id
stringlengths 7
10
| query
stringlengths 226
15.3k
| answer
stringlengths 103
18.7k
| text
stringlengths 106
15.2k
| src_lang
stringclasses 1
value | trg_lang
stringclasses 1
value |
|---|---|---|---|---|---|
DOLFIN4636 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sector allocation
At month-end, the fund held overweight positions in Germany, Finland, Sweden, Austria and the Netherlands versus underweights in the United States, France and Japan. The credit beta of the portfolio is just above 1 and within the corporate allocation we have a clear preference for euro swap spreads over corporate bonds. With the spread widening in global credit markets year-to- date, we took some further profits in our index protection positions, but are looking to add at tighter levels or equally to add risk at wider levels. Given the still rich valuations in the different credit spread sectors and further potential spread widening risk, the fund is still underweight IG and EM hard currency beta. We continue to use iTraxx and CDX indices to adjust the credit beta of the fund to below benchmark level. | # Distribución del sector
A finales del mes, el fondo mantenía posiciones de sobreponderación en Alemania, Finlandia, Suecia, Austria y los Países Bajos, frente a las infraponderaciones en Estados Unidos, Francia y Japón. La beta de crédito de la cartera apenas supera 1, y en la asignación a títulos corporativos preferimos claramente los diferenciales de swap del euro sobre los bonos corporativos. Con el diferencial ampliándose en los mercados globales de crédito en lo que llevamos de año, recogimos beneficios parciales en nuestras posiciones de protección del índice, aunque pretendemos añadir a niveles más ajustados o, igualmente, añadir riesgo a niveles más amplios. Dadas las valoraciones todavía buenas en los distintos sectores de diferencial del crédito y el riesgo de mayor ampliación del diferencial, el fondo se mantiene infraponderado en IG y en beta de divisas fuertes del mercado emergente. Seguimos utilizando los índices iTraxx y CDX para ajustar la beta de crédito del fondo a un nivel inferior al del índice de referencia. | # Sector allocation
At month-end, the fund held overweight positions in Germany, Finland, Sweden, Austria and the Netherlands versus underweights in the United States, France and Japan. The credit beta of the portfolio is just above 1 and within the corporate allocation we have a clear preference for euro swap spreads over corporate bonds. With the spread widening in global credit markets year-to- date, we took some further profits in our index protection positions, but are looking to add at tighter levels or equally to add risk at wider levels. Given the still rich valuations in the different credit spread sectors and further potential spread widening risk, the fund is still underweight IG and EM hard currency beta. We continue to use iTraxx and CDX indices to adjust the credit beta of the fund to below benchmark level. | en | es |
DOLFIN4638 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In light of the foregoing, the Manager, with the support of the Directors, believes that it is in the best interests of Shareholders of the Merging Fund to merge the Merging Fund into the Receiving Fund.
In order to be given effect, the proposed Merger must be approved by shareholders of the Merging Fund and an extraordinary general meeting of those shareholders is to be convened for the purpose of tabling a resolution to facilitate this (the "Merging Fund EGM").
75% or more of the votes validly cast by shareholders of the Merging Fund present or represented (in person or by proxy) at the Merging Fund EGM (or at any adjournment thereof) must vote in favour of the resolution to be tabled at the Merging Fund EGM in order for the Merger to be approved.
If the Merger is approved at the Merging Fund EGM it will be binding on all shareholders remaining in the Merging Fund at 12:00pm (Irish time) on 14 December 2022 (the "Last Dealing Day"), whether or not they voted in favour of the Merger, or indeed at all.
If the Merger proposal is not approved, the Merger will not go ahead and the Directors of the Company, in consultation with the Manager, shall take steps to close the Merging Fund, subject to the receipt of the relevant regulatory approvals.
- Effective Date/Time of the Merger:In the event that the resolution to approve the Merger is approved at the Merging Fund EGM, the Merger itself will take effect on 16 December 2022 at 12.00pm (Irish time) (the “Effective Date/Time”).
- Expected impact of the Merger on the shareholders of the Merging Fund and of the Receiving FundImpact on the Merging ShareholdersIf the resolution to approve the Merger is passed, the Merger will be binding on shareholders of the Merging Fund from the Last Dealing Day. Consequently shareholders of the Merging Fund will be issued New Shares without any further action on their part, whether or not they voted in favour of the Merger or voted at all. As a consequence, shareholders of the Merging Fund will be deemed to have accepted that, as and from the Effective Date/Time. Furthermore, shareholders of the Merging Fund acknowledge and agree that all representations, warranties and undertakings given to the Merging Fund at the time of their original subscription into the Merging Fund shall continue in full force and effect and shall, from the Effective Date/Time, be interpreted as having been given to the Receiving Fund. | En vista de lo anterior, la Gestora, con la asistencia de los Consejeros, considera que redunda en el interés de los Accionistas del Fondo fusionado fusionar el Fondo fusionado con el Fondo receptor.
Para que surta efecto, la propuesta de fusión deberá ser aprobada por los accionistas del Fondo fusionado y se convocará una junta general extraordinaria de dichos accionistas con el fin de presentar una resolución para facilitarlo (la «Junta general extraordinaria del Fondo fusionado»).
Para que la fusión sea aprobada, el 75% o más de los votos válidamente emitidos por los accionistas del Fondo fusionado presentes o representados (en persona o por poder) en la Junta general extraordinaria del Fondo (o en cualquier aplazamiento de la misma) deberán ser favorables a la resolución que se presentará en la Junta general extraordinaria del Fondo fusionado.
Si la Fusión resulta aprobada en la Junta general extraordinaria del Fondo fusionado, será vinculante para todos los accionistas que queden en el Fondo fusionado a las 12:00 (hora de Irlanda)] del 14 de diciembre de 2022 (el «Último Día de negociación»), tanto si votaron o no a favor de la Fusión como si no votaron.
Si la propuesta de fusión no resulta aprobada, la Fusión no seguirá adelante y los Consejeros de la Sociedad, consultándolo con la Gestora, tomará medidas para cerrar el Fondo fusionado, con sujeción a la obtención de las correspondientes autorizaciones del regulador.
- Fecha/Hora efectiva de la Fusión:En caso de que la resolución para aprobar la Fusión resulte aprobada en la Junta general extraordinaria del Fondo fusionado, la propia Fusión surtirá efecto el 16 de diciembre de 2022 a las 12:00 (hora de Irlanda) (la «Fecha/Hora efectiva»).
- Impacto esperado de la Fusión en los accionistas del Fondo fusionado y del Fondo receptorImpacto en los Accionistas del Fondo fusionadoSi la resolución para aprobar la Fusión resulta aprobada, la Fusión será vinculante para los accionistas del Fondo fusionado a partir del Último día de negociación. En consecuencia, a los accionistas del Fondo fusionado se les emitirán Nuevas acciones sin necesidad de que tomen ninguna otra medida, independientemente de que hayan votado o no a favor de la Fusión. Por consiguiente, se considerará que los accionistas del Fondo fusionado han aceptado que, a partir de la Fecha/Hora efectiva, se produzca la Fusión. Además, los accionistas del Fondo fusionado reconocen y aceptan que todas las declaraciones, garantías y compromisos otorgados al Fondofusionado en el momento de su suscripción original en el Fondo fusionado continuarán en pleno vigor y efecto y, a partir de la Fecha/Hora efectiva, se interpretarán como otorgados al Fondo receptor. | In light of the foregoing, the Manager, with the support of the Directors, believes that it is in the best interests of Shareholders of the Merging Fund to merge the Merging Fund into the Receiving Fund.
In order to be given effect, the proposed Merger must be approved by shareholders of the Merging Fund and an extraordinary general meeting of those shareholders is to be convened for the purpose of tabling a resolution to facilitate this (the "Merging Fund EGM").
75% or more of the votes validly cast by shareholders of the Merging Fund present or represented (in person or by proxy) at the Merging Fund EGM (or at any adjournment thereof) must vote in favour of the resolution to be tabled at the Merging Fund EGM in order for the Merger to be approved.
If the Merger is approved at the Merging Fund EGM it will be binding on all shareholders remaining in the Merging Fund at 12:00pm (Irish time) on 14 December 2022 (the "Last Dealing Day"), whether or not they voted in favour of the Merger, or indeed at all.
If the Merger proposal is not approved, the Merger will not go ahead and the Directors of the Company, in consultation with the Manager, shall take steps to close the Merging Fund, subject to the receipt of the relevant regulatory approvals.
- Effective Date/Time of the Merger:In the event that the resolution to approve the Merger is approved at the Merging Fund EGM, the Merger itself will take effect on 16 December 2022 at 12.00pm (Irish time) (the “Effective Date/Time”).
- Expected impact of the Merger on the shareholders of the Merging Fund and of the Receiving FundImpact on the Merging ShareholdersIf the resolution to approve the Merger is passed, the Merger will be binding on shareholders of the Merging Fund from the Last Dealing Day. Consequently shareholders of the Merging Fund will be issued New Shares without any further action on their part, whether or not they voted in favour of the Merger or voted at all. As a consequence, shareholders of the Merging Fund will be deemed to have accepted that, as and from the Effective Date/Time. Furthermore, shareholders of the Merging Fund acknowledge and agree that all representations, warranties and undertakings given to the Merging Fund at the time of their original subscription into the Merging Fund shall continue in full force and effect and shall, from the Effective Date/Time, be interpreted as having been given to the Receiving Fund. | en | es |
DOLFIN4648 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The entry and exit charges shown are maximum figures. In some cases, you might pay less - you can find this out from your Financial Adviser.
The ongoing charges figure is based on expenses for the twelve month period ending December 2017. This figure is adjusted with implemented budget changes for 2017. This figure may vary from year to year. It excludes:
- Performance fees
- Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in an other collective investment undertakingFor more information about charges, please refer to the Fees and Expenses section of the prospectus which is available at www.axa-im.com. | Las comisiones de entrada y salida que se muestran son las cantidades máximas. En determinados casos, es posible que usted pague menos - su asesor financiero le informará.
El importe de los gastos corrientes está basado en los gastos del periodo de doce meses que finaliza en diciembre de 2017. Esta cifra se ha ajustado con los cambios presupuestarios aplicados para 2017. Esta cifra podrá variar de un año a otro. Se excluyen:
- Comisiones de rentabilidad
- Costes de transacciones de la cartera, excepto en caso de comisiones de entrada/salida abonadas por el Subfondo al comprar o vender unidades en otro organismo de inversión colectivaSi desea más información sobre las comisiones, consulte la sección de comisiones del folleto que se encuentra disponible en www.axa-im.com. | The entry and exit charges shown are maximum figures. In some cases, you might pay less - you can find this out from your Financial Adviser.
The ongoing charges figure is based on expenses for the twelve month period ending December 2017. This figure is adjusted with implemented budget changes for 2017. This figure may vary from year to year. It excludes:
- Performance fees
- Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in an other collective investment undertakingFor more information about charges, please refer to the Fees and Expenses section of the prospectus which is available at www.axa-im.com. | en | es |
DOLFIN4649 | 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 the Fund is to increase the value of the Fund (capital appreciation) over the long term. The Fund intends to achieve this objective through investment in a portfolio of high-quality, long-term growth companies. The Fund will invest at least two-thirds of its assets in securities issued by companies quoted or traded on regulated markets and that have their headquarters in, or principally carry out their activities in Emerging Markets or in securities issued by governments of Emerging Market countries. Emerging Markets are predominantly located in Africa, Asia, Latin America, Eastern and Southern Europe. The Fund may invest in China A-Shares.
The Fund may also gain indirect exposure to such companies by investment in market access products such as low exercise call warrants or participatory notes.
While the Fund will primarily invest in shares and in other securities related to shares, it may, where it is deemed in the best interest of investors, invest in investment grade debt securities issued or guaranteed by a government of an Emerging Markets country, the U.S.A., the UK or any European Union member state. The Fund may invest in real estate investment trusts (REITs) and/or in units of other UCITS or collective investment schemes, including other | # Objetivos y política de inversión
El objetivo del Fondo es incrementar el valor del Fondo (apreciación del capital) a largo plazo. El Fondo pretende alcanzar este objetivo mediante la inversión en una cartera de empresas de alta calidad con crecimiento a largo plazo. El Fondo invertirá al menos dos terceras partes de sus activos en valores emitidos por empresas que coticen o negocien en mercados regulados y que tengan su sede social o fundamentalmente desarrollen sus actividades en mercados emergentes, o en valores emitidos por Gobiernos de países considerados mercados emergentes. Los mercados emergentes se ubican en su mayoría en África, Asia, América Latina, Europa Oriental y Meridional. El Fondo puede invertir en Acciones A de China.
Asimismo, el Fondo puede obtener exposición indirecta a dichas empresas mediante la inversión en productos de acceso al mercado, como warrants de compra con precio de ejercicio bajo o pagarés participativos.
Si bien el Fondo invertirá principalmente en acciones y otros valores relacionados con acciones, es posible que, toda vez que se considere acorde con el mejor interés de los inversores, invierta en títulos de deuda con calificación de grado de inversión emitidos o garantizados por el Gobierno de un país considerado mercado emergente, los EE. UU., Reino Unido o un Estado miembro de la Unión Europea. El Fondo podrá invertir en fondos de inversión inmobiliaria (REIT) o participaciones de otros OICVM o planes de inversión colectiva, incluidos otros subfondos de Comgest Growth plc. | # Objectives and investment policy
The objective of the Fund is to increase the value of the Fund (capital appreciation) over the long term. The Fund intends to achieve this objective through investment in a portfolio of high-quality, long-term growth companies. The Fund will invest at least two-thirds of its assets in securities issued by companies quoted or traded on regulated markets and that have their headquarters in, or principally carry out their activities in Emerging Markets or in securities issued by governments of Emerging Market countries. Emerging Markets are predominantly located in Africa, Asia, Latin America, Eastern and Southern Europe. The Fund may invest in China A-Shares.
The Fund may also gain indirect exposure to such companies by investment in market access products such as low exercise call warrants or participatory notes.
While the Fund will primarily invest in shares and in other securities related to shares, it may, where it is deemed in the best interest of investors, invest in investment grade debt securities issued or guaranteed by a government of an Emerging Markets country, the U.S.A., the UK or any European Union member state. The Fund may invest in real estate investment trusts (REITs) and/or in units of other UCITS or collective investment schemes, including other | en | es |
DOLFIN4654 | 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 and invest in a manner consistent with the principles of environmental, social and governance (ESG) investing.
The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies globally whose predominant economic activity comprises the research, development, production and/or distribution of technologies used and applied in financial services.
The Fund will focus on companies that generate revenues from the application of technology in the financial services industry sector and/or which aim to compete with traditional methods in the operation and distribution of financial products and services. In normal market conditions the Fund will invest in a portfolio of equity securities of companies with large, medium and small market capitalisation (market capitalisation is the share price of the company multiplied by the number of shares issued) that are involved in activities including the following: payment systems, banking, investments, lending, insurance and software. Although it is likely that most of the Fund’s investments will be in companies located in developed markets globally, the Fund may also invest in emerging markets.
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europemiddleeast- and-africa.pdf
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. The IA has discretion to select the Fund's investments. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The MSCI All Countries World Index should be used by investors to compare the performance of the Fund. 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). 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$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo 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, e invirtiendo de forma coherente con los principios medioambientales, sociales y de gobierno corporativo (ESG) aplicados a la inversión.
El Fondo invierte al menos el 70 % de sus activos totales en valores de renta variable (como acciones) de empresas de todo el mundo cuya actividad económica principal incluya la investigación, el desarrollo, la producción o la distribución de tecnologías utilizadas y aplicadas en los servicios financieros.
El Fondo se concentrará en empresas que generan ingresos a través de la aplicación de tecnologías en el sector de los servicios financieros, o que intentan competir con los métodos tradicionales de explotación y distribución de productos y servicios financieros. En condiciones normales del mercado, el Fondo invertirá en una cartera de valores de renta variable de empresas de elevada, mediana y pequeña capitalización bursátil (la capitalización bursátil se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones emitidas) que participan en alguna de las siguientes actividades: sistemas de pago, banca, inversiones, créditos, seguros y software. Aunque es probable que la mayor parte de las inversiones del Fondo se haga en empresas establecidas en mercados desarrollados de todo el mundo, el Fondo también podrá invertir en mercados emergentes.
Los activos totales del Fondo se invertirán de acuerdo con lo establecido en su Política ESG, tal como se indica en el folleto. Para obtener más información sobre las características ESG, consulte el folleto y visite el sitio web de BlackRock: https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens- in-europe-middleeast-and-africa.pdf
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. El AI tiene potestad para seleccionar las inversiones del Fondo. El AI tiene la potestad para seleccionar las inversiones del Fondo y no está limitado por ningún parámetro de referencia para llevar a cabo este proceso. Los inversores deberían utilizar el MSCI All Countries World Index para comparar la rentabilidad del Fondo. 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).
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 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets and invest in a manner consistent with the principles of environmental, social and governance (ESG) investing.
The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies globally whose predominant economic activity comprises the research, development, production and/or distribution of technologies used and applied in financial services.
The Fund will focus on companies that generate revenues from the application of technology in the financial services industry sector and/or which aim to compete with traditional methods in the operation and distribution of financial products and services. In normal market conditions the Fund will invest in a portfolio of equity securities of companies with large, medium and small market capitalisation (market capitalisation is the share price of the company multiplied by the number of shares issued) that are involved in activities including the following: payment systems, banking, investments, lending, insurance and software. Although it is likely that most of the Fund’s investments will be in companies located in developed markets globally, the Fund may also invest in emerging markets.
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europemiddleeast- and-africa.pdf
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. The IA has discretion to select the Fund's investments. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The MSCI All Countries World Index should be used by investors to compare the performance of the Fund. 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). 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$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN4657 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
As this share class has not been in existence for 5 years, simulated performance data has been used.
The risk and reward indicator :
is based on simulated historical performance data and may not be a reliable indication for the future;
is not guaranteed and may change over time.
The lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
Risks for this Fund which are not taken into account in the indicator include:
Capital reduction risk: Where the income of the share class is not sufficient to pay the fixed dividend, the capital of the share class will be used to pay the balance outstanding. This may lead to capital erosion and a reduction in future returns.
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Por lo general menor remuneración Por lo general mayor remuneración
El indicador de riesgo y remuneración se calcula según la volatilidad de la clase de acciones (las alzas y bajas en su valor) durante el periodo de 5 años anterior.
Debido a que esta clase de acciones no ha existido por un periodo de 5 años, se utilizaron datos de rendimiento simulado.
El indicador de riesgo y remuneración:
se basa en datos de simulaciones de rentabilidad histórica y puede no constituir una indicación fiable del futuro perfil del Fondo;
no está garantizado y puede cambiar con el tiempo.
La asignación a la categoría más baja no significa que una clase de acciones esté libre de riesgo.
Su inversión inicial no está garantizada.
La categoría de clase de acciones refleja los siguientes factores:
Invertir en acciones puede generar mayor volatilidad dado que su valor fluctúa más que el de otros instrumentos financieros, como los bonos.
El Fondo puede invertir en acciones denominadas en divisas distintas a la divisa de la clase de acciones. Por consiguiente, el valor de la clase de acciones podrá aumentar o disminuir debido a fluctuaciones en los tipos de cambio.
Los riesgos para el Fondo que el indicador no tiene en cuenta incluyen:
Riesgo de reducción de capital: Cuando los ingresos de la clase de acciones no sean suficientes para pagar el dividendo fijo, su capital se destinará al pago del saldo pendiente. Esto podría conducir a una pérdida de capital y a una reducción de la rentabilidad futura.
Riesgo de contraparte: El Fondo puede incurrir en pérdidas ante el incumplimiento de una contraparte que no puede atender sus obligaciones contractuales.
Encontrará una descripción más detallada de los riegos en la sección
«Factores de riesgo» del folleto. | # Risk and reward profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
As this share class has not been in existence for 5 years, simulated performance data has been used.
The risk and reward indicator :
is based on simulated historical performance data and may not be a reliable indication for the future;
is not guaranteed and may change over time.
The lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
Risks for this Fund which are not taken into account in the indicator include:
Capital reduction risk: Where the income of the share class is not sufficient to pay the fixed dividend, the capital of the share class will be used to pay the balance outstanding. This may lead to capital erosion and a reduction in future returns.
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus. | en | es |
DOLFIN4658 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Commentary
Performance
The fund underperformed the MSCI ACWI Net Return Index after outperforming in the first half of the year.
Trinseo provided the biggest drag on fund performance after the specialist in plastics and latex binders cut its guidance for the full year. The operating environment is clearly challenging and the sale of the styrenics business has been delayed, but the share price reflects a lot of bad news, in our view. We continue to believe that the shares are significantly undervalued. The company announced a sizeable share buyback programme, reflecting the highly cash-generative nature of the business.
Methanex, the methanol producer, underperformed despite solid fundamentals. We remain optimistic about the prospects for cash generation in the current environment and continue to believe that the shares are cheap.
Adidas shares declined after the German company issued a profit warning due to a slower recovery in China. The valuation of Adidas is approaching distressed levels, we believe, with little in the price for long- term growth in China. We added to the holding on weakness.
VF Corp was another laggard in the consumer discretionary sector after cutting its guidance for fiscal 2023. While Vans continues to disappoint, the remainder of the brand portfolio, including The North Face, continues to deliver and the valuation remains attractive to us. The stock remains a core holding. Not owning the new economy bellwethers of Apple, Tesla and Amazon.com also held back performance relative to the MSCI ACWI Net Return Index.
Sector allocation added value, helped by an overweight in energy and an underweight in communication services. Stock selection made a positive contribution in consumer staples, with Walmart and Treasury Wine Estates leading the gains. Intact Financial and Charles Schwab outperformed in financials. Lowe’s added value in consumer discretionary. | # Comentario
Rentabilidad
El fondo obtuvo una rentabilidad inferior a la del índice MSCI ACWI Net Return, tras superarlo en el primer semestre del año.
Trinseo fue el mayor lastre para la rentabilidad del fondo después de que el especialista en plásticos y aglutinantes de látex revisara a la baja sus previsiones para el ejercicio completo. El entorno operativo es claramente difícil y la venta del negocio de estirenos se ha retrasado si bien, a nuestro juicio, la cotización del valor ya descuenta muchas de estas malas noticias. Seguimos pensando que el título está fuertemente infravalorado. La empresa anunció un cuantioso programa de recompra de acciones, lo que refleja el carácter altamente generador de caja del negocio.
Methanex, el productor de metanol, también cotizó a la baja, a pesar de exhibir unos fundamentales sólidos. Mantenemos el optimismo sobre las perspectivas de generación de caja en el entorno actual y seguimos creyendo que el valor está barato.
Las acciones de Adidas bajaron tras emitir la firma alemana una alerta de beneficios debido a una menor recuperación en China. En nuestra opinión, la valoración de Adidas se acerca a niveles de crisis, sin que su cotización refleje el crecimiento potencial a largo plazo en China. Ampliamos nuestra posición en el título aprovechando su debilidad en bolsa.
VF Corp fue otro de los valores rezagados en el sector de consumo discrecional a raíz de su revisión a la baja de las previsiones para el ejercicio 2023. Es cierto que Vans sigue decepcionando, pero el resto de las posiciones en marcas de la cartera, The North Face incluida, sigue dando buenos resultados y, en nuestra opinión, la valoración de Vans se mantiene atractiva. El título sigue siendo una de las posiciones centrales de la cartera. El no estar invertidos en los valores de referencia de la nueva economía, como Apple, Tesla y Amazon.com, también frenó el comportamiento relativo con respecto al índice MSCI ACWI Net Return.
La asignación sectorial añadió valor, gracias a las posiciones sobreponderada en el sector energético e infraponderada en el de servicios de comunicación. La selección de valores en el sector de consumo también resultó positiva, con Walmart y Treasury Wine Estates liderando las ganancias. Intact Financial y Charles Schwab exhibieron un superior comportamiento relativo en el sector financiero. Lowe's añadió valor en el sector de consumo discrecional. | # Commentary
Performance
The fund underperformed the MSCI ACWI Net Return Index after outperforming in the first half of the year.
Trinseo provided the biggest drag on fund performance after the specialist in plastics and latex binders cut its guidance for the full year. The operating environment is clearly challenging and the sale of the styrenics business has been delayed, but the share price reflects a lot of bad news, in our view. We continue to believe that the shares are significantly undervalued. The company announced a sizeable share buyback programme, reflecting the highly cash-generative nature of the business.
Methanex, the methanol producer, underperformed despite solid fundamentals. We remain optimistic about the prospects for cash generation in the current environment and continue to believe that the shares are cheap.
Adidas shares declined after the German company issued a profit warning due to a slower recovery in China. The valuation of Adidas is approaching distressed levels, we believe, with little in the price for long- term growth in China. We added to the holding on weakness.
VF Corp was another laggard in the consumer discretionary sector after cutting its guidance for fiscal 2023. While Vans continues to disappoint, the remainder of the brand portfolio, including The North Face, continues to deliver and the valuation remains attractive to us. The stock remains a core holding. Not owning the new economy bellwethers of Apple, Tesla and Amazon.com also held back performance relative to the MSCI ACWI Net Return Index.
Sector allocation added value, helped by an overweight in energy and an underweight in communication services. Stock selection made a positive contribution in consumer staples, with Walmart and Treasury Wine Estates leading the gains. Intact Financial and Charles Schwab outperformed in financials. Lowe’s added value in consumer discretionary. | en | es |
DOLFIN4663 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
- Conversion of shares in the Fund into shares of another sub-fund is not possible. Please refer to the prospectus for further information.
- Details of Waystone Management Company (Lux) SA (formerly named MDO Management Company) Remuneration Policy are available at http://www.mdo-manco.com/remuneration-policy, including: (a) a description of how remuneration and benefits are calculated; and (b) the identity of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, at Waystone Management Company (Lux) SA (formerly named MDO Management Company) at 19 rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg. | por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto del Fondo.
- No es posible canjear acciones del Fondo por acciones de otro subfondo. Por favor, consulte el Folleto para más información.
- La información sobre la política de remuneración de Waystone Management Company (Lux) SA (anteriormente nombrado MDO Management Company) está disponible enhttp://www.mdo-manco.com/remuneration-policy e incluye: (a) una descripción de cómo se calculan la remuneración y los beneficios; y (b) la identidad de las personas responsables de conceder la remuneración y los beneficios. Se puede obtener una copia impresa gratuita de esta información en Waystone Management Company (Lux) SA (anteriormente nombrado MDO Management Company) en 19 rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg. | statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
- Conversion of shares in the Fund into shares of another sub-fund is not possible. Please refer to the prospectus for further information.
- Details of Waystone Management Company (Lux) SA (formerly named MDO Management Company) Remuneration Policy are available at http://www.mdo-manco.com/remuneration-policy, including: (a) a description of how remuneration and benefits are calculated; and (b) the identity of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, at Waystone Management Company (Lux) SA (formerly named MDO Management Company) at 19 rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg. | en | es |
DOLFIN4665 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Please be aware that past performance is not a reliable indicator of future results.
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 04/09/2020.
The share class of the Fund was launched on 27/10/2020.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in USD and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | Tenga en cuenta que la rentabilidad histórica no es un indicador fiable de los rendimientos futuros.
La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 04/09/2020.
La clase de acciones del Fondo se lanzó el 27/10/2020.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en USD y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
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. | Please be aware that past performance is not a reliable indicator of future results.
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 04/09/2020.
The share class of the Fund was launched on 27/10/2020.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in USD and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | en | es |
DOLFIN4667 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The entry, exit and conversion charges shown are maximum figures applied on the primary market only. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the year ending September 30, 2021. This figure may vary from year to year. It excludes:
Performance fees,
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
* Entry and exit charges will only apply when shares are subscribed or redeemed directly from the Sub-Fund, and will not apply when investors buy or sell such shares on stock exchanges. Investors dealing on exchange will pay fees charged by their intermediaries. Such charges can be obtained from intermediaries.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: amundi.com or amundietf.com.
Past Performance
17.0%
18.2%
40 % .
30
20
10 | Los gastos de entrada, salida y conversión indicados son gastos máximos que solo se aplican en el mercado primario. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero.
La cifra de gastos corrientes se basa en los gastos del año finalizado el 30 de septiembre de 2021. Dicha cifra puede variar de un año a otro. No incluye:
Comisiones de rentabilidad,
Costes de transacción de la cartera, excepto en caso de que el Compartimento pague gastos de entrada o de salida cuando compre o venda participaciones de otro organismo de inversión colectiva.
* Los gastos de entrada y de salida únicamente serán aplicables cuando se suscriban o se reembolsen acciones directamente del Compartimento, y no se aplicarán cuando los inversores compren o vendan estas acciones en la bolsa de valores. Los inversores que negocien en bolsa pagarán las comisiones aplicada por sus intermediarios. Estos gastos se pueden obtener de los intermediarios.
Para más información sobre los gastos, consulte el apartado de gastos del folleto del OICVM, que está disponible en: amundi.com o amundietf.com.
Rentabilidad histórica
17,0%
18,2%
40 % .
30
20
10 | The entry, exit and conversion charges shown are maximum figures applied on the primary market only. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the year ending September 30, 2021. This figure may vary from year to year. It excludes:
Performance fees,
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
* Entry and exit charges will only apply when shares are subscribed or redeemed directly from the Sub-Fund, and will not apply when investors buy or sell such shares on stock exchanges. Investors dealing on exchange will pay fees charged by their intermediaries. Such charges can be obtained from intermediaries.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: amundi.com or amundietf.com.
