public provided that the choice of market has been approved by the competent authorities (or provided for by the law or the fund rules or by the documents of incorporation of the Investment Company);
- Money market instruments referred to in Article 50 (1) (h) of Directive 2009/65/EC: In particular:
- Certificates of deposit;
- Short term or medium term negotiable securities (including Euro Medium Term Notes indexed on short term references and Euro Commercial Papers);
- Treasury notes (fixed rate and/or annual rate);
- Commercial paper;The selected financial instruments (such as bonds) may be fixed, floating, adjustable or indexed rate of legal maturity at issuance of 397 days or less or with a residual maturity of 397 days or less. | # El OICVM puede invertir hasta el 100% de su patrimonio en:
- Instrumentos del mercado monetario, denominados o no en euros, negociados en un mercado regulado en el sentido de la Directiva 2004/39/CE o negociados en otro mercado de un Estado miembro, que esté regulado, opere regularmente y esté reconocido y abierto al público, o negociado en otro mercado tercero, que esté regulado, opere periódicamente y esté reconocido y abierto al público, siempre y cuando la elección del mercado haya sido aprobada por las autoridades competentes (o esté prevista por la ley o el reglamento del fondo o por los documentos constitutivos de la sociedad de inversión);
- Instrumentos del mercado monetario contemplados en la letra h) del apartado 1 del artículo 50 de la Directiva 2009/65/CE:En particular:
- Los Certificados de Depósito;
- Títulos negociables a corto o medio plazo (entre los que se incluyen Euro Medium Term Notes indexadas sobre referencias a corto plazo y Euro Commercial Papers);
- Letras del Tesoro (de tipo fijo y/o anual);
- Pagarés de empresa;Los instrumentos financieros seleccionados (como los bonos) pueden ser a tipo fijo o a tipo variable o revisable o indexados de vencimiento legal en el momento de emisión de 397 días o menos o de vencimiento residual de 397 días o menos. | # The UCITS may invest up to 100% of its assets in:
- Money market instruments, whether denominated in euros or not, traded on a regulated market within the meaning of Directive 2004/39/EC or traded on another market of a Member State that is regulated, operates regularly, is recognised and open to the public, or traded on another third market that is regulated, operates regularly, is recognised and open to the public provided that the choice of market has been approved by the competent authorities (or provided for by the law or the fund rules or by the documents of incorporation of the Investment Company);
- Money market instruments referred to in Article 50 (1) (h) of Directive 2009/65/EC: In particular:
- Certificates of deposit;
- Short term or medium term negotiable securities (including Euro Medium Term Notes indexed on short term references and Euro Commercial Papers);
- Treasury notes (fixed rate and/or annual rate);
- Commercial paper;The selected financial instruments (such as bonds) may be fixed, floating, adjustable or indexed rate of legal maturity at issuance of 397 days or less or with a residual maturity of 397 days or less. | en | es |
DOLFIN4323 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The strategy's portfolio management team relies on company reports, non-financial sources, discussions with company management and data from our data provider Sustainalytics to determine, for each criterion, a justification and a score ranging from -5 to +5, on an absolute basis. In addition, the portfolio management team uses Lazard's materiality mapping process to determine the materiality of these criteria to the company depending on its sector.
We believe ESG has an impact on performance at several levels. Companies that demonstrate an advanced understanding and management of ESG issues tend to be better positioned to meet the expectations of new generations of consumers, policy makers and investors, resulting in better performance. We do not prohibit investment in specific sectors, but rather avoid the riskiest companies in all sectors. Our ESG analysis enables us to identify companies where poor management of several ESG factors can have a significant negative impact on financial performance, helping us avoid the riskiest ones.
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##### USE OF FINANCIAL L INSTRUMENTS MANAGED BY THE MANAGEMENT COMPANY OR AN AFFILIATED COMPANY | El equipo de gestión de cartera de la estrategia se basa en los informes de las empresas, las fuentes extrafinancieras, las discusiones con la dirección de las empresas y los datos de nuestro proveedor de datos Sustainalytics para determinar, para cada criterio, una justificación y una puntuación que va de -5 a +5, sobre una base absoluta. Además, el equipo de gestión de la cartera utiliza el proceso de cartografía de la materialidad de Lazard para determinar la materialidad de estos criterios a la empresa en función de su sector.
Creemos que la ASG tiene un impacto en el rendimiento en varios niveles. Las empresas que demuestran una comprensión y una gestión avanzadas de las cuestiones relacionadas con la ASG tienden a posicionarse mejor para responder a las expectativas de las nuevas generaciones de consumidores, responsables políticos e inversores, lo que se traduce en mejores resultados. No prohibimos la inversión en sectores específicos, sino que más bien evitamos las empresas más arriesgadas de todos los sectores. Nuestro análisis ASG nos permite identificar las empresas para las que una mala gestión de varios factores ASG puede tener un impacto negativo importante en el rendimiento financiero, y nos ayuda así a evitar los más arriesgados.
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###### UTILIZACIÓN DE INSTRUMENTOS FINANCIEROS GESTIONADOS POR LA SOCIEDAD GESTORA O POR UNA SOCIEDAD VINCULADA | The strategy's portfolio management team relies on company reports, non-financial sources, discussions with company management and data from our data provider Sustainalytics to determine, for each criterion, a justification and a score ranging from -5 to +5, on an absolute basis. In addition, the portfolio management team uses Lazard's materiality mapping process to determine the materiality of these criteria to the company depending on its sector.
We believe ESG has an impact on performance at several levels. Companies that demonstrate an advanced understanding and management of ESG issues tend to be better positioned to meet the expectations of new generations of consumers, policy makers and investors, resulting in better performance. We do not prohibit investment in specific sectors, but rather avoid the riskiest companies in all sectors. Our ESG analysis enables us to identify companies where poor management of several ESG factors can have a significant negative impact on financial performance, helping us avoid the riskiest ones.
-
##### USE OF FINANCIAL L INSTRUMENTS MANAGED BY THE MANAGEMENT COMPANY OR AN AFFILIATED COMPANY | en | es |
DOLFIN4338 | 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-JSS CHF Acc between 30/09/2021-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 9,477
-5.2%
CHF 9,639
-0.7% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I-JSS CHF Acc entre 30/09/2021-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 477 CHF
-5,2%
9 639 CHF
-0,7% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I-JSS CHF Acc between 30/09/2021-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 9,477
-5.2%
CHF 9,639
-0.7% | en | es |
DOLFIN4342 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund has a focus on a single or narrow range of industry, sector or types of
Contribution Score meeting the ESG criteria are then selected for inclusion in the index. The index follows a market capitalization- weighting approach and individual securities are capped at 4.5% at each semi-annual rebalancing. The index is calculated on a total return net basis. This means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced semi-annually and may also be rebalanced at other times in order to reflect corporate activity such as mergers and acquisitions. The index is calculated in US Dollars on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies and performance may not reflect a rise in broader markets. The ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager and sub-portfolio manager are not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is solely relying on the activities conducted by and information provided by the administrator of the index or other data providers for the ESG screening. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index. The fund is exposed to less economically developed economies (known as emerging markets) which involve greater risks than well developed economies. Political unrest and economic downturn may be more likely and will affect the value of your investment. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El fondo se centra en un único sector, industria o tipo de empresa, o en un limitado
se seleccionan un máximo de 100 valores con las mayores puntuaciones de intensidad y de contribución media que cumplan los criterios ESG para su inclusión en el índice. El índice aplica un enfoque de ponderación por capitalización de mercado y se establece un límite para cada valor del 4,5 % en cada reajuste semestral. El índice se calcula con una base de rentabilidad total neta. Esto supone que todos los dividendos y repartos de las empresas se reinviertan en las acciones tras descontar los impuestos. El índice se revisa y reajusta semestralmente y también podrá ajustarse en otros momentos con el fin de reflejar actividades corporativas como fusiones y adquisiciones. El índice se calcula diariamente en dólares estadounidenses. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
grupo de ellos, por lo que la evolución podría no reflejar las subidas en mercados más amplios. Durante el proceso de selección del índice se aplican criterios de cribado ESG para excluir valores emitidos por empresas que guarden relación con ciertas actividades. El gestor de inversiones y el gestor secundario de la cartera no son responsables de supervisar el proceso de cribado ni de confirmar que todos los valores que resulten de él hayan sido emitidos por empresas con unos estándares ESG adecuados. Para el cribado por ESG, la sociedad únicamente se basa en las actividades llevadas a cabo por el administrador del índice u otros proveedores de datos y en la información que estos proporcionen. La información sobre ESG de otros proveedores de datos puede estar incompleta, ser imprecisa o no estar disponible. En consecuencia, existe el riesgo de que el administrador del índice pueda valorar incorrectamente un valor o un emisor e incluir o excluir erróneamente un valor en el índice. El fondo está expuesto a mercados menos desarrollados económicamente (denominados mercados emergentes), que entrañan mayores riesgos que las economías muy desarrolladas. La inestabilidad política y la crisis económica son más probables y afectarán al valor de su inversión. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund has a focus on a single or narrow range of industry, sector or types of
Contribution Score meeting the ESG criteria are then selected for inclusion in the index. The index follows a market capitalization- weighting approach and individual securities are capped at 4.5% at each semi-annual rebalancing. The index is calculated on a total return net basis. This means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced semi-annually and may also be rebalanced at other times in order to reflect corporate activity such as mergers and acquisitions. The index is calculated in US Dollars on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies and performance may not reflect a rise in broader markets. The ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager and sub-portfolio manager are not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is solely relying on the activities conducted by and information provided by the administrator of the index or other data providers for the ESG screening. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index. The fund is exposed to less economically developed economies (known as emerging markets) which involve greater risks than well developed economies. Political unrest and economic downturn may be more likely and will affect the value of your investment. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN4346 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Class A Shares and Class A Hedged Shares are available to all investors. Class I Shares and Class I Hedged Shares are subject to higher initial investment minimums than Class A Shares and are only available to investors whose investments meet those minimums or who are otherwise approved by the Fund. Class S Shares and Class S Hedged Shares are only available to investors who are approved by the Fund. Class S Shares and Class S Hedged Shares will only be available until the total net assets of the Sub-Fund reaches or is greater than USD 100,000,000, or any other amount as determined by the Fund (the “Seed Investment Limit”). Upon attaining the Seed Investment Limit, Class S Shares and Class S Hedged Shares may be closed to new investors at the discretion of the Fund.
Class A, Class A Hedged, Class I, Class I Hedged, Class S and Class S Hedged Shares are available in the base currency of the Sub-Fund as well as such other currencies as may be determined by the Directors from time to time.
Although it does not currently intend to do so, the Board of Directors, in its entire discretion, may seek to reduce currency risk from portfolio holdings denominated in local currency by hedging such risk to USD at the Sub-Fund level. The Board of Directors may also seek, in its entire discretion, to reduce currency risk of non USD denominated share classes by hedging USD to the currency of a relevant share class. Any such hedging may be, in full or in part, and may be active or passive. Moreover, the Board of Directors shall have no obligation to hedge. The costs and effects of any such hedging will be reflected in the NAV and in the performance of these classes. With respect to Hedged Share Classes of the Sub-Fund, the Board of Directors seeks to reduce currency risk of each Hedged Share Class by hedging exposure to fluctuations of the Predominant Currency of the Sub-Fund, the Japanese yen (“JPY”), against the Class Currency of the relevant Hedged Share Class, through foreign exchange transactions. For example, Class A, I and S Hedged Shares (USD) of the Sub-Fund will be hedged against JPY to reduce the effect of exchange rate fluctuations between JPY and USD; Class A, I and S Hedged Shares (GBP) of the Sub-Fund will be hedged against JPY to reduce the effect of exchange rate fluctuations between JPY and GBP; and Class A, I and S Hedged Shares (EUR) will be hedged against JPY to reduce the effect of exchange rate fluctuations between JPY and EUR. To achieve this hedging objective, the Investment Manager may, at its absolute discretion, engage, for the exclusive account of and at the cost of each Hedged Share Class, in foreign exchange transactions. The costs and effects of any such hedging will be reflected in the NAV and in the performance of the relevant Classes.
These Classes of Shares may be offered as accumulation (Acc) or distribution (Dist) Shares, in the discretion of the Board of Directors.
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##### Offer of Shares | Las Acciones de Clase A y Acciones de Clase A cubiertas están disponibles para todos los inversores. Las Acciones de Clase I y las Acciones de Clase I cubiertas están sujetas a una inversión mínima inicial más alta que las Acciones de Clase A y están disponibles exclusivamente para inversores cuyas inversiones satisfagan ese mínimo o aprobados de otro modo por el Fondo. Las Acciones de Clase S y las Acciones de Clase S cubiertas están disponibles exclusivamente para inversores aprobados por el Fondo. Las Acciones de Clase S y las Acciones de Clase S cubiertas únicamente estarán disponibles hasta que el patrimonio neto total del Subfondo alcance o supere los 100.000.000 USD o cualquier otro importe que fije el Fondo (el «Límite de la inversión de lanzamiento»). Al alcanzar el Límite de la inversión de lanzamiento, las Acciones de Clase S y las Acciones de Clase S cubiertas podrán dejar de estar disponibles para nuevos inversores según el criterio del Fondo.
Las Acciones de Clase A, Clase A cubiertas, Clase I, Clase I cubiertas, Clase S y Clase S cubiertas están disponibles en la moneda de cuenta del Subfondo, así como en otras monedas que determine oportunamente el Consejo de administración.
Aunque en la actualidad no prevé hacerlo, el Consejo de administración, según su exclusivo criterio, podría tratar de reducir el riesgo de divisas de las posiciones de la cartera denominadas en moneda local cubriendo dicho riesgo frente al USD en cada Subfondo. Conforme a su criterio absoluto, el Consejo de administración también podrá tratar de reducir el riesgo de divisas de las clases de acciones denominadas en monedas distintas al USD cubriendo esta moneda frente a la divisa de la correspondiente clase de acciones. Una cobertura de este tipo puede ser total o parcial, así como activa o pasiva. Por otra parte, el Consejo de administración no estará obligado a realizar operaciones de cobertura. Los costes y los efectos de ese tipo de cobertura se reflejarán en el Valor liquidativo y en la rentabilidad de estas clases. Con respecto a las Clases de Acciones cubiertas del Subfondo, es objetivo del Consejo de administración reducir el riesgo de divisas de cada una de dichas clases protegiendo su exposición a las fluctuaciones de la Moneda predominante del Subfondo, el yen japonés («JPY»), frente a la Moneda de la Clase de Acciones cubiertas correspondiente, mediante operaciones en divisas. Por ejemplo, las Acciones cubiertas de Clases A, I y S (USD) del Subfondo se cubrirán frente al JPY para reducir el efecto de las fluctuaciones de los tipos de cambio entre el JPY y el USD; las Acciones cubiertas de Clases A, I y S (GBP) del Subfondo se cubrirán frente al JPY para reducir el efecto de las fluctuaciones de los tipos de cambio entre el JPY y la GBP; y las Acciones cubiertas de Clases A, I y S (EUR) se cubrirán frente al JPY para reducir el efecto de las fluctuaciones de los tipos de cambio entre el JPY y el EUR. Para lograr este objetivo de cobertura, la Gestora de inversiones podrá, según su exclusivo criterio, llevar a cabo, por cuenta exclusiva y a costa de cada Clase de Acciones cubiertas, operaciones en divisas. Los costes y los efectos de ese tipo de cobertura se reflejarán en el Valor liquidativo y en la rentabilidad de las Clases correspondientes.
Conforme al criterio del Consejo de administración, estas Clases de Acciones pueden ofrecerse como Acciones de capitalización (Acc) o de reparto (Dist).
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##### Oferta de Acciones | Class A Shares and Class A Hedged Shares are available to all investors. Class I Shares and Class I Hedged Shares are subject to higher initial investment minimums than Class A Shares and are only available to investors whose investments meet those minimums or who are otherwise approved by the Fund. Class S Shares and Class S Hedged Shares are only available to investors who are approved by the Fund. Class S Shares and Class S Hedged Shares will only be available until the total net assets of the Sub-Fund reaches or is greater than USD 100,000,000, or any other amount as determined by the Fund (the “Seed Investment Limit”). Upon attaining the Seed Investment Limit, Class S Shares and Class S Hedged Shares may be closed to new investors at the discretion of the Fund.
Class A, Class A Hedged, Class I, Class I Hedged, Class S and Class S Hedged Shares are available in the base currency of the Sub-Fund as well as such other currencies as may be determined by the Directors from time to time.
Although it does not currently intend to do so, the Board of Directors, in its entire discretion, may seek to reduce currency risk from portfolio holdings denominated in local currency by hedging such risk to USD at the Sub-Fund level. The Board of Directors may also seek, in its entire discretion, to reduce currency risk of non USD denominated share classes by hedging USD to the currency of a relevant share class. Any such hedging may be, in full or in part, and may be active or passive. Moreover, the Board of Directors shall have no obligation to hedge. The costs and effects of any such hedging will be reflected in the NAV and in the performance of these classes. With respect to Hedged Share Classes of the Sub-Fund, the Board of Directors seeks to reduce currency risk of each Hedged Share Class by hedging exposure to fluctuations of the Predominant Currency of the Sub-Fund, the Japanese yen (“JPY”), against the Class Currency of the relevant Hedged Share Class, through foreign exchange transactions. For example, Class A, I and S Hedged Shares (USD) of the Sub-Fund will be hedged against JPY to reduce the effect of exchange rate fluctuations between JPY and USD; Class A, I and S Hedged Shares (GBP) of the Sub-Fund will be hedged against JPY to reduce the effect of exchange rate fluctuations between JPY and GBP; and Class A, I and S Hedged Shares (EUR) will be hedged against JPY to reduce the effect of exchange rate fluctuations between JPY and EUR. To achieve this hedging objective, the Investment Manager may, at its absolute discretion, engage, for the exclusive account of and at the cost of each Hedged Share Class, in foreign exchange transactions. The costs and effects of any such hedging will be reflected in the NAV and in the performance of the relevant Classes.
These Classes of Shares may be offered as accumulation (Acc) or distribution (Dist) Shares, in the discretion of the Board of Directors.
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##### Offer of Shares | en | es |
DOLFIN4347 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs at entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 1.0% of the amount invested. This is the maximum amount you could be required to pay. The person selling you the product will inform you of the actual costs. | Up to 100 € |
| Exit costs | We do not charge exit costs. | 0 € |
| Recurring costs incurred each year | |
| Management fees and other administrative and operating costs | 1.2% of the value of your investment per year. This estimate is based on actual costs over the past year. | 122 € |
| Transaction costs | 0.0% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on how much we buy and sell. | 0 € |
| Incidental costs incurred under specific conditions | |
| Performance-related fees | There are no performance fees for this product. | 0 € | | | Costes únicos de entrada o salida | Si sale después de 1 año |
| --- | --- |
| Costes de entrada | 1,0% del importe invertido. Se trata de la cantidad máxima que se le podría cobrar. La persona que le venda el producto le comunicará cuánto se le cobrará realmente. | Hasta 100 € |
| Costes de salida | No cargamos costes de salida. | 0 € |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,2% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 122 € |
| Costes de operación | 0,0% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 0 € |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | 0 € | | | One-off costs at entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 1.0% of the amount invested. This is the maximum amount you could be required to pay. The person selling you the product will inform you of the actual costs. | Up to 100 € |
| Exit costs | We do not charge exit costs. | 0 € |
| Recurring costs incurred each year | |
| Management fees and other administrative and operating costs | 1.2% of the value of your investment per year. This estimate is based on actual costs over the past year. | 122 € |
| Transaction costs | 0.0% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on how much we buy and sell. | 0 € |
| Incidental costs incurred under specific conditions | |
| Performance-related fees | There are no performance fees for this product. | 0 € | | en | es |
DOLFIN4365 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# RISKS
CAPITAL: Investment markets are subject to economic, regulatory, market sentiment and political risks. Before investing, all investors should consider the risks that may affect their capital. The value of your investment may become worth more or less than at the time of the original investment. The Fund may experience a high volatility from time to time. CONCENTRATION: Concentration of investments within securities, sectors or industries or geographical regions may affect performance. CURRENCY: The value of the Fund may be affected by changes in currency exchange rates. Unhedged currency risk may subject the Fund to significant volatility. EQUITIES: Investments may be volatile and may fluctuate in accordance with market conditions and the performance of individual companies or the broader equity market. HEDGING: Any hedging strategy using derivatives may not achieve a perfect hedge. MANAGER: Investment performance depends on the investment management team and its investment strategies. If the strategies do not perform as expected, if opportunities to implement them do not arise or if the team does not implement its investment strategies successfully, then a fund may underperform or experience losses. SMALL AND MID-CAP COMPANIES: Small and mid-cap companies’ valuations may be more volatile than those of large-cap companies. Their stocks may also be less liquid. Please refer to the Fund offering documents for additional information on the risks associated with investing. | # RIESGOS
CAPITAL: Los mercados de inversión están sujetos a riesgos económicos, regulatorios, políticos y de confianza de mercado. Antes de invertir, todos los inversores deben considerar los riesgos que pueden afectar a su capital. El valor de su inversión puede pasar a ser mayor o menor con respecto al momento de la inversión original. El fondo puede experimentar una volatilidad elevada ocasionalmente. CONCENTRACIÓN: La concentración de las inversiones en valores, sectores o industrias, o regiones geográficas puede afectar a la rentabilidad. DIVISAS: El valor del fondo puede verse afectado por las variaciones de los tipos de cambio. El riesgo cambiario no cubierto puede someter al fondo a una volatilidad significativa. RENTA VARIABLE: Las inversiones pueden ser volátiles y fluctuar en función de las condiciones del mercado y del desempeño de cada compañía o del mercado de renta variable en su conjunto. COBERTURA: Cualquier estrategia de cobertura que utilice derivados podría no lograr una cobertura perfecta. GESTIÓN: El desempeño de la inversión depende del equipo de gestión de inversiones y de sus estrategias de inversión. Si las estrategias no funcionan como se espera, si no surgen oportunidades para aplicarlas, o si el equipo no aplica sus estrategias de inversión con éxito, el fondo podría obtener una rentabilidad por debajo de la del índice de referencia o sufrir pérdidas. COMPAÑÍAS DE PEQUEÑA Y MEDIANA CAPITALIZACIÓN: Las valoraciones de compañías de pequeña y mediana capitalización pueden ser más volátiles que las de las compañías de gran capitalización. Asimismo, sus acciones pueden ser menos líquidas. Consulte los documentos de oferta del fondo para obtener información adicional sobre los riesgos asociados con una inversión en el mismo. | # RISKS
CAPITAL: Investment markets are subject to economic, regulatory, market sentiment and political risks. Before investing, all investors should consider the risks that may affect their capital. The value of your investment may become worth more or less than at the time of the original investment. The Fund may experience a high volatility from time to time. CONCENTRATION: Concentration of investments within securities, sectors or industries or geographical regions may affect performance. CURRENCY: The value of the Fund may be affected by changes in currency exchange rates. Unhedged currency risk may subject the Fund to significant volatility. EQUITIES: Investments may be volatile and may fluctuate in accordance with market conditions and the performance of individual companies or the broader equity market. HEDGING: Any hedging strategy using derivatives may not achieve a perfect hedge. MANAGER: Investment performance depends on the investment management team and its investment strategies. If the strategies do not perform as expected, if opportunities to implement them do not arise or if the team does not implement its investment strategies successfully, then a fund may underperform or experience losses. SMALL AND MID-CAP COMPANIES: Small and mid-cap companies’ valuations may be more volatile than those of large-cap companies. Their stocks may also be less liquid. Please refer to the Fund offering documents for additional information on the risks associated with investing. | en | es |
DOLFIN4366 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Net Asset Value Publication: the Net Asset Value per unit is available at www.axa-im.com, and at the registered office of the Management Company.
Tax Legislation: The Sub-Fund is subject to the tax laws and regulations of Ireland. Depending on your own country of residence this might have an impact on your investments. For further details, you should consult a Tax Adviser.
Liability Statement: AXA Rosenberg Management Ireland Limited 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: Unitholders may apply for any units of any Sub-Funds to be converted into units of another Sub-Fund, provided that the conditions for accessing the target unit, type or sub-type are fulfilled with respect to this Sub-Fund, on the basis of their respective Net Asset Value calculated at the applicable Valuation Point following receipt of the conversion request. | ## Publicación del valor liquidativo: El valor liquidativo por participación está disponible en www.axa-im.com y en el domicilio social de la empresa.
Legislación fiscal: El Subfondo está sometido a las leyes y normas fiscales de Irlanda. En función del país en el que usted resida, sus inversiones podrían verse afectadas. Si desea conocer más detalles, le recomendamos que consulte a un asesor fiscal.
Declaración de responsabilidad: AXA Rosenberg Management Ireland Limited 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 partícipes pueden solicitar que cualquiera de las participaciones de cualquier Subfondo sea convertida en participaciones de otro Subfondo, siempre y cuando se cumplan las condiciones para acceder a la participación, tipo o subtipo de participaciones objetivo en relación a este Subfondo, sobre la base de sus valores liquidativos respectivos calculados en el momento de valoración aplicable siguiente a la recepción de la solicitud de conversión. | ## Net Asset Value Publication: the Net Asset Value per unit is available at www.axa-im.com, and at the registered office of the Management Company.