Past Performance
17.0%
18.2%
40 % .
30
20
10 | en | es |
DOLFIN4671 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Fund was launched on 7 February 2012, and its class on 7 August 2012. The reference currency is the euro (EUR).
4.0%
6.0%
4.8%
10.4%
4.6%
7.2%
12 % .
10
8
6
4
2
-0.7%
0
-1.9%
-2
-4
-6
-7.6%
-8
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | # El Fondo se creó el 7 de febrero de 2012 y su clase el 07 de febrero de 2012. La divisa de referencia es el euro (EUR).
4,0%
6,0%
4,8%
10,4%
4,6%
7,2%
12 % .
10
8
6
4
2
-0,7%
0
-1,9%
-2
-4
-6
-7,6%
-8
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | # The Fund was launched on 7 February 2012, and its class on 7 August 2012. The reference currency is the euro (EUR).
4.0%
6.0%
4.8%
10.4%
4.6%
7.2%
12 % .
10
8
6
4
2
-0.7%
0
-1.9%
-2
-4
-6
-7.6%
-8
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | en | es |
DOLFIN4684 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: October 2, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 2 de octubre de 2017. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: October 2, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
10%
5%
0%
-5% | en | es |
DOLFIN4694 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Healthcare Innovation
Schroder ISF Healthcare Innovation (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in sustainable investments, which are investments in companies that contribute towards the advancement of one or more of the UN SDGs by promoting growth in healthcare provision and medical treatments and improving healthcare standards using an innovation-led approach. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF Healthcare Innovation
Schroder ISF Healthcare Innovation (el “Fondo”) tiene como objetivo la inversión sostenible en el sentido que se le atribuye en el Artículo 9 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés).
En particular, el Fondo invierte al menos el 75% de sus activos en inversiones sostenibles, que son inversiones en sociedades que contribuyen al desarrollo de uno o más ODS de la ONU mediante la promoción del crecimiento en la prestación de asistencia sanitaria y tratamientos médicos y mediante la mejora de los niveles de asistencia sanitaria a través de un enfoque basado en la innovación. Para determinar si una inversión es sostenible para estos fines, la Gestora de inversiones aplica los criterios de selección resumidos en el Folleto.
La Gestora de inversiones es responsable de determinar si una inversión cumple los criterios de una inversión sostenible. El resultado del proceso anteriormente descrito es una lista de inversiones que cumplen con los criterios de selección, lo que constituye el universo de inversión. El Fondo invierte al menos el 75% de sus activos en las inversiones incluidas en este universo. El cumplimiento de esta normativa se supervisa a diario a través de nuestros controles de cumplimiento automatizados.
El Fondo ha invertido al menos el 75% de sus activos en inversiones sostenibles, según la metodología explicada anteriormente, desde la fecha de entrada en vigor de los requisitos reglamentarios el 10 de marzo de 2021.
Durante la totalidad o parte del período al que se refiere el Fondo también se aplicaron ciertas exclusiones, con las que la Gestora de inversiones supervisa el cumplimiento de las normas de forma continua. Las exclusiones aplicables se enumeran en “Información sobre sostenibilidad” en la página web del Fondo, a la que se accede a través de www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF Healthcare Innovation
Schroder ISF Healthcare Innovation (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in sustainable investments, which are investments in companies that contribute towards the advancement of one or more of the UN SDGs by promoting growth in healthcare provision and medical treatments and improving healthcare standards using an innovation-led approach. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | en | es |
DOLFIN4698 | 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 deliver performance greater than that of its benchmark index, over a recommended investment horizon of more than five years, via the discretionary and opportunistic management of a diversified portfolio across multiple asset classes (including equities, interest rates and currencies), with no restriction as to sector or geographic region. The management objective differs in that it takes the base currency of the subscribed share class into account:
- For the A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR and K EUR classes: the management objective is to obtain, over the recommended investment horizon, an annual net performance greater than the €STR plus 3%.
- For the A CHF (H) and I CHF (H) classes: the management objective is to obtain, over the recommended investment horizon, an annual net performance greater than the capitalised SARON plus 3%.
- For the A USD (H) and I USD (H) classes: the management objective is to obtain, over the recommended investment horizon, an annual net performance greater than the capitalised Federal Funds Effective Rate plus 3%. | El subfondo aspira a ofrecer un resultado superior al de su índice de referencia en un horizonte de inversión recomendado superior a cinco años, mediante una gestión discrecional y oportunista de una cartera diversificada en múltiples categorías de activos (acciones, índices, divisas), sin limitaciones de sectores ni zona geográfica. El objetivo de gestión difiere al tener en cuenta la divisa de denominación de la clase de acciones suscrita:
- Para las clases A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR y K EUR: el objetivo de gestión es obtener un rendimiento neto anual superior al índice €STR, con un aumento del 3 %, en el horizonte de inversión recomendado.
- Para las clases A CHF (H) e I CHF (H): el objetivo de gestión es obtener un rendimiento neto anual superior al SARON capitalizado, con un aumento del 3 %, en el horizonte de inversión recomendado.
- Para las clases A USD (H) e I USD (H): el objetivo de gestión es obtener un rendimiento neto anual superior al índice Federal Funds Effective Rate capitalizado, con un aumento del 3 %, en el horizonte de inversión recomendado. | The Sub-fund aims to deliver performance greater than that of its benchmark index, over a recommended investment horizon of more than five years, via the discretionary and opportunistic management of a diversified portfolio across multiple asset classes (including equities, interest rates and currencies), with no restriction as to sector or geographic region. The management objective differs in that it takes the base currency of the subscribed share class into account:
- For the A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR and K EUR classes: the management objective is to obtain, over the recommended investment horizon, an annual net performance greater than the €STR plus 3%.
- For the A CHF (H) and I CHF (H) classes: the management objective is to obtain, over the recommended investment horizon, an annual net performance greater than the capitalised SARON plus 3%.
- For the A USD (H) and I USD (H) classes: the management objective is to obtain, over the recommended investment horizon, an annual net performance greater than the capitalised Federal Funds Effective Rate plus 3%. | en | es |
DOLFIN4722 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund seeks positive returns by investing primarily in listed shares (and their related instruments) in the United Kingdom ('UK') or of issuers which derive a substantial part of their revenues from the UK.
1 Portfolio's investments will primarily be in mid and large capitalisation companies.
1 The Fund aims to deliver absolute returns in any market conditions on a rolling 12 month time frame.
1 Debt securities may be issued by any government, company or international agency and are not subject to a minimum rating requirement.
1 The Fund may invest in issuers and markets outside the UK and in other asset classes and other funds. These assets include, but are not limited to, foreign currency, debt and interest rate related securities. The Fund may increase its holdings in cash and other liquid assets in times of market turbulence.
1 The Fund will pursue a 'long-short strategy' whereby, in addition to buying and holding assets, it may use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets, 'FDI') extensively to achieve its investment objectives or to take 'short' positions where the Fund may benefit from a fall in value of the underlying asset.
1 Benchmarks. The Fund is actively managed; no benchmark is used as a universe for selection or for performance comparison purposes. | # Objetivos y política de inversión
1 El Fondo procura obtener rendimientos positivos invirtiendo principalmente en acciones cotizadas (y sus instrumentos relacionados) de emisores del Reino Unido o emisores que obtengan una parte significativa de sus ingresos en el Reino Unido.
1 Las inversiones de la Cartera se harán principalmente en sociedades de mediana y gran capitalización.
1 El Fondo trata de proporcionar rendimientos absolutos en cualesquiera condiciones de mercado en un período de tiempo de doce meses continuos.
1 Los valores de deuda podrán estar emitidos por cualquier gobierno, sociedad u organismo internacional y no están sujetos a un requisito mínimo de calificación crediticia.
1 Asimismo, el Fondo puede invertir en otros emisores y mercados de fuera del Reino Unido, además de en otras clases de activos y otros fondos. Estos activos incluyen, entre otros, divisas extranjeras, valores de deuda y valores relacionados con tipos de interés. El Fondo puede incrementar sus posiciones en efectivo y otros activos líquidos durante periodos de inestabilidad en el mercado.
1 El Fondo seguirá una “estrategia de inversión en posiciones largas y cortas”, por la cual, además de comprar y mantener activo, podrá hacer un amplio uso de instrumentos financieros derivados (“IFD”, es decir, instrumentos cuyo precio dependa de uno o más activos subyacentes) para lograr sus objetivos de inversión y adoptar posiciones “cortas” en las que pueda beneficiarse de un descenso del valor del activo subyacente.
1 Índices de referencia. El Fondo se gestiona de forma activa y no se utiliza ningún índice de referencia como universo de selección ni a efectos de comparación de la rentabilidad. | # Objectives and investment policy
1 The Fund seeks positive returns by investing primarily in listed shares (and their related instruments) in the United Kingdom ('UK') or of issuers which derive a substantial part of their revenues from the UK.
1 Portfolio's investments will primarily be in mid and large capitalisation companies.
1 The Fund aims to deliver absolute returns in any market conditions on a rolling 12 month time frame.
1 Debt securities may be issued by any government, company or international agency and are not subject to a minimum rating requirement.
1 The Fund may invest in issuers and markets outside the UK and in other asset classes and other funds. These assets include, but are not limited to, foreign currency, debt and interest rate related securities. The Fund may increase its holdings in cash and other liquid assets in times of market turbulence.
1 The Fund will pursue a 'long-short strategy' whereby, in addition to buying and holding assets, it may use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets, 'FDI') extensively to achieve its investment objectives or to take 'short' positions where the Fund may benefit from a fall in value of the underlying asset.
1 Benchmarks. The Fund is actively managed; no benchmark is used as a universe for selection or for performance comparison purposes. | en | es |
DOLFIN4724 | 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
This Fund is an open-ended investment company with variable capital which was incorporated in Ireland on 12 March 2013 under registration number 525004 and is authorised by the Central Bank as a UCITS.
## Term
The Company is an open-ended public limited company incorporated for an unlimited period. However, it may be dissolved at any time by a resolution passed at a general meeting of Shareholders adopted in compliance with applicable laws.
#### This Fund has no maturity date. However, it may be terminated and liquidated by the decision of the Board under specific conditions set forth in the Prospectus.
## Objectives
#### The objective of the Fund is to track the performance of European large and mid-sized companies in the Communication Services sector.
#### The Fund seeks to track the performance of the MSCI Europe Communication Services 35/20 Capped Index (the "Index") as closely as possible.
#### The Fund is an index tracking fund (also known as a passively managed fund).
Investment policies The Fund invests primarily in securities included in the Index. These securities include equity securities issued by large and mid-sized companies from European countries, classified in the Communication Services sector as per the Global Industry Classification Standard (GICS).
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions in individual constituents of the Index issued by the same body of up to 20% and a position of up to 35% of the Fund's net asset value in constituents of the Index issued by the same body due to exceptional market conditions (i.e. the issuer represents an unusually large portion of this market measured by the Index).
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
#### The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
#### The Fund may lend up to 40% of the securities it owns.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
#### Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
#### The Fund's shares are issued in Euro.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind.
## Intended retail investor
This Fund is intended for investors who plan to stay invested for at least 5 years and are prepared to take on a medium-high level of risk of loss to their original capital in order to get a higher potential return. It is designed to form part of a portfolio of investments.
## Practical information
#### Depositary The Fund depositary is State Street Custodial Services (Ireland) Limited.
Further information A copy of the Prospectus and latest annual and semi-annual financial report in English and the latest Net Asset Value per Share are available free of charge upon request from www.ssga.com or by writing to the Fund Manager, State Street Global Advisors Europe Limited, 78 Sir John Rogerson's Quay, Dublin 2, Ireland. | # ¿Qué es este producto?
## Tipo
Este Fondo es una sociedad de inversión de tipo abierto con capital variable que se constituyó en Irlanda el 12 de marzo de 2013, con el número de registro 525004, como OICVM autorizado por el Banco Central.
## Plazo
La Sociedad es una sociedad anónima de capital variable constituida por un periodo de tiempo indefinido. Sin embargo, podrá disolverse en cualquier momento mediante una resolución aprobada en una junta general de Accionistas y adoptada de conformidad con la legislación aplicable.
#### Este Fondo no tiene fecha de vencimiento. Sin embargo, podrá cerrarse y liquidarse por decisión del Consejo de Administración si se cumplen las condiciones específicas establecidas en el Folleto.
## Objetivos
#### El objetivo del Fondo es replicar la rentabilidad de medianas y grandes empresas europeas del sector de los servicios de comunicación.
#### El Fondo trata de replicar la rentabilidad del MSCI Europe Communication Services 35/20 Capped Index (el «Índice») con la mayor precisión posible.
#### El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
Políticas de inversión El Fondo invierte principalmente en valores incluidos en el Índice. Estos valores incluyen valores de renta variable emitidos por medianas y grandes empresas de países europeos, clasificadas en el sector de servicios de comunicación de conformidad con el sistema Global Industry Classification Standard (GICS).
Aunque el índice generalmente está bastante diversificado, para seguirlo de manera precisa, el Fondo hará uso de los límites de diversificación más amplios previstos por el Reglamento de OICVM, que permiten mantener posiciones en componentes individuales del índice, emitidos por la misma entidad, de hasta el 20% del patrimonio neto del Fondo, y de hasta el 35% del patrimonio neto del Fondo en componentes del índice, emitidos por la misma entidad, cuando se den condiciones de mercado excepcionales (es decir, cuando el emisor represente una proporción excepcionalmente elevada de este mercado medida por el índice).
El Fondo pretende tener en cartera todos los valores del Índice con ponderaciones muy similares a las de este. El Fondo utilizará una estrategia de replicación para crear una cartera que refleje el Índice de la forma más fiel posible. En determinadas circunstancias, el Fondo podrá adquirir valores que no formen parte del Índice.
#### El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las acciones del Fondo podrán comprarse o venderse a través de corredores en una o varias bolsas de valores. El Fondo se negocia en estas bolsas a precios de mercado que pueden fluctuar a lo largo del día. Esos precios de mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
#### El Fondo podrá prestar hasta el 40% de los títulos que posee.
Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
#### Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
#### Las acciones del Fondo se emiten en euros.
Fuente del Índice: MSCI no patrocina, apoya ni promociona los fondos o valores citados en el presente documento, ni acepta responsabilidad alguna con respecto a dichos fondos o valores ni con respecto a ningún índice en los que estos se basen. El folleto y el suplemento incluyen una descripción más exhaustiva de la relación limitada que MSCI tiene con State Street Bank and Trust Company, a través de SSGA, y con algunos fondos relacionados, así como otras cláusulas limitativas de responsabilidad aplicables a los índices MSCI. Los índices MSCI son propiedad exclusiva de MSCI y no pueden reproducirse ni total ni parcialmente, ni utilizarse para ningún otro fin, sin la autorización de MSCI. Los índices MSCI se facilitan sin ningún tipo de garantía.
## Inversor minorista al que va dirigido
Este Fondo se dirige a inversores que tienen previsto mantener su inversión durante al menos cinco años y están dispuestos a asumir un nivel medio o alto de riesgo de pérdida del capital inicialmente invertido para obtener una rentabilidad potencial superior. Está diseñado para formar parte de una cartera de inversiones.
## Información práctica
#### Entidad depositaria El depositario del Fondo es State Street Custodial Services (Ireland) Limited.
Información adicional Puede solicitar gratuitamente a www.ssga.com una copia del Folleto y de los informes financieros anual y semestral más recientes en inglés, así como del último valor liquidativo por Acción o escribir al Gestor del Fondo, State Street Global Advisors Europe Limited, 78 Sir John Rogerson's Quay, Dublín 2, Irlanda. | # What is this product?
## Type
This Fund is an open-ended investment company with variable capital which was incorporated in Ireland on 12 March 2013 under registration number 525004 and is authorised by the Central Bank as a UCITS.
## Term
The Company is an open-ended public limited company incorporated for an unlimited period. However, it may be dissolved at any time by a resolution passed at a general meeting of Shareholders adopted in compliance with applicable laws.
#### This Fund has no maturity date. However, it may be terminated and liquidated by the decision of the Board under specific conditions set forth in the Prospectus.
## Objectives
#### The objective of the Fund is to track the performance of European large and mid-sized companies in the Communication Services sector.
#### The Fund seeks to track the performance of the MSCI Europe Communication Services 35/20 Capped Index (the "Index") as closely as possible.
#### The Fund is an index tracking fund (also known as a passively managed fund).
Investment policies The Fund invests primarily in securities included in the Index. These securities include equity securities issued by large and mid-sized companies from European countries, classified in the Communication Services sector as per the Global Industry Classification Standard (GICS).
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions in individual constituents of the Index issued by the same body of up to 20% and a position of up to 35% of the Fund's net asset value in constituents of the Index issued by the same body due to exceptional market conditions (i.e. the issuer represents an unusually large portion of this market measured by the Index).
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
#### The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
#### The Fund may lend up to 40% of the securities it owns.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
#### Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
#### The Fund's shares are issued in Euro.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind.
## Intended retail investor
This Fund is intended for investors who plan to stay invested for at least 5 years and are prepared to take on a medium-high level of risk of loss to their original capital in order to get a higher potential return. It is designed to form part of a portfolio of investments.
## Practical information
#### Depositary The Fund depositary is State Street Custodial Services (Ireland) Limited.
Further information A copy of the Prospectus and latest annual and semi-annual financial report in English and the latest Net Asset Value per Share are available free of charge upon request from www.ssga.com or by writing to the Fund Manager, State Street Global Advisors Europe Limited, 78 Sir John Rogerson's Quay, Dublin 2, Ireland. | en | es |
DOLFIN4727 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Reference Currency of the Fund is the Euro.
The Fund is not managed relative to a specific index. However, for indicative purposes only, the Fund's performance may be compared to a composite index of 15% MSCI World Index Net Return, 5% MSCI Europe Index Net Return, 20% FTSE MTS Eurozone Government Bond Index and 60% Bloomberg Barclays Euro Aggregate Corporate Index Net Return. In practice, the portfolio of the Fund is likely to include constituents of the index (directly or indirectly), however, the Fund is unconstrained by the index and may therefore significantly deviate from it.
Shareholders may redeem Shares on demand on any business day in Luxembourg. Income derived from the Fund is distributed for distributing Shares and reinvested for accumulating Shares, as further detailed in this document. Please refer to the section entitled “Subscription, Transfer, Conversion and Redemption of Shares” of the Prospectus for additional information. | # La divisa de referencia del fondo es el Euro.
El fondo no se gestiona con relación a un índice específico. No obstante, a efectos exclusivamente indicativos, la rentabilidad del fondo se puede comparar con un índice compuesto por un 15% del MSCI World Index Net Return, un 5% del MSCI Europe Index Net Return, un 20% del FTSE MTS Eurozone Government Bond Index y un 60% del Bloomberg Barclays Euro Aggregate Corporate Index Net Return. En la práctica, es probable que el fondo mantenga en cartera valores que forman parte del índice (directa o indirectamente); sin embargo, no está limitado por el índice y, por consiguiente, puede diferir significativamente de este.
Los accionistas pueden reembolsar acciones previa solicitud en cualquier día hábil en Luxemburgo. Los ingresos derivados del fondo se distribuyen en el caso de las acciones de distribución y se reinvierten en el caso de las acciones de acumulación, como se explica en este documento. Para obtener más información consúltese la sección “Suscripción, transferencia, canje y reembolso de acciones” del folleto. | # The Reference Currency of the Fund is the Euro.
The Fund is not managed relative to a specific index. However, for indicative purposes only, the Fund's performance may be compared to a composite index of 15% MSCI World Index Net Return, 5% MSCI Europe Index Net Return, 20% FTSE MTS Eurozone Government Bond Index and 60% Bloomberg Barclays Euro Aggregate Corporate Index Net Return. In practice, the portfolio of the Fund is likely to include constituents of the index (directly or indirectly), however, the Fund is unconstrained by the index and may therefore significantly deviate from it.
Shareholders may redeem Shares on demand on any business day in Luxembourg. Income derived from the Fund is distributed for distributing Shares and reinvested for accumulating Shares, as further detailed in this document. Please refer to the section entitled “Subscription, Transfer, Conversion and Redemption of Shares” of the Prospectus for additional information. | en | es |
DOLFIN4733 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The risk indicator assumes you keep the product for 5 years.
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at the website listed above.
This product does not include any protection from future market performance so you could lose some or all of your investment. | El indicador de riesgo presupone que usted mantendrá el producto durante 5 años.
El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión.
Con relación a otros riesgos de importancia significativa para el producto que no se tienen en cuenta en el indicador resumido de riesgo, remítase al Informe anual del producto o a su Folleto, disponibles en el sitio web arriba indicado.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | The risk indicator assumes you keep the product for 5 years.
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at the website listed above.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN4741 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition, up to 40% of the sub-fund’s assets can be invested in global equities of listed companies. The total of direct investments in equities and obligations arising from equity index futures should, in principle, not exceed 40% of the sub-fund‘s assets. This upper limit increases to 45% if the increased level is due to market changes to the futures and direct investments.
These investments may entail currency risks in CHF, USD, JPY, GBP, AUD, CAD and HKD, which are largely hedged. Unhedged foreign currency positions may make up no more than 10% of the sub-fund’s assets. This Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). Further information can be found in the Annex »Information on Sub-Funds under Article 8 EU Disclosure Regulation« of the fund's prospectus.
Derivatives transactions may be entered into for the purpose of hedging or efficient portfolio management or to generate additional returns. The sub-fund is actively managed. It is not managed in reference to a benchmark. Income shall remain in the sub-fund (or: in this unit class) and shall increase the value of the shares. This key investor information document describes a sub-fund of a fund. The Prospectus and the annual and semi-annual report are prepared for the entire fund. The assets and liabilities of each sub-fund are segregated from those of the other sub-funds of the fund. The shareholder has the right to switch his shares in one sub-fund into shares of another sub- fund. For further information about how to exercise that right, please refer to the detailed description in the prospectus. Investors who already hold shares in another sub-fund of the umbrella fund and/or shares in another share class of this sub-fund may convert to this share class. In the event of a conversion, a conversion fee may be payable up to a maximum of the subscription fee of the share class of a sub-fund into which the conversion is made. Due to legal restrictions, it may not be possible for all investors to convert into the share class of this sub-fund. Depositary of the sub-fund is UBS Europe SE, Luxembourg Branch. The prospectus and current reports, the current share prices and further information about the sub-fund or further share classes of the sub-fund can be found free of charge in German or English language on our homepage www.bantleon.com/en/private-investors/downloads // www.bantleon.com/en/private-investors/fund- prices.
The fund is designed for investors who are capable of assessing the risks and value of the investment. The investor must be prepared and able to accept significant fluctuations in the value of the shares, and the potential of a significant loss of capital. The assessment of the company should not be considered investment advice; instead, it is intended to provide the investor with an initial point of reference for determining whether the fund is appropriate for their investing experience, risk tolerance and investment horizon. | Hasta el 40% del patrimonio del subfondo también pueden invertirse en acciones de empresas cotizadas en bolsa en todo el mundo. El total de las inversiones directas en acciones y de las obligaciones derivadas de los contratos de futuros sobre índices de acciones no podrá, en principio, superar el 40% del patrimonio del subfondo. Este límite se eleva al 45% si el mayor nivel de utilización se debe a cambios en el mercado de contratos de futuros e inversiones directas.
Estas inversiones pueden acarrear riesgos cambiarios en CHF, USD, JPY, GBP, AUD, CAD y HKD, que serán cubiertos en gran medida. La cuota de posiciones en moneda extranjera no cubiertas se limita a un máximo del 10% del patrimonio del subfondo.
Este subfondo promueve características ambientales y/o sociales en el sentido del artículo 8 del Reglamento de Divulgación (Reglamento (UE) 2019/2088). Para más información, consulte el anexo »Información sobre los subfondos según el artículo 8 del Reglamento de Divulgación de la UE« del folleto de venta.
Las operaciones con derivados pueden realizarse con fines de cobertura, gestión eficiente de la cartera y para generar rendimientos adicionales. El subfondo está gestionado activamente. No se gestiona con referencia a un punto de referencia. El subfondo (cuando proceda.: clases de acciones) capitalizará los beneficios, incrementándose el valor de las participaciones. El Documento de Datos Fundamentales del Inversor se refiere a un subfondo de un fondo. El Folleto y el informe anual y semestral conciernen al fondo en su totalidad. El patrimonio y las responsabilidades están segregadas por cada subfondo respecto de otro subfondo del fondo. El accionista tiene derecho a convertir sus acciones de un subfondo en acciones de otro subfondo. Para obtener más información sobre como ejercer este derecho, consulte la descripción detallada en el folleto. Los inversores que ya posean acciones de otro subfondo del fondo paraguas y/o acciones de otra clase de acciones de este subfondo podrán convertirse a esta clase de acciones. En caso de canje, podrá abonarse una comisión de canje hasta un máximo de la prima de emisión de la clase de acciones de un subfondo en el que se efectúe el canje.
Debido a restricciones legales, es posible que no todos los inversores puedan convertirse en la clase de acciones de este subfondo. El depositario del subfondo es UBS Europe SE, Luxembourg Branch. El folleto y los informes periódicos, los precios actuales de las participaciones y demás información sobre el subfondo o sobre el resto de clases de participaciones del subfondo podrán consultarse de forma gratuita en lengua inglesa y alemán nuestra página web: www.bantleon.com/en/private-investors/downloads // www.bantleon.com/en/private-investors/fund-prices.
El fondo está destinado a inversores capaces de evaluar los riesgos y el valor de la inversión. El inversor debe estar dispuesto y en situación de poder asumir fluctuaciones sustanciales en el valor de las acciones y, en su caso, una pérdida sustancial de capital. La evaluación de la sociedad no constituye un asesoramiento en materia de inversión, sino que pretende ofrecer a los inversores una primera indicación sobre si el fondo es adecuado para su experiencia de inversión, su disposición al riesgo y su horizonte de inversión. | In addition, up to 40% of the sub-fund’s assets can be invested in global equities of listed companies. The total of direct investments in equities and obligations arising from equity index futures should, in principle, not exceed 40% of the sub-fund‘s assets. This upper limit increases to 45% if the increased level is due to market changes to the futures and direct investments.
These investments may entail currency risks in CHF, USD, JPY, GBP, AUD, CAD and HKD, which are largely hedged. Unhedged foreign currency positions may make up no more than 10% of the sub-fund’s assets. This Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). Further information can be found in the Annex »Information on Sub-Funds under Article 8 EU Disclosure Regulation« of the fund's prospectus.
Derivatives transactions may be entered into for the purpose of hedging or efficient portfolio management or to generate additional returns. The sub-fund is actively managed. It is not managed in reference to a benchmark. Income shall remain in the sub-fund (or: in this unit class) and shall increase the value of the shares. This key investor information document describes a sub-fund of a fund. The Prospectus and the annual and semi-annual report are prepared for the entire fund. The assets and liabilities of each sub-fund are segregated from those of the other sub-funds of the fund. The shareholder has the right to switch his shares in one sub-fund into shares of another sub- fund. For further information about how to exercise that right, please refer to the detailed description in the prospectus. Investors who already hold shares in another sub-fund of the umbrella fund and/or shares in another share class of this sub-fund may convert to this share class. In the event of a conversion, a conversion fee may be payable up to a maximum of the subscription fee of the share class of a sub-fund into which the conversion is made. Due to legal restrictions, it may not be possible for all investors to convert into the share class of this sub-fund. Depositary of the sub-fund is UBS Europe SE, Luxembourg Branch. The prospectus and current reports, the current share prices and further information about the sub-fund or further share classes of the sub-fund can be found free of charge in German or English language on our homepage www.bantleon.com/en/private-investors/downloads // www.bantleon.com/en/private-investors/fund- prices.
The fund is designed for investors who are capable of assessing the risks and value of the investment. The investor must be prepared and able to accept significant fluctuations in the value of the shares, and the potential of a significant loss of capital. The assessment of the company should not be considered investment advice; instead, it is intended to provide the investor with an initial point of reference for determining whether the fund is appropriate for their investing experience, risk tolerance and investment horizon. | en | es |
DOLFIN4751 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The ongoing charge figure may vary from year to year and excludes portfolio transaction costs. Given the size of the fund, the Administration Charge which is included in the OCF has been discounted. The fund's annual report for each financial year will include details on the exact charges made. Any ongoing charge figure with * indicates an estimate. The fund's annual report for each financial year will include details of the exact charges.
Please note that not all of the share classes listed above might be available in your country. Please see the Important Information for Investors document and the relevant Key Investor Information Document for more information on the risks associated with this fund and which share classes are available for which product and which investor type.
Sustainable funds
Funds where the investment universe is driven by sustainability-themed considerations; our sustainable funds may contain an impact element. | La cifra de gastos corrientes puede variar de un año a otro y no incluye los costes de transacción de la cartera. Dado el tamaño del fondo, se ha descontado el Gasto de mantenimiento incluido en el flujo de caja operativo. El informe anual del fondo correspondiente a cada ejercicio financiero incluirá detalles sobre los gastos exactos cobrados. * La cifra de gastos corrientes aquí mostrada es una estimación. El informe anual del Fondo elaborado para cada ejercicio incluye información detallada sobre los gastos incurridos.