Tax Legislation: The Sub-Fund is subject to the tax laws and regulations of Ireland. Depending on your own country of residence this might have an impact on your investments. For further details, you should consult a Tax Adviser.
Liability Statement: AXA Rosenberg Management Ireland Limited 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: Unitholders may apply for any units of any Sub-Funds to be converted into units of another Sub-Fund, provided that the conditions for accessing the target unit, type or sub-type are fulfilled with respect to this Sub-Fund, on the basis of their respective Net Asset Value calculated at the applicable Valuation Point following receipt of the conversion request. | en | es |
DOLFIN4370 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Fund may invest in company shares and similar investments listed or located anywhere in the world.
The Fund uses derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment), with the aim of generating returns and reducing the overall costs and/or risks of the Fund.
The Fund will adopt a structured market neutral position (balancing long and short positions aiming to build a portfolio with zero market exposure) at all times. The Fund will hold a long position (benefit from buying an asset with the aim of selling it later at a higher price relative to the market) in an investment expected to outperform the market, and short (benefit from the sale of an asset with the aim of buying it later at a lower price relative to the market) an investment expected to underperform the market.
The Fund can take long and short positions through the use of derivatives, which may result in the Fund being leveraged. Leverage magnifies the exposure of the Fund to greater than the underlying investments. In such situations, returns may rise or fall more than they would have done otherwise, reflecting such additional exposure.
The Fund is actively managed. Portfolio construction is driven by systematic analysis of companies against several distinct characteristics including stock price valuation, balance sheet quality, growth characteristics, efficient use of capital, analyst sentiment and supportive market trends to identify attractively priced investment | ## El Fondo podrá invertir en acciones de empresas e instrumentos similares cotizados o radicados en cualquier lugar del mundo.
El Fondo emplea derivados (es decir, contratos financieros cuyo valor está vinculado a los movimientos de precios previstos de un activo subyacente) a fin de generar rentabilidad y/o reducir los costes y/o riesgos generales del Fondo.
El Fondo adoptará en todo momento una posición estructurada neutral con respecto al mercado (equilibrio entre las posiciones largas y cortas con el fin de construir una cartera con cero exposición al mercado). El Fondo mantendrá una posición larga (beneficiarse de la compra de un activo con el fin de venderlo posteriormente a un precio superior al del mercado) en una inversión que se espera que se comporte mejor que el mercado y mantendrá una posición corta (beneficiarse de la venta de un activo con el fin de comprarlo posteriormente a un precio inferior al del mercado) en una inversión que se espera que se comporte peor que el mercado.
El Fondo puede adoptar posiciones largas y cortas mediante el uso de derivados, lo que puede resultar en apalancamiento para el Fondo. El apalancamiento aumenta la exposición del Fondo por encima del valor de los instrumentos subyacentes. En dichos casos, las rentabilidades podrán incrementarse o disminuir más de que lo que harían de otro modo, como resultado de dicha exposición adicional.
El Fondo se gestiona de forma activa. La construcción de la cartera se basa en el análisis sistemático de empresas con respecto a varias características distintivas, como la valoración del precio de la acción, la calidad del balance general, las características de crecimiento, el uso eficiente del capital, el ánimo de los analistas y las tendencias favorables del mercado para encontrar oportunidades con precios atractivos. | ## The Fund may invest in company shares and similar investments listed or located anywhere in the world.
The Fund uses derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment), with the aim of generating returns and reducing the overall costs and/or risks of the Fund.
The Fund will adopt a structured market neutral position (balancing long and short positions aiming to build a portfolio with zero market exposure) at all times. The Fund will hold a long position (benefit from buying an asset with the aim of selling it later at a higher price relative to the market) in an investment expected to outperform the market, and short (benefit from the sale of an asset with the aim of buying it later at a lower price relative to the market) an investment expected to underperform the market.
The Fund can take long and short positions through the use of derivatives, which may result in the Fund being leveraged. Leverage magnifies the exposure of the Fund to greater than the underlying investments. In such situations, returns may rise or fall more than they would have done otherwise, reflecting such additional exposure.
The Fund is actively managed. Portfolio construction is driven by systematic analysis of companies against several distinct characteristics including stock price valuation, balance sheet quality, growth characteristics, efficient use of capital, analyst sentiment and supportive market trends to identify attractively priced investment | en | es |
DOLFIN4372 | 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
Baillie Gifford Worldwide Positive Change Fund ("the Fund") is a sub-fund of Baillie Gifford Worldwide Funds PLC (the Company). The Fund is managed by Baillie Gifford Investment Management (Europe) Limited. The Company is an open-ended investment company with variable capital organised under the laws of Ireland as a public limited company pursuant to the Companies Acts and the UCITS Regulations and is managed by the Manager.
Term
The Fund does not have a fixed maturity. All the shares in the Fund may be redeemed by the Company in certain circumstances details of which are outlined in the Prospectus including if so determined by the Directors of the Company, following consultation with the Manager. As such, the Manager may not unilaterally terminate the Fund.
Objectives
The Fund aims to produce capital growth over the long term and to contribute towards a more sustainable and inclusive world by investing primarily in the equities of companies whose products, and/or services make a positive social and/or environmental impact. The Fund will invest at least 90% in shares of companies worldwide for whom delivering a positive social impact is core to their business; whose products, behaviour and/or services represent an improvement to the prevailing practices; and who conduct business with honesty and integrity. This will include companies addressing critical challenges in the four impact themes, each of which represent key global challenges: (i) social inclusion and education, (ii) environment and resource needs, (iii) healthcare and quality of life and (iv) base of the pyramid. An impact analysis is conducted to assess whether a company contributes to one of the social impact themes. This analysis is based on the assessment of three factors: (i) intent (ii) product impact and (iii) business practices. The Fund will be concentrated. The Fund is actively managed and no index is used for the purposes of determining or constraining the composition of the Fund's portfolio. The Fund's performance (after deduction of costs) is measured against the MSCI ACWI Index. The Fund seeks to materially outperform the index over rolling 5 year periods. The return of the Fund is dependent on the performance of the underlying assets. Income will be re-invested. No further shares will be purchased but the reinvestment will be reflected in the price of your existing accumulation shares. You can sell some or all of your shares on any day on which banks in Ireland are open for business by contacting the Transfer Agent by phone or post. The Fund's assets are held through the Company's Depositary, which is Brown Brothers Harriman Trustee Services (Ireland) Limited. To obtain further and other practical information, including prices, and documentation please see the Other Relevant Information section of this document. This Key Investor Information Document describes the Fund only, the Prospectus and the annual and interim reports and accounts are prepared for the Company rather than the Fund. The assets of the Fund are segregated from other funds in the Company. This means that the assets of one fund cannot be used to meet the liabilities of another fund. You may at any time switch all or some of your shares in the Fund for shares in any other fund of the Company and may obtain further information about this from the conversion of shares section of the Prospectus.
Intended retail investor
The Fund is suitable for all investors seeking a fund that aims to deliver long-term growth and has a sustainable objective to deliver positive impact. The Fund considers sustainability preferences through sustainable investments including a minimum proportion of Taxonomy aligned investments and the qualitative consideration of principal adverse impacts. Investors should be prepared to bear losses. The Fund is compatible for mass market distribution. The Fund may not be suitable for investors concerned about short term volatility and performance, seeking a regular source of income and investing for less than five years. The Fund does not offer capital protection. | # ¿Qué es este producto?
Tipo
Baillie Gifford Worldwide Positive Change Fund (el «Fondo») es un subfondo de Baillie Gifford Worldwide Funds PLC (la «Sociedad»). El Fondo está gestionado por Baillie Gifford Investment Management (Europe) Limited. La Sociedad es una sociedad de inversión de tipo abierto con capital variable, organizada conforme a la legislación irlandesa como sociedad anónima pública de conformidad con las Leyes de Sociedades y el Reglamento sobre OICVM y gestionada por el Gestor.
Plazo
El Fondo no tiene ningún vencimiento fijo. Todas las Acciones del Fondo podrán ser rescatadas por la Sociedad en determinadas circunstancias, detalladas en el Folleto, incluyendo si así lo determinan los Consejeros de la Sociedad, previa consulta con el Gestor. Así, el Gestor no podrá terminar unilateralmente el Fondo.
Objetivos
El Fondo tratará de obtener un crecimiento del capital a largo plazo y contribuir a conseguir un mundo más sostenible e inclusivo invirtiendo principalmente en acciones de renta variable de empresas cuyos productos y/o servicios permitan lograr un impacto social y/o medioambiental positivo. El Fondo invertirá al menos un 90 % en acciones de empresas de todo el mundo que tengan como uno de sus principales objetivos lograr un impacto social positivos; cuyos productos, conductas o servicios representen una mejora de las prácticas existentes; y que dirijan sus negocios con honestidad e integridad. Esto incluirá la inversión en empresas que aborden temas críticos de los cuatro temas de impacto que representan desafíos clave globales: (i) inclusión social y educación, (ii) medio ambiente y necesidades de recursos, (iii) sanidad y calidad de vida y (iv) base de la pirámide. Se realiza un análisis de impacto para evaluar si una empresa contribuye a alguno de los temas de impacto social. Este análisis se basa en la evaluación de tres factores: (i) intención (ii) impacto de los productos y (iii) prácticas de negocio. El Fondo estará concentrado. El Fondo se gestiona de manera activa y no se utiliza ningún índice para determinar o limitar la composición de la cartera del Fondo. El rendimiento del Fondo (tras la deducción de costes) se mide en relación con el MSCI ACWI Index. El Fondo tratará de obtener resultados significativamente mejores a los del índice en periodos consecutivos de 5 años. La rentabilidad del Fondo depende de los resultados de los activos subyacentes. Los ingresos se reinvertirán. No se comprarán acciones adicionales pero la reinversión se verá reflejada en el precio de sus acciones de capitalización existentes. Usted puede vender todas o algunas de sus acciones cualquier día en que los bancos de Irlanda estén abiertos para operar, contactando con el Agente de transferencias por teléfono o por correo. Los activos del Fondo se mantienen a través del Depositario de la Sociedad, que es Brown Brothers Harriman Trustee Services (Ireland) Limited. Para obtener información adicional y práctica, incluidos los precios y la documentación, consulte la sección «Otros datos de interés» de este documento. Este Documento de Datos Fundamentales para el Inversor describe únicamente el Fondo, el Folleto y los informes y cuentas anuales y semestrales se preparan para la Sociedad en lugar de para el Fondo. Los activos del Fondo están segregados de otros fondos de la Sociedad. Eso significa que los activos de un fondo no pueden usarse para atender los pasivos de otro fondo. Usted podrá convertir en cualquier momento todas o algunas de sus acciones en el Fondo por acciones de otro fondo de la Sociedad y podrá obtener más información sobre esto en el apartado de conversión de acciones del Folleto.
Inversor minorista al que va dirigido
El Fondo es adecuado para todos los inversores que buscan un fondo cuyo objetivo es ofrecer un crecimiento a largo plazo y tenga un objetivo sostenible de lograr una incidencia positiva. El Fondo tiene en cuenta las preferencias en materia de sostenibilidad mediante una inversión sostenible, incluyendo una proporción mínima de inversiones ajustadas a la Taxonomía y la consideración cualitativa de las principales incidencias adversas. Los inversores deben estar preparados para soportar pérdidas. El Fondo es compatible con la distribución masiva en el mercado. Es posible que el fondo no sea adecuado para inversores preocupados por la volatilidad y el rendimiento a corto plazo, que busquen una fuente de ingresos periódica y una inversión inferior a cinco años. El Fondo no ofrece protección de capital. | # What is this product?
Type
Baillie Gifford Worldwide Positive Change Fund ("the Fund") is a sub-fund of Baillie Gifford Worldwide Funds PLC (the Company). The Fund is managed by Baillie Gifford Investment Management (Europe) Limited. The Company is an open-ended investment company with variable capital organised under the laws of Ireland as a public limited company pursuant to the Companies Acts and the UCITS Regulations and is managed by the Manager.
Term
The Fund does not have a fixed maturity. All the shares in the Fund may be redeemed by the Company in certain circumstances details of which are outlined in the Prospectus including if so determined by the Directors of the Company, following consultation with the Manager. As such, the Manager may not unilaterally terminate the Fund.
Objectives
The Fund aims to produce capital growth over the long term and to contribute towards a more sustainable and inclusive world by investing primarily in the equities of companies whose products, and/or services make a positive social and/or environmental impact. The Fund will invest at least 90% in shares of companies worldwide for whom delivering a positive social impact is core to their business; whose products, behaviour and/or services represent an improvement to the prevailing practices; and who conduct business with honesty and integrity. This will include companies addressing critical challenges in the four impact themes, each of which represent key global challenges: (i) social inclusion and education, (ii) environment and resource needs, (iii) healthcare and quality of life and (iv) base of the pyramid. An impact analysis is conducted to assess whether a company contributes to one of the social impact themes. This analysis is based on the assessment of three factors: (i) intent (ii) product impact and (iii) business practices. The Fund will be concentrated. The Fund is actively managed and no index is used for the purposes of determining or constraining the composition of the Fund's portfolio. The Fund's performance (after deduction of costs) is measured against the MSCI ACWI Index. The Fund seeks to materially outperform the index over rolling 5 year periods. The return of the Fund is dependent on the performance of the underlying assets. Income will be re-invested. No further shares will be purchased but the reinvestment will be reflected in the price of your existing accumulation shares. You can sell some or all of your shares on any day on which banks in Ireland are open for business by contacting the Transfer Agent by phone or post. The Fund's assets are held through the Company's Depositary, which is Brown Brothers Harriman Trustee Services (Ireland) Limited. To obtain further and other practical information, including prices, and documentation please see the Other Relevant Information section of this document. This Key Investor Information Document describes the Fund only, the Prospectus and the annual and interim reports and accounts are prepared for the Company rather than the Fund. The assets of the Fund are segregated from other funds in the Company. This means that the assets of one fund cannot be used to meet the liabilities of another fund. You may at any time switch all or some of your shares in the Fund for shares in any other fund of the Company and may obtain further information about this from the conversion of shares section of the Prospectus.
Intended retail investor
The Fund is suitable for all investors seeking a fund that aims to deliver long-term growth and has a sustainable objective to deliver positive impact. The Fund considers sustainability preferences through sustainable investments including a minimum proportion of Taxonomy aligned investments and the qualitative consideration of principal adverse impacts. Investors should be prepared to bear losses. The Fund is compatible for mass market distribution. The Fund may not be suitable for investors concerned about short term volatility and performance, seeking a regular source of income and investing for less than five years. The Fund does not offer capital protection. | en | es |
DOLFIN4374 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objectives and Investment Policy
Templeton Emerging Markets Sustainability Fund (the “Fund”) aims to increase the value of its investments and reorient capital towards sustainability through investing in companies that demonstrate their positive sustainable contribution over the medium to long term.
The Fund pursues an actively managed investment strategy and invests mainly in:- equity securities issued by companies located in, having their principal business activities in, or which derive a significant proportion of their revenues or profits from developing or emerging nations.
The Fund can invest to a lesser extent in:- (i) equity, equity-related (such as participatory notes), securities convertible into common stock, preferred stock or debt securities issued by corporations and governments. (ii) units of other mutual funds (limited to 10%) and (iii)derivatives for hedging and efficient portfolio management
The Fund operates an investment process that combines financial and Environmental, Social and Governance (“ESG”) considerations to invest in companies that demonstrate good or improving sustainability criteria across areas such as Decent Work, Healthy Ecosystems, Climate Stability, and Resource Security. The Fund conducts a 3-pillar ESG assessment on each company measuring (i) alignment of activity to positive environmental and/or social outcome, (ii) intentionality to maintain or improve the ESG footprint of the company's operating model and (iii) transition potential for improvement. The Fund also applies specific exclusions and will not invest in companies
that repeatedly and/or seriously violate the United Nations Global Compact principles, manufacture controversial weapons or tobacco, derive certain thresholds of their revenues from coal, oil and gas extraction, gambling or adult entertainment, as well as any company which appears as excluded on the Norges Bank Investment Management (NBIM) exclusion list. This ESG investment process is binding for the portfolio construction and this filters down the investment universe by typically at least 20%.
The benchmark of the Fund is the MSCI Emerging Markets Index-NR. The benchmark is used solely as a reference for Investors to compare against the Fund's performance, and the benchmark is neither used as a constraint on how the Fund's portfolio is to be constructed nor set as a target for the Fund's performance to beat. The Fund can deviate from the benchmark. | ## Objetivos y política de inversión
Templeton Emerging Markets Sustainability Fund (el «Fondo») pretende aumentar el valor de sus inversiones y reorientar el capital hacia la sostenibilidad mediante la inversión en sociedades que demuestren su contribución sostenible positiva a medio y largo plazo.
El Fondo trata de llevar a cabo una estrategia de inversión gestionada de manera activa e invierte principalmente en valores de renta variable emitidos por empresas situadas en países en desarrollo o emergentes, que lleven a cabo sus actividades comerciales principales en esos países o que obtengan una parte importante de esos ingresos o beneficios de ellos.
El Fondo puede invertir en menor medida en: i) valores de renta variable, valores relacionados con la renta variable (tales como pagarés de participación), valores convertibles en acciones ordinarias, acciones preferentes o títulos de deuda emitidos por empresas y gobiernos; ii) participaciones de otros fondos de inversión (limitado al 10 % de los activos); iii) derivados con fines de cobertura y de gestión eficiente de la cartera
El Fondo lleva a cabo un proceso de inversión que combina aspectos financieros y ESG (ambientales, sociales y de gobernanza) para invertir en empresas que muestren criterios de sostenibilidad buenos o en proceso de mejora en áreas como el trabajo decente, ecosistemas saludables, estabilidad climática y seguridad de los recursos. El Fondo lleva a cabo una valoración ESG de cada empresa basada en tres pilares, que le permite medir: i) convergencia de la actividad con los resultados ambientales o sociales positivos; ii) intención de mantener o mejorar la huella ESG del modelo operativo de la empresa; iii) potencial de transición hacia la mejora. El Fondo aplica además exclusiones concretas y no invertirá en sociedades
que violen de manera reiterada o grave los principios del Pacto Mundial de las Naciones Unidas, fabriquen armas controvertidas o tabaco, obtengan determinados umbrales de sus ingresos de la extracción de gas y petróleo, carbón, juegos de azar o entretenimiento para adultos, ni en ninguna empresa que aparezca recogida en la lista de exclusión del Norges Bank Investment Management (NBIM). Este proceso de inversión ESG es obligatorio para la construcción de la cartera y normalmente excluye al menos el 20 % inferior del universo de inversión.
El índice de referencia del Fondo es el MSCI Emerging Markets Index-NR. Este se utiliza únicamente como referencia para los inversores con fines de comparación del rendimiento del Fondo y no se emplea como limitación para la construcción de la cartera del Fondo ni como un objetivo que el rendimiento del Fondo deba superar. El Fondo puede desviarse del índice de referencia. | ## Objectives and Investment Policy
Templeton Emerging Markets Sustainability Fund (the “Fund”) aims to increase the value of its investments and reorient capital towards sustainability through investing in companies that demonstrate their positive sustainable contribution over the medium to long term.
The Fund pursues an actively managed investment strategy and invests mainly in:- equity securities issued by companies located in, having their principal business activities in, or which derive a significant proportion of their revenues or profits from developing or emerging nations.
The Fund can invest to a lesser extent in:- (i) equity, equity-related (such as participatory notes), securities convertible into common stock, preferred stock or debt securities issued by corporations and governments. (ii) units of other mutual funds (limited to 10%) and (iii)derivatives for hedging and efficient portfolio management
The Fund operates an investment process that combines financial and Environmental, Social and Governance (“ESG”) considerations to invest in companies that demonstrate good or improving sustainability criteria across areas such as Decent Work, Healthy Ecosystems, Climate Stability, and Resource Security. The Fund conducts a 3-pillar ESG assessment on each company measuring (i) alignment of activity to positive environmental and/or social outcome, (ii) intentionality to maintain or improve the ESG footprint of the company's operating model and (iii) transition potential for improvement. The Fund also applies specific exclusions and will not invest in companies
that repeatedly and/or seriously violate the United Nations Global Compact principles, manufacture controversial weapons or tobacco, derive certain thresholds of their revenues from coal, oil and gas extraction, gambling or adult entertainment, as well as any company which appears as excluded on the Norges Bank Investment Management (NBIM) exclusion list. This ESG investment process is binding for the portfolio construction and this filters down the investment universe by typically at least 20%.
The benchmark of the Fund is the MSCI Emerging Markets Index-NR. The benchmark is used solely as a reference for Investors to compare against the Fund's performance, and the benchmark is neither used as a constraint on how the Fund's portfolio is to be constructed nor set as a target for the Fund's performance to beat. The Fund can deviate from the benchmark. | en | es |
DOLFIN4378 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The objective of this Fund is to achieve reasonable capital growth. The Fund seeks to achieve this by investing at least 85% of its net asset value in LGT Sustainable Bond Global Hedged Sub-Fund (the "Master Funds"), a sub-fund of Crown Sigma UCITS plc. The per- formance of the Fund will essentially be equal to the Master Fund’s performance. The Master Fund strategically seeks to achieve this by investing primarily in a broad range of fixed income securities and instruments issued by private or public debtors all over the world. Furthermore, this Fund may invest up to 15% in cash and other li- quid assets. The Fund may invest in derivatives (financial instru- ments derived from other securities or assets) for hedging purposes. Environmental, social and governance ("ESG") aspects are con- sidered as part of the Fund's investment process. The Fund’s portfo-
lio is actively managed in reference to Bloomberg Global Aggregate Ex Securitized (TR) «hedged» Index (the "Benchmark"), by virtue of fact that it seeks to outperform the Benchmark. However, the Benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmark. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is reinvested in the Fund, which increases the value of the shares. The portfolio transaction costs may have a material impact on performance. The Fund may not be appropriate for investors who plan to withdraw their money within less than 3 years.
- | # Objetivos y política de inversión
El objetivo de este Fondo es generar una revalorización coherente del capital. Para ello, el Fondo invertirá al menos el 85 % de su va- lor liquidativo en el LGT Sustainable Bond Global Hedged Sub-Fund (el «Fondo principal»), un subfondo de Crown Sigma UCITS plc. La rentabilidad del Fondo será en esencia igual a la del Fondo princi- pal. El Fondo principal busca estratégicamente alcanzar este objeti- vo invirtiendo principalmente en una amplia gama de valores de renta fija e instrumentos emitidos por deudores privados o públicos de todo el mundo. Además, el Fondo podrá invertir hasta un 15 % en otros activos líquidos. El Fondo podrá invertir en derivados (ins- trumentos financieros derivados de otros valores o activos) con fi- nes de cobertura. Los aspectos ambientales, sociales y de gober- nanza ("ESG") se consideran parte del proceso de inversión del
Fondo. La cartera del Fondo se gestiona de forma activa según el Bloomberg Global Aggregate Ex Securitized (TR) «hedged» Index (en adelante, el «Índice de referencia»), puesto que pretende supe- rar la rentabilidad de este. Sin embargo, el Índice de referencia no se utiliza para definir la composición de la cartera del Fondo, que podrá invertirse íntegramente en valores que no son componentes del Índice de referencia. Los inversores pueden suscribir acciones del Fondo diariamente y pueden reembolsarlas diariamente. Todos los ingresos generados por el Fondo se reinvierten en el Fondo, lo que aumenta el valor de las acciones. Los costes de transacción de la cartera pueden tener un impacto importante en el rendimiento. El Fondo puede no resultar adecuado para aquellos inversores que planeen retirar su dinero en menos de 3 años.
- | # Objectives and Investment Policy
The objective of this Fund is to achieve reasonable capital growth. The Fund seeks to achieve this by investing at least 85% of its net asset value in LGT Sustainable Bond Global Hedged Sub-Fund (the "Master Funds"), a sub-fund of Crown Sigma UCITS plc. The per- formance of the Fund will essentially be equal to the Master Fund’s performance. The Master Fund strategically seeks to achieve this by investing primarily in a broad range of fixed income securities and instruments issued by private or public debtors all over the world. Furthermore, this Fund may invest up to 15% in cash and other li- quid assets. The Fund may invest in derivatives (financial instru- ments derived from other securities or assets) for hedging purposes. Environmental, social and governance ("ESG") aspects are con- sidered as part of the Fund's investment process. The Fund’s portfo-
lio is actively managed in reference to Bloomberg Global Aggregate Ex Securitized (TR) «hedged» Index (the "Benchmark"), by virtue of fact that it seeks to outperform the Benchmark. However, the Benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmark. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is reinvested in the Fund, which increases the value of the shares. The portfolio transaction costs may have a material impact on performance. The Fund may not be appropriate for investors who plan to withdraw their money within less than 3 years.