Tenga en cuenta que algunas de las clases de acciones que figuran más arriba podrían no estar disponibles en su país. Consulte el documento de Información Importante para los Inversores y el Documento de Información Fundamental para los Inversores correspondiente, para obtener más información sobre los riesgos asociados a este fondo y sobre qué clases de acciones están disponibles para cada tipo de producto y de inversor.
Fondos sostenible
Fondos cuyo universo de inversión se basa en factores temáticos de sostenibilidad; nuestros fondos sostenibles pueden incluir un elemento de impacto. | The ongoing charge figure may vary from year to year and excludes portfolio transaction costs. Given the size of the fund, the Administration Charge which is included in the OCF has been discounted. The fund's annual report for each financial year will include details on the exact charges made. Any ongoing charge figure with * indicates an estimate. The fund's annual report for each financial year will include details of the exact charges.
Please note that not all of the share classes listed above might be available in your country. Please see the Important Information for Investors document and the relevant Key Investor Information Document for more information on the risks associated with this fund and which share classes are available for which product and which investor type.
Sustainable funds
Funds where the investment universe is driven by sustainability-themed considerations; our sustainable funds may contain an impact element. | en | es |
DOLFIN4752 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange or market will be applied.
Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Those securities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeable sales price determined with prudence and in good faith by the Board of Directors. As at the period end, securities which were fair valued are identified with an asterisk (*) and securities in default are denoted with (§) in the Schedule of Investments.
Shares or Units in UCITS or other UCIs are valued at the latest available price or net asset value, as reported or provided by such undertakings or their agents. Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis.
The Financial Statements are presented on the basis of the net asset values of the Sub-Funds calculated on 30 June 2022. In accordance with the Prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation.
In managing the daily priced funds, the Board’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and in this context the Management Company has implemented a Fair Value Committee to address any potential valuation concerns. In line with this, outside of the security level fair valuations detailed within the schedule of investments, no adjustments were made on 30 June 2022 as the portfolio value at the valuation point represents the same value since closure of the portfolios’ relevant underlying markets.
- Swing Pricing AdjustmentTo protect the interests of Shareholders, a Sub-Fund’s NAV may be adjusted to compensate for dilutions that can arise in connection with large flows of cash into or out of a Sub-Fund. | En el caso de los valores que cotizan o se negocian en varias bolsas o mercados, el precio aplicable será el último del que se tenga conocimiento o, si corresponde, el precio medio en la bolsa o mercado principal.
Los valores mobiliarios no admitidos a cotización en una bolsa oficial o que no se negocian en otro mercado regulado se valoran según el último precio del que se tenga conocimiento. En el caso de valores cuyo precio no sea conocido o cuyo último precio conocido no tenga carácter representativo, el valor se determina por el precio de venta que el Consejo de administración, actuando con prudencia y buena fe, considere racionalmente previsible. Al cierre del periodo, los valores calculados al valor razonable se identifican con un asterisco (*) y los títulos-valores en situación de impago se indican con (§) en la Cartera de inversiones.
Las Acciones o participaciones en OICVM u otros organismos de inversión colectiva se valoran según el último precio disponible o de acuerdo con el valor liquidativo, según los informes o los datos publicados por dichos emisores o sus representantes.
Los activos líquidos y los instrumentos del mercado monetario pueden valorarse al valor nominal más cualesquiera intereses devengados, o al coste amortizado.
Los Estados Financieros se presentan con arreglo a los valores liquidativos de los Subfondos calculados el 30 de junio de 2022. De acuerdo con el Folleto, los valores liquidativos se calcularon utilizando los últimos tipos de cambio conocidos en el momento del cálculo,
A la hora de gestionar los Fondos cuyos precios se fijan de forma diaria, el principio aplicado por el Consejo consiste en valorar correctamente las carteras para proporcionar un trato igualitario a los Accionistas y, con tal fin, la Sociedad gestora ha creado un Comité de Valor Razonable para solucionar posibles problemas respecto de la valoración. En esta línea, fuera de las valoraciones razonables a nivel de valores detalladas en la Cartera de inversiones, al 30 de junio de 2022 no se realizó ningún ajuste, ya que el valor de la cartera en el momento de valoración representa el mismo valor desde el cierre de los mercados subyacentes de las carteras.
- Ajuste de precios mediante swing pricingCon el fin de proteger los intereses de los Accionistas, podrá ajustarse el VL de un Subfondo para compensar las diluciones que pueden producirse al ser objeto de grandes entradas y salidas de flujos de efectivo. | If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange or market will be applied.
Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Those securities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeable sales price determined with prudence and in good faith by the Board of Directors. As at the period end, securities which were fair valued are identified with an asterisk (*) and securities in default are denoted with (§) in the Schedule of Investments.
Shares or Units in UCITS or other UCIs are valued at the latest available price or net asset value, as reported or provided by such undertakings or their agents. Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis.
The Financial Statements are presented on the basis of the net asset values of the Sub-Funds calculated on 30 June 2022. In accordance with the Prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation.
In managing the daily priced funds, the Board’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and in this context the Management Company has implemented a Fair Value Committee to address any potential valuation concerns. In line with this, outside of the security level fair valuations detailed within the schedule of investments, no adjustments were made on 30 June 2022 as the portfolio value at the valuation point represents the same value since closure of the portfolios’ relevant underlying markets.
- Swing Pricing AdjustmentTo protect the interests of Shareholders, a Sub-Fund’s NAV may be adjusted to compensate for dilutions that can arise in connection with large flows of cash into or out of a Sub-Fund. | en | es |
DOLFIN4755 | 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
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the J.P. Morgan ESG EMU Government Bond IG (TR) index (Bloomberg: GBIEIGTR index) (“the Index”) by investing in debt securities issued by countries included in the Index, respecting the Index's weightings (full replication), or in a sample of debt securities issued by countries included in the Index (optimised replication).
When investing in a sample of debt securities, the Fund's tracking error may be higher.
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index.
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 3 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # ¿QUÉ ES ESTE PRODUCTO?
## Tipo
Este producto es un organismo de inversión colectiva en valores mobiliarios (UCITS) calificado como fondo indexado cotizado (ETF). Es un subfondo de BNP PARIBAS EASY, una sociedad de inversión de capital variable (société d’investissement à capital variable o SICAV) regida por lo dispuesto en la partede la Ley de 17 de diciembre de 2010 relativa a los organismos de inversión colectiva, así como por la Directiva 2009/65 sobre OICVM.
## Plazo
Este producto no tiene fecha de vencimiento.
BNP PARIBAS ASSET MANAGEMENT Luxembourg no tiene derecho a extinguir el producto de forma unilateral. El Consejo de Administración puede decidir sobre las fusiones, las escisiones y la liquidación o el cierre del subfondo. Además, se podrá liquidar la SICAV si se decide en una junta general extraordinaria de accionistas.
## Objetivos
El Fondo es un fondo indexado que se gestiona de forma pasiva.
El Fondo pretende reproducir (con un error de seguimiento* máximo del 1el rendimiento del J.P. Morgan ESG EMU Government Bond IG (TR) Index (Bloomberg: GBIEIGTR Index) (el «Índice») mediante la inversión en valores de renta fija emitidos por países incluidos en el Índice, respetando las ponderaciones del mismo (reproducción total), o en una muestra de valores de deuda emitidos por países incluidos en el Índice (reproducción optimizada).
Cuando se invierte en una muestra de valores de renta fija, el error de seguimiento del Fondo puede ser mayor.
Los criterios ambientales, sociales y de gobernanza (ESG) contribuyen a la toma de decisiones del gestor, pero no constituyen un factor determinante.
*error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su valor de referencia.
Los criterios ambientales, sociales y de gobernanza (ESG) contribuyen a la toma de decisiones del gestor, pero no constituyen un factor determinante. Los ingresos se reinvierten sistemáticamente.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto.
## Inversor minorista al que va dirigido
Este producto está diseñado para inversores minoristas que no tengan experiencia financiera ni conocimientos específicos para comprender el producto, pero que, no obstante, puedan soportar una pérdida total del capital. Es adecuado para clientes que quieran revalorizar su capital mediante la inversión. Los inversores potenciales deben tener un horizonte de inversión de al menos 3ños.
## Información práctica
Depositario: BNP PARIBAS, Luxembourg Branch
Este documento de datos fundamentales se ha elaborado para la clase de acciones o participaciones susodicha y proporciona información sobre un subfondo de BNP PARIBAS EASY Funds. El folleto y los informes periódicos que se emiten a nivel de la SICAV incluyen más información sobre el producto. Según la legislación luxemburguesa, el pasivo está segregado entre los subfondos, lo que significa que los activos del subfondo no estarán disponibles para atender una reclamación de un acreedor u otro tercero contra otro subfondo.
Si desea obtener más información sobre el producto, puede consultar en inglés y de forma gratuita las versiones más actualizadas del folleto, el documento de datos fundamentales, los valores liquidativos, los precios publicados de las acciones o participaciones, el informe anual y la descripción de la inversión. Para ello, puede solicitar estos documentos a BNP PARIBAS ASSET MANAGEMENT Luxembourg o visitar la páginahttps://www.bnpparibas-am.com. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the J.P. Morgan ESG EMU Government Bond IG (TR) index (Bloomberg: GBIEIGTR index) (“the Index”) by investing in debt securities issued by countries included in the Index, respecting the Index's weightings (full replication), or in a sample of debt securities issued by countries included in the Index (optimised replication).
When investing in a sample of debt securities, the Fund's tracking error may be higher.
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index.
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 3 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | es |
DOLFIN4758 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies that are listed in, or have their registered office in, or currently exercise or are expected to exercise, a majority of their activities in the Greater China region, which includes Hong Kong, China, Taiwan and Macau. Investments will be linked to the theme of innovation, such as technology innovation, lifestyle innovation and environmental innovation, and may include shares of companies that are involved in or are benefitting from the adoption of any of these themes .
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- This region includes countries considered to be emerging markets.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund may invest up to 100% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI China All Shares Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El Subfondo invertirá al menos el 70 % de su patrimonio en acciones de empresas que coticen, tengan su domicilio social o realicen, o tengan previsto realizar, la mayor parte de sus actividades en la región de la Gran China (que comprende Hong Kong, China, Taiwán, y Macao). Las inversiones estarán relacionadas con la temática de la innovación, como la innovación tecnológica, en el estilo de vida y medioambiental, y pueden incluir acciones de empresas que participen en la adopción de cualquiera de estas temáticas o se beneficien de ella.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- Esta región incluye países considerados mercados emergentes.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo invertirá hasta el 100 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el MSCI China All Shares Index (Net) (en adelante, el«Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies that are listed in, or have their registered office in, or currently exercise or are expected to exercise, a majority of their activities in the Greater China region, which includes Hong Kong, China, Taiwan and Macau. Investments will be linked to the theme of innovation, such as technology innovation, lifestyle innovation and environmental innovation, and may include shares of companies that are involved in or are benefitting from the adoption of any of these themes .
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- This region includes countries considered to be emerging markets.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund may invest up to 100% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI China All Shares Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN4763 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | | None |
| | None |
| | This is the maximum that might be taken out of your money (before the proceeds of your investment are paid out). |
| | Charges taken from the Fund over each year |
| | | 0.70% (*) |
| | Charges taken from the fund under specific conditions |
| | | None |
| Past performance |
| The Share Class is launched in 2022. Therefore, there is insufficient data to provide a useful indication of past performance. |
| Practical information |
| - Custodian: BNP PARIBAS SECURITIES SERVICES-LUXEMBOURG BRANCH. | | | | Nada |
| | Nada |
| | Este es el máximo que puede detraerse de su capital (antes de abonar el producto de la inversión). |
| | Gastos detraídos del Fondo a lo largo de cada año |
| | | 0,70% (*) |
| | Gastos detraídos del fondo en determinadas condiciones específicas |
| | | Nada |
| Rentabilidad histórica |
| La Clase de acciones se lanzó el 2022. Por tanto, los datos disponibles son insuficientes para proporcionar una indicación de la rentabilidad histórica que resulte de utilidad. |
| Información útil |
| - Depositario: BNP PARIBAS SECURITIES SERVICES-LUXEMBOURG BRANCH. | | | | None |
| | None |
| | This is the maximum that might be taken out of your money (before the proceeds of your investment are paid out). |
| | Charges taken from the Fund over each year |
| | | 0.70% (*) |
| | Charges taken from the fund under specific conditions |
| | | None |
| Past performance |
| The Share Class is launched in 2022. Therefore, there is insufficient data to provide a useful indication of past performance. |
| Practical information |
| - Custodian: BNP PARIBAS SECURITIES SERVICES-LUXEMBOURG BRANCH. | en | es |
DOLFIN4785 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment Policy change
Currently the Sub-Funds are passively managed in accordance with an Indirect Investment Policy. As from the relevant Effective Date, each Sub-Fund will be passively managed in accordance with a Direct Investment Policy and will become a Full Replication Fund. To achieve the Investment Objective, each Sub-Fund will attempt to replicate the relevant Reference Index by buying all or a substantial number of the constituents of each Reference Index. | # Cambio en la Política de Inversión
Actualmente, los Subfondos se gestionan de forma pasiva de acuerdo con una Política de Inversión Indirecta. A partir de la Fecha Efectiva correspondiente, cada Subfondo se gestionará de forma pasiva, de conformidad con una Política de Inversión Directa, y pasará a ser un Fondo de Replicación Total. Para lograr el objetivo de inversión, cada Subfondo intentará reproducir el Índice de Referencia correspondiente mediante la compra de todos los componentes, o una parte significativa, de cada Índice de Referencia. | # Investment Policy change
Currently the Sub-Funds are passively managed in accordance with an Indirect Investment Policy. As from the relevant Effective Date, each Sub-Fund will be passively managed in accordance with a Direct Investment Policy and will become a Full Replication Fund. To achieve the Investment Objective, each Sub-Fund will attempt to replicate the relevant Reference Index by buying all or a substantial number of the constituents of each Reference Index. | en | es |
DOLFIN4792 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to provide a return on your investment through a combination of capital growth and income commensurate with a conservative level of risk and in a manner consistent with the principles of environmental, social and governance (ESG) investing.
The Fund will seek to achieve its investment objective by obtaining indirect exposure to equity securities (e.g. shares), equity-related (ER) securities, fixed income (FI) securities (such as bonds), FI-related securities, alternative assets (such as property and ‘hard’ commodities, but excluding ‘soft’ commodities), cash and deposits. FI securities include money market instruments (MMIs) (i.e. debt securities with short term maturities). ER securities and FI-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). ‘Hard’ commodities are commodities which are natural resources that are mined or extracted (e.g. gold, aluminium, copper, oil and natural gas) and ‘soft’ commodities are commodities which are agricultural products or livestock (e.g. corn, wheat, coffee, sugar, soybeans and pork).
It is intended that the Fund’s exposure (direct and indirect) to equity securities will not exceed 50% of its net asset value, however, this exposure may vary over time.
Exposure to these asset classes will be achieved through the Fund’s investments in other funds globally, including exchange traded funds and other index funds managed by the BlackRock Group and, when determined appropriate, the Fund may invest directly in FI-related securities, FI-securities, MMIs, cash and deposits.
The Fund’s direct investments in FI securities and MMIs may be issued by governments, government agencies, companies and supranationals. Any exposure (direct or indirect) to FI securities which have a relatively low credit rating or are unrated may not exceed 20 % of the Fund’s net asset value.
Generally, the Fund will seek to be positioned such that the Fund’s risk as measured by annualised volatility over a 5 year period falls within the range of 5%-8%, however, the Fund’s risk profile may fall outside the stated range from time to time. Volatility is the measure of fluctuations of the returns of a given investment.
The Fund seeks to invest at least 80% of its total assets in accordance with its ESG Policy as disclosed in the Fund’s ESG Policy in the Prospectus. Generally, the higher the volatility, the riskier the investment.
The Fund is actively managed, and the investment adviser (IA) has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The investment adviser (IA) will use FDIs.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid annually on the shares). Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo pretende proporcionar una rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos, con un nivel de riesgo conservador y de forma coherente con los principios medioambientales, sociales y de gobierno corporativo (ESG) aplicados a la inversión.
El Fondo tratará de conseguir su objetivo de inversión mediante la exposición indirecta a valores de renta variable (p. ej., acciones), valores relacionados con renta variable (RRV), valores de renta fija (RF) (como bonos), valores relacionados con RF, activos alternativos (como propiedades o materias primas minerales y metales, pero no materias primas agrícolas), efectivo y depósitos. Los valores de RF abarcan instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo). Los valores RRV y los valores relacionados con RF abarcan los instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Las materias primas minerales y metales son materias primas de origen natural, procedentes de la minería y la extracción (p. ej., oro, aluminio, cobre y gas natural), mientras que las materias primas agrícolas son productos agrícolas o ganaderos (p. ej., el maíz, el trigo, el café, el azúcar, la soja o el cerdo).
Se pretende que la exposición (directa e indirecta) del Fondo a valores de renta variable no supere el 50 % de su valor liquidativo, aunque dicha exposición podrá variar con el tiempo.
La exposición a estas clases de activos se logrará mediante las inversiones del Fondo en otros fondos de todo el mundo, incluidos fondos de índice negociado en bolsa y otros fondos de índices gestionados por el Grupo BlackRock y, cuando se considere adecuado, el Fondo podrá invertir directamente en valores relacionados con RF, valores de RF, IMM, efectivo y depósitos.
Las inversiones directas del Fondo en valores de RF e IMM podrán tener como objeto valores emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales. Cualquier exposición (directa o indirecta) a valores de RF que tengan una calificación de solvencia relativamente baja o que carezcan de calificación no podrá superar el 20 % del valor liquidativo del Fondo.
Por lo general, el Fondo tratará de posicionarse de forma que su riesgo, medido por la volatilidad anualizada durante un periodo de cinco años, se sitúe en la horquilla de entre el 5 y el 8 %; sin embargo, en ocasiones el perfil de riesgo del Fondo podría situarse fuera de la horquilla indicada. La volatilidad es la medida de las fluctuaciones de las rentabilidades de una inversión determinada.
El Fondo trata de invertir al menos el 80 % de sus activos totales de acuerdo con lo establecido en su Política ESG, tal como se indica en la Política ESG incluida en el Folleto. En general, cuanto mayor sea la volatilidad, mayor será el riesgo de la inversión.
El Fondo se gestiona de forma activa, lo que significa que el asesor de inversiones (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. El asesor de inversiones (AI) utilizará IFD.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas (anualmente se pagarán ingresos por dividendo sobre las acciones). Sus acciones estarán denominadas en euros, 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 provide a return on your investment through a combination of capital growth and income commensurate with a conservative level of risk and in a manner consistent with the principles of environmental, social and governance (ESG) investing.
The Fund will seek to achieve its investment objective by obtaining indirect exposure to equity securities (e.g. shares), equity-related (ER) securities, fixed income (FI) securities (such as bonds), FI-related securities, alternative assets (such as property and ‘hard’ commodities, but excluding ‘soft’ commodities), cash and deposits. FI securities include money market instruments (MMIs) (i.e. debt securities with short term maturities). ER securities and FI-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). ‘Hard’ commodities are commodities which are natural resources that are mined or extracted (e.g. gold, aluminium, copper, oil and natural gas) and ‘soft’ commodities are commodities which are agricultural products or livestock (e.g. corn, wheat, coffee, sugar, soybeans and pork).
It is intended that the Fund’s exposure (direct and indirect) to equity securities will not exceed 50% of its net asset value, however, this exposure may vary over time.
Exposure to these asset classes will be achieved through the Fund’s investments in other funds globally, including exchange traded funds and other index funds managed by the BlackRock Group and, when determined appropriate, the Fund may invest directly in FI-related securities, FI-securities, MMIs, cash and deposits.
The Fund’s direct investments in FI securities and MMIs may be issued by governments, government agencies, companies and supranationals. Any exposure (direct or indirect) to FI securities which have a relatively low credit rating or are unrated may not exceed 20 % of the Fund’s net asset value.
Generally, the Fund will seek to be positioned such that the Fund’s risk as measured by annualised volatility over a 5 year period falls within the range of 5%-8%, however, the Fund’s risk profile may fall outside the stated range from time to time. Volatility is the measure of fluctuations of the returns of a given investment.
The Fund seeks to invest at least 80% of its total assets in accordance with its ESG Policy as disclosed in the Fund’s ESG Policy in the Prospectus. Generally, the higher the volatility, the riskier the investment.
The Fund is actively managed, and the investment adviser (IA) has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The investment adviser (IA) will use FDIs.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid annually on the shares). Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is 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 |
DOLFIN4797 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Please be aware that past performance is not a reliable indicator of future results.
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 27/04/2018.
The share class of the Fund was launched on 14/05/2018.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in USD and is expressed as a percentage change of the Fund's net asset value at each year end.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3-Month LIBOR (USD). | Tenga en cuenta que la rentabilidad histórica no es un indicador fiable de los rendimientos futuros.
La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 27/04/2018.
La clase de acciones del Fondo se lanzó el 14/05/2018.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en USD y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
El índice de referencia del Fondo, utilizado para la comparación de la rentabilidad, se modificó el 1 de enero de 2022. Los datos sobre rentabilidad pasada antes de esta fecha se basan en 3-Month LIBOR (USD). | Please be aware that past performance is not a reliable indicator of future results.
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 27/04/2018.
The share class of the Fund was launched on 14/05/2018.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in USD and is expressed as a percentage change of the Fund's net asset value at each year end.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3-Month LIBOR (USD). | en | es |
DOLFIN4800 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
All of the sub-funds described here are part of Amundi Funds, a SICAV that functions as an umbrella structure. The SICAV exists to offer investors a range of sub-funds with different objectives and strategies, and to manage the assets of these sub-funds for the benefit of investors.
For each sub-fund, the specific investment objectives and the main securities it may invest in, along with other key characteristics, are described in this section. In addition, all sub-funds are subject to the general investment policies and restrictions that begin on page 110.
The board of the SICAV has overall responsibility for the SICAV’s business operations and its investment activities, including the investment activities of all of the sub-funds. The board has delegated the day-to-day management of the sub-funds to the management company, which in turn has delegated some of its responsibilities to a number of investment managers and other service providers.
The board retains supervisory approval and control over the management company. More information about the SICAV, the board, the management company and the service providers begins on page 119.
For information on fees and expenses you may have to pay in connection with your investment, consult the following:
- Maximum fees for purchase, switching and redeeming shares: this section (main classes) and “Investing in the Sub-funds” section (all families of classes).
- Maximum annual fees deducted from your investment: this section (main classes).
- Recent actual expenses: the applicable KIID or the SICAV’s most recent shareholder report.
- Fees for currency conversions, bank transactions, and investment advice: your financial advisor, the transfer agent (page 124) or other service providers, as applicable. | Todos los subfondos aquí descritos forman parte de Amundi Funds, una SICAV que funciona como estructura paraguas. La SICAV se ha creado para ofrecer a los inversores una gama de subfondos con diversos objetivos y estrategias, y para gestionar los activos de dichos subfondos en beneficio de los inversores.
En este apartado, se describen los objetivos de inversión específicos de cada subfondo, junto con los principales valores en los que puede invertir cada uno y otras características importantes. Además, todos los subfondos están sujetos a las políticas de inversión y restricciones generales descritas a partir de la página 110.
El Consejo de la SICAV tiene la responsabilidad general de las operaciones comerciales de la SICAV, así como de sus actividades de inversión, incluidas las operaciones de inversión de todos los subfondos. El Consejo ha delegado la gestión cotidiana de los subfondos en la sociedad gestora, que, a su vez, ha delegado algunas de sus responsabilidades en una serie de gestores de inversiones y otros proveedores de servicios.
El Consejo mantiene la autoridad de supervisión y control sobre la sociedad gestora. Puede encontrarse más información sobre la SICAV, el Consejo, la sociedad gestora y los proveedores de servicios a partir de la página 139.
Si desea obtener información sobre las comisiones y gastos que tendría que pagar en relación con su inversión, consulte los siguientes apartados:
- Comisiones máximas de compra, cambio de un fondo a otro y reembolso de acciones: este apartado (clases principales) y el apartado «Invertir en los subfondos» (relativo a todas las familias de clases).
- Comisiones anuales máximas deducibles de su inversión: este apartado (clases principales).
- Gastos reales recientes: el documento KIID correspondiente o el último informe de la SICAV para los accionistas.
- Comisiones por conversión de moneda, transacciones bancarias y asesoría de inversión: consulte con su asesor financiero, con el agente de transferencias (página 124) u otros proveedores de servicios, según los casos. | All of the sub-funds described here are part of Amundi Funds, a SICAV that functions as an umbrella structure. The SICAV exists to offer investors a range of sub-funds with different objectives and strategies, and to manage the assets of these sub-funds for the benefit of investors.
For each sub-fund, the specific investment objectives and the main securities it may invest in, along with other key characteristics, are described in this section. In addition, all sub-funds are subject to the general investment policies and restrictions that begin on page 110.
The board of the SICAV has overall responsibility for the SICAV’s business operations and its investment activities, including the investment activities of all of the sub-funds. The board has delegated the day-to-day management of the sub-funds to the management company, which in turn has delegated some of its responsibilities to a number of investment managers and other service providers.
The board retains supervisory approval and control over the management company. More information about the SICAV, the board, the management company and the service providers begins on page 119.
For information on fees and expenses you may have to pay in connection with your investment, consult the following:
- Maximum fees for purchase, switching and redeeming shares: this section (main classes) and “Investing in the Sub-funds” section (all families of classes).
- Maximum annual fees deducted from your investment: this section (main classes).
- Recent actual expenses: the applicable KIID or the SICAV’s most recent shareholder report.
- Fees for currency conversions, bank transactions, and investment advice: your financial advisor, the transfer agent (page 124) or other service providers, as applicable. | en | es |
DOLFIN4810 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.55% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above JPM GBI-EM Global Diversified (USD) Unhedged. |
| No commission was taken over the last accounting year of the Sub-Fund. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 4,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,55% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | El 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del JPM GBI-EM Global Diversified (USD) Unhedged. |
| No se ha detraído comisión alguna durante el último año contable del Subfondo. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.55% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above JPM GBI-EM Global Diversified (USD) Unhedged. |
| No commission was taken over the last accounting year of the Sub-Fund. | | en | es |
DOLFIN4811 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Inflation-linked bonds posted a positive performance while market participants continue to anticipate a change of direction towards a more accommodative monetary policy. Like its fixed-rate counterparts, the real yield curve has flattened as recession risks have increased.
In the United States, headline inflation continued to normalise, reaching 7.7% year-on-year in October. Core inflation reached 6.3% vs. 6.6% in September. While inflation is likely to have reached its peak, the market and the Federal Reserve are still focused on the tensions surrounding the job market. The Fed continued with its policy of rate hikes, increasing rates by 75 bp in November.
In the United Kingdom, inflation reached 11.1% year-on-year in October, vs. 10.1% in September, as the rise in energy and food prices drove the index to its highest level in 40 years. Core inflation remained at 6.5% in October, above the consensus of a drop in core inflation to 6.4%. The Bank of England increased its key policy rate to 3% and we expect this policy to continue with an additional rise of 50 bp at its December meeting.
Finally, in the eurozone, the initial estimates of inflation for November confirmed that it remains high (10% year-on-year) but is has dropped due to the reduction in energy prices in Spain and Germany and the measures implemented by the European Commission and the governments to limit inflation resulting from energy prices. Although inflation is likely to remain high in the coming months, the drop should enable the European Central Bank to become gradually less aggressive in the normalisation of its monetary policy, which could very well be a boost for the bond market. Against this background, we still favour long positions in real rates as the valuations are still attractive. Finally, we are maintaining our preference for short-maturity inflation-linked bonds in the eurozone, which should benefit from solid carry in the months to come.
* 1st NAV date: 25/11/2002
Fund AXA WF Euro Inflation Bonds benefits of the historical evolution of the performance of the French fund AXA IM Euro Inflation Bonds, since its creation on the 13/09/2005, because they have the same investment objectives.
** Benchmark : Please refer to the Benchmark section in the characteristics/disclaimers part of the document. Source(s): AXA Investment Managers as at 30/11/2022
Editor: AXA Investment Managers Paris | # Informe del gestor
Los bonos indexados a la inflación tuvieron un comportamiento positivo, ya que los actores del mercado siguen anticipando el cambio hacia una política monetaria más acomodaticia. Al igual que sus homólogas a tipo fijo, la curva de rendimientos reales se ha aplanado al aumentar los riesgos de recesión.
En Estados Unidos, la inflación general sigue normalizándose y alcanzó una tasa anualizada del 7,7 % en octubre. La inflación subyacente se situó en el 6,3 % desde el 6,6 % de septiembre. Si bien es probable que la inflación haya dejado atrás su máximo, el mercado y la Reserva Federal siguen centrados en las tensiones del mercado laboral. Esta última prosiguió su política de subida de tipos, aumentándolos 75 pb en noviembre.
En el Reino Unido, la inflación subió al 11,1 % interanual en octubre, frente al 10,1 % de septiembre, ya que la subida de los precios de la energía y los alimentos de los hogares impulsó el índice a su nivel más alto en 40 años. La inflación subyacente se mantuvo en el 6,5 % en octubre, por encima del consenso de una caída de la inflación subyacente al 6,4 %. El Banco de Inglaterra elevó su tipo de referencia al 3 % y esperamos que esta política continúe con un nuevo aumento de 50 pb en su reunión de diciembre.