- | en | es |
DOLFIN4381 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Expectation of fund manager
Central banks have been experimenting with monetary policy for many years now. The economic system created debt in all corners of society. A fast and aggressive hiking cycle will reveal many problems, not just at Silicon Valley Bank. A recession could start somewhere toward the end of the year – and we believe central banks will cause one. Recent developments in the banking sector will lead to a further tightening of lending standards, which will put additional pressure on the economy. Our concern is with leveraged sectors that might be interest rate sensitive like real estate. We stick to our overweight beta position. Valuations had improved in March after the spread widening, especially in the financial sector. We are far enough into the business and rate cycle that when markets become too bearish, buying on the dip makes sense. This time, the sell-off in Bank Tier-1 CoCos and subordinated financials led to a buying opportunity in those segments. Valuations for non-financials are relatively less attractive and valuations for most cyclicals do not fully reflect recession risks at the moment. | # Expectativas del gestor del fondo
Los bancos centrales llevan muchos años experimentando con la política monetaria. El sistema económico creó deudas en todos los rincones de la sociedad. Un ciclo rápido y agresivo de subidas de tipos revelará muchos problemas, y no sólo en Silicon Valley Bank. Hacia finales de año podría iniciarse una recesión, y creemos que los bancos centrales la provocarán. Los recientes acontecimientos en el sector bancario conducirán a un mayor endurecimiento de las normas de concesión de préstamos, lo que ejercerá presión adicional sobre la economía. Nos preocupan los sectores apalancados, como el inmobiliario, que pueden ser sensibles a los tipos de interés.
Mantenemos una posición de beta sobreponderada. Las valoraciones mejoraron en marzo tras la ampliación de los diferenciales, especialmente en el sector financiero. Estamos lo suficientemente avanzados en el ciclo económico y de tipos como para que, cuando los mercados se vuelvan demasiado bajistas, tenga sentido comprar en las caídas. Esta vez, la venta masiva de CoCos bancarios de Tier-1 y de valores financieros subordinados dio lugar a una oportunidad de compra en esos segmentos. Los valores no financieros han perdido interés en términos relativos, mientras que las valoraciones de las empresas cíclicas no reflejan plenamente los riesgos de recesión actuales. | # Expectation of fund manager
Central banks have been experimenting with monetary policy for many years now. The economic system created debt in all corners of society. A fast and aggressive hiking cycle will reveal many problems, not just at Silicon Valley Bank. A recession could start somewhere toward the end of the year – and we believe central banks will cause one. Recent developments in the banking sector will lead to a further tightening of lending standards, which will put additional pressure on the economy. Our concern is with leveraged sectors that might be interest rate sensitive like real estate. We stick to our overweight beta position. Valuations had improved in March after the spread widening, especially in the financial sector. We are far enough into the business and rate cycle that when markets become too bearish, buying on the dip makes sense. This time, the sell-off in Bank Tier-1 CoCos and subordinated financials led to a buying opportunity in those segments. Valuations for non-financials are relatively less attractive and valuations for most cyclicals do not fully reflect recession risks at the moment. | en | es |
DOLFIN4383 | 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 will decide the Valuation Days and the methods used to publish the Net Asset Value, in accordance with the legislation in force.
The Company intends not to calculate the Net Asset Value of a Sub- Fund on days where a substantial part of the underlying assets of such Sub-Fund cannot be properly priced due to dealing restrictions or closure of one or several relevant markets. A list of non Valuation Days will be available from the Management Company on request,
- The Company's assets include:
- all cash in hand or on deposit, including any interest accrued and outstanding;
- all bills and promissory notes receivable and receivables, including any outstanding proceeds for sales of securities;
- all securities, equities, bonds, term bills, debenture stocks, options or subscription rights, warrants, money market instruments and any other investments and transferable securities held by the Company;
- all dividends and distributions payable to the Company either in cash or in the form of stocks and Shares (the Company may, however, make adjustments to take account of any fluctuations in the market value of transferable securities caused by practices such as ex-dividend or ex-right trading);
- all interest accrued and to be received on any interest-bearing securities belonging to the Company, unless this interest is included in the principal amount of such securities;
- the Company's formation costs, to the extent that these have not yet been amortised;
- all other assets of whatever nature, including the proceeds of swap transactions and advance payments. | ##### El Consejo de administración de la Sociedad determinará los Días de valoración y los métodos empleados para la publicación del Valor liquidativo, conforme a la legislación vigente.
La Sociedad prevé no calcular el Valor liquidativo de un Subfondo en los días en los que el precio de una parte sustancial de sus activos subyacentes no pueda determinarse de forma adecuada debido a restricciones en la negociación o al cierre de uno o varios mercados relevantes. Mediante solicitud a la Sociedad gestora podrá obtenerse una lista de los días no considerados Días de valoración,
- El activo de la Sociedad incluye:
- todo el efectivo disponible o en depósito, incluidos los intereses acumulados y pendientes de pago;
- toda letra de cambio y pagaré pendiente de pago y cuenta por cobrar, incluido cualquier ingreso procedente de la venta de valores por cobrar;
- todos los valores, valores de renta variable, obligaciones, letras a plazo, acciones de obligaciones, opciones o derechos de suscripción, garantías, Instrumentos del mercado monetario y cualquier otra inversión y Valores mobiliarios en poder de la Sociedad;
- todos los dividendos y distribuciones pagaderos a la Sociedad, ya sea en efectivo o en forma de valores y Acciones (la Sociedad podrá, sin embargo, realizar ajustes para tener en cuenta cualquier fluctuación en el valor de mercado de los Valores mobiliarios causada por prácticas como la negociación ex dividendo o ex derecho);
- todos los intereses acumulados y pendientes de cobro sobre cualquier valor que soporte intereses perteneciente a la Sociedad, salvo que dicho interés esté incluido en el principal de dichos valores;
- los gastos de constitución de la Sociedad, en la medida en que todavía no hayan sido amortizados;
- el restante activo, sea cual sea su naturaleza, incluido el producto de las transacciones de swap y los pagos anticipados. | ##### The Board of Directors of the Company will decide the Valuation Days and the methods used to publish the Net Asset Value, in accordance with the legislation in force.
The Company intends not to calculate the Net Asset Value of a Sub- Fund on days where a substantial part of the underlying assets of such Sub-Fund cannot be properly priced due to dealing restrictions or closure of one or several relevant markets. A list of non Valuation Days will be available from the Management Company on request,
- The Company's assets include:
- all cash in hand or on deposit, including any interest accrued and outstanding;
- all bills and promissory notes receivable and receivables, including any outstanding proceeds for sales of securities;
- all securities, equities, bonds, term bills, debenture stocks, options or subscription rights, warrants, money market instruments and any other investments and transferable securities held by the Company;
- all dividends and distributions payable to the Company either in cash or in the form of stocks and Shares (the Company may, however, make adjustments to take account of any fluctuations in the market value of transferable securities caused by practices such as ex-dividend or ex-right trading);
- all interest accrued and to be received on any interest-bearing securities belonging to the Company, unless this interest is included in the principal amount of such securities;
- the Company's formation costs, to the extent that these have not yet been amortised;
- all other assets of whatever nature, including the proceeds of swap transactions and advance payments. | en | es |
DOLFIN4386 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 3 years Example Investment: $10000 If you exit after 1 year Scenarios | If you exit after 3 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 | $5310 | $5700 |
| Average return each year | -46.90% | -10.63% |
| Unfavourable | What you might get back after costs | $8130 | $8040 |
| Average return each year | -18.70% | -4.27% |
| Moderate | What you might get back after costs | $10380 | $12040 |
| Average return each year | 3.80% | 3.78% |
| Favourable | What you might get back after costs | $12510 | $14510 |
| Average return each year | 25.10% | 7.73% | | | Periodo de mantenimiento recomendado: 3 años Ejemplo de inversión: $10000 En caso de salida después de 1 año Escenarios | En caso de salida después de 3 años |
| --- | --- |
| Mínimo | No hay una rentabilidad mínima garantizada. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | $5310 | $5700 |
| Rendimiento medio cada año | -46.90% | -10.63% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $8130 | $8040 |
| Rendimiento medio cada año | -18.70% | -4.27% |
| Moderado | Lo que podría recibir tras deducir los costes | $10380 | $12040 |
| Rendimiento medio cada año | 3.80% | 3.78% |
| Favorable | Lo que podría recibir tras deducir los costes | $12510 | $14510 |
| Rendimiento medio cada año | 25.10% | 7.73% | | | Recommended holding period: 3 years Example Investment: $10000 If you exit after 1 year Scenarios | If you exit after 3 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 | $5310 | $5700 |
| Average return each year | -46.90% | -10.63% |
| Unfavourable | What you might get back after costs | $8130 | $8040 |
| Average return each year | -18.70% | -4.27% |
| Moderate | What you might get back after costs | $10380 | $12040 |
| Average return each year | 3.80% | 3.78% |
| Favourable | What you might get back after costs | $12510 | $14510 |
| Average return each year | 25.10% | 7.73% | | en | es |
DOLFIN4390 | 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
CHF 8,651
-13.5%
CHF 10,200
0.4% | # 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 CHF
-13,5%
10 200 CHF
0,4% | # 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
CHF 8,651
-13.5%
CHF 10,200
0.4% | en | es |
DOLFIN4399 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to achieve a return in the Reference Currency in excess of Euro money markets whilst aiming to preserve capital, consistent with prevailing money market rates, and maintain a high degree of liquidity.
Investment Policy: The Sub-Fund will invest its assets in Debt Securities and deposits with credit institutions.
The Sub-Fund may have exposure to investments with zero or negative yields in adverse market conditions.
The weighted average maturity of the Sub-Fund's investments will not exceed 6 months and the initial or remaining maturity of each Debt Security will not exceed 2 years with a 397 day reset at the time of purchase.
In addition to receiving a favourable assessment of their credit quality pursuant to the Management Company's Internal Credit Procedures, Debt Securities with a long-term rating will be rated at least "BBB" and Debt Securities with a short-term rating will be rated at least "A-2" by Standard & Poor's or otherwise similarly rated by another independent rating agency.
The Sub-Fund may also invest in unrated Debt Securities of comparable credit quality to those specified above.
The Sub-Fund may invest in units or shares of other MMFs. The Sub- Fund may also use Reverse Repurchase Agreements. | # Objetivos y política de inversión
Objetivo de inversión: El objetivo del Subfondo es conseguir una rentabilidad en la Divisa de referencia superior a la de los mercados monetarios en euros y, al mismo tiempo, conservar un nivel de capital compatible con tipos del mercado monetario y mantener un elevado nivel de liquidez.
Política de inversión: El Subfondo invertirá su patrimonio en títulos de deuda y depósitos en entidades de crédito.
El Subfondo podrá tener exposición a inversiones que generan rendimientos nulos o negativos en condiciones de mercado adversas.
El vencimiento medio ponderado de las inversiones del Subfondo no superará los 6 meses, y el vencimiento inicial o residual de cada título de deuda no superará, en el momento de su compra, los 2 años (con una revisión a los 397 días).
Además de haber sido evaluados favorablemente respecto de su calidad crediticia con arreglo a los Procedimientos internos de crédito establecidos por la Sociedad gestora, los títulos de deuda que cuenten con una calificación a largo plazo deberán tener una calificación de, como mínimo, BBB y los que cuenten con una calificación a corto plazo deberán tener una calificación de, como mínimo, A-2 de Standard & Poor's, u otra calificación equivalente otorgada por una agencia de calificación independiente.
El Subfondo también podrá invertir en títulos de deuda sin calificación, pero cuya calidad crediticia sea comparable a las especificadas anteriormente.
El Subfondo podrá invertir en participaciones o acciones de otros FMM. Asimismo, el Subfondo podrá realizar operaciones de recompra inversa. | # Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to achieve a return in the Reference Currency in excess of Euro money markets whilst aiming to preserve capital, consistent with prevailing money market rates, and maintain a high degree of liquidity.
Investment Policy: The Sub-Fund will invest its assets in Debt Securities and deposits with credit institutions.
The Sub-Fund may have exposure to investments with zero or negative yields in adverse market conditions.
The weighted average maturity of the Sub-Fund's investments will not exceed 6 months and the initial or remaining maturity of each Debt Security will not exceed 2 years with a 397 day reset at the time of purchase.
In addition to receiving a favourable assessment of their credit quality pursuant to the Management Company's Internal Credit Procedures, Debt Securities with a long-term rating will be rated at least "BBB" and Debt Securities with a short-term rating will be rated at least "A-2" by Standard & Poor's or otherwise similarly rated by another independent rating agency.
The Sub-Fund may also invest in unrated Debt Securities of comparable credit quality to those specified above.
The Sub-Fund may invest in units or shares of other MMFs. The Sub- Fund may also use Reverse Repurchase Agreements. | en | es |
DOLFIN4401 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Reminder of the UCITS master fund management objective and investment strategy:
The Sub-fund aims to generate a return of 4% per year over the recommended investment period by investing in European equity securities and fixed-income securities providing attractive returns and sustainable dividends issued by companies that meet environmental, social and governance (ESG) criteria. The Sub-fund is actively managed and is not managed in reference to an index. The Sub-fund’s objective is to select companies focused on sound management of ESG risks and opportunities. To this end, the Sub-fund’s investment process involves an exclusive responsible investment approach that favours companies with good ESG ratings—regardlessof their capitalisation, sector or credit ratings—andrelies on either proprietary ESG ratings or on ratings provided by an external non-financial rating agency. At least 90% of portfolio companies receive an ESG rating. The selection process includes positive screening through a “best-in-universe” approach and negative screening, whereby the Investment Manager has implemented a formal exclusion policy that excludes controversial companies linked to weapons, coal and tobacco. As a result, the eligible investment universe is reduced by 20% and defined according to ESG criteria. For more information on the responsible investment approach used for the Sub-fund, visit the Investment Manager’s website, where you can read the Sub-fund’s transparency code: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Sub-fund is classified as Article 8(1) under SFDR as it promotes a set of ESG characteristics, although no benchmark index has been designated to achieve these environmental or social characteristics.
Taking its ESG strategy into account, the Sub-fund favours environmental characteristics, but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the criteria of the European Union with regard to sustainable economic activities in terms of environmental impact under the European Taxonomy Regulation and, as a result, the “do no significant harm” principle does not apply to the investments underlying this Sub-fund. | ## Recordatorio del objetivo de gestión y de la estrategia de inversión del OICVM principal:
El objetivo del Subfondo es generar una remuneración del 4% anual en el horizonte de inversión recomendado invirtiendo en títulos europeos de renta variable y renta fija que ofrezcan rendimientos atractivos y dividendos sostenibles, emitidos por empresas que sigan criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés). El Subfondo se gestiona de forma activa y no emplea ningún índice como referencia. El Subfondo pretende seleccionar empresas que se centren en realizar una gestión adecuada de los riesgos y oportunidades medioambientales, sociales y de gobierno corporativo (ESG). A tal efecto, el proceso de inversión del Subfondo contempla un enfoque de inversión responsable exclusivo que otorga preferencia a las empresas que gocen de una buena calificación ESG, independientemente de su capitalización, su sector y su calificación financiera; las cuales se basen, bien en una calificación ESG propia, bien en una calificación otorgada por una agencia de calificación extrafinanciera externa. Al menos un 90% de las empresas de la cartera reciben una calificación ESG. El proceso de selección incluye un filtrado positivo mediante un enfoque “best in universe” (mejor de su universo), además de un filtrado negativo, en base al cual el Gestor de inversiones ha establecido una política de exclusión formal de las empresas controvertidas vinculadas a las armas, el carbón y el tabaco. Por ello, el universo de inversión aplicable se reduce un 20% y se define según los criterios ESG. Para obtener más información acerca del enfoque de inversión responsable del Subfondo, consulte el sitio web del Gestor de inversiones, en particular en lo que respecta al código de transparencia del Subfondo: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
El Subfondo se clasifica como un subfondo del “artículo 8(1) del Reglamento SFDR”, ya que promueve un conjunto de características ESG, si bien no se ha designado ningún índice de referencia a fin de alcanzar estas características ambientales o sociales.
Debido a su estrategia ESG, el Subfondo favorece las características ambientales, pero no invierte en actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles en el marco del Reglamento europeo sobre la taxonomía y, por lo tanto, el principio de “no causar un perjuicio significativo” no resulta aplicable a las inversiones subyacentes a este Subfondo. | ## Reminder of the UCITS master fund management objective and investment strategy:
The Sub-fund aims to generate a return of 4% per year over the recommended investment period by investing in European equity securities and fixed-income securities providing attractive returns and sustainable dividends issued by companies that meet environmental, social and governance (ESG) criteria. The Sub-fund is actively managed and is not managed in reference to an index. The Sub-fund’s objective is to select companies focused on sound management of ESG risks and opportunities. To this end, the Sub-fund’s investment process involves an exclusive responsible investment approach that favours companies with good ESG ratings—regardlessof their capitalisation, sector or credit ratings—andrelies on either proprietary ESG ratings or on ratings provided by an external non-financial rating agency. At least 90% of portfolio companies receive an ESG rating. The selection process includes positive screening through a “best-in-universe” approach and negative screening, whereby the Investment Manager has implemented a formal exclusion policy that excludes controversial companies linked to weapons, coal and tobacco. As a result, the eligible investment universe is reduced by 20% and defined according to ESG criteria. For more information on the responsible investment approach used for the Sub-fund, visit the Investment Manager’s website, where you can read the Sub-fund’s transparency code: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Sub-fund is classified as Article 8(1) under SFDR as it promotes a set of ESG characteristics, although no benchmark index has been designated to achieve these environmental or social characteristics.
Taking its ESG strategy into account, the Sub-fund favours environmental characteristics, but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the criteria of the European Union with regard to sustainable economic activities in terms of environmental impact under the European Taxonomy Regulation and, as a result, the “do no significant harm” principle does not apply to the investments underlying this Sub-fund. | en | es |
DOLFIN4403 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment. For instance, if you invest in this product via a life insurer or capitalisation contract, this document does not take into account the fees of this contract.
Cost over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- • In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- • EUR 10,000 is invested.
| Recommended Holding Period: 3 Years Investment of EUR 10,000 | If you exit after 1 year | If you exit after 3 years 800 EUR |
| --- | --- | --- |
| Total Costs | 460 EUR |
| Annual cost impact % * | 4.6% | 2.6% each year |
* This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 2.93% before costs and 0.35% after costs.
We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount.
These figures include the maximum distribution fee that the person selling you the product may charge up to 3.10%. This person will inform you of the actual distribution fee.
Composition of costs
Entry costs Up to 3.10% of the amount you pay in when entering this investment. In some cases you may pay less. You can obtain the actual charges from your financial adviser.
Up to 310 EUR
Exit costs We do not charge an exit fee for this product, but the person selling you the product may do so. 0 EUR
Ongoing costs taken each year
Management fees and other administrative or operating costs
1.42% of the value of your investment per year. This figure is based on the last year’s expenses for the year ending 31 March 2022.
142 EUR
Transaction costs 0.08% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell.
8 EUR
Incidental costs taken under specific conditions
Performance Fees There is no performance fee for this product. 0 EUR
A conversion charge of up to 1.00% of the Net Asset Value of the Shares which are being converted may be payable to the relevant distributor. | # ¿Cuáles son los costes?
La persona que le asesore sobre este producto o se lo venda puede cobrarle otros costes. En tal caso, esa persona le facilitará información acerca de estos costes y de la incidencia que tienen en su inversión. Por ejemplo, si invierte en este producto a través de una empresa de seguros de vida o de un contrato de capitalización, este documento no tendrá en cuenta las comisiones de ese contrato.
Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles.
Hemos partido de los siguientes supuestos:
- • El primer año recuperaría usted el importe invertido (rendimiento anual del 0 %). En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- • Se invierten 10.000 EUR.
| Período de mantenimiento recomendado: 3 años Inversión de 10.000 EUR | En caso de salida de- spués de 1 año | En caso de salida después de 3 años 800 EUR |
| --- | --- | --- |
| Costes totales | 460 EUR |
| % de incidencia anual de los costes * | 4,6 % | 2,6 % cada año |
* Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 2,93% antes de deducir los costes y del 0,35% después de deducir los costes.
Es posible que compartamos parte de los costes con la persona que le vende el producto para cubrir los servicios que le presta. El importe le será comunicado.
Estas cifras incluyen la comisión de distribución máxima que puede cobrar la persona que le vende el producto, de hasta el 3,10 %. Esta persona le informará de la comisión de distribución real.
Composición de los costes
Costes de entrada Hasta el 3,10 % del importe que pagará usted al realizar esta inversión. En algunos casos puede que pague menos. Consulte con su asesor financiero los gastos que realmente pagará.
Costes de salida No cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga.
Hast 310 EUR
0 EUR
Costes corrientes detraídos cada año
Comisiones de gestión y otros costes administrativos o de funcionamiento
1,42 % del valor de su inversión al año. La cifra que se muestra se basa en los gastos del año anterior para el ejercicio cerrado a 31 marzo 2022.
142 EUR
Costes de operación 0,08 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos.
8 EUR
Costes accesorios detraídos en condiciones específicas
Comisiones de rendimiento No se aplica ninguna comisión de rendimiento a este producto. 0 EUR
Se pueden pagar gastos por conversión de hasta un 1,00 % del Valor Liquidativo de las participaciones que se convierten al distribuidor correspondiente. | # What are the costs?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment. For instance, if you invest in this product via a life insurer or capitalisation contract, this document does not take into account the fees of this contract.
Cost over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- • In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- • EUR 10,000 is invested.
| Recommended Holding Period: 3 Years Investment of EUR 10,000 | If you exit after 1 year | If you exit after 3 years 800 EUR |
| --- | --- | --- |
| Total Costs | 460 EUR |
| Annual cost impact % * | 4.6% | 2.6% each year |
* This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 2.93% before costs and 0.35% after costs.
We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount.
These figures include the maximum distribution fee that the person selling you the product may charge up to 3.10%. This person will inform you of the actual distribution fee.
Composition of costs
Entry costs Up to 3.10% of the amount you pay in when entering this investment. In some cases you may pay less. You can obtain the actual charges from your financial adviser.
Up to 310 EUR
Exit costs We do not charge an exit fee for this product, but the person selling you the product may do so. 0 EUR
Ongoing costs taken each year
Management fees and other administrative or operating costs
1.42% of the value of your investment per year. This figure is based on the last year’s expenses for the year ending 31 March 2022.
142 EUR
Transaction costs 0.08% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell.
8 EUR
Incidental costs taken under specific conditions
Performance Fees There is no performance fee for this product. 0 EUR
A conversion charge of up to 1.00% of the Net Asset Value of the Shares which are being converted may be payable to the relevant distributor. | en | es |
DOLFIN4408 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# PRACTICAL INFORMATION
## Depositary - J.P. Morgan SE, Luxembourg Branch.
Other information on Aviva Investors, copies of its Prospectus and of its latest annual and semi-annual reports, may be obtained free of charge, in English, from Aviva Investors Luxembourg S.A., 2 rue du Fort Bourbon, Luxembourg, L- 1249, or from the Transfer Agent, RBC Investor Services Bank S.A., 14, Porte de France, Esch-sur-Alzette, Luxembourg, L-4360, or from the website www.avivainvestors.com where the latest available price of shares in the Fund and information on how to buy/sell shares can also be accessed.
## You may switch between other funds or share classes in Aviva Investors subject to provisions of the Section "Investing in the Sub-Funds" of the Prospectus.
Aviva Investors is subject to the tax laws and regulations of Luxembourg. This might have an impact on your personal tax position that you should verify with a tax advisor in your country of residence.
Aviva Investors is an open ended investment company organised as a Société d'Investissement à Capital Variable (SICAV) with several sub-funds. This key investor information document describes one sub-fund of the SICAV. The liabilities of each fund are segregated and the assets of this Fund will not be used to pay debts of other funds.
Aviva Investors Luxembourg S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus of the Fund.
The details of the up-to-date remuneration policy of the Management Company, including the composition of its remuneration committee, a description of the key remuneration elements and an overview of how remuneration is determined, are available on the website www.avivainvestors.com. A paper copy of the remuneration policy can be made available upon request and free of charge at the Management Company's registered office.
The Sub-Fund launched on 02 July 1990, is authorised in Luxembourg and supervised by Commission de Surveillance du Secteur Financier. The Management Company is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
Page 2 of 2.
This key investor information is accurate as at 09 February 2022. | # INFORMACIÓN PRÁCTICA
## Depositario - J.P. Morgan SE, Luxembourg Branch.
Más información sobre Aviva Investors, copias de sus Folletos y de los informes anuales y semestrales más recientes, pueden obtenerse de forma gratuita, en inglés, a través de Aviva Investors Luxembourg S.A., 2 rue du Fort Bourbon, Luxemburgo, L- 1249, o a través del Agente de Transferencias, RBC Investor Services Bank S.A., 14, Porte de France, Esch-sur-Alzette, Luxemburgo, L-4360, o en la página web www.avivainvestors.com, donde también encontrará información sobre los últimos precios disponibles de las acciones del Fondo y sobre cómo comprar/vender acciones.
## Puede cambiar de fondo o compartir clases en Aviva Investors con arreglo a las disposiciones de la Sección "Invertir en los Subfondos" del Folleto.
Aviva Investors está sujeta a las regulaciones y leyes fiscales de Luxemburgo. Esto podría tener un impacto en su situación fiscal personal, lo cual tendrá que comprobar con un asesor fiscal en su país de residencia.
Aviva Investors es una sociedad de inversión de tipo abierto constituida como Société d'Investissement à Capital Variable (SICAV) con varios subfondos. Este documento de datos fundamentales para el inversor describe un subfondo de la SICAV. Los pasivos de cada fondo están segregados y los activos de este Fondo no se utilizarán para pagar ninguna deuda de otros fondos.
Aviva Investors Luxembourg S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto del Fondo.