Por último, en la zona euro, las primeras estimaciones de la inflación del mes de noviembre confirman un nivel que sigue siendo elevado (10 % interanual), pero que está bajando debido a la caída de los precios de la energía en España y Alemania y a las medidas adoptadas por la Comisión Europea y los Gobiernos para limitar la inflación procedente de los precios de la energía. Aunque se espera que la inflación continúa siendo alta en los próximos meses, la caída debería permitir al Banco Central Europeo ser progresivamente menos agresivo en la normalización de su política monetaria, lo que bien podría servir de impulso al mercado de renta fija. En este contexto, seguimos priorizando las posiciones largas en los tipos reales, ya que las valoraciones continúan siendo atractivas. Finalmente, mantenemos nuestra preferencia por los bonos indexados a la inflación con vencimientos cortos en la zona euro, que deberían disfrutar de un sólido carry en los próximos meses.
* Fecha del primer VL: 25/11/2002
El fondo AXA WF Euro Inflation Bonds se beneficia de la evolución histórica de la rentabilidad del fondo francés AXA IM Euro Inflation Bonds, desde su creación en 13/09/2005, porque ambos tienen los mismos objetivos de inversión.
** Índice de referencia : Consulte por favor la sección del Índice de referencia, en la parte del documento de características/aviso legal Fuente(s) : AXA Investment Managers a 30/11/2022
Redactor: AXA Investment Managers Paris. | # Fund manager's report
Inflation-linked bonds posted a positive performance while market participants continue to anticipate a change of direction towards a more accommodative monetary policy. Like its fixed-rate counterparts, the real yield curve has flattened as recession risks have increased.
In the United States, headline inflation continued to normalise, reaching 7.7% year-on-year in October. Core inflation reached 6.3% vs. 6.6% in September. While inflation is likely to have reached its peak, the market and the Federal Reserve are still focused on the tensions surrounding the job market. The Fed continued with its policy of rate hikes, increasing rates by 75 bp in November.
In the United Kingdom, inflation reached 11.1% year-on-year in October, vs. 10.1% in September, as the rise in energy and food prices drove the index to its highest level in 40 years. Core inflation remained at 6.5% in October, above the consensus of a drop in core inflation to 6.4%. The Bank of England increased its key policy rate to 3% and we expect this policy to continue with an additional rise of 50 bp at its December meeting.
Finally, in the eurozone, the initial estimates of inflation for November confirmed that it remains high (10% year-on-year) but is has dropped due to the reduction in energy prices in Spain and Germany and the measures implemented by the European Commission and the governments to limit inflation resulting from energy prices. Although inflation is likely to remain high in the coming months, the drop should enable the European Central Bank to become gradually less aggressive in the normalisation of its monetary policy, which could very well be a boost for the bond market. Against this background, we still favour long positions in real rates as the valuations are still attractive. Finally, we are maintaining our preference for short-maturity inflation-linked bonds in the eurozone, which should benefit from solid carry in the months to come.
* 1st NAV date: 25/11/2002
Fund AXA WF Euro Inflation Bonds benefits of the historical evolution of the performance of the French fund AXA IM Euro Inflation Bonds, since its creation on the 13/09/2005, because they have the same investment objectives.
** Benchmark : Please refer to the Benchmark section in the characteristics/disclaimers part of the document. Source(s): AXA Investment Managers as at 30/11/2022
Editor: AXA Investment Managers Paris | en | es |
DOLFIN4812 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 3.2 | 3.1 | -8.5 | -24.9 | 32.1 | 13.2 | -18.6 | 15.5 | 2.2 | 29.3 |
| Constraint †¹ | 7.2 | 1.5 | -9.7 | -24.0 | 32.3 | 22.7 | -12.6 | 17.2 | 0.7 | 25.2 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 16 December 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 3,2 | 3,1 | -8,5 | -24,9 | 32,1 | 13,2 | -18,6 | 15,5 | 2,2 | 29,3 |
| Limitación †¹ | 7,2 | 1,5 | -9,7 | -24,0 | 32,3 | 22,7 | -12,6 | 17,2 | 0,7 | 25,2 |
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 16 diciembre 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 3.2 | 3.1 | -8.5 | -24.9 | 32.1 | 13.2 | -18.6 | 15.5 | 2.2 | 29.3 |
| Constraint †¹ | 7.2 | 1.5 | -9.7 | -24.0 | 32.3 | 22.7 | -12.6 | 17.2 | 0.7 | 25.2 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 16 December 2022 | en | es |
DOLFIN4815 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Sub-fund may invest up to 10% of its net assets in UCITS shares or units, or other investment funds. The portfolio’s duration will be maintained within the range of 0 to 7.
To achieve its investment objective, the Sub-fund may invest up to 100% of its net assets in eligible securities with embedded derivatives. In particular, the Sub-fund may invest in Convertible bonds, Conditional convertible bonds, Exchangeable bonds, Credit-linked notes, warrants and EMTNs.
The maximum proportion of assets that, on average, can be subject to SFTs (securities financing transactions) and TRS shall not exceed 25% of the Sub-fund’s overall net assets. In general, the use of repurchase transactions should not exceed 25% of the Sub-fund’s net assets. In general, the use of TRS cannot exceed 25% of the Sub-fund’s net assets. | ## El Subfondo podrá invertir hasta el 10% de su patrimonio neto en participaciones o acciones del OICVM o en otros fondos de inversión. La duración de la cartera se mantendrá en un intervalo de 0 a 7.
Para alcanzar su objetivo de inversión, el Subfondo podrá invertir hasta el 100% de su patrimonio neto en valores mobiliarios aptos para derivados implícitos. En particular, el Subfondo podrá invertir en bonos convertibles, bonos convertibles condicionales, bonos canjeables, títulos con vinculación crediticia, warrants y EMTN.
La proporción máxima de activos que, en promedio, pueden estar sujetos a SFT (solo operaciones de reembolso) y a TRS no superará el 25% del patrimonio neto del Subfondo en su conjunto. En general, el uso de operaciones de reembolso no debería superar el 25% del patrimonio neto del Subfondo. En general, el uso de TRS no debería superar el 25% del patrimonio neto del Subfondo. | ## The Sub-fund may invest up to 10% of its net assets in UCITS shares or units, or other investment funds. The portfolio’s duration will be maintained within the range of 0 to 7.
To achieve its investment objective, the Sub-fund may invest up to 100% of its net assets in eligible securities with embedded derivatives. In particular, the Sub-fund may invest in Convertible bonds, Conditional convertible bonds, Exchangeable bonds, Credit-linked notes, warrants and EMTNs.
The maximum proportion of assets that, on average, can be subject to SFTs (securities financing transactions) and TRS shall not exceed 25% of the Sub-fund’s overall net assets. In general, the use of repurchase transactions should not exceed 25% of the Sub-fund’s net assets. In general, the use of TRS cannot exceed 25% of the Sub-fund’s net assets. | en | es |
DOLFIN4819 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of special situations and smaller growth companies in Asia excluding Japan. Special situations stocks generally have valuations which are attractive in relation to net assets or earnings potential with additional factors which may have a positive influence on their share price.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- This region includes countries considered to be emerging markets.
- Up to 25% can consist of investments other than special situations or smaller growth companies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI AC Asia ex Japan Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is 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 fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos el 70 % en acciones en situaciones especiales y de pequeñas empresas en crecimiento de Asia, excluido Japón. Por lo general, las acciones en situaciones especiales presentan valoraciones atractivas en relación con el patrimonio neto o con la capacidad de generar beneficios, así como otros factores que pueden influir positivamente en el precio de sus acciones.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- Esta región incluye países considerados mercados emergentes.
- Hasta un 25% puede consistir en inversiones que no se realicen en pequeñas empresas en fase de crecimiento ni en empresas en situaciones especiales.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el MSCI AC Asia ex Japan Index (Net) (en adelante, el«Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- 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 provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of special situations and smaller growth companies in Asia excluding Japan. Special situations stocks generally have valuations which are attractive in relation to net assets or earnings potential with additional factors which may have a positive influence on their share price.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- This region includes countries considered to be emerging markets.
- Up to 25% can consist of investments other than special situations or smaller growth companies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI AC Asia ex Japan Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is 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 |
DOLFIN4821 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure The majority of assets invested, either directly or through derivatives, in equities (including smaller companies), convertible securities, debt securities and currencies. The Sub-Fund may also gain exposure to commodities through equities, UCITS, UCIs, ETFs or derivatives on commodity indices. Issuers can be from anywhere in the world, including emerging markets. The Sub-Fund may invest in below investment grade and unrated debt securities.
The Sub-Fund may have net long and net short exposure (achieved through derivatives) to sectors, markets and currencies, however, it will maintain a total net long market exposure at all times. The Sub-Fund may hold up to 100% of its assets in Deposits with Credit Institutions, money market instruments and money market funds either as collateral for derivatives or until suitable investment opportunities are found.
The Sub-Fund allocates its assets to gain exposure to a range of risk premia using a systematic long/short investment approach. The range of risk premia may include equity value (long equities that are relatively less expensive, short equities that are relatively more expensive); equity quality (long equities of higher quality companies, based on metrics such as profitability, against short exposures to those relatively with lower quality); FX carry (long exposure to currencies with higher yields and short exposures to lower yielding currencies); fixed income momentum (long exposure to bonds with positive price movements, | El Subfondo se gestiona de forma activa, con total libertad respecto a su índice de referencia.
POLÍTICAS
Exposición de inversión principal La mayor parte del patrimonio se invertirá, directamente o a través de derivados, en valores de renta variable (incluidos de empresas de pequeña capitalización), valores convertibles, títulos de deuda y divisas. Asimismo, el Subfondo podrá adquirir exposición a materias primas a través de títulos de renta variable, OICVM, OIC, ETF o derivados sobre índices de materias primas. Los emisores podrán estar situados en cualquier lugar del mundo, incluidos los mercados emergentes. El Subfondo podrá invertir en títulos de deuda con calificación inferior a investment grade y sin calificación.
El Subfondo podrá mantener una exposición neta tanto larga como corta (obtenida a través de derivados) a sectores, mercados y divisas, si bien mantendrá una exposición neta larga total al mercado en todo momento. El Subfondo podrá mantener hasta el 100% de su patrimonio en depósitos en entidades de crédito, instrumentos del mercado monetario y fondos del mercado monetario, bien como garantía de derivados, bien hasta que se identifiquen oportunidades de inversión adecuadas.
El Subfondo asigna sus activos con el fin de obtener exposición a un abanico de primas de riesgo a través de un enfoque de inversión sistemático largo/corto. El abanico de primas de riesgo puede incluir los siguientes estilos: valor de renta variable (posiciones largas en acciones que son relativamente menos caras, posiciones cortas en acciones que son relativamente más caras); calidad de renta variable (posiciones largas en acciones de compañías de mayor calidad, en función de parámetros como la rentabilidad, frente a exposiciones cortas a las acciones de relativamente menor calidad); carry de divisas (exposición larga a divisas con rendimientos más elevados y exposiciones cortas a divisas de menor rendimiento); momentum de renta fija (exposición larga a bonos con una | The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure The majority of assets invested, either directly or through derivatives, in equities (including smaller companies), convertible securities, debt securities and currencies. The Sub-Fund may also gain exposure to commodities through equities, UCITS, UCIs, ETFs or derivatives on commodity indices. Issuers can be from anywhere in the world, including emerging markets. The Sub-Fund may invest in below investment grade and unrated debt securities.
The Sub-Fund may have net long and net short exposure (achieved through derivatives) to sectors, markets and currencies, however, it will maintain a total net long market exposure at all times. The Sub-Fund may hold up to 100% of its assets in Deposits with Credit Institutions, money market instruments and money market funds either as collateral for derivatives or until suitable investment opportunities are found.
The Sub-Fund allocates its assets to gain exposure to a range of risk premia using a systematic long/short investment approach. The range of risk premia may include equity value (long equities that are relatively less expensive, short equities that are relatively more expensive); equity quality (long equities of higher quality companies, based on metrics such as profitability, against short exposures to those relatively with lower quality); FX carry (long exposure to currencies with higher yields and short exposures to lower yielding currencies); fixed income momentum (long exposure to bonds with positive price movements, | en | es |
DOLFIN4828 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Articles of Association are to be amended to provide for the ability to use side pockets, subject to Central Bank requirements, as further outlined in Appendix III.
In advance of side pockets being an available mechanism for any of the Funds, the Prospectus will be updated to incorporate disclosure on the use of side pockets at a future date, subject to all regulatory approvals (including the Central Bank), and advance notification to Shareholders.
- Shareholders’ ApprovalFor the sanctioning of the ordinary resolutions in relation to the re-appointment of PricewaterhouseCoopers as Auditors to the Company and the authorisation of the Directors to fix the remuneration of the Auditors, a majority of the Shareholders, consisting of fifty-one per cent (51%) or more of the total number of votes cast, present in person or by proxy, who cast votes at the annual general meeting of the Shareholders, are required to vote in favour of it.
The sanctioning of the proposed amendments to the Company’s Memorandum & Articles of Association, requires a special resolution to be passed in favour of that proposal by a majority of Shareholders of the Company, consisting of seventy five per cent (75%) or more of the total number of votes cast present in person or by proxy, who cast votes at the annual general meeting of the Shareholders of the Company. | # Está previsto modificar los Estatutos para permitir el uso de compartimentos de propósito especial, con sujeción a los requisitos del Banco Central, tal y como se indica en el Anexo III.
Antes de que los compartimentos de propósito especial sean un mecanismo disponible para cualquiera de los Fondos, se procederá a la actualización del Folleto de modo que incorpore la información sobre el uso de los mismos en una fecha futura, con sujeción a todas las aprobaciones reglamentarias (incluido el Banco Central), y a la notificación previa a los Accionistas.
- Aprobación de los AccionistasPara la sanción de las resoluciones ordinarias relacionadas con la reasignación de PricewaterhouseCoopers como Auditores de la Sociedad y la autorización de los Consejeros para fijar la remuneración de los Auditores, una mayoría de los Accionistas, que consiste en un cincuenta y uno por ciento (51%) o más del número total de votos emitidos, presentes o representados, que emiten sus votos en la junta general anual de Accionistas, debe votar a favor.
La sanción de las modificaciones propuestas a los Estatutos de la Sociedad requiere una resolución especial a favor de la propuesta de la mayoría de Accionistas de la Sociedad, que consiste del setenta y cinco por ciento (75%) o más del número total de votos presentes o representados, que emiten sus votos en la junta general anual de Accionistas de la Sociedad. | # The Articles of Association are to be amended to provide for the ability to use side pockets, subject to Central Bank requirements, as further outlined in Appendix III.
In advance of side pockets being an available mechanism for any of the Funds, the Prospectus will be updated to incorporate disclosure on the use of side pockets at a future date, subject to all regulatory approvals (including the Central Bank), and advance notification to Shareholders.
- Shareholders’ ApprovalFor the sanctioning of the ordinary resolutions in relation to the re-appointment of PricewaterhouseCoopers as Auditors to the Company and the authorisation of the Directors to fix the remuneration of the Auditors, a majority of the Shareholders, consisting of fifty-one per cent (51%) or more of the total number of votes cast, present in person or by proxy, who cast votes at the annual general meeting of the Shareholders, are required to vote in favour of it.
The sanctioning of the proposed amendments to the Company’s Memorandum & Articles of Association, requires a special resolution to be passed in favour of that proposal by a majority of Shareholders of the Company, consisting of seventy five per cent (75%) or more of the total number of votes cast present in person or by proxy, who cast votes at the annual general meeting of the Shareholders of the Company. | en | es |
DOLFIN4831 | 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 Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 5,800 EUR -41.99% | 6,550 EUR -13.16% |
| Unfavourable | What you might get back after costs Average return each year | 7,450 EUR -25.48% | 7,660 EUR¹ -8.50%¹ |
| Moderate | What you might get back after costs Average return each year | 9,490 EUR -5.07% | 10,210 EUR² 0.70%² |
| Favourable | What you might get back after costs Average return each year | 11,240 EUR 12.43% | 11,290 EUR³ 4.13%³ | | | Período de mantenimiento recomendado: 3 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 3 años. Podría perder la totalidad o parte de su inversión. | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 5.800 EUR -41,99% | 6.550 EUR -13,16% |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.450 EUR -25,48% | 7.660 EUR¹ -8,50%¹ |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.490 EUR -5,07% | 10.210 EUR² 0,70%² |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.240 EUR 12,43% | 11.290 EUR³ 4,13%³ | | | Recommended Holding Period: 3 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 5,800 EUR -41.99% | 6,550 EUR -13.16% |
| Unfavourable | What you might get back after costs Average return each year | 7,450 EUR -25.48% | 7,660 EUR¹ -8.50%¹ |
| Moderate | What you might get back after costs Average return each year | 9,490 EUR -5.07% | 10,210 EUR² 0.70%² |
| Favourable | What you might get back after costs Average return each year | 11,240 EUR 12.43% | 11,290 EUR³ 4.13%³ | | en | es |
DOLFIN4837 | 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 does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make
transportation sectors are each represented by 30 companies in the index and the energy sector is represented by 15 companies. At each annual rebalancing, each of the utilities and transportation sectors can only represent 40% of the index and the energy sector can only represent 20%. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. 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.
payments (for example, it becomes insolvent) this may result in your investment suffering a loss. 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 less economically developed economies (known as emerging markets) which may 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 fund also has a focus on a single or narrow range of industry, sector or types of companies and performance may not reflect a rise in broader markets. The derivative used to gain exposure to the 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 históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los derivados utilizados. El fondo podría suscribir uno o más derivados con una o más contrapartes. Si alguna de las contrapartes no efectúa los pagos (por ejemplo, si deviene
transporte están representados en el índice por 30 empresas, cada uno, y el sector de la energía está representado por 15 empresas. En cada reajuste anual, los sectores de servicios públicos y transporte solo pueden representar el 40%, cada uno, del índice y el sector de energía solo puede representar el 20%. Para lograr el objetivo, el fondo invertirá en valores negociables y suscribirá con una o más contrapartes de swaps contratos financieros (derivados) relacionados con los valores negociables y el índice para obtener la rentabilidad sobre el índice. 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.
insolvente), esto podría provocar que su inversión sufriera pérdidas. Las entidades de DWS y sus empresas vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El fondo está expuesto a mercados menos desarrollados económicamente (denominados mercados emergentes), que pueden entrañar 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 fondo también se centra en un solo o pequeño grupo de industrias, sectores o tipos de empresas, por lo que la rentabilidad podría no reflejar un aumento en los mercados más amplios. El derivado empleado para tener mas exposición al índice puede ser ajustado para reflejar determinados gastos relativos a impuestos y/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 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 does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make
transportation sectors are each represented by 30 companies in the index and the energy sector is represented by 15 companies. At each annual rebalancing, each of the utilities and transportation sectors can only represent 40% of the index and the energy sector can only represent 20%. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. 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.
payments (for example, it becomes insolvent) this may result in your investment suffering a loss. 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 less economically developed economies (known as emerging markets) which may 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 fund also has a focus on a single or narrow range of industry, sector or types of companies and performance may not reflect a rise in broader markets. The derivative used to gain exposure to the 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 |
DOLFIN4842 | 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 objective of the Fund is to track the performance of companies in the financials sector, across developed markets globally.
Investment Policy The Fund seeks to track the performance of the MSCI World Financials 35/20 Capped Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These securities include equity securities issued by companies globally, which have been classified as falling within the financials sector, in line with the Global Industry Classification Standard (GICS).
Although the Index is generally well diversified, because of the market it reflects it may, depending on market conditions, contain constituents issued by the same body that may represent more than 10% of the Index. In order for the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under Regulation 71 of the UCITS Regulations. These limits permit the Fund to hold positions in individual constituents of the Index issued by the same body of up to 20%.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund
may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund may lend up to 40% of the securities it owns.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | # Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar la rentabilidad de empresas del sector financiero de mercados desarrollados de todo el mundo. Política de inversión El Fondo trata de replicar la rentabilidad del MSCI World Financials 35/20 Capped Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. Estos valores comprenden valores de renta variable emitidos por empresas de todo el mundo clasificadas en el sector financiero de conformidad con el sistema Global Industry Classification Standard (GICS).
A pesar de que el Índice está en general bien diversificado, debido al mercado que refleja y dependiendo de las condiciones del mercado, podría tener componentes emitidos por la misma entidad que pueden representar más del 10% del Índice. Para poder seguir al Índice de manera precisa, el Fondo utilizará los límites de diversificación más amplios previstos por la norma 71 del Reglamento sobre OICVM. Dichos límites permiten que el Fondo mantenga posiciones en los componentes individuales del Índice emitidos por la misma entidad de hasta un 20%.
El Fondo pretende tener en cartera todos los valores del Índice con ponderaciones muy similares a las de este. El Fondo utilizará una estrategia de replicación para crear una cartera que refleje el Índice de la forma más fiel posible. En determinadas circunstancias, el Fondo podrá adquirir valores que no formen parte del Índice.
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las
acciones del Fondo podrán comprarse o venderse a través de corredores en una o varias bolsas de valores. El Fondo se negocia en estas bolsas a precios de mercado que pueden fluctuar a lo largo del día. Esos precios de mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
El Fondo podrá prestar hasta el 40% de los títulos que posee.
Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
Las acciones del Fondo se emiten en dólares estadounidenses. Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: MSCI no patrocina, apoya ni promociona los fondos o valores citados en el presente documento, ni acepta responsabilidad alguna con respecto a dichos fondos o valores ni con respecto a ningún índice en los que estos se basen. El folleto y el suplemento incluyen una descripción más exhaustiva de la relación limitada que MSCI tiene con State Street Bank and Trust Company, a través de SSGA, y con algunos fondos relacionados, así como otras cláusulas limitativas de responsabilidad aplicables a los índices MSCI. Los índices MSCI son propiedad exclusiva de MSCI y no pueden reproducirse ni total ni parcialmente, ni utilizarse para ningún otro fin, sin la autorización de MSCI. Los índices MSCI se facilitan sin ningún tipo de garantía. | # Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of companies in the financials sector, across developed markets globally.
Investment Policy The Fund seeks to track the performance of the MSCI World Financials 35/20 Capped Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These securities include equity securities issued by companies globally, which have been classified as falling within the financials sector, in line with the Global Industry Classification Standard (GICS).
Although the Index is generally well diversified, because of the market it reflects it may, depending on market conditions, contain constituents issued by the same body that may represent more than 10% of the Index. In order for the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under Regulation 71 of the UCITS Regulations. These limits permit the Fund to hold positions in individual constituents of the Index issued by the same body of up to 20%.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund
may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund may lend up to 40% of the securities it owns.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | en | es |
DOLFIN4848 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: The Sub-Fund may invest in securities that are less liquid because active buyers or sellers are not always in sufficient numbers to trade these securities readily. These securities will be more strongly affected by market conditions and may cause delays when facing redemptions in stressed market situations.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Emerging markets instability risk: Emerging markets may be subject to political, fiscal and/or economic instability that may imply opportunities for investors but also greater risks.
- Contingent convertible bonds risk: The Sub-Fund may invest in contingent convertible bonds. Their value may become nil if the financial position of their issuer deteriorates below a pre-specified trigger or if the regulator considers that their issuer has reached a point of no viability. Their coupon may also be cancelled at any point in time. As these instruments are recent, they may also experience significant losses in stressed market conditions. | Riesgos a los que el Subfondo puede estar expuesto y que el indicador podría no reflejar:
- Instrumentos y depósitos de riesgo de crédito de la deuda: El Subfondo podrá invertir en depósitos e instrumentos de deuda. Estos están sujetos al riesgo de que su emisor sea incapaz de atender sus obligaciones.
- Riesgo de contraparte de derivados: si la contraparte de un instrumento derivado incurre en incumplimiento y es incapaz de hacer frente a sus obligaciones contractuales, su valor puede ser nulo.
- Riesgo de liquidez: el Subfondo podrá invertir en títulos que presenten una liquidez inferior debido a que, puntualmente, el número de compradores o vendedores activos sea insuficiente para comprar o vender dichos títulos fácilmente. Esos títulos podrán verse más afectados por las condiciones de mercado y ser objeto de retrasos a la hora de enfrentarse a solicitudes de reembolso en caso de situaciones de mercado extremas.
- Riesgo Terceros: El fallo de terceros de los que dependen las operaciones del Subfondo puede provocar trastornos y pérdidas.
- Riesgo de inestabilidad de los mercados emergentes: los mercados emergentes pueden estar más expuestos a un riesgo de inestabilidad política, fiscal y/o económica que puede suponer oportunidades para los inversores, pero también mayores riesgos.
- Riesgo de los bonos convertibles contingentes: el Subfondo puede invertir en bonos convertibles contingentes. Su valor puede llegar a ser nulo si se produce un deterioro de la situación financiera de su emisor hasta situarse por debajo de un desencadenante predeterminado o si el regulador considera que su emisor ha alcanzado un punto de inviabilidad. Asimismo, su cupón puede ser cancelado en cualquier momento. Dado que estos instrumentos son recientes, también pueden experimentar pérdidas importantes en condiciones de mercado extremas. | Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: The Sub-Fund may invest in securities that are less liquid because active buyers or sellers are not always in sufficient numbers to trade these securities readily. These securities will be more strongly affected by market conditions and may cause delays when facing redemptions in stressed market situations.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Emerging markets instability risk: Emerging markets may be subject to political, fiscal and/or economic instability that may imply opportunities for investors but also greater risks.
- Contingent convertible bonds risk: The Sub-Fund may invest in contingent convertible bonds. Their value may become nil if the financial position of their issuer deteriorates below a pre-specified trigger or if the regulator considers that their issuer has reached a point of no viability. Their coupon may also be cancelled at any point in time. As these instruments are recent, they may also experience significant losses in stressed market conditions. | en | es |
DOLFIN4850 | 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 167 | CHF 866 |
| Annual cost impact (*) | 1.7% | 1.7% |
(*) 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 5.4% before costs and 3.7% after costs. | # Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás periodos de mantenimiento, hemos supuesto que el producto evoluciona tal y como muestra el escenario moderado
- 10 000 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 | 167 CHF | 866 CHF |
| Incidencia anual de los costes (*) | 1,7% | 1,7% |
(*) 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 5,4% antes de deducir los costes y 3,7% después de deducir los costes. | # We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- CHF 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 167 | CHF 866 |
| Annual cost impact (*) | 1.7% | 1.7% |
(*) 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 5.4% before costs and 3.7% after costs. | en | es |
DOLFIN4866 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund may use complex financial instruments to hedge the Fund assets and to profit from promising investments.
The Fund may invest directly in mainland Chinese bonds that are listed on Chinese stock exchanges or traded on mainland Chinese interbank bond markets. The Fund invests in securities on Chinese exchanges as part of the asset manager's RQFII (Renminbi Qualified Foreign Institutional Investor) quota.
The Fund is actively managed with reference to the JPM GBI-EM Global Diversified Composite Index (the “benchmark”) by virtue of the fact that it uses the latter in the appropriate currency for performance comparison purposes. However, the benchmark is not used to determine the Fund's portfolio composition or as a performance target, and the Fund can only be invested in securities that are not represented in the benchmark. In order to reach the investment objective, derivative financial instruments or, as the case may be, special investment techniques and financial instruments may be employed on a larger scale. The range of possible instruments particularly includes interest rate swaps and currency forwards. For the employment of such derivative financial instruments or, as the case may be, special investment techniques and financial instruments, the restrictions as defined in detail in the section "Financial instruments and investment techniques" will be applicable. | ### El Fondo puede utilizar instrumentos financieros complejos para asegurar su patrimonio y sacar provecho de inversiones con perspectivas de éxito.
El Fondo puede invertir directamente en bonos de China continental cotizados en las bolsas chinas o negociados en los mercados interbancarios de bonos de China continental. Para las inversiones en las bolsas chinas, el Fondo invierte a través de la cuota de inversores institucionales extranjeros cualificados en renminbi (RQFII, por sus siglas en inglés) de la sociedad gestora.
El Fondo se gestiona de forma activa con referencia al JPM GBI-EM Global Diversified Composite Index (el «Índice de referencia»), ya que hace uso del mismo, en la moneda correspondiente, con fines de comparación de la rentabilidad. No obstante, el Índice de referencia no se utilizará para determinar la composición de la cartera del Fondo ni como objetivo de rendimiento y el Fondo puede estar invertido exclusivamente en valores no representados en el Índice de referencia. A efectos de conseguir el objetivo de inversión, también pueden utilizarse en mayor medida instrumentos financieros derivados o técnicas de inversión e instrumentos financieros especiales. En la gama de instrumentos posibles cabe incluir, en particular, los contratos a plazo sobre divisas y los swaps de tipos de interés. Las restricciones definidas en detalle en el capítulo «Instrumentos financieros y técnicas de inversión» se aplican a la utilización de dichos instrumentos financieros derivados o técnicas de inversión e instrumentos financieros especiales. | ### The Fund may use complex financial instruments to hedge the Fund assets and to profit from promising investments.
The Fund may invest directly in mainland Chinese bonds that are listed on Chinese stock exchanges or traded on mainland Chinese interbank bond markets. The Fund invests in securities on Chinese exchanges as part of the asset manager's RQFII (Renminbi Qualified Foreign Institutional Investor) quota.