Los detalles de la política de retribuciones actualizada de la Sociedad gestora, incluyendo la composición de su comité de retribuciones, una descripción de los principales elementos retributivos y una visión general de cómo se determinan las retribuciones, se encuentran disponibles en la página web www.avivainvestors.com. En el domicilio social de la Sociedad gestora, con previa solicitud y sin coste alguno, se podrán obtener copias en papel de dicha política de retribuciones.
El subfondo lanzado el 02 julio de 1990 está autorizado en Luxemburgo y está supervisado por la Commission de Surveillance du Secteur Financier. La Sociedad de Gestión está autorizada en Luxemburgo y está supervisado por la Commission de Surveillance du Secteur Financier.
Página 2 de 2.
Los presentes datos fundamentales para el inversor son exactos a 09 febrero de 2022. | # PRACTICAL INFORMATION
## Depositary - J.P. Morgan SE, Luxembourg Branch.
Other information on Aviva Investors, copies of its Prospectus and of its latest annual and semi-annual reports, may be obtained free of charge, in English, from Aviva Investors Luxembourg S.A., 2 rue du Fort Bourbon, Luxembourg, L- 1249, or from the Transfer Agent, RBC Investor Services Bank S.A., 14, Porte de France, Esch-sur-Alzette, Luxembourg, L-4360, or from the website www.avivainvestors.com where the latest available price of shares in the Fund and information on how to buy/sell shares can also be accessed.
## You may switch between other funds or share classes in Aviva Investors subject to provisions of the Section "Investing in the Sub-Funds" of the Prospectus.
Aviva Investors is subject to the tax laws and regulations of Luxembourg. This might have an impact on your personal tax position that you should verify with a tax advisor in your country of residence.
Aviva Investors is an open ended investment company organised as a Société d'Investissement à Capital Variable (SICAV) with several sub-funds. This key investor information document describes one sub-fund of the SICAV. The liabilities of each fund are segregated and the assets of this Fund will not be used to pay debts of other funds.
Aviva Investors Luxembourg S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus of the Fund.
The details of the up-to-date remuneration policy of the Management Company, including the composition of its remuneration committee, a description of the key remuneration elements and an overview of how remuneration is determined, are available on the website www.avivainvestors.com. A paper copy of the remuneration policy can be made available upon request and free of charge at the Management Company's registered office.
The Sub-Fund launched on 02 July 1990, is authorised in Luxembourg and supervised by Commission de Surveillance du Secteur Financier. The Management Company is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
Page 2 of 2.
This key investor information is accurate as at 09 February 2022. | en | es |
DOLFIN4412 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Relative VaR
Relative VaR Limit: Sub-Fund’s portfolio will not exceed twice the VaR on a representative benchmark portfolio (using a 5 Business Day holding period)
Relative VaR Benchmark: Markit iBoxx Euro Corporates Index
Gross leverage is expected to vary between: 0 – 500% of the Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Relative VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.
The Central Bank UCITS Regulations provide that where VaR is used as a risk management approach it can also be supplemented with a leverage calculation using the commitment approach.
Maximum leverage: 200% of the Net Asset Value (Using the commitment approach)
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus. | #### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Relativo
Límite de VaR Relativo: la cartera del Subfondo no superará en dos veces el VaR en una cartera con un índice de referencia representativo (con un periodo de tenencia de 5 Días hábiles)
Índice de referencia de VaR Relativo: Markit iBoxx Euro Corporates Index
Se espera que el apalancamiento bruto varíe entre: el 0% y el 500% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Relativo y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.
El Reglamento OICVM del Banco Central dispone que cuando el VaR se utiliza como enfoque de gestión del riesgo, puede también complementarse con un cálculo del apalancamiento utilizando el enfoque de compromiso.
Apalancamiento máximo: 200% del Valor de inventario neto (mediante el uso del enfoque de compromiso)
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto. | #### Global Exposure and Leverage
Global Exposure Calculation Methodology: Relative VaR
Relative VaR Limit: Sub-Fund’s portfolio will not exceed twice the VaR on a representative benchmark portfolio (using a 5 Business Day holding period)
Relative VaR Benchmark: Markit iBoxx Euro Corporates Index
Gross leverage is expected to vary between: 0 – 500% of the Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Relative VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.
The Central Bank UCITS Regulations provide that where VaR is used as a risk management approach it can also be supplemented with a leverage calculation using the commitment approach.
Maximum leverage: 200% of the Net Asset Value (Using the commitment approach)
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus. | en | es |
DOLFIN4413 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### General Investment Powers and Restrictions
Each fund, and the SICAV itself, must comply with all applicable EU and Luxembourg laws and regulations, as well as certain circulars, guidelines and other requirements. This section presents, in tabular form, the fund management requirements of the 2010 law (the main law governing the operation of a UCITS) as well as the requirements set by the European Securities and Markets Authority (ESMA) for money market funds and for risk monitoring and management. In case of any discrepancy, law itself, in the original French, would prevail over either the management regulations or the prospectus (with the management regulations taking precedence over the prospectus).
If any violation of the 2010 law or the money market fund regulation by a fund is detected, the Investment Manager must make compliance with the relevant policies a priority in its securities trades and investment management decisions, while also taking due account of the interests of shareholders. Any violation that arises incidentally must be resolved as soon as possible, consistent with the normal course of fund operations.
Except where otherwise noted, all percentages and restrictions apply to each fund individually, and all asset percentages are measured as a percentage of its assets (including cash). | ### Facultades y límites de inversión generales
Cada uno de los fondos y la propia SICAV, deben cumplir la legislación y normativa aplicable en Luxemburgo y en la UE, así como determinadas circulares, directrices y otros requisitos. Este apartado presenta, en forma de tabla, los requisitos de gestión de los fondos en virtud de la Ley de 2010 (la principal legislación que rige el funcionamiento de un OICVM), así como los requisitos que establece la Autoridad Europea de Valores y Mercados (AEVM) para los fondos del mercado monetario y para la supervisión y gestión del riesgo. En caso de existir discrepancias, la propia legislación, en su redacción original en lengua francesa, prevalecerá sobre el resto de normas de gestión o el folleto informativo (teniendo las normas de gestión preferencia sobre el folleto informativo).
Si se detecta cualquier incumplimiento de la Ley de 2010 o la normativa sobre fondos del mercado monetario, el Gestor de Inversiones debe hacer del cumplimiento de las políticas relevantes una prioridad en sus operaciones con valores y en la toma de decisiones de gestión de las inversiones, teniendo además en cuenta los intereses de los accionistas como es debido. El incumplimiento que surja de forma accidental debe resolverse a la mayor brevedad posible, de forma acorde al transcurso normal de las operaciones.
Salvo cuando se indique lo contrario, todos los porcentajes y restricciones se aplican individualmente a cada fondo, y todos los porcentajes de activos se miden como porcentaje de sus activos (incluido el efectivo). | ### General Investment Powers and Restrictions
Each fund, and the SICAV itself, must comply with all applicable EU and Luxembourg laws and regulations, as well as certain circulars, guidelines and other requirements. This section presents, in tabular form, the fund management requirements of the 2010 law (the main law governing the operation of a UCITS) as well as the requirements set by the European Securities and Markets Authority (ESMA) for money market funds and for risk monitoring and management. In case of any discrepancy, law itself, in the original French, would prevail over either the management regulations or the prospectus (with the management regulations taking precedence over the prospectus).
If any violation of the 2010 law or the money market fund regulation by a fund is detected, the Investment Manager must make compliance with the relevant policies a priority in its securities trades and investment management decisions, while also taking due account of the interests of shareholders. Any violation that arises incidentally must be resolved as soon as possible, consistent with the normal course of fund operations.
Except where otherwise noted, all percentages and restrictions apply to each fund individually, and all asset percentages are measured as a percentage of its assets (including cash). | en | es |
DOLFIN4414 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The 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.
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 value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: 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 fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. Puede consultar otra información (como los últimos precios de las acciones del fondo, los valores liquidativos indicativos, toda la información sobre la composición de la cartera del fondo e información sobre los componentes del índice) en la página web local de DWS o en www.Xtrackers.com. Los costes de transacción y los impuestos, otros gastos inesperados del fondo y la situación del mercado, por ejemplo la volatilidad o problemas de liquidez, pueden afectar a la capacidad del fondo para replicar el índice. El margen previsto de error de seguimiento en condiciones normales del mercado es del 1%. La 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.
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 inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the 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
The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The 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.
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 value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN4417 | 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 07/2016-07/2021.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,407
4.1%
CHF 11,919
3.6% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 07/2016-07/2021.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 407 CHF
4,1%
11 919 CHF
3,6% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 07/2016-07/2021.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,407
4.1%
CHF 11,919
3.6% | en | es |
DOLFIN4429 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objectives
The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment.
Under normal market conditions, the Fund will seek to gain at least 70% of its investment exposure through global equity securities (e.g. shares) and equity related securities. The Fund may also invest in fixed income (FI) securities (such as bonds), FI related securities, funds, money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash.
The Fund will employ a fundamentals-based investment process focussed on identifying investments that are undergoing a sufficiently defined catalyst event (e.g. announced mergers and acquisitions).
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities which have a relatively low credit rating or which are unrated.
The investment adviser (IA) will use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective and the Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed and the IA has discretion to select the Fund's investments. The ICE BofAML 3-MO US Treasury Bill should be used by shareholders to compare the performance of the Fund.
The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment.
The price of a derivative changes on a daily basis depending on the value of the underlying reference asset(s) which in turn may affect the value of your investment. A change in the value of underlying reference assets can have a greater impact on the value of derivatives than if the assets were held directly since derivatives can be more sensitive to changes in the value of underlying reference assets.
The return on your investment in the Fund is directly related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below).
The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).
The depositary of the Fund is State Street Bank International GmbH, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the BlackRock Strategic Funds. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the BlackRock website at: www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent. Intended retail investor: This Fund is intended for retail investors (i) with knowledge and/or experience of these types of products, (ii) that have obtained appropriate investment advice and (iii) that have the ability to bear losses up to the amount they have invested in the Fund (see “How long should I hold it and can I take my money out early?”).
Insurance benefits: The Fund does not offer any insurance benefits. | ## Objetivos
El Fondo tiene por objetivo obtener una rentabilidad absoluta positiva a través de una combinación de revalorización del capital y rendimientos de su inversión.
En condiciones normales del mercado, el Fondo tratará de mantener al menos el 70 % de su exposición a inversiones en valores de renta variable (como acciones) de todo el mundo y en valores asimilados a la renta variable. El Fondo también podrá invertir en valores de renta fija (RF) (como bonos), instrumentos relacionados con renta fija, instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo), depósitos y efectivo.
El Fondo utilizará un proceso de inversión basado en fundamentales y centrado en la identificación de inversiones sometidas a un evento catalizador suficientemente definido (por ejemplo, anuncios de fusiones y adquisiciones).
Los valores de RF e IMM podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento). Estos pueden incluir valores con una calificación de solvencia relativamente baja o que carezcan de calificación.
El asesor de inversiones (AI) utilizará instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para ayudar a alcanzar el objetivo de inversión del Fondo y el Fondo, mediante el uso de IFD, podrá generar apalancamiento de mercado (es decir, cuando el Fondo incurra 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. Los accionistas deberán utilizar el ICE BofAML 3-MO US Treasury Bill para comparar la rentabilidad del Fondo.
El precio de los valores fluctúa diariamente y puede verse influido por factores que afecten a la rentabilidad de cada una de las empresas que emiten los valores, así como por los movimientos diarios del mercado bursátil y por la situación económica y política general, que también puede afectar al valor de su inversión.
El precio de un derivado cambia diariamente en función del valor de los activos de referencia subyacentes, lo que a su vez puede afectar al valor de su inversión. Un cambio en el valor de los activos de referencia subyacentes puede tener un mayor impacto en el valor de los derivados que si los activos se mantuvieran directamente, ya que los derivados pueden ser más sensibles a los cambios en el valor de los activos de referencia subyacentes.
La rentabilidad de su inversión en el Fondo estará directamente relacionada con el valor de los activos subyacentes del Fondo, menos los costes (véase el apartado «¿Cuáles son los costes?»).
La relación entre la rentabilidad de la inversión, cómo se ve afectada y el periodo durante el cual usted deberá mantener la inversión son aspectos que se consideran más abajo (véase el apartado «¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?»).
El depositario del Fondo es State Street Bank International GmbH, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Strategic Funds. Estos documentos están disponibles de forma gratuita en inglés y en otros idiomas. Podrán obtenerse, junto con otra información (práctica), incluidos los precios de las participaciones, en el sitio web de BlackRock: www.blackrock.com, o llamando al equipo de Servicios para Inversores Internacionales al +44 (0) 20 7743 3300.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda.
Inversor minorista al que va dirigido: Este Fondo está destinado a inversores minoristas (i) con conocimientos y/o experiencia en estos tipos de productos, (ii) que hayan recibido un asesoramiento adecuado sobre inversiones y (iii) que puedan soportar unas pérdidas máximas iguales al importe que hayan invertido en el Fondo (véase el apartado «¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?»).
Prestaciones de seguros: El Fondo no ofrece ninguna prestación de seguros. | ## Objectives
The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment.
Under normal market conditions, the Fund will seek to gain at least 70% of its investment exposure through global equity securities (e.g. shares) and equity related securities. The Fund may also invest in fixed income (FI) securities (such as bonds), FI related securities, funds, money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash.
The Fund will employ a fundamentals-based investment process focussed on identifying investments that are undergoing a sufficiently defined catalyst event (e.g. announced mergers and acquisitions).
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities which have a relatively low credit rating or which are unrated.
The investment adviser (IA) will use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective and the Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed and the IA has discretion to select the Fund's investments. The ICE BofAML 3-MO US Treasury Bill should be used by shareholders to compare the performance of the Fund.
The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment.
The price of a derivative changes on a daily basis depending on the value of the underlying reference asset(s) which in turn may affect the value of your investment. A change in the value of underlying reference assets can have a greater impact on the value of derivatives than if the assets were held directly since derivatives can be more sensitive to changes in the value of underlying reference assets.
The return on your investment in the Fund is directly related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below).
The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).
The depositary of the Fund is State Street Bank International GmbH, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the BlackRock Strategic Funds. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the BlackRock website at: www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent. Intended retail investor: This Fund is intended for retail investors (i) with knowledge and/or experience of these types of products, (ii) that have obtained appropriate investment advice and (iii) that have the ability to bear losses up to the amount they have invested in the Fund (see “How long should I hold it and can I take my money out early?”).
Insurance benefits: The Fund does not offer any insurance benefits. | en | es |
DOLFIN4435 | 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 7 because its share price may fluctuate very strongly and the likelihood of both losses and gains may therefore be very 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
rebalanced on an “as needed” basis. This means that the index is rebalanced at the end of any day on which the 35% and 20% limits (without the buffer) are breached. The index is calculated in US Dollars on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
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 value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos 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 7, dado que su precio por acción puede fluctuar con una gran intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser muy 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
ajustarse en función de la necesidad. Esto significa que el índice se reajustará al finalizar cualquier día en el que se superen los límites del 35% y el 20% (sin el margen). El índice se calcula diariamente en dólares estadounidenses. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
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 inversión puede aumentar o disminuir. El fondo está expuesto a movimientos del mercado en un solo país o región, por lo que podría verse perjudicado por la evolución política o económica, las medidas adoptadas por el gobierno o por sucesos naturales que no afectan a fondos que invierten en mercados más amplios. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión. Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on 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 7 because its share price may fluctuate very strongly and the likelihood of both losses and gains may therefore be very 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
rebalanced on an “as needed” basis. This means that the index is rebalanced at the end of any day on which the 35% and 20% limits (without the buffer) are breached. The index is calculated in US Dollars on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
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 value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN4445 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Where a Sub-Fund promote environmental characteristics in accordance with article 8(1) SFDR, the “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
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##### Sub-Funds not subject to article 8 or article 9 SFDR | Si un Subfondo promueve características ambientales de conformidad con el artículo 8(1) del SFDR, el principio de «no causar un perjuicio significativo» se aplica solo a las inversiones subyacentes del producto financiero que tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes de la parte restante de este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles.
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##### Subfondos no sujetos al artículo 8 o al artículo 9 del SFDR | Where a Sub-Fund promote environmental characteristics in accordance with article 8(1) SFDR, the “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
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##### Sub-Funds not subject to article 8 or article 9 SFDR | en | es |
DOLFIN4448 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Except for Class A and Class M Units, all Unit Classes are available to all qualifying applicants. Investment in Class M Units is restricted to investors deemed eligible by the Manager in its sole discretion. Class A Units are only available through (i) certain distributors who have separate fee arrangements with their clients and (ii) to other investors at the Manager’s discretion.
The annual management fee chargeable in respect of all Class S Units has been set at a rate intended to attract assets into the relevant Sub-Fund(s). It is therefore intended that the Class S Units will only be available for investment, in accordance with the provisions set out below, for a limited period following publication of this Prospectus.
The Directors may at their discretion close an S Class of Units in any particular Sub-Fund to all further subscriptions, from both Unitholders and new investors, once the Net Asset Value of the relevant S Class has reached the amount specified in the relevant Sub-Fund details in Appendix IV (or such other amount as the Directors may at their discretion determine).
Once the Directors have exercised their discretion to close an S Class of Units to further subscriptions in accordance with the preceding paragraph, a notice to that effect will be published on the website www.axa-
im.com. Notifications will also be posted to the same website in circumstances where any Class S Units that have been closed to subscriptions in the manner outlined above are subsequently re-opened by the Directors to further subscriptions as a result of redemptions or otherwise.
Class S Units can be redeemed at any time in accordance with the normal redemption procedures applicable to the relevant Sub-Fund. | Excepto por lo que se refiere a las Participaciones de las Clases A y M, todas las Clases de Participaciones están disponibles para todos los solicitantes aptos. La inversión en Participaciones de Clase M está restringida a los inversores considerados aptos por la Sociedad Gestora a su entera discreción. Las Participaciones de Clase A solamente están disponibles a través de (i) ciertas entidades comercializadoras que tengan acuerdos de comisiones independientes con sus clientes y (ii) a otros inversores, según el criterio de la Sociedad Gestora.
La comisión de gestión anual imponible con respecto a todas las Participaciones de Clase S se ha fijado a un tipo que pretende atraer activos al Subfondo relevante. Por lo tanto, se pretende que las Participaciones de Clase S solo estén disponibles para inversión, de acuerdo con lo previsto a continuación, durante un tiempo limitado después de la publicación de este Folleto.
Los Consejeros podrán, a su discreción, cerrar las Participaciones de Clase S de un Subfondo concreto
para nuevas suscripciones, tanto por parte de los Partícipes como de nuevos inversores, una vez que el Valor Liquidativo de la Clase S relevante haya alcanzado la cantidad especificada en los Detalles del Subfondo correspondiente en el Apéndice IV (o cualquier otra cantidad que los Consejeros determinen a su discreción).
Una vez que los Consejeros hayan ejercido su facultad de cerrar las Participaciones de Clase S a nuevas suscripciones de acuerdo con lo previsto en el párrafo anterior, se publicará una notificación en este sentido en el sitio web www.axa-im.com. También se publicarán notificaciones en el mismo sitio web cuando las Participaciones de Clase S que se han cerrado a suscripciones de la manera descrita anteriormente vuelvan a ser abiertas a suscripciones posteriormente por los Consejeros como resultado de reembolsos o de otro modo.
Las Participaciones de Clase S se pueden reembolsar en cualquier momento de conformidad con los procedimientos ordinarios de reembolso aplicables al Subfondo correspondiente. | Except for Class A and Class M Units, all Unit Classes are available to all qualifying applicants. Investment in Class M Units is restricted to investors deemed eligible by the Manager in its sole discretion. Class A Units are only available through (i) certain distributors who have separate fee arrangements with their clients and (ii) to other investors at the Manager’s discretion.
The annual management fee chargeable in respect of all Class S Units has been set at a rate intended to attract assets into the relevant Sub-Fund(s). It is therefore intended that the Class S Units will only be available for investment, in accordance with the provisions set out below, for a limited period following publication of this Prospectus.
The Directors may at their discretion close an S Class of Units in any particular Sub-Fund to all further subscriptions, from both Unitholders and new investors, once the Net Asset Value of the relevant S Class has reached the amount specified in the relevant Sub-Fund details in Appendix IV (or such other amount as the Directors may at their discretion determine).
Once the Directors have exercised their discretion to close an S Class of Units to further subscriptions in accordance with the preceding paragraph, a notice to that effect will be published on the website www.axa-
im.com. Notifications will also be posted to the same website in circumstances where any Class S Units that have been closed to subscriptions in the manner outlined above are subsequently re-opened by the Directors to further subscriptions as a result of redemptions or otherwise.
Class S Units can be redeemed at any time in accordance with the normal redemption procedures applicable to the relevant Sub-Fund. | en | es |
DOLFIN4459 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Positions taken on the futures or options markets and over the counter are valued at their market price or at the value of the equivalent underlying asset.
- Financial instruments and securities not traded on a regulated market All of the UCI's financial instruments are traded on regulated markets.
- Valuation methods for off-balance sheet commitmentsOff-balance sheet transactions are valued at the commitment value. | Las posiciones tomadas en contratos de futuros y opciones y operaciones a plazo negociadas en mercados extrabursátiles se valoran al precio de mercado o al equivalente del activo subyacente.
- Instrumentos financieros y valores no negociados en un mercado regulado Todos los instrumentos financieros de la IIC se negocian en mercados regulados.
- Mitodo de valoración de los compromisos fuera de balanceLas operaciones fuera de balance se valoran conforme al valor de compromiso. | Positions taken on the futures or options markets and over the counter are valued at their market price or at the value of the equivalent underlying asset.
- Financial instruments and securities not traded on a regulated market All of the UCI's financial instruments are traded on regulated markets.
- Valuation methods for off-balance sheet commitmentsOff-balance sheet transactions are valued at the commitment value. | en | es |
DOLFIN4469 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 1.50%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | | Gastos detraídos del Fondo cada año |
| --- |
| Gastos corrientes | 1,50%** |
| Gastos detraídos del Fondo en determinadas condiciones |
| Comisión de rentabilidad | Ninguna | | | Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 1.50%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | en | es |
DOLFIN4476 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
To implement these SRI strategies, we rely on external data providers selected for the quality of their approach and their wide coverage.
For sovereign issuers, the SDG Index published by SDSN (Sustainable Development Solutions Network) and Bertelsmann Stiftung is a United Nations initiative linked to the Sustainable Development Goals.
The Sustainable Development Goals (SDG) are 17 goals adopted by all UN member states to guide international collaboration towards sustainable development. The SDG Index aggregates available data for all these 17 SDGs and provides an assessment of how countries are performing compared to their peers. We use these ratings for sovereign issuers, local authorities, agencies guaranteed by these same countries and supranational entities.
As for companies, since the merger with some of La Banque Postale Asset Management’s activities, we have benefited from the GREaT methodology, the Banque Postale Asset Management’s proprietary model that analyses companies regarding sustainable development issues.
Beyond taking into account environmental, social and governance (ESG) criteria, the GREaT method measures engagement, responsibility, opportunities and risks for companies.
This non-financial rating of private issuers is based on several pillars:
- Responsible governance: this pillar aims to assess the organisation and effectiveness of powers within each issuer (for example, for companies: to evaluate the balance of powers, executive remuneration, business ethics or tax practices).
- Sustainable management of resources: this pillar makes it possible to examine the environmental impacts and human capital (e.g. quality of working conditions and management of relations with suppliers) of each issuer.
- Economic and energy transition: this pillar makes it possible to evaluate each issuer’s strategy in favour of the energy transition (e.g. greenhouse gas reduction approach and response to long-term challenges).
- Territorial development: this pillar makes it possible, for example, to analyse each issuer’s strategy in terms of access to basic services. Investments are therefore evaluated on non-financial criteria using a score ranging from 1 (high non-financial quality) to 10 (low non-financial quality). | Con respecto a la aplicación de estas estrategias de ISR, confiamos en proveedores de datos externos seleccionados por la calidad de su enfoque y su amplio alcance de cobertura.
Para los emisores soberanos, el índice SDG, publicado por SDSN (Sustainable Development Solutions Network) y Bertelsmannstiftung, es una iniciativa de las Naciones Unidas relacionada con los Objetivos de Desarrollo Sostenible (ODS).
Los Objetivos de Desarrollo Sostenible (ODS) son 17 objetivos adoptados por todos los Estados miembros de las Naciones Unidas que sirven de guía para la colaboración internacional hacia el desarrollo sostenible. El índice SDG engloba datos disponibles para todos estos 17 ODS y proporciona una evaluación del rendimiento de los países con respecto a sus homólogos. Utilizamos estas calificaciones para emisiones soberanas, autoridades locales, agencias garantizadas por estos mismos estados, y entidades supranacionales.
En cuanto a las empresas, desde que fusionamos nuestra actividad con parte de las actividades de La Banque Postale Asset Management, empleamos la metodología GREaT, un modelo de La Banque Postale Asset Management que analiza las empresas con respecto a los retos del desarrollo sostenible.
Además de tener en cuenta los criterios medioambientales, sociales y de gobernanza (ESG), el método GREaT mide el compromiso, la responsabilidad, las oportunidades y los riesgos para las empresas.