The Fund is actively managed with reference to the JPM GBI-EM Global Diversified Composite Index (the “benchmark”) by virtue of the fact that it uses the latter in the appropriate currency for performance comparison purposes. However, the benchmark is not used to determine the Fund's portfolio composition or as a performance target, and the Fund can only be invested in securities that are not represented in the benchmark. In order to reach the investment objective, derivative financial instruments or, as the case may be, special investment techniques and financial instruments may be employed on a larger scale. The range of possible instruments particularly includes interest rate swaps and currency forwards. For the employment of such derivative financial instruments or, as the case may be, special investment techniques and financial instruments, the restrictions as defined in detail in the section "Financial instruments and investment techniques" will be applicable. | en | es |
DOLFIN4871 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### SECTION 5 - DISPUTES
Article 13 - Jurisdiction - Address for service
Any disputes relating to the Fund that may arise during the operation thereof, or upon its liquidation, either between unitholders or between unitholders and the management company or the depositary, are subject to the jurisdiction of the competent courts.
Regulations updated on: 31 July 2017 | ### TÍTULO 5 - CONTROVERSIAS
Artículo 13.º - Competencia y elección de jurisdicción
Toda controversia relativa al fondo que pueda surgir durante su plazo de funcionamiento o durante su liquidación, bien entre los partícipes o bien entre estos y la sociedad de gestión o el depositario, se someten a la jurisdicción de los tribunales competentes.
Fecha de actualización del reglamento: 31 de julio de 2017 | ### SECTION 5 - DISPUTES
Article 13 - Jurisdiction - Address for service
Any disputes relating to the Fund that may arise during the operation thereof, or upon its liquidation, either between unitholders or between unitholders and the management company or the depositary, are subject to the jurisdiction of the competent courts.
Regulations updated on: 31 July 2017 | en | es |
DOLFIN4872 | 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 | None |
| Conversion charge | None |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 2.20% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 15.00% a year of any returns the Sub-Fund achieves above LIBOR 3 M USD + 400 basis points on a yearly basis. |
| Over the last accounting year, a performance fee of 0.22% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 5,00% |
| Gastos de salida | Ninguno |
| Gastos de conversión | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 2,20% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del LIBOR 3 M USD + 400 puntos básicos al año. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,22%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | None |
| Conversion charge | None |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 2.20% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 15.00% a year of any returns the Sub-Fund achieves above LIBOR 3 M USD + 400 basis points on a yearly basis. |
| Over the last accounting year, a performance fee of 0.22% was charged. | | en | es |
DOLFIN4879 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How can I complain?
If you wish to make a complaint about this product or the conduct of FIL Investment Management (Luxembourg) S.A. please visit http://www.fidelity.lu. Alternatively, write to FIL Investment Management (Luxembourg) S.A., 2a, Rue Albert Borschette, BP 2174, L1246 Luxembourg or email [email protected]. If you have a complaint about the person who advised you about this product, or who sold it to you please contact them for their complaints process. | # ¿Cómo puedo reclamar?
Si desea presentar una queja sobre este producto o las actuaciones de FIL Investment Management (Luxembourg) S.A., visite http://www.fidelity.lu. Si lo prefiere, puede escribir a FIL Investment Management (Luxembourg) S.A., 2a, Rue Albert Borschette, BP 2174, L1246 Luxembourg o enviar un correo electrónico a [email protected]. Si tiene alguna queja sobre la persona que le ha asesorado sobre este producto o que se lo ha vendido, póngase en contacto con ella para que le explique el proceso de presentación de quejas. | # How can I complain?
If you wish to make a complaint about this product or the conduct of FIL Investment Management (Luxembourg) S.A. please visit http://www.fidelity.lu. Alternatively, write to FIL Investment Management (Luxembourg) S.A., 2a, Rue Albert Borschette, BP 2174, L1246 Luxembourg or email [email protected]. If you have a complaint about the person who advised you about this product, or who sold it to you please contact them for their complaints process. | en | es |
DOLFIN4881 | 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 | 1.49% of the value of your investment per year. This is based on an estimate of the costs. | 149 EUR |
| Transaction costs | 0.05% 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. | 5 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 1.01% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 101 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 | 1,49% del valor de su inversión por año. Esto se basa en una estimación de los costos. | 149 EUR |
| Costes de operación | 0,05% 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. | 5 EUR |
| Costes accesorios detraídos en condiciones específicas | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de rendimiento | 1,01% La cantidad real variará dependiendo de qué tan bien se desempeñe su inversión. El costo agregado anterior es una estimación. | 101 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 | 1.49% of the value of your investment per year. This is based on an estimate of the costs. | 149 EUR |
| Transaction costs | 0.05% 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. | 5 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 1.01% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 101 EUR | | en | es |
DOLFIN4900 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/03/2013-31/03/2018.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,990
9.9%
GBP 13,003
5.4% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/03/2013-31/03/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 990 GBP
9,9%
13 003 GBP
5,4% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/03/2013-31/03/2018.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,990
9.9%
GBP 13,003
5.4% | en | es |
DOLFIN4906 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
## Objective
## The Sub-Fund aims to provide a regular income of 4% p.a. by investing in European equity and fixed income securities.
## Benchmark index
## None. The Sub-Fund is actively managed and is not managed in reference to a benchmark index.
## Investment policy
## The Sub-Fund will seek to achieve the investment objective by investing in bonds and equities, which offer attractive yields and sustainable dividend payments.
The Sub-Fund will invest at least 50% of its Net Asset Value in corporate bonds denominated in euro. The Sub-Fund investments in securities issued in emerging countries, including non-OECD Member States may not exceed 10% of its net total net assets. Investments in other currencies than Euro are intended to be hedged.
The Sub-Fund may invest in financial derivative instruments to achieve its investment objective. Such instruments may also be used for the purpose of hedging and credit derivatives (up to 100% of its net assets).
## The portfolio duration will be maintained within a range of 0 to 7.
## The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
The Sub-Fund may, in exceptional market circumstances and if the Investment Manager considers this to be in the best interest of the investors, hold up to 100% of its net assets in cash or cash equivalent instruments.
## Recommended holding period of at least five (5) years Currency of the Sub-Fund: EUR
Frequency of share buying or selling: Every Luxembourg and France bank business day except for Good Friday, 24 December (Christmas Eve) and the days on which the French markets are closed (official calendar of Euronext Paris S.A.) for orders received by the transfer agent no later than 12:30 p.m. (Luxembourg time) on the relevant Valuation Day.
## Income allocation: Distribution | # Objetivos y política de inversión
## Objetivo
## El Subfondo tiene como objetivo proporcionar unos ingresos regulares del 4% anual invirtiendo en valores de renta variable y renta fija europeos.
## Indice de referencia
## Ninguno. El Subfondo se gestiona de forma activa y sin relación con ningún índice de referencia.
## Política de inversión
## El Subfondo tratará de conseguir el objetivo de inversión mediante la inversión en valores de renta fija y de renta variable, que ofrecen rendimientos atractivos y repartos de dividendos sostenibles.
El Subfondo invertirá al menos el 50% de su Valor liquidativo en bonos corporativos denominados en euros. Las inversiones del Subfondo en valores emitidos en mercados emergentes, como Estados no pertenecientes a la OCDE, no podrán superar el 10% de su patrimonio neto total. Está previsto cubrir las inversiones en divisas distintas al euro.
El Subfondo podrá invertir en instrumentos derivados financieros para conseguir su objetivo de inversión. Dichos instrumentos también podrán utilizarse con fines de cobertura y como derivados de crédito (hasta el 100% de su patrimonio neto).
## La duración de la cartera se mantendrá dentro de una horquilla de 0 a 7.
## Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles.
El Subfondo podrá, en circunstancias de mercado excepcionales y si el Gestor de inversiones considera que redunda en beneficio de los inversores, mantener hasta el 100% de su patrimonio neto en efectivo o en instrumentos equivalentes al efectivo.
## Periodo de inversión recomendado de cinco (5) años como mínimo Divisa del Subfondo: EUR
Frecuencia de compra o venta de acciones: Cada día hábil bancario en Luxemburgo y Francia, excepto Viernes Santo, el 24 de diciembre (Nochebuena) y los días en los que los mercados franceses estén cerrados (calendario oficial de Euronext Paris S.A.) para las órdenes recibidas por el agente de transferencias antes de las 12:30 (hora de Luxemburgo) en el Día de Valoración correspondiente.
## Asignación de ingresos: Distribución | # Objectives and Investment Policy
## Objective
## The Sub-Fund aims to provide a regular income of 4% p.a. by investing in European equity and fixed income securities.
## Benchmark index
## None. The Sub-Fund is actively managed and is not managed in reference to a benchmark index.
## Investment policy
## The Sub-Fund will seek to achieve the investment objective by investing in bonds and equities, which offer attractive yields and sustainable dividend payments.
The Sub-Fund will invest at least 50% of its Net Asset Value in corporate bonds denominated in euro. The Sub-Fund investments in securities issued in emerging countries, including non-OECD Member States may not exceed 10% of its net total net assets. Investments in other currencies than Euro are intended to be hedged.
The Sub-Fund may invest in financial derivative instruments to achieve its investment objective. Such instruments may also be used for the purpose of hedging and credit derivatives (up to 100% of its net assets).
## The portfolio duration will be maintained within a range of 0 to 7.
## The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
The Sub-Fund may, in exceptional market circumstances and if the Investment Manager considers this to be in the best interest of the investors, hold up to 100% of its net assets in cash or cash equivalent instruments.
## Recommended holding period of at least five (5) years Currency of the Sub-Fund: EUR
Frequency of share buying or selling: Every Luxembourg and France bank business day except for Good Friday, 24 December (Christmas Eve) and the days on which the French markets are closed (official calendar of Euronext Paris S.A.) for orders received by the transfer agent no later than 12:30 p.m. (Luxembourg time) on the relevant Valuation Day.
## Income allocation: Distribution | en | es |
DOLFIN4920 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a reliable indicator of future results.
Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 07/01/2013 and the share class in 2013.
Past performance has been calculated in EUR and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | Las rentabilidades pasadas no son un indicador fiable de resultados futuros.
Se muestra la rentabilidad histórica tras deducir los gastos corrientes. Las comisiones de entrada/salida están excluidas del cálculo.
El Subfondo se lanzó el 07/01/2013 y la clase de acción en 2013.
La rentabilidad pasada ha sido calculada en EUR y se expresa como una variación porcentual del valor liquidativo del Subfondo al cierre de cada año. | Past performance is not a reliable indicator of future results.
Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 07/01/2013 and the share class in 2013.
Past performance has been calculated in EUR and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | en | es |
DOLFIN4924 | 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 and in accordance with the Fund’s ESG Policy as disclosed in the Prospectus.
The Fund invests at least 80% of its total assets in fixed income (FI) securities, FI related securities (in each case which are investment grade (i.e. meet a specified level of credit worthiness) and, when determined appropriate, deposits and cash. FI securities include bonds and money market instruments (MMIs) (i.e. debt securities with short term maturities). FI-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). The Fund will focus on non-government FI securities and will also have exposure to FI securities of governments and government agencies inside or outside of the Eurozone.
The Fund will pursue an ESG Policy as disclosed in the Prospectus with, among other aims, at least 90% of the Fund’s total assets will meet the Fund’s environmental, social and governance (“ESG”) criteria (in respect of securities held directly by the Fund or through FDIs). The Fund adopts a “best in class” approach to sustainable investing meaning that the Fund selects the best issuers (from an ESG perspective) for each relevant sector of activities (without excluding any sector of activities).
The Fund will not invest in FI securities issued by corporate entities which do not meet certain ESG criteria as disclosed in the Fund’s ESG Policy and Benchmark section in the Prospectus. More than 90% of the issuers of securities in which the Fund invests shall be ESG rated or have been analysed for ESG purposes. FDIs may be used to help achieve the Fund’s investment objective.
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 MSCI Euro Corporate Sustainable SRI Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes as further described in the prospectus. The Index should be used by shareholders to compare the performance of the Fund. The Bloomberg Barclays Euro Corporate Index (80%) and Bloomberg Global Corporate Index (20%) should be used by shareholders to assess the impact of ESG screening on the Fund’s investment universe.
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 Euro. Shares for this class are bought and sold in Swedish Krona. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo, y de acuerdo con lo establecido en la Política ESG del Fondo, tal como se indica en el Folleto.
El Fondo invierte al menos el 80 % de sus activos totales en valores de renta fija (RF), en valores relacionados con RF (en ambos casos, en valores con categoría de inversión [es decir, que cumplen un nivel específico de solvencia]) y, cuando se considere oportuno, en depósitos y efectivo. Los valores de RF abarcan bonos e instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo). Los valores relacionados con RF incluyen los instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). El Fondo se centrará en valores de RF no gubernamentales y también tendrá exposición a valores de RF de gobiernos y agencias gubernamentales pertenecientes o no a la zona euro.
El Fondo aplicará una Política ESG acorde con lo indicado en el Folleto con el objetivo, entre otros, de que al menos el 90 % de los activos totales del Fondo cumplan sus criterios medioambientales, sociales y de gobierno corporativo («ESG») (en relación con los valores que el Fondo mantendrá directamente o a través de inversiones en IFD). El Fondo busca los «mejores valores de su clase» a la hora de realizar una inversión sostenible, lo que significa que el Fondo selecciona a los mejores emisores (desde una perspectiva ESG) para cada sector de actividad relevante (sin excluir ningún sector de actividades).
El Fondo no invertirá en valores de RF emitidos por entidades societarias que no cumplan determinados criterios ESG, tal como se indica en la sección Política ESG e Índice de referencia del Fondo incluida en el Folleto. Más del 90 % de los emisores de valores en los que invierte el Fondo tienen una clasificación ESG o se han analizado sus criterios ESG. Los IFD se pueden utilizar para ayudar a alcanzar el objetivo de inversión del Fondo.
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 MSCI Euro Corporate Sustainable SRI Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, tal como se describe de un modo más detallado en el folleto. Los accionistas deberían utilizar el Índice para comparar la rentabilidad del Fondo. Los accionistas deberían utilizar el Bloomberg Barclays Euro Corporate Index (80 %) y el Bloomberg Global Corporate Index (20 %) para evaluar el impacto del filtrado ESG en el universo de inversión 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 euro. Las acciones correspondientes a esta clase se compran y venden en coronas suecas. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets and in accordance with the Fund’s ESG Policy as disclosed in the Prospectus.
The Fund invests at least 80% of its total assets in fixed income (FI) securities, FI related securities (in each case which are investment grade (i.e. meet a specified level of credit worthiness) and, when determined appropriate, deposits and cash. FI securities include bonds and money market instruments (MMIs) (i.e. debt securities with short term maturities). FI-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). The Fund will focus on non-government FI securities and will also have exposure to FI securities of governments and government agencies inside or outside of the Eurozone.
The Fund will pursue an ESG Policy as disclosed in the Prospectus with, among other aims, at least 90% of the Fund’s total assets will meet the Fund’s environmental, social and governance (“ESG”) criteria (in respect of securities held directly by the Fund or through FDIs). The Fund adopts a “best in class” approach to sustainable investing meaning that the Fund selects the best issuers (from an ESG perspective) for each relevant sector of activities (without excluding any sector of activities).
The Fund will not invest in FI securities issued by corporate entities which do not meet certain ESG criteria as disclosed in the Fund’s ESG Policy and Benchmark section in the Prospectus. More than 90% of the issuers of securities in which the Fund invests shall be ESG rated or have been analysed for ESG purposes. FDIs may be used to help achieve the Fund’s investment objective.
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 MSCI Euro Corporate Sustainable SRI Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes as further described in the prospectus. The Index should be used by shareholders to compare the performance of the Fund. The Bloomberg Barclays Euro Corporate Index (80%) and Bloomberg Global Corporate Index (20%) should be used by shareholders to assess the impact of ESG screening on the Fund’s investment universe.
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 Euro. Shares for this class are bought and sold in Swedish Krona. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN4928 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the bonds and/or cash deposits and the performance of the derivatives used. 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 will enter into a
is comprised of up to 50 European companies with credit ratings of below investment grade and is calculated on a total return basis meaning that any balance that remains after acquiring the credit exposure will earn interest at the rate at which banks in the Eurozone lend to each other on an overnight basis (as calculated by the European Central Bank). The index is administered by IHS Markit Benchmark Administration Limited. Certain costs may be deducted from the index. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
derivative with one or more counterparties. If any of the counterparties fails to make payment (for example, it becomes insolvent) this may result in your investment suffering a loss. The fund may invest in bonds the value of which depends on the issuer being able to make its payments. There is always a risk that the issuer will fail to do so which may result in your investment suffering a loss. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index provides a notional exposure to the value and/or return of certain credit derivative transactions which may fall. Markets in these asset classes may at times become volatile or illiquid. The relevant index may be affected. The fund is intended for investors who wish to take a very short term view on the index and whose investments are not intended as buy and hold investments. The fund invests in non-investment grade bonds which generally have a higher risk of default and are more susceptible to market fluctuations than investment grade bonds. This may affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 4, dado que su precio por acción fluctúa y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser relativamente elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los bonos y/o depósitos de efectivo y de los derivados utilizados. Las entidades de DWS y sus empresas vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo participará en un derivado con una o
compuesto por un máximo de 50 empresas europeas con calificaciones crediticias por debajo del grado de inversión y se calcula con una base de rentabilidad total, lo que significa que cualquier saldo que quede tras la adquisición de la exposición crediticia devengará intereses al tipo de interés al que los bancos de la zona euro se prestan dinero entre sí a un día (según lo calculado por el Banco Central Europeo). IHS Markit Benchmark Administration Limited administra el índice. Ciertos costes pueden ser deducidos del índice. Para lograr el objetivo, el fondo invertirá en valores negociables y suscribirá con una o más contrapartes de swaps contratos financieros (derivados) relacionados con los valores negociables y el índice para obtener la rentabilidad sobre el índice. La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
más contrapartes. Si alguna de las contrapartes no efectúa el pago (por ejemplo, si deviene insolvente), esto podría provocar que su inversión sufriera pérdidas. El fondo podrá invertir en bonos cuyo valor dependa de que el emisor pueda efectuar los pagos. Existe siempre el riesgo de que el emisor no lo haga, lo que podría provocar que su inversión sufriera pérdidas. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El índice proporciona una exposición teórica al valor y/o rentabilidad de determinadas operaciones de derivados de crédito, cuyo valor puede disminuir. Los mercados para dichas clases de activos, pueden ser en ocasiones volátiles o poco líquidos. El índice correspondiente puede verse afectado. El fondo está dirigido a inversores que deseen asumir una posición a muy corto plazo sobre el índice y cuyas inversiones no estén sujetas a una estrategia de comprar y mantener (buy and hold). El fondo invierte en bonos que no tienen grado de inversión, que por lo general llevan asociado un mayor riesgo de incumplimiento y son más susceptibles a las fluctuaciones del mercado que los bonos que tienen grado de inversión. Esto podría afectar al valor de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the bonds and/or cash deposits and the performance of the derivatives used. 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 will enter into a
is comprised of up to 50 European companies with credit ratings of below investment grade and is calculated on a total return basis meaning that any balance that remains after acquiring the credit exposure will earn interest at the rate at which banks in the Eurozone lend to each other on an overnight basis (as calculated by the European Central Bank). The index is administered by IHS Markit Benchmark Administration Limited. Certain costs may be deducted from the index. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
derivative with one or more counterparties. If any of the counterparties fails to make payment (for example, it becomes insolvent) this may result in your investment suffering a loss. The fund may invest in bonds the value of which depends on the issuer being able to make its payments. There is always a risk that the issuer will fail to do so which may result in your investment suffering a loss. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index provides a notional exposure to the value and/or return of certain credit derivative transactions which may fall. Markets in these asset classes may at times become volatile or illiquid. The relevant index may be affected. The fund is intended for investors who wish to take a very short term view on the index and whose investments are not intended as buy and hold investments. The fund invests in non-investment grade bonds which generally have a higher risk of default and are more susceptible to market fluctuations than investment grade bonds. This may affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN4940 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
-
## Allotment of Shares.
- The Directors may issue any of the unclassified shares in the capital of the Company as Participating Shares in a particular Fund and, if required, a particular class in a Fund. The Company is structured as an “umbrella fund with segregated liability between its Funds” and the Directors may, in accordance with the requirements of the Central Bank, divide the Participating Shares into different classes in such currencies as they deem fit and designate one or more classes to a separate Fund. On or before the issue of any Participating Share the Directors shall specify the class and Fund in relation to which such Participating Share is designated. | -
## Asignación de Acciones.
- Los Consejeros pueden emitir cualquiera de las acciones no clasificadas del capital de la Sociedad como Acciones de un Fondo en concreto, y, si fuera necesario, de una Clase concreta dentro de un Fondo. La Sociedad está estructurada en forma de “sociedad de múltiples Fondos con pasivo segregado entre sus Fondos” y los Consejeros pueden dividir las Acciones, de acuerdo con las normas establecidas por el Banco Central, en diversas Clases denominados en las divisas que consideren adecuadas, y designar una o varias clases para constituir un Fondo separado. Antes o en el momento de la emisión de cualquier Acción, los Consejeros especificarán la Clase y el Fondo correspondientes a la Acción en cuestión. | -
## Allotment of Shares.
- The Directors may issue any of the unclassified shares in the capital of the Company as Participating Shares in a particular Fund and, if required, a particular class in a Fund. The Company is structured as an “umbrella fund with segregated liability between its Funds” and the Directors may, in accordance with the requirements of the Central Bank, divide the Participating Shares into different classes in such currencies as they deem fit and designate one or more classes to a separate Fund. On or before the issue of any Participating Share the Directors shall specify the class and Fund in relation to which such Participating Share is designated. | en | es |
DOLFIN4943 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to generate income and a reasonable degree of liquidity consistent with low volatility of capital, through the maintenance of a portfolio of high quality money market instruments (MMIs) and fixed income (FI) securities, including securities which pay income according to a floating rate of interest. Liquidity means assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of FI securities (such as bonds) and MMIs (i.e. debt securities with short term maturities).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus. The Fund’s assets will be high quality (according to the Investment Manager’s assessment of credit worthiness) at the time of purchase.
The Fund’s assets may be issued or guaranteed by United Kingdom (UK) or non-UK issuers including governments, government agencies, companies and supranationals. However, at least 75% of the Fund’s assets shall be denominated in Sterling. Where the Fund invests in instruments denominated in a currency other than Sterling, the investment manager (IM) will use FX transactions to reduce the effect of fluctuations exchange rate.
The Fund will only invest in securities which have a residual maturity of 2 years or less at time of purchase, provided that the time remaining until the next interest rate reset date is less than or equal to 397 days and they are reset to a money market rate or index. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to six months. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to twelve months.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The 3 Month Sterling Overnight Index Average Rate (SONIA) compounded in arrears should be used by investors to compare the performance of the Fund.
The Fund is a “Standard Variable NAV Money Market Fund” as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The investments of this VNAV Fund are valued using the mark-to-market method (i.e. a valuation based on current market prices) where possible, and if not, the mark to model method (i.e. a valuation based on a financial model) is used. The NAV is calculated to four decimal places and forms the dealing NAV.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in Sterling, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is £500,000,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | # Objetivos y política de inversión
El Fondo trata de generar ingresos y un grado de liquidez razonable, de manera compatible con una baja volatilidad del capital, mediante la posesión de una cartera de instrumentos del mercado monetario (IMM) y valores de renta fija (RF) de calidad elevada, incluyendo valores que pagan rendimientos con arreglo a un tipo de interés variable. Se entiende por liquidez que los activos puedan comprarse y venderse fácilmente en condiciones normales de mercado. El dinero invertido en el Fondo no está protegido ni garantizado.
El Fondo invierte en una amplia gama de valores de renta fija (RF) (como bonos) e IMM (es decir, títulos de deuda con vencimientos a corto plazo).
La gestora de inversiones tendrá en cuenta una serie de criterios medioambientales, sociales y de gobierno corporativo a la hora de seleccionar las inversiones, tal como se detalla en el folleto del Fondo.
Los activos del Fondo tendrán una alta calidad (de acuerdo con la evaluación de la gestora de inversiones sobre el nivel de solvencia) en el momento de la adquisición.
Los activos del Fondo podrán estar emitidos o garantizados por emisores tanto del Reino Unido (RU) como de fuera del RU, incluyendo gobiernos, agencias gubernamentales, empresas y organismos supranacionales. No obstante, al menos el 75 % de los activos del Fondo estarán denominados en libras esterlinas. Cuando el Fondo invierta en instrumentos denominados en una moneda distinta de la libra esterlina, la Gestora de Inversiones (GI) utilizará operaciones con divisas para reducir el efecto de las fluctuaciones de los tipos de cambio.
El Fondo únicamente invertirá en valores con un plazo de vencimiento residual de 2 años o menos en el momento de la compra, y en todo caso el tiempo restante hasta la fecha siguiente de revisión del tipo de interés será menor o igual a 397 días, y la revisión se hará con referencia a un tipo o índice del mercado monetario. El vencimiento medio ponderado (es decir, el periodo de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital o, con respecto a las notas de tipo de interés, el tiempo medio hasta la próxima revisión del tipo de interés según un tipo del mercado monetario) de todos los activos del Fondo será de hasta seis meses. La vida media ponderada (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital de los activos) de todos los activos del Fondo será de hasta doce meses.
El Fondo también puede celebrar acuerdos de recompra inversa a corto plazo. Se trata de contratos en virtud de los cuales el Fondo acuerda comprar en efectivo deuda pública a determinados terceros considerados elegibles, y acepta que el vendedor podrá recomprarlos en un momento y a un precio preestablecidos.
El Fondo se gestiona de forma activa. La gestora de inversiones tiene la potestad para seleccionar las inversiones del Fondo y no está limitada por ningún parámetro de referencia para llevar a cabo este proceso. Los inversores deberían utilizar el 3 Month Sterling Overnight Index Average Rate (SONIA) compuesto a plazo vencido para comparar la rentabilidad del Fondo.
El Fondo es un «fondo del mercado monetario estándar de valor liquidativo variable», tal y como establece el Reglamento de la UE sobre fondos del mercado monetario. Los detalles de las actuales calificaciones crediticias (si las hubiera) atribuidas al Fondo están disponibles en www.blackrock.com/cash.
Las Inversiones de este Fondo VNAV se valoran utilizando, siempre que sea posible, el método de valoración de mercado (es decir, una valoración basada en los precios actuales del mercado), y si no es posible, el método de valoración según modelo (es decir, una valoración basada en un modelo financiero). El VL se calcula hasta cuatro cifras decimales y establece el VL de negociación.
Recomendación: Este Fondo puede no ser adecuado para inversores que buscan una revalorización del capital a largo plazo. Sus acciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor).
Sus acciones estarán denominadas en libras esterlinas, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión mínima inicial para esta clase de acciones es de 500 000 000 GBP.
Para obtener más información sobre el Fondo, las clases de acciones/participaciones, la metodología de valoración, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to generate income and a reasonable degree of liquidity consistent with low volatility of capital, through the maintenance of a portfolio of high quality money market instruments (MMIs) and fixed income (FI) securities, including securities which pay income according to a floating rate of interest. Liquidity means assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of FI securities (such as bonds) and MMIs (i.e. debt securities with short term maturities).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus. The Fund’s assets will be high quality (according to the Investment Manager’s assessment of credit worthiness) at the time of purchase.
The Fund’s assets may be issued or guaranteed by United Kingdom (UK) or non-UK issuers including governments, government agencies, companies and supranationals. However, at least 75% of the Fund’s assets shall be denominated in Sterling. Where the Fund invests in instruments denominated in a currency other than Sterling, the investment manager (IM) will use FX transactions to reduce the effect of fluctuations exchange rate.
The Fund will only invest in securities which have a residual maturity of 2 years or less at time of purchase, provided that the time remaining until the next interest rate reset date is less than or equal to 397 days and they are reset to a money market rate or index. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to six months. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to twelve months.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The 3 Month Sterling Overnight Index Average Rate (SONIA) compounded in arrears should be used by investors to compare the performance of the Fund.
The Fund is a “Standard Variable NAV Money Market Fund” as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The investments of this VNAV Fund are valued using the mark-to-market method (i.e. a valuation based on current market prices) where possible, and if not, the mark to model method (i.e. a valuation based on a financial model) is used. The NAV is calculated to four decimal places and forms the dealing NAV.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in Sterling, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is £500,000,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | en | es |
DOLFIN4947 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Global Sustainable Food and Water
Schroder ISF Global Sustainable Food and Water (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in sustainable investments, which are investments that the investment manager expects to contribute towards the provision of sustainable food and water including water management, agricultural equipment, agricultural inputs, food production, processing, packaging and distribution, food and water retail and recycling. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since its launch date of 29 October 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF Global Sustainable Food and Water
Schroder ISF Global Sustainable Food and Water (el “Fondo”) tiene como objetivo la inversión sostenible en el sentido que se le atribuye en el Artículo 9 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés).