Esta calificación extrafinanciera de emisores privados se basa en varios pilares:
- Gobernanza responsable: El objetivo principal de este pilar es evaluar la organización y la eficacia de la dirección de cada emisor (por ejemplo, en el caso de las empresas: evaluar el equilibrio de poderes, la remuneración de los directivos, la ética empresarial o las prácticas fiscales).
- Gestión sostenible de los recursos: Este pilar permite estudiar los impactos medioambientales y el capital humano de cada emisor (por ejemplo, la calidad de las condiciones de trabajo y la gestión de las relaciones con los proveedores).
- Transición energética: Este pilar permite evaluar la estrategia de cada emisor en favor de la transición energética (por ejemplo, el enfoque sobre la reducción de los gases de efecto invernadero o la respuesta a los desafíos a largo plazo).
- El desarrollo territorial: Este pilar permite, entre otros aspectos, analizar la estrategia de cada emisor en términos de acceso a los servicios básicos. Por lo tanto, las inversiones se evalúan según criterios extrafinancieros de acuerdo con una calificación que oscila entre 1 (alta calidad extrafinanciera) y 10 (baja calidad extrafinanciera). | To implement these SRI strategies, we rely on external data providers selected for the quality of their approach and their wide coverage.
For sovereign issuers, the SDG Index published by SDSN (Sustainable Development Solutions Network) and Bertelsmann Stiftung is a United Nations initiative linked to the Sustainable Development Goals.
The Sustainable Development Goals (SDG) are 17 goals adopted by all UN member states to guide international collaboration towards sustainable development. The SDG Index aggregates available data for all these 17 SDGs and provides an assessment of how countries are performing compared to their peers. We use these ratings for sovereign issuers, local authorities, agencies guaranteed by these same countries and supranational entities.
As for companies, since the merger with some of La Banque Postale Asset Management’s activities, we have benefited from the GREaT methodology, the Banque Postale Asset Management’s proprietary model that analyses companies regarding sustainable development issues.
Beyond taking into account environmental, social and governance (ESG) criteria, the GREaT method measures engagement, responsibility, opportunities and risks for companies.
This non-financial rating of private issuers is based on several pillars:
- Responsible governance: this pillar aims to assess the organisation and effectiveness of powers within each issuer (for example, for companies: to evaluate the balance of powers, executive remuneration, business ethics or tax practices).
- Sustainable management of resources: this pillar makes it possible to examine the environmental impacts and human capital (e.g. quality of working conditions and management of relations with suppliers) of each issuer.
- Economic and energy transition: this pillar makes it possible to evaluate each issuer’s strategy in favour of the energy transition (e.g. greenhouse gas reduction approach and response to long-term challenges).
- Territorial development: this pillar makes it possible, for example, to analyse each issuer’s strategy in terms of access to basic services. Investments are therefore evaluated on non-financial criteria using a score ranging from 1 (high non-financial quality) to 10 (low non-financial quality). | en | es |
DOLFIN4482 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Subordinated debt and contingent convertible bonds are subject to specific risks of non-payment of coupons and capital loss in certain circumstances. At a certain solvency threshold, referred to as the "trigger” threshold, the issuer may or must suspend the payment of coupons and/or reduce the nominal value of the security or convert such bonds into shares. Notwithstanding the thresholds defined in the issue prospectus, the supervisory authorities have the possibility of applying in a preventive manner these rules if the circumstances require based on an objective threshold, the point of non-viability. These securities expose holders to either a total or partial loss of their investment following their conversion into shares at a predetermined price or because of the application of a discount provided for contractually in the issuing prospectus or applied arbitrarily by a supervisory authority. Holders of these securities are also exposed to potentially large price fluctuations in the event that the issuer has insufficient equity or experiences difficulties.
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#### Sustainability risk | Las deudas subordinadas y las obligaciones convertibles contingentes están sujetas a riesgos específicos de impago de cupones y de pérdida de capital en determinadas circunstancias. A partir de un determinado umbral de solvencia, denominado «trigger», el emisor puede o debe suspender el pago de sus cupones y/o reducir el nominal del título o convertir esas obligaciones en acciones. Sin perjuicio de los umbrales definidos en los folletos informativos de las emisiones, las autoridades financieras tienen la posibilidad de aplicar de modo preventivo dichas normas cuando las circunstancias lo exijan en función de un umbral objetivo denominado «punto de inviabilidad». Estos valores exponen a los titulares a una pérdida total o parcial de sus inversiones como consecuencia de su conversión en acciones a un precio predeterminado o a la aplicación de un descuento previsto contractualmente en los términos del folleto de emisión, o aplicado de forma arbitraria por una autoridad de tutela. Estos valores exponen también a sus titulares a fluctuaciones potencialmente importantes de precios en caso de situación de insuficiencia de fondos propios o de dificultades del emisor.
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#### Riesgo de sostenibilidad | Subordinated debt and contingent convertible bonds are subject to specific risks of non-payment of coupons and capital loss in certain circumstances. At a certain solvency threshold, referred to as the "trigger” threshold, the issuer may or must suspend the payment of coupons and/or reduce the nominal value of the security or convert such bonds into shares. Notwithstanding the thresholds defined in the issue prospectus, the supervisory authorities have the possibility of applying in a preventive manner these rules if the circumstances require based on an objective threshold, the point of non-viability. These securities expose holders to either a total or partial loss of their investment following their conversion into shares at a predetermined price or because of the application of a discount provided for contractually in the issuing prospectus or applied arbitrarily by a supervisory authority. Holders of these securities are also exposed to potentially large price fluctuations in the event that the issuer has insufficient equity or experiences difficulties.
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#### Sustainability risk | en | es |
DOLFIN4487 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# PRACTICAL INFORMATION
The depositary bank of the Fund is RBC Investor Services Bank S.A. Copies of the prospectus, the latest annual reports and subsequent half- yearly reports (all in English) as well as other information (including the latest share prices) are available free of charge from Alma Capital Investment Management or at www.fundsquare.net.
Details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, are available at the registered office of the management company, upon request of an investor. More share classes may be available for this Fund - please refer to the prospectus for further details. Please note that not all share classes may be registered for distribution in your jurisdiction.
The taxation regime applicable to the Fund in Luxembourg may affect your personal tax position.
Quantica UCITS Funds SICAV 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.
Quantica UCITS Funds SICAV has a number of different funds. The assets and liabilities of each fund are segregated by law. The prospectus and the periodic reports are prepared for Quantica UCITS Funds SICAV as a whole. You may apply for shares in this Fund to be converted into shares of other funds of Quantica UCITS Funds SICAV. The switch charge (if any) may be charged on such a conversion. For more information on how to convert your shares to shares of other funds, please refer to the “Conversion of Shares” section in the prospectus.
The Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.
Alma Capital Investment Management is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 21-03-2022. | # INFORMACIÓN PRÁCTICA
El banco depositario del Fondo es RBC Investor Services Bank S.A. Copias del folleto, los últimos informes anuales y posteriores informes semestrales (todos en inglés), así como otra información (incluidos los últimos precios por acción) están disponibles de forma gratuita a través de Alma Capital Investment Management o en la página web www.fundsquare.net.
Los datos actualizados de la política de remuneración, que incluye, entre otra información, una descripción del método utilizado para calcular las remuneraciones y los beneficios, así como los datos de las personas responsables de su concesión, están disponibles en el domicilio social de la sociedad gestora, a petición de los inversores. Podrían encontrarse disponibles más clases de acciones de este Fondo; consulte el folleto informativo si desea obtener más datos. Tenga en cuenta que puede que no todas las clases de acciones estén registradas para ser comercializadas en su jurisdicción.
El régimen fiscal aplicable al Fondo en Luxemburgo podría afectar a su situación fiscal personal.
Quantica UCITS Funds SICAV 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.
Quantica UCITS Funds SICAV cuenta con diversos fondos. Los activos y pasivos de cada fondo están segregados de acuerdo con la ley. El folleto informativo y los informes periódicos se elaboran para Quantica UCITS Funds SICAV en su conjunto. Puede solicitar la conversión de acciones de este Fondo por acciones de otros fondos de Quantica UCITS Funds SICAV. El gasto de canje (de haberlo) podría aplicarse por dicha conversión. Para más información sobre cómo convertir sus acciones por acciones de otros fondos, consulte el apartado «Conversión de Acciones» del Folleto informativo.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (Comisión de Supervisión del Sector Financiero).
Alma Capital Investment Management está autorizada en Luxemburgo y está regulada por la Commission de Surveillance du Secteur Financier (Comisión de Supervisión del Sector Financiero).
Los presentes datos fundamentales para el inversor son exactos a 21-03-2022. | # PRACTICAL INFORMATION
The depositary bank of the Fund is RBC Investor Services Bank S.A. Copies of the prospectus, the latest annual reports and subsequent half- yearly reports (all in English) as well as other information (including the latest share prices) are available free of charge from Alma Capital Investment Management or at www.fundsquare.net.
Details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, are available at the registered office of the management company, upon request of an investor. More share classes may be available for this Fund - please refer to the prospectus for further details. Please note that not all share classes may be registered for distribution in your jurisdiction.
The taxation regime applicable to the Fund in Luxembourg may affect your personal tax position.
Quantica UCITS Funds SICAV 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.
Quantica UCITS Funds SICAV has a number of different funds. The assets and liabilities of each fund are segregated by law. The prospectus and the periodic reports are prepared for Quantica UCITS Funds SICAV as a whole. You may apply for shares in this Fund to be converted into shares of other funds of Quantica UCITS Funds SICAV. The switch charge (if any) may be charged on such a conversion. For more information on how to convert your shares to shares of other funds, please refer to the “Conversion of Shares” section in the prospectus.
The Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.
Alma Capital Investment Management is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 21-03-2022. | en | es |
DOLFIN4492 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For the share classes with a different currency to the currency of the Sub-fund, no currency hedging will be pursued in future for the Global Equities Fund, Global Equities Unconstrained Fund and Absolute Return Multi Asset sub-funds. In this context, the currency-hedged benchmarks for the foreign share classes of the Global Equities Fund and Global Equities Unconstrained Fund sub-funds will also be discontinued.
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# Option of acquiring shares through the Shanghai and Shenzhen Hong Kong Stock Connect (“SHSC”) programme, eligible Chinese A-Shares | En el caso de las clases de acciones con una divisa diferente a la del subfondo, en el futuro ya no se instrumentarse la cobertura de divisas para los subfondos Global Equities Fund, Global Equities Unconstrained Fund y Absolute Return Multi Asset. En este contexto, también dejan de aplicarse los índices de referencia con cobertura de divisas para las clases de acciones extranjeras de los subfondos Global Equities Fund y Global Equities Unconstrained Fund.
-
# Posibilidad de comprar acciones A de China admisibles a través del programa Shanghai/Shenzhen Hong Kong Stock Connect («SHSC») | For the share classes with a different currency to the currency of the Sub-fund, no currency hedging will be pursued in future for the Global Equities Fund, Global Equities Unconstrained Fund and Absolute Return Multi Asset sub-funds. In this context, the currency-hedged benchmarks for the foreign share classes of the Global Equities Fund and Global Equities Unconstrained Fund sub-funds will also be discontinued.
-
# Option of acquiring shares through the Shanghai and Shenzhen Hong Kong Stock Connect (“SHSC”) programme, eligible Chinese A-Shares | en | es |
DOLFIN4505 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
*Comparative index: BofA Merrill Lynch 1-3 Year Euro Broad Market.
**Please refer to performance notes on page 9. A full list of footnotes is given on page 9.
***The Launch Date above refers to the launch of the new Fidelity Funds sub-fund, however the Total Return Share Class and Index Performance figures include the performance prior to the merger of the Fidelity Funds II Euro Short Term Bond Fund into the new Fidelity Funds sub-fund. | * Índice de referencia: BofA Merrill Lynch 1-3 Year Euro Broad Market.
** Consulte las notas sobre los resultados en la página 10. La lista de notas completa figura en la página 10.
*** La Fecha de lanzamiento anterior se refiere al lanzamiento del nuevo subfondo de Fidelity Funds; no obstante, las cifras de Rentabilidad Total de las Clases de Acciones y Rentabilidad del Índice incluyen la rentabilidad anterior a la fusión del fondo Fidelity Funds II Euro Short Term Bond con el nuevo subfondo de Fidelity Funds. | *Comparative index: BofA Merrill Lynch 1-3 Year Euro Broad Market.
**Please refer to performance notes on page 9. A full list of footnotes is given on page 9.
***The Launch Date above refers to the launch of the new Fidelity Funds sub-fund, however the Total Return Share Class and Index Performance figures include the performance prior to the merger of the Fidelity Funds II Euro Short Term Bond Fund into the new Fidelity Funds sub-fund. | en | es |
DOLFIN4506 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# CHANGES CONCERNING THE COMPANY
All changes described in this Part A) affect all shareholders of the Company, will be reflected in the Prospectus dated 18 October 2021, will enter into force on that date and will have no impact on your investment.
- Changes to the Company's Board of DirectorsThe Board of Directors decided to reflect the appointment of Mrs Sophie Mosnier as independent director on the Board, elected in order to increase the objectivity of the decisions taken by the Board and to take advantage of the experience and expertise of Mrs Sophie Mosnier.
In view of the fact that the registered office of the Management Company (CPR Asset Management) will change as of 31 December 2021, the Board of Directors has also decided to change the address (for both the management company function and the global distributor function) given in the “Directory” and “Principal Features” sections of the Prospectus.
- Changes to Section 1 (Principal Features)The Board of Directors has decided to update the glossary in Section 1 (Principal Features) in particular in order to reflect the United Kingdom’s departure from the European Union and to describe more precisely the rules applicable to UCITS, which are mentioned in particular in Section 10.6 “Depositary” of the Prospectus.
- Changes to Sub-section 11.4 (Annual charges)The Board of Directors considers that (i) the standard brokerage fees and bank charges arising from the Company’s commercial transactions, and (ii) the fees related to the Company’s transfer agent and registrar should be treated as administration fees.
As a result, the Board of Directors has decided to update Section 11.4 (Annual charges) of the Prospectus to reflect this as closely as possible, without however, having any impact on the maximum authorised annual administration fees.
Following the publication of ESMA Guidelines on outperformance fees in UCITS and certain types of AIFs (the "ESMA Guidelines"), any new sub-fund of an UCITS incorporating a performance fee must be compliant with these ESMA Guidelines. In view of the launch of a new sub-fund within the Company, Section 11.4 (Annual charges) has been updated for this purpose. However, the mechanisms for calculating the outperformance fees of the Company’s existing sub-funds will not be brought into line with the ESMA Guidelines until a later date.
Therefore, Section 11.4 has been divided into two types of mechanism; the new mechanism complying with the ESMA Guidelines (and which will only be applied by the new sub-fund) and the pre-existing mechanism reflecting the mechanism as it exists within the Company for its other sub-funds.
- Use of financial indices as performance indicatorsThe Board of Directors has decided to make some minor clarifications to the investment policy of all sub-funds in order to clarify the use of the financial indices that are referenced for performance indicator purposes only. | # CAMBIOS RELATIVOS A LA SOCIEDAD
Todos los cambios descritos en esta parte A) que afectan a todos los accionistas de la Sociedad, se reflejarán en el Folleto con fecha 18 de octubre de 2021, y entrarán en vigor en esa fecha y no tendrán un impacto en su inversión.
- Modificaciones en el Consejo de la SociedadEl Consejo de Administración ha decidido nombrar a la Sra. Sophie Mosnier como consejera independiente en el Consejo, elegida con el fin de incrementar la objetividad de las decisionesadoptadas por el Consejo y beneficiarse de la experiencia y los conocimientos de la Sra. Sophie Mosnier.
En vista de que el domicilio social de la Sociedad gestora (CPR Asset Management) cambiará a partir del 31 de diciembre de 2021, el Consejo de Administración también ha decidido cambiar la dirección (tanto para la función de sociedad gestora como para la de distribuidor global) indicada en las secciones "Índice" y "Características principales" del Folleto.
- Modificaciones en la sección 1 (Características principales)El Consejo de Administración ha decidido actualizar el glosario de la sección 1(Características principales), sobre todo para reflejar la salida del Reino Unido de la Unión Europea y describir con mayor precisión las normas aplicables a los OICVM a las que se hace referencia, en particular, en la sección 10.6 « Depositario » del Folleto.
- Modificaciones de la subsección 11.4 (Gastos anuales)El Consejo de Administración considera que (i) los gastos estándar de corretaje y los gastos bancarios derivados de las transacciones comerciales de la Sociedad y (ii) los gastos relacionados con el agente de transferencia y el registrador de la Sociedad deben considerarse gastos administrativos.
Por ello, el Consejo de Administración ha decidido actualizar el apartado 11.4 (Gastos anuales) del Folleto para reflejar mejor esta realidad, sin que este cambio sin embargo tenga ningún impacto sobre el tope máximo de gastos administrativos anuales permitido.
Tras la publicación de las Directrices de la ESMA sobre las comisiones por resultados en los organismos de inversión colectiva en valores mobiliarios y determinados tipos de fondos de inversión alternativos (las «Directrices de la ESMA»), es necesario que cualquier nuevo subfondo de un OICVM que incorpore una comisión por resultados cumpla las presentes Directrices de la ESMA. Con vistas al lanzamiento de un nuevo subfondo dentro de la Sociedad, la sección 11.4 (Gastos anuales) se ha actualizado a este efecto. Por otro lado, los mecanismos para calcular las comisiones por resultados de los subfondos existentes de la Sociedad se alinearán con las Directrices de la ESMA en una fecha posterior.
Así pues, la sección 11.4 se ha dividido en dos tipos de mecanismos, el nuevo que cumple con las Directrices de la ESMA (y que será aplicado únicamente por el nuevo subfondo) y el existente que refleja el mecanismo tal y como existe dentro de la Sociedad para los otros subfondos.
- Utilización de índices financieros para determinar los indicadores de resultadosEl Consejo de Administración ha decidido hacer algunas aclaraciones menores correspondientes a la política de inversión del conjunto de subfondos para aclarar el uso de los índices financieros a los que se hace referencia para fijar los niveles de rendimiento. | # CHANGES CONCERNING THE COMPANY
All changes described in this Part A) affect all shareholders of the Company, will be reflected in the Prospectus dated 18 October 2021, will enter into force on that date and will have no impact on your investment.
- Changes to the Company's Board of DirectorsThe Board of Directors decided to reflect the appointment of Mrs Sophie Mosnier as independent director on the Board, elected in order to increase the objectivity of the decisions taken by the Board and to take advantage of the experience and expertise of Mrs Sophie Mosnier.
In view of the fact that the registered office of the Management Company (CPR Asset Management) will change as of 31 December 2021, the Board of Directors has also decided to change the address (for both the management company function and the global distributor function) given in the “Directory” and “Principal Features” sections of the Prospectus.
- Changes to Section 1 (Principal Features)The Board of Directors has decided to update the glossary in Section 1 (Principal Features) in particular in order to reflect the United Kingdom’s departure from the European Union and to describe more precisely the rules applicable to UCITS, which are mentioned in particular in Section 10.6 “Depositary” of the Prospectus.
- Changes to Sub-section 11.4 (Annual charges)The Board of Directors considers that (i) the standard brokerage fees and bank charges arising from the Company’s commercial transactions, and (ii) the fees related to the Company’s transfer agent and registrar should be treated as administration fees.
As a result, the Board of Directors has decided to update Section 11.4 (Annual charges) of the Prospectus to reflect this as closely as possible, without however, having any impact on the maximum authorised annual administration fees.
Following the publication of ESMA Guidelines on outperformance fees in UCITS and certain types of AIFs (the "ESMA Guidelines"), any new sub-fund of an UCITS incorporating a performance fee must be compliant with these ESMA Guidelines. In view of the launch of a new sub-fund within the Company, Section 11.4 (Annual charges) has been updated for this purpose. However, the mechanisms for calculating the outperformance fees of the Company’s existing sub-funds will not be brought into line with the ESMA Guidelines until a later date.
Therefore, Section 11.4 has been divided into two types of mechanism; the new mechanism complying with the ESMA Guidelines (and which will only be applied by the new sub-fund) and the pre-existing mechanism reflecting the mechanism as it exists within the Company for its other sub-funds.
- Use of financial indices as performance indicatorsThe Board of Directors has decided to make some minor clarifications to the investment policy of all sub-funds in order to clarify the use of the financial indices that are referenced for performance indicator purposes only. | en | es |
DOLFIN4509 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
This Fund belongs to risk category 3 due to its high exposure to debt securities issued by private or public entities located mainly in Asia, with no restrictions in terms of rating, including high-yield speculative- grade securities.
Historical data, such as those used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk category of this Fund is not guaranteed and may change over time.
The lowest category does not mean “risk-free”.
Investors receive no guarantee that they will get back the capital they initially invest.
Key risks not taken into account in this indicator:
Credit risk: the risk of a sudden deterioration in the issuer’s credit quality or its default. WARNING: THIS FUND CAN INVEST 50% OF ITS ASSETS IN BONDS WITH LOW CREDIT QUALITY, IT THEREFORE CARRIES VERY HIGH CREDIT RISK.
Liquidity risk: this refers to the difficulty or impossibility of selling certain debt securities held in the portfolio in a timely fashion and at the portfolio valuation price, because of the reduced size of the market or the lack of volumes on the market on which these securities are usually traded.
Counterparty risk: the risk of a deterioration in the issuer’s credit quality or default of a market counterparty or a borrower, leading to a payment default. Payment default by a counterparty may result in a decline in the net asset value of the Fund.
For a description of all risks, please refer to the Fund’s prospectus. The materialisation of one of these risks could lead to a drop in the Fund’s net asset value.
Tikehau Investment Management - Tikehau 2025 - 26/10/2022 | # Perfil de riesgo y remuneración
Esta clase de participaciones del Fondo pertenece a la categoría de riesgo 3 debido a su elevada exposición a instrumentos de deuda de emisores, privados o públicos, ubicados principalmente en Europa, sin limitaciones de calificación, incluidos los títulos especulativos de alto rendimiento, también los CoCos.
Los datos históricos, como los utilizados en el cálculo del indicador sintético, podrían no ser un indicador fiable del perfil de riesgo futuro del Fondo.
La categoría de riesgo atribuida a este Fondo no está garantizada y podrá variar a lo largo del tiempo.
La categoría más baja no significa que la inversión esté libre de riesgo. El capital inicialmente invertido no está garantizado.
Riesgos importantes no recogidos en el indicador:
Riesgo de crédito: es el riesgo de un deterioro repentino de la solvencia de un emisor o de que incurra en impago. ADVERTENCIA: ESTE SUBFONDO PUEDE INVERTIR UN PORCENTAJE DEL 50% EN EMISIONES DE RENTA FIJA DE BAJA CALIDAD CREDITICIA, POR LO QUE TIENE UN RIESGO DE CRÉDITO MUY ELEVADO.
Riesgo de liquidez: dificultad o imposibilidad de realizar la cesión de determinados títulos de deuda mantenidos en la cartera en el momento oportuno y al precio de la valoración de la cartera, debido concretamente al tamaño reducido del mercado o la ausencia de volumen en el mercado en el que se negocian habitualmente estos títulos.
Riesgo de contraparte: es aquel que consiste en el deterioro de la calidad crediticia o el incumplimiento de una contraparte de mercado o de un deudor que desemboca en un impago. El impago de una contraparte puede acarrear una disminución del valor liquidativo de las acciones del Fondo.
Consulte el folleto del Fondo para obtener la descripción de todos los riesgos. La existencia de alguno de estos riesgos podría conllevar una disminución del valor liquidativo del Fondo.
Tikehau Investment Management - Tikehau 2025 - 26/10/2022 | # Risk and reward profile
This Fund belongs to risk category 3 due to its high exposure to debt securities issued by private or public entities located mainly in Asia, with no restrictions in terms of rating, including high-yield speculative- grade securities.
Historical data, such as those used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk category of this Fund is not guaranteed and may change over time.
The lowest category does not mean “risk-free”.
Investors receive no guarantee that they will get back the capital they initially invest.
Key risks not taken into account in this indicator:
Credit risk: the risk of a sudden deterioration in the issuer’s credit quality or its default. WARNING: THIS FUND CAN INVEST 50% OF ITS ASSETS IN BONDS WITH LOW CREDIT QUALITY, IT THEREFORE CARRIES VERY HIGH CREDIT RISK.
Liquidity risk: this refers to the difficulty or impossibility of selling certain debt securities held in the portfolio in a timely fashion and at the portfolio valuation price, because of the reduced size of the market or the lack of volumes on the market on which these securities are usually traded.
Counterparty risk: the risk of a deterioration in the issuer’s credit quality or default of a market counterparty or a borrower, leading to a payment default. Payment default by a counterparty may result in a decline in the net asset value of the Fund.
For a description of all risks, please refer to the Fund’s prospectus. The materialisation of one of these risks could lead to a drop in the Fund’s net asset value.
Tikehau Investment Management - Tikehau 2025 - 26/10/2022 | en | es |
DOLFIN4511 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# IMPORTANT NOTICE TO THE SHAREHOLDERS OF:
Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF (ISIN: LU0292106753) Xtrackers LevDAX Daily Swap UCITS ETF (ISIN: LU0411075376) Xtrackers ShortDAX Daily Swap UCITS ETF (ISIN: LU0292106241)
Xtrackers ShortDAX x2 Daily Swap UCITS ETF (ISIN: LU0411075020)
(each a “Sub-Fund” and together the "Sub-Funds")
Luxembourg, 25 October 2021
Dear Shareholder,
The board of directors of the Company (the “Board of Directors”) hereby informs the shareholders of the Sub-Funds about certain changes to the Sub-Funds as outlined below.