En particular, el Fondo invierte al menos el 75% de sus activos en inversiones sostenibles, que son inversiones que la Gestora de inversiones espera que contribuyan al suministro de alimentos y agua sostenibles, incluyendo la gestión del agua, los equipos agrícolas, los insumos agrícolas, la producción, el procesamiento, el envasado y la distribución de alimentos, el comercio minorista de alimentos y agua y el reciclaje. Para determinar si una inversión es sostenible para estos fines, la Gestora de inversiones aplica los criterios de selección resumidos en el Folleto.
La Gestora de inversiones es responsable de determinar si una inversión cumple los criterios de una inversión sostenible. El resultado del proceso anteriormente descrito es una lista de inversiones que cumplen con los criterios de selección, lo que constituye el universo de inversión. El Fondo invierte al menos el 75% de sus activos en las inversiones incluidas en este universo. El cumplimiento de esta normativa se supervisa a diario a través de nuestros controles de cumplimiento automatizados.
El Fondo ha invertido al menos el 75% de sus activos en inversiones sostenibles, según la metodología descrita anteriormente, desde su fecha de lanzamiento el 29 de octubre de 2021.
Durante la totalidad o parte del período al que se refiere el Fondo también se aplicaron ciertas exclusiones, con las que la Gestora de inversiones supervisa el cumplimiento de las normas de forma continua. Las exclusiones aplicables se enumeran en “Información sobre sostenibilidad” en la página web del Fondo, a la que se accede a través de www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF Global Sustainable Food and Water
Schroder ISF Global Sustainable Food and Water (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in sustainable investments, which are investments that the investment manager expects to contribute towards the provision of sustainable food and water including water management, agricultural equipment, agricultural inputs, food production, processing, packaging and distribution, food and water retail and recycling. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since its launch date of 29 October 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | en | es |
DOLFIN4948 | 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 UCI, classified as "Bonds and other international debt securities", has the management objective of obtaining, over the recommended investment period of 3 years, a performance net of fees, superior to that of the BofA BB Global High Yield index by investing in a portfolio of issuers previously filtered according to ESG criteria and of which at least 60% contribute positively and/or do not present a negative contribution to the SDGs.
Benchmark index: The UCI is neither an index fund nor an index benchmark, but for a posteriori comparison purposes, unitholders may refer to the performance of the ICE BofAML BB Global High Yield Total Return Index. The benchmark is used for comparison only. The manager may decide whether or not to invest in the securities that make up the benchmark index.
The investment strategy of the UCI is to take advantage of thematic momentum and future challenges such as climate change, technological innovation, urbanisation and population growth. These themes may evolve as new trends emerge and are determined at the discretion of the management team. The management company uses the “La Française Sustainable Investment Research” research centre of the “La Française Group UK Limited” entity. The strategy of the UCI is to invest in issuers whose rating is likely to improve (to take advantage of improvements in the risk premium). The strategy consists of the discretionary management of a bond portfolio issued by private entities. In order to achieve the management objective, the portfolio is invested up to 100% of the net assets in fixed or floating rate bonds, other negotiable debt securities and money market instruments (Treasury bills, commercial paper, certificates of deposit) from all sectors. The criteria used to analyse private issuers are: Environmental (carbon intensity, etc), Social (staff training, etc), Governance (remuneration policy, etc) through an ESG integration approach with a significant commitment to management. The first step in the extra-financial analysis consists of identifying the issuers that must first be excluded under the exclusion policy of La Française Group. Then, the second step consists of excluding the 20% of private issuers whose ESG scores are the lowest in the initial investment universe covered are excluded. All of these excluded issuers comprise the ESG exclusion list. This list is established on a monthly basis for private issuers and determines a minimum ESG score threshold below which the UCI cannot invest. In the 3rd step, the manager analyses the profiles of companies after reducing the investment universe and determines whether their products and services fit into one of the themes. As a result of this discretionary analysis, an issuer is assigned to one (or none) of these themes. The management company undertakes to constitute the UCI portfolio up to a minimum of 60% of the net assets of issuers contributing positively and/or not representing a negative contribution to the SDGs (SDG score between 0 and | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El OIC, clasificado en la categoría de «Obligaciones y otros títulos de deuda internacionales», tiene como objetivo de gestión obtener, durante el período de inversión recomendado de 3 años, una rentabilidad neta de comisiones superior a la del índice BofA BB Global High Yield mediante la inversión en una cartera de emisores previamente seleccionados según criterios ESG y de los que al menos el 60 % aporten contribuciones positivas o no presenten contribuciones negativas para los ODS.
Indicador de referencia: El OIC no está ni indexado ni tiene una referencia indexada pero, posteriormente, el partícipe puede consultar a modo de comparación la rentabilidad del ICE BofAML BB Global High Yield Total Return Index. El índice de referencia se usa solo para poder establecer una comparación. El gestor puede invertir o no en los valores que componen el indicador de referencia.
La estrategia de inversión del OIC es aprovechar el impulso creado por temas y desafíos futuros como el cambio climático, la innovación tecnológica, la urbanización y el crecimiento de la población. Es probable que estos temas cambien dependiendo de la aparición de nuevas tendencias y vienen determinados de manera discrecional por el equipo de gestión. La sociedad gestora utiliza el centro de investigación «La Française Sustainable Investment Research» de la entidad «La Française Group UK Limited». La estrategia del OIC es invertir en emisores cuya calificación es probable que mejore (obtener mejoras en la prima de riesgo). Consiste en gestionar de manera discrecional una cartera de obligaciones emitidas por entidades privadas. Para lograr el objetivo de gestión, se invierte hasta el 100 % de la cartera en obligaciones de tipo fijo o variable, otros títulos de crédito negociables e instrumentos del mercado monetario (bonos del Tesoro, pagarés de empresa o certificados de depósito) de todos los sectores. Los criterios utilizados para analizar a los emisores privados son: ambientales (intensidad de carbono, etc.), sociales (formación del personal, etc.) y de gobernanza (política de retribuciones, etc.) a través de un enfoque de integración ESG con un importante compromiso de gestión. El primer paso del análisis extrafinanciero consiste en identificar los emisores que deben ser excluidos de antemano conforme a la política de exclusión del Grupo La Française. El segundo paso consiste en excluir el 20 % de los emisores privados con las puntuaciones ESG más bajas en el universo de inversión inicial cubierto. Todos estos emisores excluidos representan la lista de exclusión de ESG. Esta última se establece mensualmente para los emisores privados y determina un umbral mínimo de puntuación ESG por debajo del cual el OIC no puede invertir. En el tercer paso, el gestor analiza los perfiles de las empresas tras reducir el universo de inversión y determina si sus productos y servicios se adaptan a una de las temáticas. El resultado de este análisis discrecional determina la asignación de un emisor a uno de estos temas o a ninguno de ellos. La sociedad gestora se compromete a constituir la cartera del OIC hasta un mínimo del 60 % del patrimonio neto de los emisores que aporten contribuciones positivas o que no presenten contribuciones negativas para los ODS (puntuación ODS entre 0 y +10). El 40 % restante se | # OBJECTIVES AND INVESTMENT POLICY
The UCI, classified as "Bonds and other international debt securities", has the management objective of obtaining, over the recommended investment period of 3 years, a performance net of fees, superior to that of the BofA BB Global High Yield index by investing in a portfolio of issuers previously filtered according to ESG criteria and of which at least 60% contribute positively and/or do not present a negative contribution to the SDGs.
Benchmark index: The UCI is neither an index fund nor an index benchmark, but for a posteriori comparison purposes, unitholders may refer to the performance of the ICE BofAML BB Global High Yield Total Return Index. The benchmark is used for comparison only. The manager may decide whether or not to invest in the securities that make up the benchmark index.
The investment strategy of the UCI is to take advantage of thematic momentum and future challenges such as climate change, technological innovation, urbanisation and population growth. These themes may evolve as new trends emerge and are determined at the discretion of the management team. The management company uses the “La Française Sustainable Investment Research” research centre of the “La Française Group UK Limited” entity. The strategy of the UCI is to invest in issuers whose rating is likely to improve (to take advantage of improvements in the risk premium). The strategy consists of the discretionary management of a bond portfolio issued by private entities. In order to achieve the management objective, the portfolio is invested up to 100% of the net assets in fixed or floating rate bonds, other negotiable debt securities and money market instruments (Treasury bills, commercial paper, certificates of deposit) from all sectors. The criteria used to analyse private issuers are: Environmental (carbon intensity, etc), Social (staff training, etc), Governance (remuneration policy, etc) through an ESG integration approach with a significant commitment to management. The first step in the extra-financial analysis consists of identifying the issuers that must first be excluded under the exclusion policy of La Française Group. Then, the second step consists of excluding the 20% of private issuers whose ESG scores are the lowest in the initial investment universe covered are excluded. All of these excluded issuers comprise the ESG exclusion list. This list is established on a monthly basis for private issuers and determines a minimum ESG score threshold below which the UCI cannot invest. In the 3rd step, the manager analyses the profiles of companies after reducing the investment universe and determines whether their products and services fit into one of the themes. As a result of this discretionary analysis, an issuer is assigned to one (or none) of these themes. The management company undertakes to constitute the UCI portfolio up to a minimum of 60% of the net assets of issuers contributing positively and/or not representing a negative contribution to the SDGs (SDG score between 0 and | en | es |
DOLFIN4949 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## MANAGER
BNY Mellon Fund Management (Luxembourg) S.A. has been appointed by the Company to act as manager of the Company pursuant to the Management Agreement. The Manager was incorporated in Luxembourg on 10 June 1988 as a public limited company in the form of a société anonyme under the laws of the Grand Duchy of Luxembourg. The Manager has responsibility for the management and administration of the Company’s affairs, subject to the overall supervision and control of the Directors. The Manager is ultimately a wholly owned subsidiary of The Bank of New York Mellon Corporation and is a part of The Bank of New York Mellon Corporation group of companies.
The Manager has delegated its functions as administrator, registrar and transfer agent to the Administrator. The Manager has delegated its investment management responsibilities to the Investment Advisers.
The Directors of the Manager are Greg Brisk, Mark Flaherty, Udo Goebel, Carole Judd Gerald Rehn and Marc Saluzzi. Descriptions of Mr. Greg Brisk and Mr. Gerald Rehn appear under the heading “Directors” above. | ## SOCIEDAD GESTORA
BNY Mellon Fund Management (Luxembourg) S.A. ha sido nombrada por la Sociedad para que actúe como sociedad gestora de la Sociedad de conformidad con el Contrato de Gestión. La Sociedad gestora se constituyó en Luxemburgo el 10 de junio de 1988 como sociedad anónima (société anonyme) al amparo de las leyes del Gran Ducado de Luxemburgo. La Sociedad gestora se encarga de gestionar y administrar los asuntos de la Sociedad, siempre bajo la supervisión y el control globales de los Consejeros. En última instancia, la Sociedad gestora es una filial enteramente participada de The Bank of New York Mellon Corporation y forma parte del grupo de empresas de The Bank of New York Mellon Corporation.
La Sociedad gestora ha delegado sus funciones de administrador, registrador y agente de transmisiones al Agente administrativo. La Sociedad gestora ha delegado sus responsabilidades de gestión de inversiones a las Gestoras de Inversiones.
Los Consejeros de la Sociedad gestora son Greg Brisk, Mark Flaherty, Udo Goebel, Carole Judd, Gerald Rehn y Marc Saluzzi. En el apartado anterior «Consejeros», puede encontrarse un resumen del perfil de Greg Brisk y Gerald Rehn. | ## MANAGER
BNY Mellon Fund Management (Luxembourg) S.A. has been appointed by the Company to act as manager of the Company pursuant to the Management Agreement. The Manager was incorporated in Luxembourg on 10 June 1988 as a public limited company in the form of a société anonyme under the laws of the Grand Duchy of Luxembourg. The Manager has responsibility for the management and administration of the Company’s affairs, subject to the overall supervision and control of the Directors. The Manager is ultimately a wholly owned subsidiary of The Bank of New York Mellon Corporation and is a part of The Bank of New York Mellon Corporation group of companies.
The Manager has delegated its functions as administrator, registrar and transfer agent to the Administrator. The Manager has delegated its investment management responsibilities to the Investment Advisers.
The Directors of the Manager are Greg Brisk, Mark Flaherty, Udo Goebel, Carole Judd Gerald Rehn and Marc Saluzzi. Descriptions of Mr. Greg Brisk and Mr. Gerald Rehn appear under the heading “Directors” above. | en | es |
DOLFIN4952 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Duties and functions in relation to (iii) and (iv) above may not be delegated by the Depositary.
Under the terms of the Depositary Agreement, the Depositary may from time to time delegate the duties and functions in relation to (i) and (ii) above provided that (i) the services are not delegated with the intention of avoiding the requirements of the UCITS Regulations, (ii) the Depositary can demonstrate that there is an objective reason for the delegation and (iii) the Depositary has exercised all due, skill, care and diligence in the selection and appointment of any third party to whom it wants to delegate parts of its safekeeping obligations, and keeps exercising all due skill, care and diligence in the periodic review and ongoing monitoring of any third party to whom it has delegated parts of its safekeeping services and of the arrangements of the third party in respect of the matters delegated to it. The liability of the Depositary will not be affected by virtue of any such delegation. As at the date of this Prospectus, the Depositary has delegated to its global sub-custodian, The State Street Bank and Trust Company, responsibility for the safekeeping of the Company’s financial instruments and cash. The global sub-custodian proposes to further delegate these responsibilities to sub- delegates set out in Appendix 3. | # El Depositario no podrá delegar las obligaciones y funciones relacionadas con los apartados (iii) y (iv) anteriores.
De conformidad con las condiciones del Contrato de depósito, el Depositario podrá periódicamente delegar las obligaciones y funciones relacionadas con los apartados (i) y (ii) anteriores siempre que: (i) los servicios no se deleguen con la intención de evitar los requisitos del Reglamento sobre OICVM; (ii) el Depositario pueda demostrar que existe una razón objetiva que justifica la delegación; y (iii) el Depositario haya ejercido el correspondiente proceso de diligencia debida para la selección y la designación de cualquier tercero en el que desee delegar parte de sus obligaciones de salvaguarda, y continúe ejerciendo el correspondiente proceso de diligencia debida durante la revisión periódica y el seguimiento continuo de cualquier tercero en el que haya delegado parte de sus servicios de salvaguarda y de los acuerdos del tercero con respecto a los asuntos que le han sido delegados. La responsabilidad del Depositario no se verá afectada en virtud de ninguna delegación de este tipo. A fecha del presente Folleto Informativo, el Depositario ha delegado en su subdepositario internacional, The State Street Bank and Trust Company, la responsabilidad de la custodia de los instrumentos financieros y el efectivo de la Sociedad. El subdepositario internacional propone delegar asimismo estas responsabilidades en los subdelegados que se recogen en el Anexo 3. | # Duties and functions in relation to (iii) and (iv) above may not be delegated by the Depositary.
Under the terms of the Depositary Agreement, the Depositary may from time to time delegate the duties and functions in relation to (i) and (ii) above provided that (i) the services are not delegated with the intention of avoiding the requirements of the UCITS Regulations, (ii) the Depositary can demonstrate that there is an objective reason for the delegation and (iii) the Depositary has exercised all due, skill, care and diligence in the selection and appointment of any third party to whom it wants to delegate parts of its safekeeping obligations, and keeps exercising all due skill, care and diligence in the periodic review and ongoing monitoring of any third party to whom it has delegated parts of its safekeeping services and of the arrangements of the third party in respect of the matters delegated to it. The liability of the Depositary will not be affected by virtue of any such delegation. As at the date of this Prospectus, the Depositary has delegated to its global sub-custodian, The State Street Bank and Trust Company, responsibility for the safekeeping of the Company’s financial instruments and cash. The global sub-custodian proposes to further delegate these responsibilities to sub- delegates set out in Appendix 3. | en | es |
DOLFIN4965 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years Example Investment: 10 000 EUR If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | |
| Stress | What you might get back after costs | 6 450 EUR | 6 420 EUR |
| Average return each year | -35.50% | -8.48% |
| Unfavourable | What you might get back after costs | 9 010 EUR | 9 140 EUR |
| Average return each year | -9.90% | -1.78% |
| Moderate | What you might get back after costs | 10 290 EUR | 11 660 EUR |
| Average return each year | 2.90% | 3.12% |
| Favourable | What you might get back after costs | 11 900 EUR | 12 800 EUR |
| Average return each year | 19.00% | 5.06% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: 10 000 EUR En caso de salida En caso de salida después de 1 año después de 5 años Escenarios |
| --- |
| Mínimo | |
| Tensión | Lo que podría recibir tras deducir los costes | 6 450 EUR | 6 420 EUR |
| Rendimiento medio cada año | -35.50% | -8.48% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 9 010 EUR | 9 140 EUR |
| Rendimiento medio cada año | -9.90% | -1.78% |
| Moderado | Lo que podría recibir tras deducir los costes | 10 290 EUR | 11 660 EUR |
| Rendimiento medio cada año | 2.90% | 3.12% |
| Favorable | Lo que podría recibir tras deducir los costes | 11 900 EUR | 12 800 EUR |
| Rendimiento medio cada año | 19.00% | 5.06% | | | Recommended holding period: 5 years Example Investment: 10 000 EUR If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | |
| Stress | What you might get back after costs | 6 450 EUR | 6 420 EUR |
| Average return each year | -35.50% | -8.48% |
| Unfavourable | What you might get back after costs | 9 010 EUR | 9 140 EUR |
| Average return each year | -9.90% | -1.78% |
| Moderate | What you might get back after costs | 10 290 EUR | 11 660 EUR |
| Average return each year | 2.90% | 3.12% |
| Favourable | What you might get back after costs | 11 900 EUR | 12 800 EUR |
| Average return each year | 19.00% | 5.06% | | en | es |
DOLFIN4966 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Note 6 Applied Service Fee (continued)
- Class of Units currency hedging cost;
- the fees of the registrar agent and administrator (including the calculation of the Net Asset Value), any paying agent and of any representatives in jurisdictions where the Units are qualified for sale, and of all other agents employed on behalf of the Fund; such remuneration may be based on the net assets of the Fund or on a transaction basis or may be a fixed sum;
- the cost of preparing, printing and publishing in such languages as are necessary, and distributing offering information or documents concerning the Fund (including unitholder notification), annual and semi-annual reports and such other reports or documents, as may be required under the applicable laws or regulations of the jurisdictions or the authorities where the Units are qualified for sale;
- the cost of printing certificates and proxies;
- the cost of preparing and filing the Management Regulations and all other documents concerning the Fund, including registration statements and offering circulars with all authorities (including local securities dealers’ associations) having jurisdiction over the Fund or the offering of Units;
- the cost of qualifying the Fund or the sale of Units in any jurisdiction or of a listing on any stock exchange;
- the cost of accounting and bookkeeping;
- legal fees;
- insurance, postage, telephone and telex and any communication mean;
- distribution and sales support costs (including costs charged by local routing order platforms, local transfer agent costs, local representative agent and the translation costs);
- and all similar charges and expenses. | ## Nota 6 Comisión de servicio aplicada (continuación)
- el coste de la cobertura del riesgo cambiario para las Clases de participaciones;
- los honorarios del Agente de Registro y del Administrador (incluido el cálculo del Valor liquidativo), de cualesquiera Agente de Pagos y los representantes en aquellas jurisdicciones en las que las Participaciones estén autorizadas para su venta y todos los demás agentes contratados por cuenta del Fondo; dichos honorarios podrán calcularse con base en el patrimonio neto del Fondo, por operaciones o a tanto alzado;
- los costes de elaboración, impresión, publicación, en todos los idiomas necesarios, y distribución de Folletos o documentos relativos al Fondo (incluidas las notificaciones a los Partícipes), de los informes anuales y semestrales y de cualesquiera otros informes y documentos exigidos con arreglo a las leyes y reglamentos aplicables de las jurisdicciones o administraciones territoriales en las que las Participaciones estén autorizadas para su venta;
- el coste de impresión de certificados e impresos de apoderamiento;
- el coste de elaboración y presentación ante todas las autoridades (incluidas las asociaciones locales de intermediarios financieros) que tengan competencias sobre el Fondo o la oferta de Participaciones, de lo normativa de la Dirección y todos los restantes documentos relativos al Fondo, incluidos los extractos de registro y Folletos informativos;
- los costes relacionados con la autorización del Fondo o con la venta de Participaciones en cualquier jurisdicción, o con su admisión a cotización en cualquier bolsa de valores;
- los costes de contabilidad y de teneduría de libros;
- gastos legales;
- gastos de seguros, correo, teléfono, télex y cualquier otro medio de comunicación;
- los costes de servicio de apoyo a la comercialización y a la venta (incluidos los gastos cobrados por las plataformas de enrutamiento de órdenes locales, los agentes de transferencias y de representación locales y los gastos de traducción);
- y cualesquiera otros gastos y honorarios similares. | ## Note 6 Applied Service Fee (continued)
- Class of Units currency hedging cost;
- the fees of the registrar agent and administrator (including the calculation of the Net Asset Value), any paying agent and of any representatives in jurisdictions where the Units are qualified for sale, and of all other agents employed on behalf of the Fund; such remuneration may be based on the net assets of the Fund or on a transaction basis or may be a fixed sum;
- the cost of preparing, printing and publishing in such languages as are necessary, and distributing offering information or documents concerning the Fund (including unitholder notification), annual and semi-annual reports and such other reports or documents, as may be required under the applicable laws or regulations of the jurisdictions or the authorities where the Units are qualified for sale;
- the cost of printing certificates and proxies;
- the cost of preparing and filing the Management Regulations and all other documents concerning the Fund, including registration statements and offering circulars with all authorities (including local securities dealers’ associations) having jurisdiction over the Fund or the offering of Units;
- the cost of qualifying the Fund or the sale of Units in any jurisdiction or of a listing on any stock exchange;
- the cost of accounting and bookkeeping;
- legal fees;
- insurance, postage, telephone and telex and any communication mean;
- distribution and sales support costs (including costs charged by local routing order platforms, local transfer agent costs, local representative agent and the translation costs);
- and all similar charges and expenses. | en | es |
DOLFIN4974 | 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 | 6,273 GBP | 4,251 GBP |
| Average return each year | -37.27% | -15.72% |
| Unfavourable scenario | What you might get back after costs | 7,248 GBP | 6,648 GBP |
| Average return each year | -27.52% | -7.84% |
| Moderate scenario | What you might get back after costs | 11,516 GBP | 22,576 GBP |
| Average return each year | 15.16% | 17.69% |
| Favourable scenario | What you might get back after costs | 14,554 GBP | 28,156 GBP |
| Average return each year | 45.54% | 23.00% | | | 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 | 6.273 GBP | 4.251 GBP |
| Rendimiento medio cada año | -37,27 % | -15,72 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7.248 GBP | 6.648 GBP |
| Rendimiento medio cada año | -27,52 % | -7,84 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 11.516 GBP | 22.576 GBP |
| Rendimiento medio cada año | 15,16 % | 17,69 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 14.554 GBP | 28.156 GBP |
| Rendimiento medio cada año | 45,54 % | 23,00 % | | | 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 | 6,273 GBP | 4,251 GBP |
| Average return each year | -37.27% | -15.72% |
| Unfavourable scenario | What you might get back after costs | 7,248 GBP | 6,648 GBP |
| Average return each year | -27.52% | -7.84% |
| Moderate scenario | What you might get back after costs | 11,516 GBP | 22,576 GBP |
| Average return each year | 15.16% | 17.69% |
| Favourable scenario | What you might get back after costs | 14,554 GBP | 28,156 GBP |
| Average return each year | 45.54% | 23.00% | | en | es |
DOLFIN4976 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Jack Neele, Richard Speetjens | |
| --- | --- |
| Fund manager since 01-07-2007 |
| Performance | | |
| | Fund | Index |
| 1 m | 3.00% | 5.71% |
| 3 m | -13.17% | -6.41% |
| Ytd | -38.06% | -17.82% |
| 1 Year | -40.37% | -16.23% |
| 2 Years | -14.41% | 6.88% |
| 3 Years | -0.99% | 5.27% |
| Since 06-2018 | 1.69% | 5.36% |
| Annualized (for periods longer than one year) Note: due to a difference in measurement period between the fund and the index, performance differences may arise. For further info, see last page. |
| Calendar year performance | | |
| | Fund | Index |
| 2021 | 2.81% | 20.87% |
| 2020 | 44.68% | 11.50% |
| 2019 | 32.27% | 24.14% |
| 2019-2021 Annualized (years) | 25.30% | 18.71% | | | Jack Neele, Richard Speetjens | |
| --- | --- |
| Gestor del fondo desde 01-07-2007 |
| Rentabilidad | | |
| | Fondo | Índice |
| 1 m | 3,00% | 5,71% |
| 3 m | -13,17% | -6,41% |
| Ytd | -38,06% | -17,82% |
| 1 año | -40,37% | -16,23% |
| 2 años | -14,41% | 6,88% |
| 3 años | -0,99% | 5,27% |
| Since 06-2018 | 1,69% | 5,36% |
| Anualizado (para periodos superiores a un año) Nota: pueden surgir diferencias de rentabilidad debido a los distintos períodos de medición del fondo y del índice. Para más información, véase la última página. |
| Rentabilidad por año natural | | |
| | Fondo | Índice |
| 2021 | 2,81% | 20,87% |
| 2020 | 44,68% | 11,50% |
| 2019 | 32,27% | 24,14% |
| 2019-2021 Anualizado (años) | 25,30% | 18,71% | | | Jack Neele, Richard Speetjens | |
| --- | --- |
| Fund manager since 01-07-2007 |
| Performance | | |
| | Fund | Index |
| 1 m | 3.00% | 5.71% |
| 3 m | -13.17% | -6.41% |
| Ytd | -38.06% | -17.82% |
| 1 Year | -40.37% | -16.23% |
| 2 Years | -14.41% | 6.88% |
| 3 Years | -0.99% | 5.27% |
| Since 06-2018 | 1.69% | 5.36% |
| Annualized (for periods longer than one year) Note: due to a difference in measurement period between the fund and the index, performance differences may arise. For further info, see last page. |
| Calendar year performance | | |
| | Fund | Index |
| 2021 | 2.81% | 20.87% |
| 2020 | 44.68% | 11.50% |
| 2019 | 32.27% | 24.14% |
| 2019-2021 Annualized (years) | 25.30% | 18.71% | | en | es |
DOLFIN4977 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment strategy:
The fund seeks to achieve capital growth by investing in the principal assets traded and to outperform the benchmark index.
The management team makes discretionary investment choices based on economic/financial analyses.
The Fund promotes, among other characteristics, environmental and/or social characteristics without however having a sustainable investment objective.Environmental, social and governance (ESG) criteria contribute to the manager's decision- making, without however being a decisive factor in this decision- making.For more information, please see the management company's website and/or the prospectus.
The fund may use derivative products both for investment and hedging purposes (hedging against unfavourable future financial events).
Benchmark: iBoxx EUR Overall (Total Return)
The fund is actively managed and the investment process implies referring to a benchmark index.
Definition of the index:
The index measures the performance of EUR denominated investment grade bonds. | ## Estrategia de inversión:
El fondo trata de obtener la revalorización del capital invirtiendo en los principales activos negociados y trata de superar el rendimiento del índice de referencia.
El equipo de gestión realiza selecciones discrecionales de inversión sobre la base de análisis económico-financieros.
El Fondo promueve, entre otras, unas características medioambientales y/o sociales sin por ello tener un objetivo de inversión sostenible.Los criterios medioambientales, sociales y de gobierno corporativo (ESG) contribuyen a la toma de decisiones del gestor, sin por ello ser un factor determinante de esta toma de decisiones.Para obtener más información, consulte el sitio web de la Sociedad Gestora y/o el folleto.
El fondo puede recurrir a productos derivados, tanto con fines de inversión como con fines de cobertura (para protegerse frente a futuros acontecimientos financieros desfavorables).
Valor de referencia: iBoxx EUR Overall (rentabilidad total)
La gestión activa del fondo y el proceso de inversión conllevan la referencia a un valor de referencia (el índice).
Definición del índice:
El índice mide el rendimiento de los bonos de primera calidad (“investment grade”) denominados en euros.
Utilización del índice: | ## Investment strategy:
The fund seeks to achieve capital growth by investing in the principal assets traded and to outperform the benchmark index.
The management team makes discretionary investment choices based on economic/financial analyses.
The Fund promotes, among other characteristics, environmental and/or social characteristics without however having a sustainable investment objective.Environmental, social and governance (ESG) criteria contribute to the manager's decision- making, without however being a decisive factor in this decision- making.For more information, please see the management company's website and/or the prospectus.
The fund may use derivative products both for investment and hedging purposes (hedging against unfavourable future financial events).
Benchmark: iBoxx EUR Overall (Total Return)
The fund is actively managed and the investment process implies referring to a benchmark index.
Definition of the index:
The index measures the performance of EUR denominated investment grade bonds. | en | es |
DOLFIN4979 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Type: This Product is an investment company qualifying as UCITS Sub-fund in accordance with the UCITS law.
Term: This Product has no maturity date. The Sub-fund has been established for an indefinite period of time. The Board of Directors of the Investment Company is entitled to liquidate, merge or reposition the Product at any time unilaterally in case the Product can no longer be managed in the interest of the investors. The amount the investor will receive upon early termination may be less than the amount invested.
Objectives: This Sub-fund is actively managed without reference to a benchmark aiming to achieve risk-adjusted returns. The Sub-fund promotes environmental, social and governance (ESG) characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088) through a combination of different portfolio management techniques. Details are available in the prospectus and the ESG website disclosure of the Sub-fund. The Sub-fund invests worldwide and in any currency in corporate bonds (senior or subordinated, fixed and/or floating rate). The Sub-fund may invest up to 50% of its Net Asset Value in insurance equity issued by Insurance Companies, up to 20% in contingent convertible and write down bonds (Contingent Capital), and up to 65% in Cat Bonds. The Sub-fund invests either directly or indirectly (max. 10%) via shares or units of Target Funds. The Sub-fund may invest up to 100% of its Net Asset Value in money market instruments including cash. The benchmark used to calculate the performance fee will depend on the reference currency of the relevant share class as follows: USD: SOFR, EUR: ESTER, CHF: SARON, GBP: SONIA, AUD: AONIA and SEK: STIBOR. The Sub-fund uses derivatives to reduce the impact of changes in currency exchange rates on the performance for this Share Class. The investor can buy or sell shares of the Sub-fund on a weekly basis, as further defined in the prospectus. This Share Class does not make distributions. The Sub-fund shall bear the costs of standard brokerage and bank charges incurred by the Sub-fund through securities transactions in relation to the portfolio.
Intended Retail Investor: This Product is intended for retail investors with sufficient knowledge and experience in collective investment schemes and similar products, an ability to bear a minor investment loss, and a long-term investment horizon.
What are the risks and what could I get in return?
- | # Tipo: Este producto es una sociedad de inversión clasificada como subfondo OICVM de conformidad con la legislación sobre los OICVM.
Plazo: Este producto no tiene fecha de vencimiento. El subfondo se ha establecido por un periodo de tiempo indefinido. El Consejo de Administración de la sociedad de inversión tiene derecho a liquidar, fusionar o reposicionar el producto en cualquier momento unilateralmente en caso de que el producto ya no se pueda gestionar en beneficio de los inversores. El importe que el inversor recibirá en caso de terminación anticipada podría ser inferior al importe invertido.
Objetivos: Este subfondo se gestiona de forma activa sin referencia a un índice de referencia con el objetivo de generar rendimientos ajustados por riesgo. El subfondo promueve criterios medioambientales, sociales y de gobierno corporativo (ESG) (en el sentido del artículo 8 del Reglamento (UE) 2019/2088) mediante la combinación de diferentes técnicas de gestión de carteras. Para más detalles, consúltese el folleto y la página web de información ESG del subfondo. El subfondo invierte en todo el mundo y en cualquier moneda en bonos corporativos (sénior o subordinados, de tipo fijo y/o variable). El subfondo podrá invertir hasta el 50 % de su valor liquidativo en renta variable de seguros emitida por compañías de seguros, hasta el 20 % en bonos contingentes convertibles y amortizables (capital contingente) y hasta el 65 % en bonos Cat. El subfondo invierte directa o indirectamente (máx. 10 %) a través de acciones o participaciones de los fondos objetivo. El Subfondo podrá invertir hasta el 100 % de su valor liquidativo en instrumentos del mercado monetario, incluido el efectivo. El índice de referencia utilizado para calcular la comisión de rendimiento dependerá de la moneda de referencia de la clase de acciones correspondiente según se indica a continuación: USD: SOFR, EUR: ESTER, CHF: SARON, GBP: SONIA, AUD: AONIA y SEK: STIBOR. El fondo utiliza derivados para reducir el impacto de las variaciones de los tipos de cambio en el rendimiento de esta clase de acciones. Los inversores pueden comprar o vender las acciones del subfondo semanalmente, tal como se define con más detalle en el folleto. Esta clase de acciones no realiza distribuciones. El fondo asumirá los gastos por comisiones bancarias y de corretaje que recaigan sobre las operaciones con valores de la cartera.
Inversor minorista al que va dirigido: Este producto está dirigido a inversores minoristas con suficiente conocimiento y experiencia en instituciones de inversión colectiva y productos similares, una capacidad para asumir una pérdida de inversión menor y un horizonte de inversión a largo plazo.
¿Qué riesgos corro y qué podría obtener a cambio?
- | # Type: This Product is an investment company qualifying as UCITS Sub-fund in accordance with the UCITS law.
Term: This Product has no maturity date. The Sub-fund has been established for an indefinite period of time. The Board of Directors of the Investment Company is entitled to liquidate, merge or reposition the Product at any time unilaterally in case the Product can no longer be managed in the interest of the investors. The amount the investor will receive upon early termination may be less than the amount invested.
Objectives: This Sub-fund is actively managed without reference to a benchmark aiming to achieve risk-adjusted returns. The Sub-fund promotes environmental, social and governance (ESG) characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088) through a combination of different portfolio management techniques. Details are available in the prospectus and the ESG website disclosure of the Sub-fund. The Sub-fund invests worldwide and in any currency in corporate bonds (senior or subordinated, fixed and/or floating rate). The Sub-fund may invest up to 50% of its Net Asset Value in insurance equity issued by Insurance Companies, up to 20% in contingent convertible and write down bonds (Contingent Capital), and up to 65% in Cat Bonds. The Sub-fund invests either directly or indirectly (max. 10%) via shares or units of Target Funds. The Sub-fund may invest up to 100% of its Net Asset Value in money market instruments including cash. The benchmark used to calculate the performance fee will depend on the reference currency of the relevant share class as follows: USD: SOFR, EUR: ESTER, CHF: SARON, GBP: SONIA, AUD: AONIA and SEK: STIBOR. The Sub-fund uses derivatives to reduce the impact of changes in currency exchange rates on the performance for this Share Class. The investor can buy or sell shares of the Sub-fund on a weekly basis, as further defined in the prospectus. This Share Class does not make distributions. The Sub-fund shall bear the costs of standard brokerage and bank charges incurred by the Sub-fund through securities transactions in relation to the portfolio.
Intended Retail Investor: This Product is intended for retail investors with sufficient knowledge and experience in collective investment schemes and similar products, an ability to bear a minor investment loss, and a long-term investment horizon.
What are the risks and what could I get in return?
- | en | es |
DOLFIN4981 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| Conversion charge | None |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.75% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above Citigroup European WGBI (Euro). |
| Over the last accounting year, a performance fee of 0.29% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | Ninguno |
| Gastos de salida | Ninguno |
| Gastos de conversión | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,75% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del Citigroup European WGBI (Euro). |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,29%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| Conversion charge | None |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.75% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above Citigroup European WGBI (Euro). |
| Over the last accounting year, a performance fee of 0.29% was charged. | | en | es |
DOLFIN4986 | 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 income on your investment consistent with maintaining capital and ensuring its underlying assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of fixed income securities (such as bonds) and money market instruments (MMIs) (i.e. debt securities with short term maturities). It may also invest in deposits with credit institutions (e.g. banks).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus.
The Fund is a “Short Term Low Volatility Variable Net Asset Value Money Market Fund” (or LVNAV) as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The Euro Short-Term Rate (ESTR) should be used by investors to compare the performance of the Fund.
The investments of the Fund are valued using a mixture of the amortised cost and mark-to-market method (i.e. a valuation based on current market prices) where possible, and, if not available, the mark-to-model method (i.e. a valuation based on a financial model). The net asset value (NAV) may be rounded for dealing purposes. A comparative NAV is also calculated using the mark-to-market method where possible, and if not, the mark-to-model method, to four decimal places daily.
The Fund’s assets may be issued or guaranteed by the governments of member states of the European Union or other sovereign governments, government agencies, companies and supranationals and shall always be denominated in Euro. They will be rated high quality (according to the Investment Manager’s assessment) at the time of purchase.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The Fund is valued at multiple valuation points throughout each day in order to offer investors the ability to buy and sell shares at multiple times during the day. The minimum initial investment for this share class is €50,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar los rendimientos de su inversión de manera compatible con el mantenimiento del capital y garantizando que los activos subyacentes en los que invierta el Fondo puedan comprarse o venderse fácilmente en condiciones normales de mercado. El dinero invertido en el Fondo no está protegido ni garantizado.
El Fondo invierte en una amplia gama de valores de renta fija (como bonos) e instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo). También podrá invertir en depósitos con entidades de crédito (como bancos).
La gestora de inversiones tendrá en cuenta una serie de criterios medioambientales, sociales y de gobierno corporativo a la hora de seleccionar las inversiones, tal como se detalla en el folleto del Fondo.
El Fondo es un «fondo del mercado monetario a corto plazo de valor liquidativo variable y baja volatilidad» (o LVNAV), tal como establecen los Reglamentos de la UE sobre fondos del mercado monetario. Los detalles de las actuales calificaciones de solvencia (si las hubiera) atribuidas al Fondo están disponibles en www.blackrock.com/cash.
El Fondo limitará su inversión a los activos que cuenten con un periodo de tiempo igual o inferior a 397 días hasta que deba pagarse la totalidad del capital. El vencimiento medio ponderado (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital o, con respecto a las notas de tipo de interés, el tiempo medio hasta la siguiente revisión del tipo de interés según un tipo del mercado monetario) de todos los activos del Fondo será de hasta 60 días. La vida media ponderada (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital de los activos) de todos los activos del Fondo será de hasta 120 días.
El Fondo también puede celebrar acuerdos de recompra inversa a corto plazo. Se trata de contratos en virtud de los cuales el Fondo acuerda comprar en efectivo deuda pública a determinados terceros considerados elegibles, y acepta que el vendedor podrá recomprarlos en un momento y a un precio preestablecidos.
El Fondo se gestiona de forma activa. La gestora de inversiones tiene la potestad para seleccionar las inversiones del Fondo y no está limitada por ningún parámetro de referencia para llevar a cabo este proceso. Los inversores deberían utilizar el Euro Short-Term Rate (ESTR) para comparar la rentabilidad del Fondo.
Las Inversiones del Fondo se valoran utilizando, siempre que sea posible, una combinación de los métodos de coste amortizado y valoración de mercado (es decir, una valoración basada en los precios actuales del mercado) y, si no fuera posible, el método de valoración según modelo (es decir, una valoración basada en un modelo financiero). El valor liquidativo (VL) se puede redondear con fines de negociación. También se calcula diariamente un valor liquidativo comparativo utilizando, siempre que sea posible, el método de valoración de mercado, y si no es posible, el método de valoración según modelo, hasta alcanzar cuatro cifras decimales.
Los activos del Fondo podrán ser emitidos o garantizados por los gobiernos de Estados miembros de la Unión Europea u otros gobiernos soberanos, agencias gubernamentales, empresas y organismos supranacionales, y siempre estarán denominados en euros. Tendrán una calificación de alta calidad (de acuerdo con la evaluación de la Gestora de Inversiones) en el momento de la adquisición.
Recomendación: Este Fondo puede no ser adecuado para inversores que buscan una revalorización del capital a largo plazo. Sus acciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor).
Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. Se llevará a cabo una valoración del Fondo en diferentes puntos de valoración a lo largo de cada día para ofrecer a los inversores la posibilidad de comprar y vender acciones en diferentes momentos durante el día. La inversión mínima inicial para esta clase de acciones es de 50 000 EUR.
Para obtener más información sobre el Fondo, las clases de acciones/participaciones, la metodología de valoración, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise income on your investment consistent with maintaining capital and ensuring its underlying assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of fixed income securities (such as bonds) and money market instruments (MMIs) (i.e. debt securities with short term maturities). It may also invest in deposits with credit institutions (e.g. banks).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus.
The Fund is a “Short Term Low Volatility Variable Net Asset Value Money Market Fund” (or LVNAV) as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The Euro Short-Term Rate (ESTR) should be used by investors to compare the performance of the Fund.
The investments of the Fund are valued using a mixture of the amortised cost and mark-to-market method (i.e. a valuation based on current market prices) where possible, and, if not available, the mark-to-model method (i.e. a valuation based on a financial model). The net asset value (NAV) may be rounded for dealing purposes. A comparative NAV is also calculated using the mark-to-market method where possible, and if not, the mark-to-model method, to four decimal places daily.
The Fund’s assets may be issued or guaranteed by the governments of member states of the European Union or other sovereign governments, government agencies, companies and supranationals and shall always be denominated in Euro. They will be rated high quality (according to the Investment Manager’s assessment) at the time of purchase.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The Fund is valued at multiple valuation points throughout each day in order to offer investors the ability to buy and sell shares at multiple times during the day. The minimum initial investment for this share class is €50,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | en | es |
DOLFIN4991 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Euro Corporate Bond Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The Index measures the performance of Euro-denominated, investment grade FI securities which pay income according to a fixed rate of interest and are issued by industrial, utility or financial issuers. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Only bonds with a minimum remaining time to maturity of one year and a minimum amount outstanding of €300 million are included in the Benchmark Index. The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Bloomberg Barclays Euro Corporate Bond Index, el índice de referencia del Fondo (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible vender la posición.
El Índice mide el rendimiento de los valores de RF, denominados en euros, calificados con categoría de inversión, que pagan rendimientos con arreglo a un tipo de interés fijo y están emitidos por empresas industriales, de servicios públicos y financieras. Los valores de RF tendrán la calificación de solvencia de categoría de inversión (es decir, cumplirán un nivel específico de solvencia) en el momento de su inclusión en el Índice. En el Índice de referencia solamente se incluyen bonos con un plazo mínimo hasta vencimiento de un año y un importe mínimo en circulación de 300 millones de euros. El Índice está ponderado por capitalización bursátil. La capitalización bursátil es el valor de mercado de las emisiones de bonos en circulación.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también conceder, a determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Euro Corporate Bond Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The Index measures the performance of Euro-denominated, investment grade FI securities which pay income according to a fixed rate of interest and are issued by industrial, utility or financial issuers. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Only bonds with a minimum remaining time to maturity of one year and a minimum amount outstanding of €300 million are included in the Benchmark Index. The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN5002 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 2 The aim of the sub-fund ("Fund") is to achieve the highest-possible growth in value. For this purpose, the Fund invests in selected shares from Asia.
2 The Fund invests at least two thirds of its assets in shares and other equity securities of companies which have their head office or a predominant part of their business operations in Asia. This also includes the equity securities of real estate companies, listed real estate funds and listed real estate investment trusts (REITs).
2 The Fund may also invest up to one third of its assets in other shares, debt securities of all types, money market instruments, bank deposits, target funds (less than 10%) and structured products (less than 10%), as well as in exchange-traded commodities (ETCs) (so-called Delta 1 certificates), commodities funds and investments in precious metal accounts, provided the assets are settled in cash and no physical delivery may ensue.
2 The Fund may, under certain circumstances, and by way of exception to the 2/3 rule, hold up to 49% of the assets in liquid instruments. Furthermore, investments may also be made indirectly by the acquisition of equity-related products, in particular American depositary receipts (ADR) and global depositary receipts (GDR) which meet the requirements of Article 41 of the Law of 2010 and which do not contain embedded derivatives, ETFs or other investment funds. | # 2 El objetivo del Subfondo (el «Fondo») es obtener la máxima revalorización posible. Con esta finalidad, el Fondo invierte en acciones seleccionadas de países asiáticos.
2 El Fondo invierte al menos dos terceras partes de su patrimonio en acciones y otros valores de empresas que tienen su domicilio o desarrollan la mayor parte de su actividad económica en Asia. Entre esos valores se incluyen también los de sociedades inmobiliarias, fondos inmobiliarios cotizados en bolsa y real estate investment trusts (REIT) también con cotización en bolsa.
2 Asimismo, el Fondo puede invertir hasta 1/3 de su patrimonio en otras acciones, títulos de renta fija de todo tipo, instrumentos del mercado monetario, depósitos bancarios, fondos destino (menos del 10%) y productos estructurados (menos del 10%), así como en materias primas cotizadas (ETC) (los denominados certificados Delta 1), fondos de materias primas y cuentas en metales nobles, con tal de que el patrimonio se liquide en efectivo y no se efectúe ningún pago en especie.
2 El Fondo puede mantener recursos líquidos, que pueden llegar a representar hasta el 49% del patrimonio en determinadas circunstancias a pesar de la norma que establece que no pueden suponer más de 2/3 del patrimonio. Además, podrá invertirse de forma indirecta mediante la compra de los denominados productos relacionados con renta variable, en particular ADR (American Depositary Receipts) y GDR (Global Depositary Receipts), que cumplen con los requisitos del artículo 41 de la Ley de 2010 y que no integran derivados, o los denominados fondos cotizados (ETF) y otros fondos de inversión. | # 2 The aim of the sub-fund ("Fund") is to achieve the highest-possible growth in value. For this purpose, the Fund invests in selected shares from Asia.
2 The Fund invests at least two thirds of its assets in shares and other equity securities of companies which have their head office or a predominant part of their business operations in Asia. This also includes the equity securities of real estate companies, listed real estate funds and listed real estate investment trusts (REITs).
2 The Fund may also invest up to one third of its assets in other shares, debt securities of all types, money market instruments, bank deposits, target funds (less than 10%) and structured products (less than 10%), as well as in exchange-traded commodities (ETCs) (so-called Delta 1 certificates), commodities funds and investments in precious metal accounts, provided the assets are settled in cash and no physical delivery may ensue.
2 The Fund may, under certain circumstances, and by way of exception to the 2/3 rule, hold up to 49% of the assets in liquid instruments. Furthermore, investments may also be made indirectly by the acquisition of equity-related products, in particular American depositary receipts (ADR) and global depositary receipts (GDR) which meet the requirements of Article 41 of the Law of 2010 and which do not contain embedded derivatives, ETFs or other investment funds. | en | es |
DOLFIN5006 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The Sub-Fund's objective is to deliver high performance in both absolute and relative term over the long term horizon. There can be no assurance that the investment objective will be achieved.
The Sub-Fund is actively managed. The benchmark index of the Sub-Fund is the IBEX 35 INDEX (80%) & PSI 20 INDEX (20%). It is mentioned only for performance comparison purposes. The Sub-Fund does not track the index and can deviate significantly or entirely from the benchmark index.
The Sub-Fund promotes certain environmental and social characteristics within the meaning of article 8 of SFDR, although no reference benchmark has been designated for the purpose of attaining the ESG characteristics.
To achieve this, the Sub-Fund will mainly invest in a select portfolio of Transferable Securities (including equity related securities such as ADRs and GDRs) of companies which are domiciled in Spain or in Portugal.
Except for the geographical focus, the choice of investments will neither be limited by an economic sector nor in terms of currencies in which investments will be denominated. However, depending on financial market conditions, a particular focus can be placed in a single country and/or in a single currency and/or in a single economic sector.
On an ancillary basis, the Sub-Fund may invest in any other type of Eligible Investments, such as debt securities including Money Market Instruments with an investment grade rating (i.e. with a rating of not less than BBB- by Standard & Poor's Corporation or its equivalent by Moody's. In case of two different ratings, the higher credit rating will apply), UCITS, other eligible UCIs and Liquid Assets (such as cash and deposits).
The Sub-Fund's investments in units or shares of UCIs (UCITS and/or other eligible UCIs) will not exceed 10% of the net assets of the Sub-Fund.
For hedging purposes, the Sub-Fund may use financial derivative instruments within the limits and descriptions set out in the prospectus. The use of derivative instrument may increase leverage, imply additional
costs and risks.
If the Investment Manager considers this to be in the best interest of the Shareholders, on a temporary basis and for defensive purposes, the Sub- Fund may also hold Liquid Assets as among others cash deposits, money market funds (within the 10% limit above-mentioned) and Money Market Instruments for up to 100% of its net assets. | # Objetivos y política de inversión
El objetivo del Compartimento es ofrecer una alta rentabilidad tanto de forma absoluta como relativa en una perspectiva a largo plazo. No está asegurado que se cumpla el objetivo de inversión.
El Subfondo se gestiona de forma activa. El índice de referencia del Subfondo es el IBEX 35 INDEX (80%) y PSI 20 INDEX (20%). Se menciona únicamente a efectos de comparación de rentabilidad. El Subfondo no reproduce el índice y puede desviarse considerablemente o totalmente del índice de referencia.
El Subfondo promueve ciertas características medioambientales y sociales en el sentido del artículo 8 del Reglamento SFDR, aunque no se ha designado ningún índice de referencia a efectos de cumplir las características ESG.
Para lograrlo, el Compartimento invertirá en gran parte en una selección de carteras de Valores mobiliarios (esto incluye valores vinculados a la renta variable como ADR y GDR) de sociedades domiciliadas en España o Portugal.
A excepción del ámbito geográfico, la selección de inversiones no estará limitada por sector económico ni por las divisas en las que estén denominadas las inversiones. No obstante, dependiendo de las condiciones predominantes en los mercados financieros, las inversiones podrán concentrarse en un solo país y/o en una sola divisa y/o en un solo sector económico.
A título accesorio, el Compartimento podrá invertir en otro tipo de Inversiones elegibles, como valores de deuda que incluyen Instrumentos del mercado monetario con una clasificación de grado de inversión (por ejemplo, con una clasificación que no baje de BBB- por Standard & Poor's Corporation o su equivalente en Moody's. En caso de haber dos clasificaciones diferentes, se aplicará la más alta), OICVM, otros OIC elegibles y Activos líquidos (como efectivo y depósitos).
Las inversiones del Compartimento en participaciones o acciones de OIC (OICVM y/u otros OIC elegibles) no excederán el 10% del valor liquidativo del Compartimento.
Con fines de cobertura, el Compartimento podrá utilizar instrumentos financieros derivados dentro de los límites y descripciones especificados
en el folleto. El uso de instrumentos derivados puede incrementar el apalancamiento o implicar costes y riesgos adicionales.
Si el Gestor de Inversiones lo considera en el mejor interés de los Accionistas, de forma temporal y con fines defensivos, el Compartimento también podrá poseer Activos líquidos entre otros depósitos en metálico, fondos de mercado monetario (dentro del límite del 10% mencionado con anterioridad) e Instrumentos del mercado monetario hasta un 100% de su valor liquidativo. | # Objectives and investment policy
The Sub-Fund's objective is to deliver high performance in both absolute and relative term over the long term horizon. There can be no assurance that the investment objective will be achieved.
The Sub-Fund is actively managed. The benchmark index of the Sub-Fund is the IBEX 35 INDEX (80%) & PSI 20 INDEX (20%). It is mentioned only for performance comparison purposes. The Sub-Fund does not track the index and can deviate significantly or entirely from the benchmark index.
The Sub-Fund promotes certain environmental and social characteristics within the meaning of article 8 of SFDR, although no reference benchmark has been designated for the purpose of attaining the ESG characteristics.
To achieve this, the Sub-Fund will mainly invest in a select portfolio of Transferable Securities (including equity related securities such as ADRs and GDRs) of companies which are domiciled in Spain or in Portugal.
Except for the geographical focus, the choice of investments will neither be limited by an economic sector nor in terms of currencies in which investments will be denominated. However, depending on financial market conditions, a particular focus can be placed in a single country and/or in a single currency and/or in a single economic sector.
On an ancillary basis, the Sub-Fund may invest in any other type of Eligible Investments, such as debt securities including Money Market Instruments with an investment grade rating (i.e. with a rating of not less than BBB- by Standard & Poor's Corporation or its equivalent by Moody's. In case of two different ratings, the higher credit rating will apply), UCITS, other eligible UCIs and Liquid Assets (such as cash and deposits).
The Sub-Fund's investments in units or shares of UCIs (UCITS and/or other eligible UCIs) will not exceed 10% of the net assets of the Sub-Fund.
For hedging purposes, the Sub-Fund may use financial derivative instruments within the limits and descriptions set out in the prospectus. The use of derivative instrument may increase leverage, imply additional
costs and risks.
If the Investment Manager considers this to be in the best interest of the Shareholders, on a temporary basis and for defensive purposes, the Sub- Fund may also hold Liquid Assets as among others cash deposits, money market funds (within the 10% limit above-mentioned) and Money Market Instruments for up to 100% of its net assets. | en | es |
DOLFIN5011 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Example Investment 10,000 EUR | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 204 EUR | 1,354 EUR |
| Annual cost impact* | 2.0% | 2.2% | | | Ejemplo de inversión 10.000 EUR | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 204 EUR | 1.354 EUR |
| Incidencia anual de los costes* | 2,0% | 2,2% | | | Example Investment 10,000 EUR | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 204 EUR | 1,354 EUR |
| Annual cost impact* | 2.0% | 2.2% | | en | es |
DOLFIN5014 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 04/2015-04/2020.
Moderate scenario
What you might get back after costs
Average return each year
GBP 10,441
4.4%
GBP 11,963
3.6% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 04/2015-04/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 441 GBP
4,4%
11 963 GBP
3,6% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 04/2015-04/2020.
Moderate scenario
What you might get back after costs
Average return each year
GBP 10,441
4.4%
GBP 11,963
3.6% | en | es |
DOLFIN5015 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF European Innovators (formerly Alpha Focus)
Schroder ISF European Innovators (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in sustainable investments, which are investments in companies that contribute towards the advancement of one or more of the UN SDGs, using a science or engineering driven, innovation-led approach. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since the date it transitioned to an Article 9 fund, 21 June 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF European Innovators (anteriormente Alpha Focus)
Schroder ISF European Innovators (el “Fondo”) tiene como objetivo la inversión sostenible en el sentido que se le atribuye en el Artículo 9 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés).
En particular, el Fondo invierte al menos el 75% de sus activos en inversiones sostenibles, que son inversiones en sociedades que contribuyen al desarrollo de uno o más ODS de la ONU a través de un enfoque impulsado por la ciencia o la ingeniería, y basado en la innovación. Para determinar si una inversión es sostenible para estos fines, la Gestora de inversiones aplica los criterios de selección resumidos en el Folleto.
La Gestora de inversiones es responsable de determinar si una inversión cumple los criterios de una inversión sostenible. El resultado del proceso anteriormente descrito es una lista de inversiones que cumplen con los criterios de selección, lo que constituye el universo de inversión. El Fondo invierte al menos el 75% de sus activos en las inversiones incluidas en este universo. El cumplimiento de esta normativa se supervisa a diario a través de nuestros controles de cumplimiento automatizados.
El Fondo ha invertido al menos el 75% de sus activos en inversiones sostenibles, según la metodología descrita anteriormente, desde la fecha en que pasó a ser un fondo del Artículo 9, el 21 de junio de 2021.
Durante la totalidad o parte del período al que se refiere el Fondo también se aplicaron ciertas exclusiones, con las que la Gestora de inversiones supervisa el cumplimiento de las normas de forma continua. Las exclusiones aplicables se enumeran en “Información sobre sostenibilidad” en la página web del Fondo, a la que se accede a través de www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF European Innovators (formerly Alpha Focus)
Schroder ISF European Innovators (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in sustainable investments, which are investments in companies that contribute towards the advancement of one or more of the UN SDGs, using a science or engineering driven, innovation-led approach. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since the date it transitioned to an Article 9 fund, 21 June 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | en | es |
DOLFIN5027 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Management Company may, in its absolute discretion, levy a lower All-in-Fee than that mentioned in Appendix 2.
Management expenses and all other regular or recurring expenses may be allocated by the Company to any financial period as may be determined by the Board in its absolute discretion.
- Performance FeeThe Management Company may charge a performance fee to certain Sub-Funds, provided that this fee is not charged directly to the Shareholders under the terms of a Share Class. The amount of the performance fee charged, if any, as well as the benchmark index and method for the calculation of the performance fee are listed in Appendix 2. | La Sociedad Gestora puede, a su absoluta discreción, percibir una Comisión única más baja que la que se indica en el Anexo 2.
Los gastos de gestión y todos los demás gastos periódicos o recurrentes pueden ser asignados por la Sociedad a cualquier periodo financiero según lo determine el Consejo a su absoluta discreción.
- Comisión de rentabilidadLa Sociedad Gestora podrá imponer para ciertos Compartimentos una comisión de rentabilidad, siempre y cuando dicha comisión no se cargue directamente a los Accionistas en virtud de los términos de una Clase de Acciones. El importe de la comisión de rentabilidad cobrado, si la hubiere, así como el índice de referencia y el método de cálculo de la comisión de rentabilidad se especifican en el Anexo 2. | The Management Company may, in its absolute discretion, levy a lower All-in-Fee than that mentioned in Appendix 2.
Management expenses and all other regular or recurring expenses may be allocated by the Company to any financial period as may be determined by the Board in its absolute discretion.
- Performance FeeThe Management Company may charge a performance fee to certain Sub-Funds, provided that this fee is not charged directly to the Shareholders under the terms of a Share Class. The amount of the performance fee charged, if any, as well as the benchmark index and method for the calculation of the performance fee are listed in Appendix 2. | en | es |
DOLFIN5035 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: The Sub-Fund may invest in securities that are less liquid because active buyers or sellers are not always in sufficient numbers to trade these securities readily. These securities will be more strongly affected by market conditions and may cause delays when facing redemptions in stressed market situations.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Contingent convertible bonds risk: The Sub-Fund may invest in contingent convertible bonds. Their value may become nil if the financial position of their issuer deteriorates below a pre-specified trigger or if the regulator considers that their issuer has reached a point of no viability. Their coupon may also be cancelled at any point in time. As these instruments are recent, they may also experience significant losses in stressed market conditions. | Riesgos a los que el Subfondo puede estar expuesto y que el indicador podría no reflejar:
- Instrumentos y depósitos de riesgo de crédito de la deuda: El Subfondo podrá invertir en depósitos e instrumentos de deuda. Estos están sujetos al riesgo de que su emisor sea incapaz de atender sus obligaciones.