Capitalised terms not defined herein shall have the meaning given to them in the most recent version of the prospectus of the Company (the “Prospectus”), unless the context otherwise requires.
The Euro Over Night Index Average (“EONIA”) administrator, European Money Markets Institute, announced that it will stop publishing the EONIA on 3 January 2022. The European Central Bank’s working group on euro risk-free rates recommended that the Euro short term rate (“€STR”) replaces the EONIA as the Euro risk-free rate.
Currently the level of each Reference Index is linked to the daily performance of an underlying index (as set out in the table below) plus or less a rate of interest (dependent on the Reference Index) which is based on the EONIA as a reference rate.
As a result of the abovementioned decomissioning of EONIA, the Index Administrator of the Reference Index of each Sub-Fund (as set out in the table below) will replace EONIA with €STR flat (i.e. no additional spread) in the methodology of the Reference Index of each Sub-Fund effective as of 8 November 2021: | # NOTIFICACIÓN IMPORTANTE A LOS ACCIONISTAS DE:
Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF (ISIN: LU0292106753) Xtrackers LevDAX Daily Swap UCITS ETF (ISIN: LU0411075376) Xtrackers ShortDAX Daily Swap UCITS ETF (ISIN: LU0292106241)
Xtrackers ShortDAX x2 Daily Swap UCITS ETF (ISIN: LU0411075020)
(individualmente, un “Subfondo” y conjuntamente los “Subfondos”)
Luxemburgo, 25 de octubre de 2021
Estimado/a Accionista:
El Consejo de Administración de la Sociedad (el “Consejo de Administración”) informa mediante la presente notificación a los accionistas de los Subfondos sobre ciertos cambios de los mismos, tal y como se describe a continuación.
Los términos en mayúsculas no definidos en el presente documento tendrán el significado asignado en la versión más reciente del folleto de la Sociedad (el “Folleto”), a menos que el contexto indique lo contrario.
El European Money Markets Institute, entidad administradora del Euro Over Night Index Average (“EONIA”), ha anunciado que dejará de publicarlo el 3 de enero de 2022. El grupo de trabajo del Banco Central Europeo sobre tipos libres de riesgo del euro ha recomendado que el tipo a corto plazo del euro (“€STR”) sustituya al EONIA como tipo libre de riesgo del euro.
Actualmente, el nivel de cada Índice de Referencia está vinculado al rendimiento diario de un índice subyacente (tal como se establece en la siguiente tabla), más o menos un tipo de interés (dependiendo del Índice de Referencia) que se basa en el EONIA como tipo de referencia.
Como resultado del mencionado cese del EONIA, el Administrador del Índice del Índice de Referencia de cada Subfondo (tal y como se indica en la siguiente tabla) sustituirá el EONIA por el €STR fijo (es decir, sin diferencial adicional) en la metodología del Índice de Referencia de cada Subfondo a partir del 8 de noviembre de 2021: | # IMPORTANT NOTICE TO THE SHAREHOLDERS OF:
Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF (ISIN: LU0292106753) Xtrackers LevDAX Daily Swap UCITS ETF (ISIN: LU0411075376) Xtrackers ShortDAX Daily Swap UCITS ETF (ISIN: LU0292106241)
Xtrackers ShortDAX x2 Daily Swap UCITS ETF (ISIN: LU0411075020)
(each a “Sub-Fund” and together the "Sub-Funds")
Luxembourg, 25 October 2021
Dear Shareholder,
The board of directors of the Company (the “Board of Directors”) hereby informs the shareholders of the Sub-Funds about certain changes to the Sub-Funds as outlined below.
Capitalised terms not defined herein shall have the meaning given to them in the most recent version of the prospectus of the Company (the “Prospectus”), unless the context otherwise requires.
The Euro Over Night Index Average (“EONIA”) administrator, European Money Markets Institute, announced that it will stop publishing the EONIA on 3 January 2022. The European Central Bank’s working group on euro risk-free rates recommended that the Euro short term rate (“€STR”) replaces the EONIA as the Euro risk-free rate.
Currently the level of each Reference Index is linked to the daily performance of an underlying index (as set out in the table below) plus or less a rate of interest (dependent on the Reference Index) which is based on the EONIA as a reference rate.
As a result of the abovementioned decomissioning of EONIA, the Index Administrator of the Reference Index of each Sub-Fund (as set out in the table below) will replace EONIA with €STR flat (i.e. no additional spread) in the methodology of the Reference Index of each Sub-Fund effective as of 8 November 2021: | en | es |
DOLFIN4514 | 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 07/2016-07/2021.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,328
3.3%
CHF 11,701
3.2% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 07/2016-07/2021.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 328 CHF
3,3%
11 701 CHF
3,2% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 07/2016-07/2021.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,328
3.3%
CHF 11,701
3.2% | en | es |
DOLFIN4517 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- CHF 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 251 | CHF 1,319 |
| Annual cost impact (*) | 2.5% | 2.5% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 5.5% before costs and 3.0% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | CHF 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | CHF 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.1% of the value of your investment per year. | CHF 111 |
| Transaction costs | 0.8% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | CHF 83 |
Performance fees 0.6% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
CHF 57 | # Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás periodos de mantenimiento, hemos supuesto que el producto evoluciona tal y como muestra el escenario moderado
- 10 000 CHF está invertido
| | En caso de salida después de 1 año | En caso de salida después de 5 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 251 CHF | 1 319 CHF |
| Incidencia anual de los costes (*) | 2,5% | 2,5% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que si sale en el periodo de mantenimiento recomendado, se prevé que su rendimiento medio anual sea 5,5% antes de deducir los costes y 3,0% después de deducir los costes.
| Composición de los costes | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año |
| Costes de entrada | 0,0% del valor de su inversión al entrar. | 0 CHF |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 CHF |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,1% del valor de su inversión por año. | 111 CHF |
| Costes de operación | 0,8% del valor de su inversión por año. Esta es una estimación de los costes incurridos al comprar y vender las inversiones subyacentes para el producto. El importe real variará dependiendo de cuánto compremos y vendamos. | 83 CHF |
Comisiones de rendimiento 0,6% El importe real variará dependiendo de lo buenos que sean los resultados de su
inversión. La estimación de costes agregados incluye el promedio de los últimos 5 años.
57 CHF | # We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- CHF 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 251 | CHF 1,319 |
| Annual cost impact (*) | 2.5% | 2.5% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 5.5% before costs and 3.0% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | CHF 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | CHF 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.1% of the value of your investment per year. | CHF 111 |
| Transaction costs | 0.8% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | CHF 83 |
Performance fees 0.6% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
CHF 57 | en | es |
DOLFIN4521 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# FUND MANAGEMENT ANALYSIS
## MARKET ENVIRONMENT
Overall, inflation remained high in December although it did fall in Europe and the United States (from an October peak in the latter case). Figures for the month show a degree of resilience for developed economies, with the labour market still tight in the United States and manufacturing activity declining less quickly in Europe. Central banks slowed their rate increases as expected, but also reaffirmed their intention to uphold a restrictive policy for some time, dashing any hope of interest rates falling in the next few months. The Bank of Japan surprised the markets by authorising a rate hike, heralding a potential shift in monetary policy. China started to reopen its economy due to the weight of zero-Covid lockdown measures, but this led to an increase in cases. This global trend brought about a sharp drop in bond indices (German 2-year yields up 30 bps in one day) and share indices (NASDAQ index of US technology stocks down 9% over the month). The Chinese market was an exception, benefiting from a sense of optimism and relatively low valuations.
## PERFORMANCE COMMENTARY
Despite a significant correction in the markets, our performance was only slightly negative, and well above that of our reference indicator. We benefited from hedging strategies aimed at reducing equity exposure, which included short positions on US indices. The construction of our portfolio, which is more diversified across sectors and regions, added to the Fund’s resilience. There was also a positive contribution from our interest rate derivatives after US rates eased a little at the very beginning of the month. Our focus on the euro boosted performance too, as the single currency appreciated against the dollar.
## OUTLOOK AND INVESTMENT STRATEGY
As the first quarter begins, we think that equity markets, especially in the United States, do not fully reflect the risk of negative earnings growth. We are therefore keeping equity exposure at a moderate level and concentrating on sectors like healthcare, consumer staples and gold, which are likely to perform well if the economy slows. We also prefer Europe and China to the United States, and have added exposure to Japanese banks, which should benefit from a steeper yield curve. In the energy sector, we remain positive given the current structural imbalance between supply and demand. We are also selectively adding exposure to innovative industrial companies that investors have neglected. We are keeping a significant allocation to credit as concerns about growth are already priced in. In fixed income markets, we think it is too early to be predicting a pivot by the Federal Reserve in the next few years, so we are cautious about short maturities.
However, we think that longer maturities offer a good buffer against slower growth. The yield on our bond portfolio is currently around 5.4%. In terms of currency exposure, we prefer the euro to the dollar as European inflation has yet to peak and will probably lead the European Central Bank to tighten its policy more than the Fed, keeping European interest rates higher. | # ANÁLISIS DE LOS GESTORES DE FONDOS
## ENTORNO DE MERCADO
Diciembre se caracterizó por una inflación aún elevada a escala mundial, pero a la baja en Europa y Estados Unidos (este último alcanzó su máximo en octubre). Las cifras publicadas este mes indican una cierta resistencia en las economías desarrolladas, con un mercado laboral estadounidense aún tensionado y una desaceleración de la contracción del sector manufacturero en Europa. Los bancos centrales ralentizaron sus subidas de tipos, según lo previsto, pero también reiteraron su intención de mantener una política persistentemente restrictiva, descartando así cualquier esperanza de recorte de tipos en los próximos meses. El Banco de Japón sorprendió a los mercados al permitir una subida de tipos, lo que marca un posible cambio de rumbo en su política monetaria. China empezó a reabrir su economía, ya que las medidas de confinamiento relativas a la política de COVID cero son un lastre excesivo para su crecimiento, lo que provocó un aumento de las tasas de contagio. Esta dinámica mundial provocó una marcada caída de los índices de renta fija (¡los tipos alemanes a 2 años subieron 30 puntos básicos en una jornada!) y de renta variable (el índice NASDAQ de valores tecnológicos estadounidenses se dejó un 9 % durante el mes). El mercado chino fue la excepción, ya que se benefició de una ola de optimismo y de unas valoraciones relativamente bajas.
## COMENTARIO DE RENDIMIENTO
A pesar de una importante corrección de los mercados durante el periodo, registramos una rentabilidad ligeramente negativa, aunque muy por encima del índice. De hecho, nos beneficiamos de nuestras estrategias de cobertura para reducir la exposición a la renta variable durante el periodo, como en el caso de las posiciones cortas en índices estadounidenses. También sacamos partido de una estructuración de la cartera más diversificada en términos sectoriales y geográficos, y por tanto, más resistente. Destacamos la contribución positiva de nuestros derivados de renta fija, que se beneficiaron de la ligera relajación de los tipos estadounidenses a principios de mes. Por último, nuestra exposición privilegiada al euro nos favoreció, en un contexto de apreciación de la moneda única frente al billete verde.
## PERSPECTIVAS Y ESTRATEGIA DE INVERSIÓN
En este comienzo del primer trimestre, creemos que los mercados bursátiles, sobre todo en EE. UU., no reflejan plenamente el riesgo de una recesión de los beneficios. Por tanto, mantenemos un nivel moderado de exposición a la renta variable y nos centramos en sectores como la sanidad, los bienes de consumo básico y el oro, que probablemente se comportarán bien en una ralentización económica. También priorizamos a Europa y China frente a EE. UU., e incorporamos una exposición a los bancos japoneses, que creemos que se beneficiarán de la inclinación de la curva de rendimientos. En el sector energético, mantenemos una visión positiva ante el actual desequilibrio estructural entre la oferta y la demanda. Además, incorporamos selectivamente exposición a empresas industriales innovadoras que los inversores han pasado por alto.
Conservamos una amplia asignación al crédito, puesto que las preocupaciones por el crecimiento ya se reflejan en los precios. En los mercados de renta fija, pensamos que es demasiado pronto para predecir un cambio de rumbo de la Reserva Federal en los próximos años, por lo que somos prudentes en los vencimientos a corto plazo. Sin embargo, consideramos que los vencimientos más largos ofrecen un buen amortiguador frente a la ralentización del crecimiento. El rendimiento de nuestra cartera de renta fija se sitúa actualmente en torno al 5,4 %. En cuanto a la exposición a divisas, priorizamos el euro frente al dólar, ya que la inflación europea aún no ha tocado techo y es probable que lleve al Banco Central Europeo a ajustar su política más que la Fed, lo que mantendría los tipos relativamente más altos. | # FUND MANAGEMENT ANALYSIS
## MARKET ENVIRONMENT
Overall, inflation remained high in December although it did fall in Europe and the United States (from an October peak in the latter case). Figures for the month show a degree of resilience for developed economies, with the labour market still tight in the United States and manufacturing activity declining less quickly in Europe. Central banks slowed their rate increases as expected, but also reaffirmed their intention to uphold a restrictive policy for some time, dashing any hope of interest rates falling in the next few months. The Bank of Japan surprised the markets by authorising a rate hike, heralding a potential shift in monetary policy. China started to reopen its economy due to the weight of zero-Covid lockdown measures, but this led to an increase in cases. This global trend brought about a sharp drop in bond indices (German 2-year yields up 30 bps in one day) and share indices (NASDAQ index of US technology stocks down 9% over the month). The Chinese market was an exception, benefiting from a sense of optimism and relatively low valuations.
## PERFORMANCE COMMENTARY
Despite a significant correction in the markets, our performance was only slightly negative, and well above that of our reference indicator. We benefited from hedging strategies aimed at reducing equity exposure, which included short positions on US indices. The construction of our portfolio, which is more diversified across sectors and regions, added to the Fund’s resilience. There was also a positive contribution from our interest rate derivatives after US rates eased a little at the very beginning of the month. Our focus on the euro boosted performance too, as the single currency appreciated against the dollar.
## OUTLOOK AND INVESTMENT STRATEGY
As the first quarter begins, we think that equity markets, especially in the United States, do not fully reflect the risk of negative earnings growth. We are therefore keeping equity exposure at a moderate level and concentrating on sectors like healthcare, consumer staples and gold, which are likely to perform well if the economy slows. We also prefer Europe and China to the United States, and have added exposure to Japanese banks, which should benefit from a steeper yield curve. In the energy sector, we remain positive given the current structural imbalance between supply and demand. We are also selectively adding exposure to innovative industrial companies that investors have neglected. We are keeping a significant allocation to credit as concerns about growth are already priced in. In fixed income markets, we think it is too early to be predicting a pivot by the Federal Reserve in the next few years, so we are cautious about short maturities.
However, we think that longer maturities offer a good buffer against slower growth. The yield on our bond portfolio is currently around 5.4%. In terms of currency exposure, we prefer the euro to the dollar as European inflation has yet to peak and will probably lead the European Central Bank to tighten its policy more than the Fed, keeping European interest rates higher. | en | es |
DOLFIN4527 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the SLI Swiss Leader Index® (index) which is designed to reflect the performance of shares of the 30 largest and most traded companies listed on the SIX Swiss Exchange (other than investment companies). The companies are selected on the basis that they have the largest combined value of readily available shares as compared to other companies on the stock exchange. A company’s weighting in the index depends on its relative size based on the combined value of a company’s readily available shares as compared to other companies. However, the weighting of (i) each of the largest four companies cannot exceed more than 9% of the index and (ii) all other companies cannot exceed 4.5% of the index. Companies are also selected based on the volume and regularity of trading in their shares. The composition of the index is reviewed once a year. The index is a | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del SLI Swiss Leader index® (el “índice”), que está diseñado para reflejar el rendimiento de las acciones de 30 de las empresas más grandes y de mayor negociación que cotizan en el SIX Swiss Exchange (que no sean sociedades de inversión). Las empresas se seleccionan en función de que presenten el valor combinado más alto de acciones de mayor disponibilidad en comparación con otras empresas en bolsa. La ponderación de una empresa en el índice depende de su tamaño relativo basado en el valor combinado de las acciones de mayor disponibilidad de una empresa en comparación con otras empresas. Sin embargo, la ponderación de (i) cada una de las cuatro empresas más grandes no puede superar el 9% del índice y
(ii) el resto de las empresas no puede superar el 4,5% del índice. Las empresas también se seleccionan en función del volumen y la regularidad de la negociación de sus acciones. La composición del índice se revisa una vez por año. El índice es un índice de | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the SLI Swiss Leader Index® (index) which is designed to reflect the performance of shares of the 30 largest and most traded companies listed on the SIX Swiss Exchange (other than investment companies). The companies are selected on the basis that they have the largest combined value of readily available shares as compared to other companies on the stock exchange. A company’s weighting in the index depends on its relative size based on the combined value of a company’s readily available shares as compared to other companies. However, the weighting of (i) each of the largest four companies cannot exceed more than 9% of the index and (ii) all other companies cannot exceed 4.5% of the index. Companies are also selected based on the volume and regularity of trading in their shares. The composition of the index is reviewed once a year. The index is a | en | es |
DOLFIN4539 | 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: June 13, 2014.
The reference currency of the Sub-Fund is USD.
20%
10%
0%
-10% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 13 de junio de 2014. La moneda de referencia del Subfondo es USD.
20%
10%
0%
-10% | ### Launch Date and Currency
Sub-Fund's launch date: June 13, 2014.
The reference currency of the Sub-Fund is USD.
20%
10%
0%
-10% | en | es |
DOLFIN4541 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The Fund's objective is to achieve long term total return. The Fund will invest in the shares of companies on a worldwide basis. The Fund's investments will comprise shares in companies considered to be undervalued and to offer good prospects for long term returns. The Fund will not have a bias towards any economic sector or company size.
## Benchmark Information
## MSCI ACWI
The Fund is actively managed and uses the benchmark for index performance comparison purposes only. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund's investment objective without reference to a benchmark. The Investment Manager is not in any way constrained by a benchmark in its portfolio positioning.
Any income arising in relation to this share class is distributed on an annual basis. By default this distribution will be automatically reinvested to purchase more shares, unless you inform us that you wish to receive this income.
Investors are able to buy and sell shares during any business day. If you tell us to buy or sell shares before 1pm (Luxembourg time) on any business day we will make the transaction on the same day. If you tell us to buy or sell shares after 1pm (Luxembourg time) we will make the transaction on the following business day. | # Objetivos y política de inversión
El objetivo del Fondo consiste en lograr una rentabilidad total a largo plazo. El Fondo invertirá en las acciones de empresas de todo el mundo. Las inversiones del Fondo incluirán acciones de empresas que se consideran infravaloradas y que ofrecen unas buenas perspectivas de rentabilidad a largo plazo. El Fondo no presentará ningún sesgo hacia un sector económico o tamaño de empresa concreto.
## Información sobre el índice de referencia
## MSCI ACWI
El Fondo se gestiona de forma activa y utiliza el índice de referencia únicamente con fines de comparación de rentabilidad del índice. Esto significa que el Gestor de inversiones toma las decisiones de inversión con el fin de alcanzar el objetivo de inversión del Fondo, sin referencia a un índice. El Gestor de inversiones no está limitado en modo alguno por un índice de referencia en su posicionamiento de cartera.
Todo ingreso derivado de esta clase de acciones se distribuirá con carácter anual. Por defecto, esta distribución se reinvertirá automáticamente en la adquisición de más acciones, salvo que usted nos notifique su deseo de percibir estos ingresos.
Los inversores podrán comprar y vender sus acciones en cualquier día laborable. Si solicita la compra o venta de acciones en un día laborable antes de las 13:00 (hora de Luxemburgo), esta se realizará en el mismo día. Si solicita la compra o venta de acciones en un día laborable después de la 13:00 (hora de Luxemburgo), esta se realizará en el siguiente día hábil. | # Objectives and investment policy
The Fund's objective is to achieve long term total return. The Fund will invest in the shares of companies on a worldwide basis. The Fund's investments will comprise shares in companies considered to be undervalued and to offer good prospects for long term returns. The Fund will not have a bias towards any economic sector or company size.
## Benchmark Information
## MSCI ACWI
The Fund is actively managed and uses the benchmark for index performance comparison purposes only. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund's investment objective without reference to a benchmark. The Investment Manager is not in any way constrained by a benchmark in its portfolio positioning.
Any income arising in relation to this share class is distributed on an annual basis. By default this distribution will be automatically reinvested to purchase more shares, unless you inform us that you wish to receive this income.
Investors are able to buy and sell shares during any business day. If you tell us to buy or sell shares before 1pm (Luxembourg time) on any business day we will make the transaction on the same day. If you tell us to buy or sell shares after 1pm (Luxembourg time) we will make the transaction on the following business day. | en | es |
DOLFIN4545 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed, in the first year you would get back the amount that you invested (0 % annual return). For the other holding period, we have assumed the fund performs as shown in the moderate scenario and the investment is USD 10,000.
| Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 225 USD | 1,765 USD |
| Annual cost impact (*) | 2.3% | 2.4% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 13.9% before costs and 11.5% after costs.
Composition of costs
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | We do not charge an entry fee. | 0 USD |
| Exit costs | We do not charge an exit fee for this product, [but the person selling you the product may do so]. | 0 USD |
| Ongoing costs taken each year If you exit after 1 year |
| Management fees and other administrative or operating costs | Management fees and other operating costs total 1.35% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 135 USD |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. | 90 USD |
| Incidental costs taken under specific conditions If you exit after 1 year |
| Performance fees | There is no Performance Fee for this product. | 0 USD | | # ¿Cuáles son los costes?
La persona que le asesore sobre este producto o se lo venda puede cobrarle otros costes. En tal caso, esa persona le facilitará información acerca de estos costes y de la incidencia que tienen en su inversión.
Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles.
Hemos partido de los siguientes supuestos: el primer año recuperaría usted el importe invertido (rendimiento anual del 0 %). En relación con los demás períodos de mantenimiento, hemos supuesto que el fundo evoluciona tal como muestra el escenario moderado y que se invierten 10.000 USD.
| Inversión: 10.000 USD | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 225 USD | 1.765 USD |
| Incidencia anual de los costes (*) | 2,3% | 2,4% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del periodo de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 13,9% antes de deducir los costes y del 11,5% después de deducir los costes.
Composición de los costes
| En caso de salida después de 1 Costes únicos de entrada o salida año |
| --- |
| Costes de entrada | No cobramos comisión de entrada. | 0 USD |
| Costes de salida | No cobramos una comisión de salida por este producto, [pero es posible que la persona que se lo venda sí lo haga]. | 0 USD |
| En caso de salida después de 1 Costes corrientes detraídos cada año año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | Las comisiones de gestión y otros costes de funcionamiento ascienden a un total del 1,35% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 135 USD |
| Costes de operación | La incidencia de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. | 90 USD |
| En caso de salida después de 1 Costes accesorios detraídos en condiciones específicas año |
| Comisiones de rendimiento | No se aplica ninguna Comisión de rendimiento a este producto. | 0 USD | | # What are the costs?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed, in the first year you would get back the amount that you invested (0 % annual return). For the other holding period, we have assumed the fund performs as shown in the moderate scenario and the investment is USD 10,000.
| Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 225 USD | 1,765 USD |
| Annual cost impact (*) | 2.3% | 2.4% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 13.9% before costs and 11.5% after costs.
Composition of costs
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | We do not charge an entry fee. | 0 USD |
| Exit costs | We do not charge an exit fee for this product, [but the person selling you the product may do so]. | 0 USD |
| Ongoing costs taken each year If you exit after 1 year |
| Management fees and other administrative or operating costs | Management fees and other operating costs total 1.35% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 135 USD |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. | 90 USD |
| Incidental costs taken under specific conditions If you exit after 1 year |
| Performance fees | There is no Performance Fee for this product. | 0 USD | | en | es |
DOLFIN4546 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculated with net dividends reinvested
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES N EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class SC of the French Edmond de Rothschild EUROPE CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class SC of the Absorbed Sub-fund. | ## Índice de referencia: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculado con los dividendos netos reinvertidos
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES N 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 SC del fondo francés Edmond de Rothschild EUROPE CONVERTIBLES (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase SC del Subfondo absorbido. | ## Benchmark: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculated with net dividends reinvested
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES N EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class SC of the French Edmond de Rothschild EUROPE CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class SC of the Absorbed Sub-fund. | en | es |
DOLFIN4553 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Appendix VIII
#### SUSTAINABLE FINANCE DISCLOSURE REGULATION (UNAUDITED) (Continued)
Due to the delay to the publication of the final RTS supplementing the Taxonomy Regulation and the industry wide absence of sufficient reliable, timely and verifiable data to enable the Manager to assess the Portfolio's investments, the Manager is not currently in a position to ascertain the proportion of the Portfolio's investments that contribute to environmentally sustainable economic activities. Therefore, for the purposes of the Taxonomy Regulation, it should be noted that during the relevant period, the Portfolio may have been invested in investments that do not take into account the EU criteria for environmentally sustainable economic activities.
* Portfolio terminated during 2021.
** Portfolio not yet launched.
*** Portfolio launched in 2022.
1664 NEUBERGER BERMAN INVESTMENT FUNDS PLC
NEUBERGER BERMAN INVESTMENT FUNDS PLC FINANCIAL STATEMENTS
This document is issued by Neuberger Berman Asset Management Ireland Limited (“NBAMIL”) which is authorised and regulated by the Irish Central Bank ("CBI") and is registered in Ireland, at 32 Molesworth Street, Dublin 2. In Switzerland the representative and paying agent is BNP Paribas Securities Services, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. Both the place of performance and the place of jurisdiction for Shares in the Company's sub-funds offered or distributed in or from Switzerland shall be the seat of the Swiss representative. The prospectus, key investor information document, the company's articles of association, the latest audited annual accounts and any subsequent half-yearly accounts of the Company may be obtained free of charge from the representative in Switzerland.
Neuberger Berman Investment Funds plc (the “Company”) is authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities under the European Communities (“UCITS”) Regulations 2011 (S.I. 352 of 2011) of Ireland, as amended.
This document has been provided for information purposes only to and/or directed only at persons who are professional clients or eligible counterparties. All information is subject to change without notice. No part of this document may be reproduced in any manner without the written permission of NBAMIL. Firm data, where relevant, including employee and assets under management figures, reflect collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC (the “firm”). Firm history/timeline information dates back to the 1939 founding of Neuberger & Berman (the predecessor to Neuberger Berman Group LLC), and highlights key business expansions, including those that resulted from acquisitions of the various affiliated investment advisers that now comprise the firm. Investment professionals referenced include portfolio managers, research analysts/associates, traders, and product specialists and team dedicated economists/strategists.
While Neuberger Berman believe that the information is correct at the date of production, no warranty or representation is given to this effect and no responsibility can be accepted by Neuberger Berman to the recipient of this document or end users for any action taken on the basis of the information contained herein. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. Opinions expressed herein reflect the opinion of Neuberger Berman and are subject to change without notice. The Company may not be eligible for sale in some countries and it may not be suitable for all types of investor for further information see the current prospectus. Please go to www.nb.com/europe/literature.html for more information.
Fixed income securities are subject to the risk of an issuer’s ability to meet principal and interest payments on the obligation (credit risk) and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (market risk). Fixed income securities are also exposed to the risk that their or their issuers’ credit ratings may be downgraded, which can cause a significant drop in the value of such securities.
Lower rated or unrated (i.e. non-investment grade or high yield) securities are more likely to react to developments affecting market and credit risk than are more highly rated securities, which primarily react to movements in the general level of interest rates. Investors should carefully consider the relative risks of investing in high yield securities and understand that such securities generally are not meant for short-term investing. Investors who subscribe in a currency other than the base currency of the Company are exposed to currency risk. Fluctuations in these exchange rates may affect the return on investment.
Past performance is not indicative of future results. For details of the investment risks, which may include but are not limited to liquidity, interest rate, credit and currency risk, see the current prospectus. Please note that any dividends/interest which the Company may receive may be subject to withholding tax. The benchmark does not take into account the effects of tax and the deduction is therefore not reflected in the benchmark return illustrated herein. The investment objective and performance benchmark is a target only and not a guarantee of the Company performance. The index is unmanaged and cannot be invested in directly. Index returns assume reinvestment of dividends and capital gains and unlike fund returns do not reflect fees or expenses. Adverse movements in currency exchange rates can result in a decrease in return and a loss of capital. The investments of each Portfolio may be fully hedged into the Portfolio's base currency: this may reduce currency risks but may also expose the Portfolio to other risks such as the default of a counterparty. As noted above for further information relating to risks specific to this strategy please see the current prospectus
Neuberger Berman is a registered trademark.
© 2021 Neuberger Berman
Contact details for NB Europe German branch: Tel +4969 50956 5647/5648 E-mail: [email protected]
ANNUAL REPORT 2021 1665 | # Anexo VIII
#### REGLAMENTO SOBRE DIVULGACIÓN DE FINANZAS SOSTENIBLES (SIN AUDITAR) (cont.)
Debido al retraso en la publicación de la versión definitiva de las RTS por las que se desarrolla el Reglamento sobre la taxonomía y a la ausencia en el conjunto de la industria de unos datos suficientes, fiables, puntuales y verificables que permitan a la Gestora valorar las inversiones de la Cartera, esta no se encuentra en en condiciones en estos momentos de determinar la proporción de inversiones de esta que contribuye a actividades económicas medioambientalmente sostenibles. Por consiguiente, a los efectos del Reglamento sobre la taxonomía, cabe señalar que es posible que la Cartera haya mantenido inversiones en el periodo analizado que no tienen en cuenta los criterios de la UE para actividades económicas medioambientalmente sostenibles.
* La Cartera se liquidó en 2021.
** La Cartera todavía no se ha lanzado.
*** La Cartera se lanzó en 2022.
1664 NEUBERGER BERMAN INVESTMENT FUNDS PLC
NEUBERGER BERMAN INVESTMENT FUNDS PLC CUENTAS
El presente documento lo emite Neuberger Berman Asset Management Ireland Limited (“NBAMIL”), entidad autorizada y regulada por el Banco Central de Irlanda ("CBI") y registrada en Irlanda, con domicilio en 32 Molesworth Street, Dublin 2. En Suiza el representante y agente de pagos es BNP Paribas Securities Services, sucursal de Zúrich, Selnaustrasse 16, 8002 Zúrich, Suiza. Tanto el lugar de cumplimiento como el lugar de jurisdicción de las acciones de los subfondos de la Sociedad ofrecidos o distribuidos en o desde Suiza, será la sede del representante en Suiza. Se podrán solicitar del representante en Suiza sin gasto el folleto, los documentos de datos fundamentales para el inversor, los estatutos sociales de la sociedad, las cuentas anuales más recientes, así como cualesquiera cuentas semestrales de la Sociedad que se hayan publicado con posterioridad.
Neuberger Berman Investments Funds plc (la “Sociedad”) está autorizado por el Banco Central de Irlanda (el “Banco Central”) como Organismo de Inversión Colectiva en Valores Mobiliarios de conformidad con los European Communities (“UCITS”) Regulations de 2011 (S.I. 352 de 2011) de Irlanda, en su versión modificada
El presente documento se ofrece exclusivamente con fines informativos solo a personas que sean clientes profesionales o contrapartes elegibles. Toda la información estará sujeta a modificación sin previo aviso. Queda prohibida la reproducción de cualquiera de las partes de este documento sin el permiso por escrito de NBAMIL. Los datos de empresas, si procede, incluido lo relativo a empleados y activos sobre cifras de gestión reflejan datos colectivos de los distintos asesores de inversión afiliados que son filiales del grupo Neuberger Berman Group LLC (la “Empresa”). El historial o la información cronológica de la empresa se retrotrae a la fundación en 1939 de Neuberger & Berman (antecesora de Neuberger Berman Group LLC), y destaca las ampliaciones de negocio clave, incluidas las derivadas de adquisiciones de los distintos asesores de inversión afiliados que ahora integran la empresa. Los profesionales de la inversión referidos incluyen gestores de carteras, analistas y asociados de investigación, corredores, especialistas en productos y equipos dedicados de economistas y estrategas.
A pesar de que Neuberger Berman estima que la información es correcta en la fecha de publicación, no se hacen declaraciones ni se prestan garantías a este respecto, y Neuberger Berman no puede aceptar responsabilidad alguna frente al receptor del presente documento o usuarios finales por cualesquiera acciones adoptadas con base en la información dispuesta en el presente documento. No se deberá emplear como respaldo a ningún efecto la información y opiniones dispuestas en el presente documento, ni su precisión o carácter completo. Las opiniones aquí expresadas reflejan la opinión de Neuberger Berman y podrían variar sin previo aviso. La Sociedad podría no reunir los requisitos necesarios para su comercialización en determinados países y no ser adecuada para todos los tipos de inversores, consulte el Folleto vigente para obtener más información. Visite la página www.nb.com/europe/literature.html para obtener más información.
Los títulos de renta fija están sujetos al riesgo de la capacidad del emisor para cumplir con los pagos de principal e intereses sobre la obligación (riesgo de crédito), y también podrán estar sujetos a la volatilidad de los precios debido a factores como la sensibilidad de los tipos de interés, la percepción del mercado de la solvencia del emisor y la liquidez general del mercado (riesgo de mercado). Los títulos de renta fija también están expuestos al riesgo de rebaja de las calificaciones de crédito de los respectivos emisores, lo que puede ocasionar caídas importantes del valor de dichos títulos.
Es más probable que los títulos de menor calificación o sin calificación (esto es, de categoría inferior a la inversión o de alta rentabilidad) reaccionen ante acontecimientos que afecten al mercado y al riesgo de crédito que los títulos de mayor calificación, que reaccionan principalmente ante los movimientos del nivel general de los tipos de interés. Los inversores deberán evaluar con atención los riesgos inherentes a la inversión en títulos de alta rentabilidad, y comprender que, por lo general, dichos títulos no están concebidos para la inversión a corto plazo. Los inversores que subscriben en una divisa distinta de la divisa de la cuenta de la Sociedad se exponen al riesgo de divisas. Las fluctuaciones de estos tipos de interés podrán afectar a la rentabilidad de la inversión.
Las rentabilidades pasadas no son necesariamente indicativas de los resultados futuros. Para obtener información sobre los riesgos de inversión, que pueden incluir, entre otros, riesgos de liquidez, de tipo de interés, y de crédito y divisas, consulte el folleto vigente. Tenga en cuenta que cualesquiera dividendos/intereses que pueda percibir la Sociedad estarán sujetos a retención de impuestos. El índice de referencia no tiene en cuenta los efectos de los impuestos y, por consiguiente, dicha deducción no se refleja en la rentabilidad del índice de referencia que se muestra en el presente documento. El objetivo de inversión y la rentabilidad de referencia son meramente un objetivo y no una garantía de la rentabilidad de la Sociedad. El índice no está gestionado y no se puede invertir directamente en él. La rentabilidad del índice presupone la reinversión de los dividendos y las plusvalías y, a diferencia de la rentabilidad del Fondo, no refleja comisiones ni gastos. Los movimientos adversos de los tipos de cambio de divisas pueden dar lugar a un descenso de la rentabilidad y a una pérdida del capital. Las inversiones de cada Cartera pueden cubrirse de forma íntegra en su moneda de cuenta. Aunque esto puede contribuir a reducir los riesgos cambiarios, también puede exponer a la Cartera a otros riesgos como, por ejemplo, el impago de una contraparte. Según se indica anteriormente, para obtener información adicional relativa a los riesgos específicos de la presente estrategia, consulte el folleto vigente.
Neuberger Berman es una marca registrada.
© 2021 Neuberger Berman
Datos de contacto de la oficina alemana de NB Europe: Tel +4969 50956 5647/5648 Correo electrónico: [email protected]
INFORME ANUAL 2021 1665 | # Appendix VIII
#### SUSTAINABLE FINANCE DISCLOSURE REGULATION (UNAUDITED) (Continued)
Due to the delay to the publication of the final RTS supplementing the Taxonomy Regulation and the industry wide absence of sufficient reliable, timely and verifiable data to enable the Manager to assess the Portfolio's investments, the Manager is not currently in a position to ascertain the proportion of the Portfolio's investments that contribute to environmentally sustainable economic activities. Therefore, for the purposes of the Taxonomy Regulation, it should be noted that during the relevant period, the Portfolio may have been invested in investments that do not take into account the EU criteria for environmentally sustainable economic activities.
* Portfolio terminated during 2021.
** Portfolio not yet launched.
*** Portfolio launched in 2022.
1664 NEUBERGER BERMAN INVESTMENT FUNDS PLC
NEUBERGER BERMAN INVESTMENT FUNDS PLC FINANCIAL STATEMENTS
This document is issued by Neuberger Berman Asset Management Ireland Limited (“NBAMIL”) which is authorised and regulated by the Irish Central Bank ("CBI") and is registered in Ireland, at 32 Molesworth Street, Dublin 2. In Switzerland the representative and paying agent is BNP Paribas Securities Services, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. Both the place of performance and the place of jurisdiction for Shares in the Company's sub-funds offered or distributed in or from Switzerland shall be the seat of the Swiss representative. The prospectus, key investor information document, the company's articles of association, the latest audited annual accounts and any subsequent half-yearly accounts of the Company may be obtained free of charge from the representative in Switzerland.
Neuberger Berman Investment Funds plc (the “Company”) is authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities under the European Communities (“UCITS”) Regulations 2011 (S.I. 352 of 2011) of Ireland, as amended.
This document has been provided for information purposes only to and/or directed only at persons who are professional clients or eligible counterparties. All information is subject to change without notice. No part of this document may be reproduced in any manner without the written permission of NBAMIL. Firm data, where relevant, including employee and assets under management figures, reflect collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC (the “firm”). Firm history/timeline information dates back to the 1939 founding of Neuberger & Berman (the predecessor to Neuberger Berman Group LLC), and highlights key business expansions, including those that resulted from acquisitions of the various affiliated investment advisers that now comprise the firm. Investment professionals referenced include portfolio managers, research analysts/associates, traders, and product specialists and team dedicated economists/strategists.
While Neuberger Berman believe that the information is correct at the date of production, no warranty or representation is given to this effect and no responsibility can be accepted by Neuberger Berman to the recipient of this document or end users for any action taken on the basis of the information contained herein. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. Opinions expressed herein reflect the opinion of Neuberger Berman and are subject to change without notice. The Company may not be eligible for sale in some countries and it may not be suitable for all types of investor for further information see the current prospectus. Please go to www.nb.com/europe/literature.html for more information.
Fixed income securities are subject to the risk of an issuer’s ability to meet principal and interest payments on the obligation (credit risk) and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (market risk). Fixed income securities are also exposed to the risk that their or their issuers’ credit ratings may be downgraded, which can cause a significant drop in the value of such securities.
Lower rated or unrated (i.e. non-investment grade or high yield) securities are more likely to react to developments affecting market and credit risk than are more highly rated securities, which primarily react to movements in the general level of interest rates. Investors should carefully consider the relative risks of investing in high yield securities and understand that such securities generally are not meant for short-term investing. Investors who subscribe in a currency other than the base currency of the Company are exposed to currency risk. Fluctuations in these exchange rates may affect the return on investment.
Past performance is not indicative of future results. For details of the investment risks, which may include but are not limited to liquidity, interest rate, credit and currency risk, see the current prospectus. Please note that any dividends/interest which the Company may receive may be subject to withholding tax. The benchmark does not take into account the effects of tax and the deduction is therefore not reflected in the benchmark return illustrated herein. The investment objective and performance benchmark is a target only and not a guarantee of the Company performance. The index is unmanaged and cannot be invested in directly. Index returns assume reinvestment of dividends and capital gains and unlike fund returns do not reflect fees or expenses. Adverse movements in currency exchange rates can result in a decrease in return and a loss of capital. The investments of each Portfolio may be fully hedged into the Portfolio's base currency: this may reduce currency risks but may also expose the Portfolio to other risks such as the default of a counterparty. As noted above for further information relating to risks specific to this strategy please see the current prospectus
Neuberger Berman is a registered trademark.
© 2021 Neuberger Berman
Contact details for NB Europe German branch: Tel +4969 50956 5647/5648 E-mail: [email protected]
ANNUAL REPORT 2021 1665 | en | es |
DOLFIN4554 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance, before fees and expenses, of the MSCI Total Return Net Emerging Markets Index (index) which is designed to reflect the performance of the shares of certain companies in global emerging market countries as determined by MSCI. The companies comprising the index are large and medium sized companies based on the combined value of a company’s readily available shares as compared to other companies. A company’s weighting in the index depends on its relative size. The index aims to represent 85% of the readily available shares in each industry sector in the global emerging markets. The underlying constituents of the index are listed in multiple currencies. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento, antes de gastos y comisiones, del MSCI Total Return Net Emerging Markets index (el “índice”), que está diseñado para reflejar el rendimiento de las acciones de una serie de empresas de distintos países de mercados emergentes determinados por MSCI. Las empresas que integran el índice son grandes y medianas empresas cuyo tamaño está basado en el valor combinado de las acciones de mayor disponibilidad de una empresa en comparación con otras empresas. La ponderación de una empresa en el índice depende de su tamaño relativo. El índice pretende representar el 85% de las acciones de mayor disponibilidad en cada sector industrial los mercados emergentes mundiales. Los componentes subyacentes del índice están admitidos a cotización en múltiples divisas. El índice se calcula a partir de una base de rentabilidad total neta, lo cual implica que todos los dividendos y repartos de las empresas se reinvierten en | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance, before fees and expenses, of the MSCI Total Return Net Emerging Markets Index (index) which is designed to reflect the performance of the shares of certain companies in global emerging market countries as determined by MSCI. The companies comprising the index are large and medium sized companies based on the combined value of a company’s readily available shares as compared to other companies. A company’s weighting in the index depends on its relative size. The index aims to represent 85% of the readily available shares in each industry sector in the global emerging markets. The underlying constituents of the index are listed in multiple currencies. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after | en | es |
DOLFIN4561 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund aims to provide an annual return on investment (generated through an increase in the value of the securities held by the Sub-Fund and/or income received from those securities) of approximately 1% gross of all fees/expenses above the annual return of the Index over a rolling three-year basis.
The Sub-Fund is actively managed. The Manager uses proprietary quantitative models to identify equity securities of companies that it believes to be attractive investment opportunities, relative to their industry peers, based on analysis of their valuation and earnings prospects. From this pool of securities, the Manager seeks to construct a well-diversified portfolio that has the best expected return-to-risk trade off to meet the Sub-Fund’s investment objective while maintaining a level of risk that is similar to that of the index. When determining the best expected return-to-risk trade off, the Manager will consider available ESG (environmental, social and governance) information – such as data on emissions, corporate behaviour and diversity - alongside financial information. In constructing the Sub-Fund’s portfolio, the Manager will reference the Index which means that, while the Manager has discretion to select the investments for the Sub-Fund, the Sub-Fund’s divergence from the Index is controlled. The resulting portfolio of securities is expected to demonstrate similar levels of risk to that of the Index, together with an improved ESG profile compared to the Index.
The Manager’s quantitative investment process continuously assesses and evaluates the securities in the Sub-Fund’s portfolio in order to maintain the
desired return-to-risk trade off to meet the Sub-Fund’s investment objective.
The Index is a free float-adjusted market capitalisation index that is designed to measure developed market equity performance in Europe.
The Sub-Fund always aims to outperform the ESG rating of the Index, both ESG scores of the Sub-Fund and the Index being calculated on a weighted average basis. The ESG rating method is described in the following link: https://www.axa-im.com/responsible-investing/framework-and-scoring- methodology.
The ESG analysis coverage rate within the portfolio is at least 90% of the net assets of the Sub-Fund.
Further, in selecting investments, the Manager bindingly applies at all times AXA IM’s Sectorial Exclusion and ESG Standards Policies with the exception of derivatives and underlying eligible UCIs, as described in the documents available on the website: https://www.axa-im.com/responsible-investing/sector- investment-guidelines. In this way, the environmental and social characteristics which the Sub-Fund seeks to promote are met. The Manager will additionally take account of the issuer’s ESG score – although the ESG score contributes to, but is not a determining factor in, the Manager's decision making.
Given the investment strategy of the Sub-Fund and its risk profile, the likely impact of Sustainability Risk on the Sub-Fund’s returns is expected to be low. However, please note that the assessment of the impact of Sustainability Risk on the performance of the Sub-Fund is difficult to predict and is subject to inherent limitations such as the availability and quality of the data. Further, Sustainability Risk is an evolving, multi-faceted and multi-point-impact risk category and the likely impact of Sustainability Risk on the Sub-Fund’s performance may vary during the lifetime of the Sub-Fund.
- Business Day/Dealing Day DefinitionBusiness Day: a day normally treated as a business day in Dublin, London, Paris and Frankfurt provided always that the stock exchanges in London, Paris and Frankfurt are open for business on such day. | El Subfondo pretende proporcionar un rendimiento anual de la inversión (generado por el aumento del valor de los títulos incluidos en la cartera del Subfondo o de los ingresos recibidos de dichos valores) de aproximadamente el 1% bruto sin descontar todas las comisiones o gastos que supere la rentabilidad anual del Índice durante tres años consecutivos.
El Subfondo se gestiona de forma activa. La Sociedad Gestora emplea modelos cuantitativos propios para identificar valores de renta variable de empresas que considera inversiones atractivas en comparación con otras empresas similares de sus sectores, basándose en el análisis de su valoración y perspectivas de beneficios. A partir de este grupo de valores, la Sociedad Gestora intenta crear una cartera bien diversificada con la mejor relación riesgo- rentabilidad esperada para alcanzar el objetivo de inversión del Subfondo, al mismo tiempo que se intenta mantener un nivel de riesgo similar al del índice. A la hora de determinar la mejor relación riesgo-beneficio esperada, la Sociedad Gestora tendrá en cuenta la información ASG (ambiental, social y de gobierno) —como datos sobre emisiones, comportamiento corporativo y diversidad— junto a la financiera. Para construir la cartera del Subfondo, la Sociedad gestora tomará como referencia el índice, lo que significa que, pese a que esta tiene potestad para seleccionar las inversiones del Subfondo, la divergencia de este con respecto al índice está controlada. Se prevé que la cartera de valores resultante muestre unos niveles de riesgo similares a los del Índice, así como un perfil ASG mejor que el de este.
El proceso de inversión cuantitativa de la Sociedad gestora analiza y evalúa constantemente los valores incluidos en la cartera del Subfondo con el propósito de mantener la relación riesgo-beneficio deseada para cumplir el objetivo de inversión del Subfondo.
El Índice es un índice de capitalización bursátil ajustado a flotación libre y diseñado para medir la rentabilidad de la renta variable de los mercados desarrollados en Europa.
El Subfondo pretende superar en todo momento la calificación ASG del Índice. Tanto las puntuaciones ASG del Subfondo como del Índice se calculan con arreglo a una base media ponderada. El método de calificación ASG se describe en el enlace siguiente: https://www.axa-im.com/responsible- investing/framework-and-scoring- methodology.
La tasa de cobertura del análisis ASG dentro de la cartera es como mínimo el 90% del patrimonio neto del Subfondo.
Además, a la hora de seleccionar inversiones, la Sociedad Gestora aplica en todo momento de forma vinculante las Sectorial Exclusion and ESG Standards Policies (Políticas sobre criterios de exclusión de sectores y ASG) de AXA IM a excepción de los derivados y los OIC admisibles subyacentes, con arreglo a lo descrito en los documentos disponibles en el sitio web: https://www.axa-im.com/responsible-investing/sector- investment-guidelines. De este modo se cumplen las características ambientales y sociales que pretende promover el Subfondo. Además, la Sociedad Gestora tendrá en cuenta la puntuación ASG del emisor; no obstante, aunque esta puntuación contribuye a la toma de decisiones de la Sociedad Gestora, no es un factor determinante.
Dada la estrategia de inversión del Subfondo y su perfil de riesgo, se prevé que el impacto probable del Riesgo de Sostenibilidad en la rentabilidad del Subfondo sea baja. No obstante, tenga presente que la evaluación del impacto del Riesgo de Sostenibilidad en la rentabilidad del Subfondo es difícil de predecir y está sujeta a limitaciones inherentes, como la disponibilidad y la calidad de los datos. Por otra parte, el Riesgo de Sostenibilidad es una categoría riesgo en constante evolución, con múltiples facetas y numerosos puntos de impacto, y la incidencia posible del Riesgo de Sostenibilidad en la rentabilidad del Subfondo puede variar durante la vida de este.
- Definición de Día Hábil/Día de NegociaciónDía Hábil: un día normalmente considerado hábil en Dublín, Londres, París y Fráncfort, siempre y cuando las Bolsas de Londres, París y Fráncfort estén abiertas a la negociación. | The Sub-Fund aims to provide an annual return on investment (generated through an increase in the value of the securities held by the Sub-Fund and/or income received from those securities) of approximately 1% gross of all fees/expenses above the annual return of the Index over a rolling three-year basis.
The Sub-Fund is actively managed. The Manager uses proprietary quantitative models to identify equity securities of companies that it believes to be attractive investment opportunities, relative to their industry peers, based on analysis of their valuation and earnings prospects. From this pool of securities, the Manager seeks to construct a well-diversified portfolio that has the best expected return-to-risk trade off to meet the Sub-Fund’s investment objective while maintaining a level of risk that is similar to that of the index. When determining the best expected return-to-risk trade off, the Manager will consider available ESG (environmental, social and governance) information – such as data on emissions, corporate behaviour and diversity - alongside financial information. In constructing the Sub-Fund’s portfolio, the Manager will reference the Index which means that, while the Manager has discretion to select the investments for the Sub-Fund, the Sub-Fund’s divergence from the Index is controlled. The resulting portfolio of securities is expected to demonstrate similar levels of risk to that of the Index, together with an improved ESG profile compared to the Index.
The Manager’s quantitative investment process continuously assesses and evaluates the securities in the Sub-Fund’s portfolio in order to maintain the
desired return-to-risk trade off to meet the Sub-Fund’s investment objective.
The Index is a free float-adjusted market capitalisation index that is designed to measure developed market equity performance in Europe.
The Sub-Fund always aims to outperform the ESG rating of the Index, both ESG scores of the Sub-Fund and the Index being calculated on a weighted average basis. The ESG rating method is described in the following link: https://www.axa-im.com/responsible-investing/framework-and-scoring- methodology.
The ESG analysis coverage rate within the portfolio is at least 90% of the net assets of the Sub-Fund.
Further, in selecting investments, the Manager bindingly applies at all times AXA IM’s Sectorial Exclusion and ESG Standards Policies with the exception of derivatives and underlying eligible UCIs, as described in the documents available on the website: https://www.axa-im.com/responsible-investing/sector- investment-guidelines. In this way, the environmental and social characteristics which the Sub-Fund seeks to promote are met. The Manager will additionally take account of the issuer’s ESG score – although the ESG score contributes to, but is not a determining factor in, the Manager's decision making.
Given the investment strategy of the Sub-Fund and its risk profile, the likely impact of Sustainability Risk on the Sub-Fund’s returns is expected to be low. However, please note that the assessment of the impact of Sustainability Risk on the performance of the Sub-Fund is difficult to predict and is subject to inherent limitations such as the availability and quality of the data. Further, Sustainability Risk is an evolving, multi-faceted and multi-point-impact risk category and the likely impact of Sustainability Risk on the Sub-Fund’s performance may vary during the lifetime of the Sub-Fund.
- Business Day/Dealing Day DefinitionBusiness Day: a day normally treated as a business day in Dublin, London, Paris and Frankfurt provided always that the stock exchanges in London, Paris and Frankfurt are open for business on such day. | en | es |
DOLFIN4565 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Low Carbon 300 World PAB, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Capitalisation'' - ISIN code LU2194449075 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
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| 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 Euronext Low Carbon 300 World PAB (NTR) index (the Index ) by investing in the shares issued by companies included in the Benchmark Index, respecting the Index's weightings (full replication), or in a sample of shares issued by companies included in the index (optimised replication). When investing in a sample of shares the sub-fund’s tracking error may be higher. The Index is composed of European companies selected on the basis of opportunities and risks associated with the climate transition while aiming to comply with the Paris Aligned Benchmark (PAB) targets of reducing carbon intensity by at least 50% relative to the initial investment universe and achieving an additional decarbonisation target of 7% each year. As a result, fossil-fuel activities are excluded from the Index. The type of approach implemented here is Best-in-class (Best-in-class approach identifies leaders in each sector based on the best environmental, social and governance (ESG) practices, while avoiding those that present high levels of risk and do not comply with minimum ESG standards according to the index administrator and its specialized partners). 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.euronext.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. Incomes are systematically reinvested. 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 - Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. | | Low Carbon 300 World PAB, un subfondo de la SICAV BNP PARIBAS EASY Clase «UCITS ETF Capitalisation» - Código ISIN LU2194449075 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
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| 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 %) la rentabilidad del índice Euronext Low Carbon 300 World PAB (NTR) (el «Índice») mediante la inversión en acciones emitidas por sociedades incluidas en el Índice de referencia, respetando las ponderaciones del mismo (reproducción total), o en una muestra de acciones emitidas por sociedades incluidas en el índice (reproducción optimizada). Cuando se invierte en una muestra de acciones, el error de seguimiento del subfondo puede ser mayor. El Índice se compone de empresas europeas seleccionadas en función de las oportunidades y los riesgos asociados a la transición climática con el fin de cumplir con los objetivos del índice de referencia armonizado con el Acuerdo de París (PAB, por sus siglas en inglés) de reducir las emisiones de carbono en al menos un 50 % con respecto al universo de inversión inicial y lograr un objetivo adicional de descarbonización del 7 % anual. En consecuencia, las actividades relacionadas con los combustibles fósiles quedan excluidas del Índice. Se aplica el tipo de enfoque denominado «Mejor de su clase»; este enfoque identifica a los líderes de cada sector en función de las mejores prácticas ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés), al tiempo que evita aquellos que presentan altos niveles de riesgo y no cumplen con los estándares mínimos de ESG, según el criterio del administrador del índice y sus socios especializados. La estrategia extrafinanciera del Índice 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.euronext.com. * El error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice. Los ingresos se reinvierten sistemáticamente. 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 - Algunos mercados están menos regulados que la mayoría de los mercados internacionales; por lo tanto, los servicios relacionados con la custodia y la liquidación del subfondo en dichos mercados podrían entrañar un mayor riesgo. | | Low Carbon 300 World PAB, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Capitalisation'' - ISIN code LU2194449075 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 Euronext Low Carbon 300 World PAB (NTR) index (the Index ) by investing in the shares issued by companies included in the Benchmark Index, respecting the Index's weightings (full replication), or in a sample of shares issued by companies included in the index (optimised replication). When investing in a sample of shares the sub-fund’s tracking error may be higher. The Index is composed of European companies selected on the basis of opportunities and risks associated with the climate transition while aiming to comply with the Paris Aligned Benchmark (PAB) targets of reducing carbon intensity by at least 50% relative to the initial investment universe and achieving an additional decarbonisation target of 7% each year. As a result, fossil-fuel activities are excluded from the Index. The type of approach implemented here is Best-in-class (Best-in-class approach identifies leaders in each sector based on the best environmental, social and governance (ESG) practices, while avoiding those that present high levels of risk and do not comply with minimum ESG standards according to the index administrator and its specialized partners). 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.euronext.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. Incomes are systematically reinvested. 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 - Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. | en | es |
DOLFIN4567 | 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: January 19, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 19 de enero de 2012. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en CHF.
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: January 19, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
10%
5%
0%
-5% | en | es |
DOLFIN4574 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Exit costs | 0.00%, We do not charge an exit fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 1.53% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 152.7 USD |
| Transaction costs | 1.77% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 177.1 USD |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.53%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 53.2 USD | | | Costes únicos de entrada o salida | | If you exit after 1 year |
| --- | --- | --- |
| Costes de entrada | 0.00%, no cobramos una tarifa de entrada por este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 USD |
| Costes de salida | 0.00%, no cobramos una tarifa de salida para este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 USD |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativ os o de funcionamien to | 1.53% del valor de sus inversiones por año. Esta es una estimación basada en los costos reales durante el último año. | 152.7 USD |
| Costes de operación | 1.77% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 177.1 USD |
| Costes accesorios detraídos en condiciones específicas | | |
| Comisiones de rendimiento | 0.53%, una tarifa de rendimiento del 10 % p.a. por encima del punto de referencia (con marca de agua alta) es aplicable. La cantidad real variará según el rendimiento de su inversión. La estimación de este documento incluye la media de los últimos 5 años. | 53.2 USD | | | One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Exit costs | 0.00%, We do not charge an exit fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 1.53% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 152.7 USD |
| Transaction costs | 1.77% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 177.1 USD |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.53%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 53.2 USD | | en | es |
DOLFIN4577 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
Management objective: The sub-fund's objective is to seek, over a recommended investment period of more than 5 years, a performance exceeding that of its benchmark index, the MSCI World (NR) EUR, by investing on international equity markets through the selection of companies linked to the theme of climate change. These companies will be selected on the basis of a proprietary analysis that combines financial profitability, thematic analysis and compliance with non-financial criteria. The sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the sub-fund may not hold all the components of the benchmark index. The sub-fund may diverge significantly from the benchmark index or, occasionally, very little.
Benchmark index: MSCI World (NR), net dividends reinvested
Investment policy: To achieve its objective, the Manager will implement discretionary management through a selection of companies and/or UCIs investing on the climate change theme on the basis of a fundamental financial analysis and the cumulative application of the following non-financial approaches: (i) a thematic investment on the portfolio of securities of the sub-fund, which will permanently represent at least 75% of net assets and (ii) a non-financial and thematic filter on issuers of securities (applied to shares and debt/bond securities). Up to 75% of the sub-fund will be permanently invested in shares. For each company in the portfolio, a valuation of the share of the business activity contributing directly or indirectly to the energy and ecological transition (green share) will be undertaken. Each portfolio company will be the subject of a thematic classification. The sub-fund will invest a minimum of 30% and a maximum of 100% of the portfolio of securities in companies which, according to the proprietary analysis of the Management Company, are directly linked to this theme (Core). Core companies have a green share equal to or greater than 50%. The sub-fund may also be invested up to a maximum of 30% of the portfolio of securities in companies facilitating the implementation of these activities (Enablers) and of which the green share is more difficult to measure. The sub-fund will also be able to invest up to a maximum of 40% of the portfolio of securities in companies with a major development focus as regards the theme (Leaders of tomorrow), with a green share of 10% to 50%. The steps for identifying issuers of equity securities and debt securities that fall within the theme and meet the non-financial criteria can be summarised as follows:
- An initial filter is established to exclude companies belonging to the MSCI GICS sectors from integrated oil companies, exploration and production, cement and aggregates, coal mining, airlines and air transport services. | # Objetivos y política de inversión
Objetivo de gestión: El objetivo del Subfondo es obtener, en un horizonte de inversión recomendado de más de cinco años, una rentabilidad superior a la de su índice de referencia, el MSCI World (NR), mediante la inversión en mercados de renta variable internacionales seleccionando sociedades vinculadas a temas relacionados con el cambio climático. Estas sociedades se seleccionarán sobre la base de un análisis propio en el que se combinarán la rentabilidad financiera, el análisis temático y el cumplimiento de criterios extrafinancieros. El subfondo se gestiona de forma activa, lo que significa que el Gestor toma decisiones de inversión con el propósito de lograr el objetivo y cumplir con la política de inversión del subfondo. Esta gestión activa conlleva tomar decisiones relativas a la selección de activos, la asignación regional, las opiniones del sector y el nivel general de exposición al mercado. El Gestor no se encuentra en modo alguno limitado por los componentes del índice de referencia en lo que se refiere al posicionamiento de su cartera, y es posible que el Subfondo no mantenga todos los susodichos componentes. La desviación respecto del índice de referencia puede ser significativa, si bien también puede verse limitada ocasionalmente.
Índice de referencia: MSCI World (NR), dividendos netos reinvertidos
Política de inversión: Para alcanzar su objetivo, el Gestor implementará una gestión discrecional mediante una selección de empresas y/o IIC que invierten en temas relacionados con el cambio climático sobre la base de un análisis financiero fundamental, así como la aplicación acumulativa de los siguientes enfoques extrafinancieros: (i) una inversión temática en la renta variable del Subfondo, que representará permanentemente un mínimo del 75% del patrimonio neto, y (ii) un filtro extrafinanciero y temático para los emisores de los valores (aplicables a las acciones y títulos de deuda/bonos). Al menos el 75% del Subfondo estará permanentemente invertido en acciones. Para cada sociedad de la cartera, se realizará una estimación de la parte de la actividad que contribuye directa o indirectamente a la transición energética y ecológica (cuota verde). Cada sociedad en cartera se incluirá en una clasificación temática. El Subfondo invertirá un mínimo del 30% y un máximo del 100% de la renta variable en sociedades que, según un análisis propio de la sociedad gestora, están directamente relacionadas con esta temática (“core”). Las sociedades core tienen una cuota verde igual o superior al 50%. El Subfondo también podrá invertir hasta un máximo del 30 % de la renta variable en las sociedades que faciliten la realización de estas actividades («enablers») y cuya cuota verde sea más difícil de medir. El Subfondo también podrá invertir hasta un máximo del 40 % de la renta variable en empresas con un eje de desarrollo importante respecto de la temática (Leaders of tomorrow) que tengan una cuota verde del 10 % al 50 %. Las etapas de identificación de los emisores de certificados de acciones y títulos de crédito relacionados con la temática que respetan los criterios extrafinancieros pueden resumirse como sigue:
- Se establece un primer filtro para excluir a las sociedades pertenecientes a los sectores MSCI-GICS de las empresas petroleras integradas, de exploración y producción, de cementos y agregados, de extracción de carbón, las compañías aéreas y los servicios de transporte aéreo. | # Objectives and investment policy
Management objective: The sub-fund's objective is to seek, over a recommended investment period of more than 5 years, a performance exceeding that of its benchmark index, the MSCI World (NR) EUR, by investing on international equity markets through the selection of companies linked to the theme of climate change. These companies will be selected on the basis of a proprietary analysis that combines financial profitability, thematic analysis and compliance with non-financial criteria. The sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the sub-fund may not hold all the components of the benchmark index. The sub-fund may diverge significantly from the benchmark index or, occasionally, very little.
Benchmark index: MSCI World (NR), net dividends reinvested
Investment policy: To achieve its objective, the Manager will implement discretionary management through a selection of companies and/or UCIs investing on the climate change theme on the basis of a fundamental financial analysis and the cumulative application of the following non-financial approaches: (i) a thematic investment on the portfolio of securities of the sub-fund, which will permanently represent at least 75% of net assets and (ii) a non-financial and thematic filter on issuers of securities (applied to shares and debt/bond securities). Up to 75% of the sub-fund will be permanently invested in shares. For each company in the portfolio, a valuation of the share of the business activity contributing directly or indirectly to the energy and ecological transition (green share) will be undertaken. Each portfolio company will be the subject of a thematic classification. The sub-fund will invest a minimum of 30% and a maximum of 100% of the portfolio of securities in companies which, according to the proprietary analysis of the Management Company, are directly linked to this theme (Core). Core companies have a green share equal to or greater than 50%. The sub-fund may also be invested up to a maximum of 30% of the portfolio of securities in companies facilitating the implementation of these activities (Enablers) and of which the green share is more difficult to measure. The sub-fund will also be able to invest up to a maximum of 40% of the portfolio of securities in companies with a major development focus as regards the theme (Leaders of tomorrow), with a green share of 10% to 50%. The steps for identifying issuers of equity securities and debt securities that fall within the theme and meet the non-financial criteria can be summarised as follows:
- An initial filter is established to exclude companies belonging to the MSCI GICS sectors from integrated oil companies, exploration and production, cement and aggregates, coal mining, airlines and air transport services. | en | es |
DOLFIN4578 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# ARTICLE 14 - ADMINISTRATION
## The company is administered by a board of directors with at least three and no more than 18 members, appointed by the shareholders’ meeting.
## During the life of the company, the directors shall be appointed or re-appointed by the ordinary shareholders’ meeting.
The directors of the company may be natural persons or legal entities. In the case of a legal entity, on appointment, they must designate a permanent representative who is subject to the same conditions and obligations and bears the same civil and criminal liability as if they themselves were a member of the board of directors, without prejudice to the liability of the legal entity they represent.
This permanent mandate is given for the duration of the legal entity's own mandate. If the legal entity terminates the appointment of its representative, it must notify the Sicav immediately by registered mail and also inform the Sicav of the identity of its new permanent representative. The same shall apply in the event of the death, resignation or extended impediment of the permanent representative. | # ARTÍCULO 14 - ADMINISTRACIÓN Y DIRECCIÓN DE LA SOCIEDAD
## La administración de la sociedad se encomienda a un Consejo de Administración de un mínimo de tres miembros y un máximo de dieciocho, nombrados por la Junta General.
## En el transcurso de la vida social, la Junta General Ordinaria de accionistas nombra a los administradores o renueva sus cargos.
Los administradores pueden ser personas físicas o jurídicas. En el momento de su nombramiento, estas últimas deben designar a un representante permanente que estará sometido a las mismas condiciones y obligaciones, y que incurrirá en las mismas responsabilidades civil y penal que si fuera miembro del Consejo de Administración en su propio nombre, sin perjuicio de la responsabilidad de la persona jurídica a la cual representa.
Ese mandato de representante permanente se le otorga por el mismo periodo que el de la persona jurídica a la cual representa. Si la persona jurídica revoca el mandato de su representante, tiene la obligación de notificar inmediatamente a la Sicav por correo certificado dicha revocación así como la identidad de su nuevo representante permanente. Tendrá esa misma obligación en caso de fallecimiento, cese o incapacidad prolongada del representante permanente. | # ARTICLE 14 - ADMINISTRATION
## The company is administered by a board of directors with at least three and no more than 18 members, appointed by the shareholders’ meeting.
## During the life of the company, the directors shall be appointed or re-appointed by the ordinary shareholders’ meeting.
The directors of the company may be natural persons or legal entities. In the case of a legal entity, on appointment, they must designate a permanent representative who is subject to the same conditions and obligations and bears the same civil and criminal liability as if they themselves were a member of the board of directors, without prejudice to the liability of the legal entity they represent.
This permanent mandate is given for the duration of the legal entity's own mandate. If the legal entity terminates the appointment of its representative, it must notify the Sicav immediately by registered mail and also inform the Sicav of the identity of its new permanent representative. The same shall apply in the event of the death, resignation or extended impediment of the permanent representative. | en | es |
DOLFIN4591 | 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 GBP 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 | 6,238 GBP | 3,717 GBP |
| Average return each year | -37.62% | -17.96% |
| Unfavourable scenario | What you might get back after costs | 7,760 GBP | 8,050 GBP |
| Average return each year | -22.40% | -4.25% |
| Moderate scenario | What you might get back after costs | 11,848 GBP | 19,027 GBP |
| Average return each year | 18.48% | 13.73% |
| Favourable scenario | What you might get back after costs | 17,017 GBP | 32,269 GBP |
| Average return each year | 70.17% | 26.40% | | | Período de mantenimiento recomendado: 5 Ejemplo de inversión: 10 000 GBP 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 | 6.238 GBP | 3.717 GBP |
| Rendimiento medio cada año | -37,62 % | -17,96 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7.760 GBP | 8.050 GBP |
| Rendimiento medio cada año | -22,40 % | -4,25 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 11.848 GBP | 19.027 GBP |
| Rendimiento medio cada año | 18,48 % | 13,73 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 17.017 GBP | 32.269 GBP |
| Rendimiento medio cada año | 70,17 % | 26,40 % | | | Recommended holding period: 5 Example Investment: 10,000 GBP 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 | 6,238 GBP | 3,717 GBP |
| Average return each year | -37.62% | -17.96% |
| Unfavourable scenario | What you might get back after costs | 7,760 GBP | 8,050 GBP |
| Average return each year | -22.40% | -4.25% |
| Moderate scenario | What you might get back after costs | 11,848 GBP | 19,027 GBP |
| Average return each year | 18.48% | 13.73% |
| Favourable scenario | What you might get back after costs | 17,017 GBP | 32,269 GBP |
| Average return each year | 70.17% | 26.40% | | en | es |
DOLFIN4608 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.00% |
| 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 | 2.31% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Fund achieves above the Base Net Asset Value per Share. Actual performance fee charged last year: 0.65% | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0,00% |
| Gastos de salida | 0,00% |
| Este es el máximo que puede detraerse del capital del inversor antes de proceder a la inversión o de abonar el producto de esta. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 2,31% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% anual de cualquier rentabilidad que puede obtener el Fondo por encima del Valor Liquidativo Básico por Acción. Comisión de rentabilidad real percibida el pasado ejercicio: 0,65%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.00% |
| 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 | 2.31% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Fund achieves above the Base Net Asset Value per Share. Actual performance fee charged last year: 0.65% | | en | es |
DOLFIN4610 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: JP Morgan EMBI Global Index, hedged in EUR
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS B EUR (H)
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class B EUR H of the French Edmond de Rothschild EMERGING BONDS (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 B EUR H of the Absorbed Sub-Fund. | ## Índice de referencia: JP Morgan EMBI Global Index, cubierto en EUR
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS B EUR (H)
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 B EUR (H) del fondo francés Edmond de Rothschild EMERGING BONDS (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 B EUR (H) del Subfondo absorbido. | ## Benchmark: JP Morgan EMBI Global Index, hedged in EUR
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS B EUR (H)
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class B EUR H of the French Edmond de Rothschild EMERGING BONDS (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 B EUR H of the Absorbed Sub-Fund. | en | es |
DOLFIN4611 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 4.5 % of the amount that you pay when you enter the investment. This includes distribution costs of 4.5 % of the amount invested. This is the maximum amount you will pay. The person who sold you the product will inform you of the actual costs. | Up to €450 |
| Exit costs | We do not charge an exit fee for this Product. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.9% of the value of your investment per year. This percentage is based on actual costs over the last year. | €83 |
| Transaction costs | 0.1 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | €10 |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this Product. | €0 | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 4.5 % del importe que paga en el momento de entrar en la inversión. Esto incluye los gastos de distribución del 4.5 % del importe invertido. Este es el importe máximo que pagará. La persona que le vendió el Producto le informará de los costes reales. | Hasta €450 |
| Costes de salida | Nosotros no facturamos el coste de salida de este Producto. | €0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0.9 % del valor de su inversión al año. Este porcentaje se basa en los gastos reales del año pasado. | €83 |
| Costes de operación | 0.1 % del valor de su inversión al año. Se trata de una estimación de los gastos sufragados cuando compramos y vendemos las inversiones subyacentes al Producto. El importe real varía en función de la cantidad que compramos y vendemos. | €10 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No hay ninguna comisión de rentabilidad para este Producto. | €0 | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 4.5 % of the amount that you pay when you enter the investment. This includes distribution costs of 4.5 % of the amount invested. This is the maximum amount you will pay. The person who sold you the product will inform you of the actual costs. | Up to €450 |
| Exit costs | We do not charge an exit fee for this Product. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.9% of the value of your investment per year. This percentage is based on actual costs over the last year. | €83 |
| Transaction costs | 0.1 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | €10 |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this Product. | €0 | | en | es |
DOLFIN4617 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### stocks
Portfolio
* Method that aims to ensure the preservation and development of natural resources (for example, sustainably managing forests and agricultural land or offering sustainable packaging).
** Approach that involves minimising the environmental impact of materials throughout the life of products (for example, waste management and treatment activities, recycling or allowing circular procurement).
For more information about ESG criteria, the type of approach and the ESG investment process, please refer to the Prospectus.
Methodology limits: inconsistencies or lack of availability of ESG data, particularly provided by an external service provider, constitute methodology limits to the process of assigning an ESG rating to securities. | #### valores
Cartera
* Método que se centra en la conservación y el desarrollo de los recursos naturales (por ejemplo, la gestión sostenible de los bosques y las tierras agrícolas o el envasado sostenible).
** Enfoque que consiste en minimizar el impacto medioambiental de los materiales a lo largo de la vida de los productos (por ejemplo, actividades de gestión y tratamiento de residuos, reciclaje o permitir el aprovisionamiento circular).
Para obtener más información sobre los criterios ESG, el tipo de enfoque y el proceso de inversión ESG, consulte el Folleto.
Limitaciones metodológicas: las incoherencias o la falta de disponibilidad de datos ESG, en particular de un proveedor externo, son limitaciones metodológicas del proceso de calificación ESG. | #### stocks
Portfolio
* Method that aims to ensure the preservation and development of natural resources (for example, sustainably managing forests and agricultural land or offering sustainable packaging).
** Approach that involves minimising the environmental impact of materials throughout the life of products (for example, waste management and treatment activities, recycling or allowing circular procurement).
For more information about ESG criteria, the type of approach and the ESG investment process, please refer to the Prospectus.
Methodology limits: inconsistencies or lack of availability of ESG data, particularly provided by an external service provider, constitute methodology limits to the process of assigning an ESG rating to securities. | en | es |
DOLFIN4621 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: 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
relating to transferable securities and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index, and ii) enter into financial contracts (derivatives) which attempt to reduce the effect of exchange rate fluctuations between the currency of the index components and the currency of your shares. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. 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 currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
may 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 other index components may affect the value of your investment. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to (i) try to manage its investments more efficiently and (ii) try to reduce movements in currency exchange rates between the currency of the index components and the currency of the fund’s shares. 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 derivative used to gain exposure to the swap index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: 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
varias contrapartes de swaps en relación con los valores mobiliarios y con la versión de rentabilidad total bruta o neta del índice (índice de swaps) con el fin de conseguir reflejar la evolución del índice de swaps y (ii) suscribirá contratos financieros (derivados) para tratar de reducir el efecto de las fluctuaciones en el tipo de cambio entre la moneda de los componentes del índice y la de sus acciones. La versión de rentabilidad total bruta del índice calcula la evolución del valor de los títulos suponiendo que todos los dividendos y repartos se reinvierten en su forma bruta. El gestor de inversiones podrá seleccionar el índice de swaps a su entera discreción. 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). 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.
de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. Las fluctuaciones de los tipos de interés de la moneda de las acciones, el índice o los demás componentes del índice pueden afectar al valor de su inversión. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El fondo podría emplear derivados para (i) tratar de gestionar sus inversiones de una forma más eficiente y (ii) tratar de reducir las fluctuaciones en los tipos de cambio entre la moneda de los componentes del índice y la moneda de las acciones del fondo. 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. Los derivados empleados para tener más exposición al índice de swaps pueden ajustarse para reflejar determinados gastos relacionados con impuestos o costes de compraventa, préstamo, financiación o custodia. Estos costes de réplica podrían provocar que tanto el fondo como su inversión sufran pérdidas.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: 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
relating to transferable securities and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index, and ii) enter into financial contracts (derivatives) which attempt to reduce the effect of exchange rate fluctuations between the currency of the index components and the currency of your shares. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. 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 currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
may 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 other index components may affect the value of your investment. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to (i) try to manage its investments more efficiently and (ii) try to reduce movements in currency exchange rates between the currency of the index components and the currency of the fund’s shares. 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 derivative used to gain exposure to the swap index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN4629 | 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 16, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in SGD.
25%
20%
15%
10%
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 16 de marzo de 2020. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en SGD.
25%
20%
15%
10%
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: March 16, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in SGD.
25%
20%
15%
10%
5%
0% | en | es |
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