- Riesgo de contraparte de derivados: si la contraparte de un instrumento derivado incurre en incumplimiento y es incapaz de hacer frente a sus obligaciones contractuales, su valor puede ser nulo.
- Riesgo de liquidez: el Subfondo podrá invertir en títulos que presenten una liquidez inferior debido a que, puntualmente, el número de compradores o vendedores activos sea insuficiente para comprar o vender dichos títulos fácilmente. Esos títulos podrán verse más afectados por las condiciones de mercado y ser objeto de retrasos a la hora de enfrentarse a solicitudes de reembolso en caso de situaciones de mercado extremas.
- Riesgo Terceros: El fallo de terceros de los que dependen las operaciones del Subfondo puede provocar trastornos y pérdidas.
- Riesgo de los bonos convertibles contingentes: el Subfondo puede invertir en bonos convertibles contingentes. Su valor puede llegar a ser nulo si se produce un deterioro de la situación financiera de su emisor hasta situarse por debajo de un desencadenante predeterminado o si el regulador considera que su emisor ha alcanzado un punto de inviabilidad. Asimismo, su cupón puede ser cancelado en cualquier momento. Dado que estos instrumentos son recientes, también pueden experimentar pérdidas importantes en condiciones de mercado extremas. | Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: The Sub-Fund may invest in securities that are less liquid because active buyers or sellers are not always in sufficient numbers to trade these securities readily. These securities will be more strongly affected by market conditions and may cause delays when facing redemptions in stressed market situations.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Contingent convertible bonds risk: The Sub-Fund may invest in contingent convertible bonds. Their value may become nil if the financial position of their issuer deteriorates below a pre-specified trigger or if the regulator considers that their issuer has reached a point of no viability. Their coupon may also be cancelled at any point in time. As these instruments are recent, they may also experience significant losses in stressed market conditions. | en | es |
DOLFIN5036 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Regulation (EU) 2020/852 (the so-called "Taxonomy Regulation") on establishing a framework to support sustainable investment and amending the Disclosure Regulation.
The Taxonomy aims to identify economic activities that are considered environmentally sustainable. The Taxonomy identifies these activities according to their contribution to six broad environmental objectives: (i) climate change mitigation, (ii) climate change adaptation, (iii) sustainable use and protection of water and marine resources, (iv) transition to the circular economy (waste, prevention and recycling), (v) pollution prevention and control, (vi) protection of healthy ecosystems.
For the purpose of establishing the environmental sustainability of an investment, an economic activity is considered environmentally sustainable if it makes a substantial contribution to one or more of the six environmental objectives, does not significantly harm one or more of the environmental objectives ("do no significant harm" or "DNSH" principle), is carried out in accordance with the minimum safeguards set out in Article 18 of the Taxonomy Regulation, and complies with the technical review criteria that have been established by the European Commission under the Taxonomy Regulation.
In accordance with the current state of the Taxonomy Regulation, the Management Company currently ensures that investments do not significantly undermine any other environmental objective by implementing exclusionary policies in relation to issuers with controversial environmental and/or social and/or governance practices.
Notwithstanding the above, the “do no significant harm” principle only applies to those investments underlying the sub-fund that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining part of this sub-fund do not take into account the EU criteria for environmentally sustainable economic activities.
Although the Fund may already hold investments in economic activities which qualify as sustainable activities without being currently committed to a minimum proportion, the Management Company makes its best efforts to disclose this proportion of investments in sustainable activities as soon as reasonably possible upon entry into force of the Regulatory Technical Standards for the content and format of disclosures in accordance with Articles 8(4), 9(6) and 11(5) of the Disclosure Regulation, as amended by the Taxonomy Regulation.
This commitment will be achieved in a progressive and continuous manner, integrating the requirements of the Taxonomy Regulation into the investment process as soon as reasonably possible. This will lead to a minimum degree of portfolio alignment with sustainable activities that will be made available to investors at that time.
In the meantime, the degree of alignment with sustainable activities will not be made available to investors.
Once the data is fully available and the relevant calculation methodologies are finalised, the description of the extent to which the underlying investments are in sustainable activities will be made available to investors. This information, along with information on the proportion of enabling and transitional activities, will be specified in a later version of the prospectus. | #### Reglamento (UE) 2020/852 (el «Reglamento sobre la taxonomía») relativo al establecimiento de un marco para facilitar las inversiones sostenibles y por el que se modifica el Reglamento sobre la divulgación.
El objetivo del Reglamento sobre la taxonomía es identificar las actividades económicas que pueden considerarse ambientalmente sostenibles. El Reglamento sobre la taxonomía identifica estas actividades en función de su contribución a seis objetivos medioambientales principales: (i) mitigación del cambio climático;
(ii) adaptación al cambio climático; (iii) uso sostenible y protección del agua y los recursos marítimos; (iv) transición hacia una economía circular (gestión de residuos, medidas preventivas y reciclaje); (v) prevención y control de la contaminación, y (vi) protección de ecosistemas saludables.
A efectos de establecer el grado de sostenibilidad medioambiental de una inversión, se considera que una actividad económica es sostenible desde el punto de vista medioambiental cuando contribuye de forma sustancial a uno o varios de los seis objetivos medioambientales, no socava de forma significativa uno o varios de estos objetivos medioambientales (principio de «no causar un perjuicio significativo» o «DNSH», por sus siglas en inglés), se lleva a cabo de acuerdo con las garantías mínimas previstas en el artículo 18 del Reglamento sobre la taxonomía y cumple con los criterios de revisión técnica que ha establecido la Comisión Europea de acuerdo con el referido Reglamento sobre la taxonomía.
Conforme a lo dispuesto en la versión vigente del Reglamento sobre la taxonomía, la Sociedad Gestora actualmente garantiza que las inversiones no perjudican significativamente ningún otro objetivo medioambiental mediante la aplicación de políticas de exclusión aplicables a los emisores cuyas prácticas ambientales y/o sociales y/o de gobernanza resulten controvertidas.
Sin perjuicio de lo anterior, el principio de «no causar un perjuicio significativo» se aplica únicamente a las inversiones subyacentes al Compartimento que contemplan los criterios de la UE relativos a las actividades económicas sostenibles desde el punto de vista medioambiental. Las inversiones subyacentes al resto de este Compartimento no tienen en cuenta los criterios de la UE relativos las actividades económicas sostenibles desde el punto de vista medioambiental.
Aunque el OIC pueda mantener inversiones en actividades económicas clasificadas como sostenibles sin haberse comprometido actualmente a alcanzar un porcentaje mínimo, la Sociedad Gestora se afana en publicar este porcentaje de inversiones en actividades sostenibles lo antes posible a partir de la entrada en vigor de las Normas técnicas reglamentarias relativas al contenido y la presentación de divulgaciones, con arreglo a los artículos 8.4, 9.6 y 11.5 del Reglamento SFDR, en su versión modificada por el Reglamento sobre la taxonomía.
Este compromiso se materializará de manera progresiva y continua, mediante la integración de los requisitos del Reglamento sobre la taxonomía en el proceso de inversión tan pronto como sea razonablemente posible. Esto dará lugar a un grado mínimo de alineación de la cartera con las actividades sostenibles, el cual estará disponible para los inversores en ese momento.
Hasta entonces, el grado de alineación con las actividades sostenibles no estará disponible para los inversores.
A partir de la plena disponibilidad de los datos y la finalización de las metodologías de cálculo pertinentes, se pondrá a disposición de los inversores la descripción del grado en el que se realizan inversiones subyacentes en actividades sostenibles. Esta información, así como la información relativa a la prestación de actividades de habilitación y transición, se detallarán en una versión posterior del folleto. | #### Regulation (EU) 2020/852 (the so-called "Taxonomy Regulation") on establishing a framework to support sustainable investment and amending the Disclosure Regulation.
The Taxonomy aims to identify economic activities that are considered environmentally sustainable. The Taxonomy identifies these activities according to their contribution to six broad environmental objectives: (i) climate change mitigation, (ii) climate change adaptation, (iii) sustainable use and protection of water and marine resources, (iv) transition to the circular economy (waste, prevention and recycling), (v) pollution prevention and control, (vi) protection of healthy ecosystems.
For the purpose of establishing the environmental sustainability of an investment, an economic activity is considered environmentally sustainable if it makes a substantial contribution to one or more of the six environmental objectives, does not significantly harm one or more of the environmental objectives ("do no significant harm" or "DNSH" principle), is carried out in accordance with the minimum safeguards set out in Article 18 of the Taxonomy Regulation, and complies with the technical review criteria that have been established by the European Commission under the Taxonomy Regulation.
In accordance with the current state of the Taxonomy Regulation, the Management Company currently ensures that investments do not significantly undermine any other environmental objective by implementing exclusionary policies in relation to issuers with controversial environmental and/or social and/or governance practices.
Notwithstanding the above, the “do no significant harm” principle only applies to those investments underlying the sub-fund that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining part of this sub-fund do not take into account the EU criteria for environmentally sustainable economic activities.
Although the Fund may already hold investments in economic activities which qualify as sustainable activities without being currently committed to a minimum proportion, the Management Company makes its best efforts to disclose this proportion of investments in sustainable activities as soon as reasonably possible upon entry into force of the Regulatory Technical Standards for the content and format of disclosures in accordance with Articles 8(4), 9(6) and 11(5) of the Disclosure Regulation, as amended by the Taxonomy Regulation.
This commitment will be achieved in a progressive and continuous manner, integrating the requirements of the Taxonomy Regulation into the investment process as soon as reasonably possible. This will lead to a minimum degree of portfolio alignment with sustainable activities that will be made available to investors at that time.
In the meantime, the degree of alignment with sustainable activities will not be made available to investors.
Once the data is fully available and the relevant calculation methodologies are finalised, the description of the extent to which the underlying investments are in sustainable activities will be made available to investors. This information, along with information on the proportion of enabling and transitional activities, will be specified in a later version of the prospectus. | en | es |
DOLFIN5042 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The day of the last net asset value for the month of September.
The first financial year will end on the day of the last net asset value in September 2023.
-
## Taxation: | El día del último valor liquidativo del mes de septiembre.
La fecha de cierre del primer ejercicio corresponderá al día del último valor liquidativo del mes de septiembre de 2023.
-
## Régimen fiscal: | The day of the last net asset value for the month of September.
The first financial year will end on the day of the last net asset value in September 2023.
-
## Taxation: | en | es |
DOLFIN5043 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund was launched on 16 January 1987.
16.2
16.2
-11.6
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 16 enero 1987.
16.2
16.2
-11.6
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 16 January 1987.
16.2
16.2
-11.6
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN5045 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## What does this risk indicator mean?
The above risk indicator ranks potential risk and reward and is consistent with the risk limits set for the Sub-Fund and the Master Sub-Fund. Historical data, such as that used in calculating this synthetic indicator, may not be a reliable indication of the future risk profile of the Sub-Fund. The lowest category does not mean a 'risk- free' investment. The Sub-Fund's risk indicator is not guaranteed and may change over time.
The Sub-Fund's risk category reflects the fact that the Sub-Fund seeks positive returns in all market conditions.
For un-hedged currency classes, exchange rate movements may affect the risk indicator where the currency of the underlying investments differs from the currency of the share class. | ## ¢Qué significa este indicador de riesgo?
El indicador de riesgo anterior clasifica el riesgo y las remuneraciones posibles y se ajusta a los límites de riesgo establecidos para el Subfondo y el Subfondo Principal. Los datos históricos, tales como los utilizados en el cálculo de este indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del Subfondo. La categoría más baja no significa que la inversión esté libre de riesgo. El indicador de riesgo del Subfondo no está garantizado y puede sufrir cambios a lo largo del tiempo.
La categoría de riesgo del Subfondo refleja el hecho de que el Subfondo busca alcanzar una rentabilidad positiva en todas las condiciones de mercado.
En el caso de clases de moneda sin cobertura, los movimientos de tipos de cambio pueden afectar al indicador de riesgo cuando la moneda asociada a las inversiones subyacentes difiere de la moneda asociada a la clase de acciones. | ## What does this risk indicator mean?
The above risk indicator ranks potential risk and reward and is consistent with the risk limits set for the Sub-Fund and the Master Sub-Fund. Historical data, such as that used in calculating this synthetic indicator, may not be a reliable indication of the future risk profile of the Sub-Fund. The lowest category does not mean a 'risk- free' investment. The Sub-Fund's risk indicator is not guaranteed and may change over time.
The Sub-Fund's risk category reflects the fact that the Sub-Fund seeks positive returns in all market conditions.
For un-hedged currency classes, exchange rate movements may affect the risk indicator where the currency of the underlying investments differs from the currency of the share class. | en | es |
DOLFIN5055 | 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 10,207
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%
10 207 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 10,207
0.4% | en | es |
DOLFIN5062 | 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 | Up to 4.00% of the amount you pay in when entering this Investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | Up to 400 EUR |
| Exit costs | We do not charge an exit fee for this product. | |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.55% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 149 EUR |
| Transaction costs | 0.12% 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 | |
| Performance fees and carried interest | There is no performance fee for this product. | | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | Hasta el 4,00 % del importe que paga usted al realizar esta inversión. Se trata de la cantidad máxima que se le cobrará. La persona que le venda el producto le comunicará cuánto se le cobrará realmente. | Hasta 400 EUR |
| Costes de salida | No cobramos una comisión de salida para este producto. | |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,55 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 149 EUR |
| Costes de operación | 0,12 % 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 | |
| Comisiones de rendimiento y participación en cuenta | No hay comisión de rendimiento para este producto. | | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Up to 4.00% of the amount you pay in when entering this Investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | Up to 400 EUR |
| Exit costs | We do not charge an exit fee for this product. | |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.55% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 149 EUR |
| Transaction costs | 0.12% 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 | |
| Performance fees and carried interest | There is no performance fee for this product. | | | en | es |
DOLFIN5065 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# PAST PERFORMANCE
ODDO BHF Polaris Moderate DIW-EUR was launched on 15 June 2020.
The performance calculated using the BVI method up to and including 2019 is not the actual performance of the DIW-EUR unit class. The performance shown is based on a simulation calculated by the management company on the basis of the performance of the DRW-EUR unit class of the same fund, taking account of the specific management fee. For 2020, the performance shown is a combination of simulated and actual performance as position for the share class were initiated during the year. For 2021, this is the actual performance of the share class.
Source: own calculations using BVI method
Past performance is no guarantee of future performance. The calculation was made in the fund’s currency (EUR). All charges and fees were deducted in the calculation, except for the subscription/redemption fee. Distributions and withholding taxes were reinvested. | # RENTABILIDAD HISTÓRICA
ODDO BHF Polaris Moderate DIW-EUR fue lanzado el 15 de junio de 2020.
La rentabilidad mostrada según el método BVI, hasta el 2019 inclusive, no representa la rentabilidad real de la clase de participaciones DIW-EUR. La rentabilidad mostrada se basa en una simulación calculada por la sociedad gestora basada en la rentabilidad de la clase de participaciones DRW-EUR del mismo fondo, teniendo en cuenta la comisión de gestión individual. En relación con 2020, la rentabilidad mostrada constituye una combinación de rentabilidad simulada y real, ya que la clase de participaciones se creó durante el año. En relación con el año 2021, la rentabilidad corresponde a la rentabilidad real de la clase de participaciones.
Fuente: cálculo propio según el método BVI.
La rentabilidad histórica no constituye una garantía de la rentabilidad futura del fondo. El cálculo se ha realizado en la moneda del fondo, el euro. En el cálculo se dedujeron todos los gastos y las comisiones, con la excepción de los gastos de entrada y salida. Los repartos de dividendo y retenciones fiscales se han reinvertido. | # PAST PERFORMANCE
ODDO BHF Polaris Moderate DIW-EUR was launched on 15 June 2020.
The performance calculated using the BVI method up to and including 2019 is not the actual performance of the DIW-EUR unit class. The performance shown is based on a simulation calculated by the management company on the basis of the performance of the DRW-EUR unit class of the same fund, taking account of the specific management fee. For 2020, the performance shown is a combination of simulated and actual performance as position for the share class were initiated during the year. For 2021, this is the actual performance of the share class.
Source: own calculations using BVI method
Past performance is no guarantee of future performance. The calculation was made in the fund’s currency (EUR). All charges and fees were deducted in the calculation, except for the subscription/redemption fee. Distributions and withholding taxes were reinvested. | en | es |
DOLFIN5084 | 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 iTraxx® Crossover 5-year TOTAL RETURN Index (index). The risk that a borrower fails to perform its payment obligations is known as credit risk. A person may obtain protection against credit risk by entering into a financial contract to pass on this risk to a credit protection seller (credit derivative transaction) subject to certain credit events. The index measures the return for a credit protection seller holding the most current issue of the iTraxx® Crossover credit derivative transaction with a term of 5 years. The performance of the index will depend on several factors including the market value of 5-year iTraxx® Crossover credit derivative transactions, returns generated by selling credit protection in respect of the issuers included in the index and losses paid following defaults by those issuers. The index | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo de su inversión es reflejar el rendimiento del índice iTraxx® Crossover 5-year TOTAL RETURN (el “índice”). El riesgo de que un prestatario no cumpla con sus obligaciones de pago se conoce como riesgo de crédito. Una persona puede obtener protección contra el riesgo de crédito suscribiendo un contrato financiero para transferir este riesgo a un vendedor de protección crediticia (transacción de derivados de crédito) sujeta a ciertos eventos de crédito. El índice mide la rentabilidad para un vendedor de protección crediticia que posea la emisión más reciente de la transacción de derivados de crédito del iTraxx® Crossover con un plazo de 5 años. La evolución del índice dependerá de varios factores, incluido el valor de mercado de las transacciones de derivados de crédito del iTraxx® Crossover a 5 años, los rendimientos generados al vender protección crediticia en relación con los emisores incluidos en el índice y las pérdidas abonadas en caso de impago de dichos emisores. El índice está | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the iTraxx® Crossover 5-year TOTAL RETURN Index (index). The risk that a borrower fails to perform its payment obligations is known as credit risk. A person may obtain protection against credit risk by entering into a financial contract to pass on this risk to a credit protection seller (credit derivative transaction) subject to certain credit events. The index measures the return for a credit protection seller holding the most current issue of the iTraxx® Crossover credit derivative transaction with a term of 5 years. The performance of the index will depend on several factors including the market value of 5-year iTraxx® Crossover credit derivative transactions, returns generated by selling credit protection in respect of the issuers included in the index and losses paid following defaults by those issuers. The index | en | es |
DOLFIN5094 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level, and poor market conditions are unlikely to impact our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | #### El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la categoría 3 de 7, es decir, la clase de riesgo media-baja. Esto clasifica las posibles pérdidas de rentabilidad futura a un nivel medio-bajo e indica que las malas condiciones del mercado improbablemente incidan en nuestra capacidad para pagarle.
Tenga presente el riesgo de cambio. Su moneda local puede diferir de la moneda del producto. Usted recibirá los pagos en una moneda diferente de su moneda local, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente. | #### The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level, and poor market conditions are unlikely to impact our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | en | es |
DOLFIN5097 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund will seek gains by investing primarily in listed or traded debt securities and preference shares which are capable of conversion into shares and will have a global focus. Particular focus will be paid to the credit quality of individual issuers, the cost to convert the debt into shares and the projected return (yield) of the debt securities.
1 The Fund may also invest directly in shares (or related instruments), cash and other debt securities.
1 The Portfolio will be diversified with no more than 40% of the Portfolio's investments in securities listed or traded on Recognised Markets in non- OECD countries, which shall include investment in Russian securities which shall in no circumstances exceed 20% of the Portfolio's Net Asset Value.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation on sustainability-related disclosures in the financial services sector. The Investment Manager will evaluate an investee company's impact on environmental and social factors taking into account ESG data, and will also apply certain ESG scores and criteria before making an investment. The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to global banned weapons, nuclear weapons, tobacco and coal production and other exclusions.
1 The debt securities in which the Fund invests can have a fixed or floating rate of interest, be issued by a government, corporation or other entity, and be rated investment grade or, non-investment grade.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the Thomson Reuters Global Focus Convertible Bond Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include Tracking error and or relative Value at Risk (VaR) versus the benchmark as well as
relative sector and/or country weights versus the benchmark and relative duration and equity exposure versus the benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be material. The Benchmark is also used for performance comparison purposes.
1 The Fund may use financial derivative instruments (instruments whose price are dependent on one or more underlying assets, 'FDI') to achieve the investment objective, for hedging against anticipated movements in a market or security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (USD).
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund. | # Objetivos y política de inversión
1 El Fondo procurará obtener beneficios invirtiendo fundamentalmente en valores de deuda negociados o cotizados y acciones preferentes con la capacidad de convertirse en acciones, y tendrá un enfoque internacional. Se hará especial hincapié en la calidad crediticia de los emisores individuales, el coste de convertir la deuda en acciones y la rentabilidad prevista (rendimiento) de los valores de deuda.
1 El Fondo también puede invertir directamente en acciones (o instrumentos relacionados), posiciones de tesorería y otros valores de deuda.
1 La Cartera estará diversificada con no más del 40% de las inversiones de la Cartera en valores cotizados o negociados en Mercados Reconocidos de países no pertenecientes a la OCDE, que incluirán inversiones en valores rusos que no deberán sobrepasar el 20% del Patrimonio Neto de la Cartera.
1 El Fondo promueve, entre otras, características ambientales y sociales, según lo estipulado en el artículo 8 del Reglamento europeo sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. La Gestora de Inversiones evaluará el impacto sobre los factores ambientales y sociales de las empresas en las que invierte teniendo en cuenta los datos ESG, y aplicará determinadas puntuaciones y criterios ESG antes de realizar una inversión. Asimismo, la Gestora de Inversiones aplica una lista de exclusión de valores o sectores controvertidos que pueden estar relacionados con armas prohibidas a nivel mundial, armas nucleares o la producción de tabaco y carbón, así como otras exclusiones.
1 Los valores de deuda en los que invierte en Fondo pueden tener un tipo de interés fijo o variable, estar emitidos por un gobierno, sociedad u otra entidad, y tener una calificación que alcance o no la categoría de inversión.
1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice Thomson Reuters Global Focus Convertible Bond y no está limitado por él. El Fondo utiliza el índice de referencia a efectos de gestión de riesgos para garantizar que el Fondo se gestione de manera acorde con su objetivo de inversión y su perfil de riesgo. En el marco de su función de gestión de riesgos, el Gestor de inversiones realizará una supervisión adicional de las posiciones del fondo en relación con las ponderaciones del índice de referencia. Las ponderaciones relativas se evaluarán con referencia a un umbral que podrá actualizarse
periódicamente. En otros controles de riesgo se encuentran el error de seguimiento y/o el valor en riesgo (VaR) relativo en relación con el Índice de referencia, así como las ponderaciones relativas de los sectores y/o países en relación con el Índice de referencia, la duración relativa y la exposición a la renta variable en relación con el Índice de referencia. Si bien el Fondo se centrará en emisores individuales que pueden o no pertenecer al Índice de referencia, dicha inversión puede tener ponderaciones diferentes a las utilizadas por el Índice de referencia. Los factores mencionados, considerados conjuntamente, pueden influir en la medida en que la Cartera se desvíe del Índice de referencia, y dicha desviación puede ser importante. El Índice de referencia también se utiliza a efectos de comparación del rentabilidad.
1 El Fondo puede utilizar instrumentos financieros derivados (“IFD”, instrumentos cuyo precio dependa de uno o más activos subyacentes) para lograr el objetivo de inversión, cubrirse ante movimientos previstos en un mercado o valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente.
1 El Fondo usará IFD para proporcionar a los inversores una rentabilidad similar a la de cualquier clase de acciones emitidas en la divisa operativa del Fondo (USD).
1 Cualquier ingreso obtenido por las inversiones se sumará al valor de las acciones de los inversores, y estos pueden comprar o vender sus acciones cada día de negociación del Fondo. | # Objectives and investment policy
1 The Fund will seek gains by investing primarily in listed or traded debt securities and preference shares which are capable of conversion into shares and will have a global focus. Particular focus will be paid to the credit quality of individual issuers, the cost to convert the debt into shares and the projected return (yield) of the debt securities.
1 The Fund may also invest directly in shares (or related instruments), cash and other debt securities.
1 The Portfolio will be diversified with no more than 40% of the Portfolio's investments in securities listed or traded on Recognised Markets in non- OECD countries, which shall include investment in Russian securities which shall in no circumstances exceed 20% of the Portfolio's Net Asset Value.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation on sustainability-related disclosures in the financial services sector. The Investment Manager will evaluate an investee company's impact on environmental and social factors taking into account ESG data, and will also apply certain ESG scores and criteria before making an investment. The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to global banned weapons, nuclear weapons, tobacco and coal production and other exclusions.
1 The debt securities in which the Fund invests can have a fixed or floating rate of interest, be issued by a government, corporation or other entity, and be rated investment grade or, non-investment grade.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the Thomson Reuters Global Focus Convertible Bond Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include Tracking error and or relative Value at Risk (VaR) versus the benchmark as well as
relative sector and/or country weights versus the benchmark and relative duration and equity exposure versus the benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be material. The Benchmark is also used for performance comparison purposes.
1 The Fund may use financial derivative instruments (instruments whose price are dependent on one or more underlying assets, 'FDI') to achieve the investment objective, for hedging against anticipated movements in a market or security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (USD).
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund. | en | es |
DOLFIN5102 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Description of changes to your fund
Your management company, Amundi Asset Management, has decided to make some changes to your fund, AMUNDI STAR 1, with effect from 4 November 2021:
- merger by fund AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI;
- liquidation of the I-USD unit (FR0013382405): this unit will be dissolved on 3 November (on the NAV established on 3 November). This liquidation procedure does not require any specific transaction on your part; if you hold I-USD units, you will be reimbursed and the amount for said units will be credited to you, free of charge;
- the other units will be absorbed in the equivalent units of the AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI fund. This merger-absorption operation aims to optimise the financial management of the AMUNDI STAR 1 fund by combining the assets with those of the AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI fund, which has a similar investment policy. However, the performance potential of AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI is slightly lower than that of your fund, AMUNDI STAR 1, in return for a lower risk as well.
These transactions were approved by the French Financial Markets Authority (Autorité des Marchés Financiers) on 30 July 2021.
For units forming the subject of merger-absorption, if you agree to the terms, at the end of this operation, you will receive, in return for your units of the AMUNDI STAR 1 fund, units of the AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI fund, according to the technical terms and conditions of merger specified in the appendix, without any specific action required on your part.
However, if you do not accept the terms and conditions of this operation, you may sell your current shares or the units received in exchange for them at any time, free of charge. This redemption would then be subject to the provisions of common law taxation applicable to capital gains made on the disposal of transferable securities.
In order to facilitate this merger, subscriptions and redemptions in the absorbed fund, AMUNDI STAR 1, will be suspended from 2 November 2021 at 12:26 p.m. Subscriptions and redemptions will be possible from 4 November 2021 at 12:26 p.m. when you become unitholders of AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI.
Your usual contact person will be happy to help you find the solution that best matches your investor profile.
- | # Descripción de la modificación que afecta al fondo
La sociedad gestora, Amundi Asset Management, ha decidido que su fondo, AMUNDI STAR 1, se modificará de la siguiente manera a partir del 4 de noviembre de 2021 :
- Absorción por parte del fondo AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI;
- Liquidación de la participación I-USD (FR0013382405): esta participación se disolverá el 3 de noviembre (al VL que se establezca el 3 de noviembre). Esta disolución no implica ninguna operación específica por su parte; si tiene participaciones I-USD, se le reembolsará de forma gratuita y se le abonará el importe correspondiente;
- El resto de participaciones serán absorbidas transformándose en participaciones equivalentes del fondo AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI. Esta operación de fusión-absorción tiene como objetivo optimizar la gestión financiera del fondo AMUNDI STAR 1 reagrupando sus activos con los del fondo AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI, que aplica una política de inversión similar. Sin embargo, el potencial de rentabilidad de AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI es un poco inferior que el de su fondo, AMUNDI STAR 1, como contraprestación también conlleva un riesgo menor.
Estas operaciones han sido autorizadas por la “Autorité des Marchés Financiers" con fecha de 30 de julio de 2021.
Con respecto a las clases de participaciones objeto de la fusión-absorción, y en el caso de que Vd. aceptase sus términos, recibirá a la finalización de la operación, como contrapartida de sus participaciones del FCP AMUNDI STAR 1, participaciones del fondo FCP AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI, de acuerdo con las modalidades técnicas de fusión establecidas en el anexo y, todo ello, sin necesidad de realización de ningún trámite específico por su parte.
En el caso de que Vd. no aceptase los términos de esta operación, tendrá en todo momento la posibilidad de ceder, sin gastos, sus participaciones actuales o bien las participaciones recibidas a cambio. En caso de reembolso, éste estaría sujeto únicamente a la fiscalidad de derecho común aplicable a las plusvalías de cesiones de valores mobiliarios.
Para facilitar la operación de fusión antes descrita, se suspenderán las solicitudes de suscripción y de rescate del fondo absorbido AMUNDI STAR 1 a partir del 2 de noviembre de 2021 a las 12h26. Las suscripciones y los rescates se reanudarán a partir del 4 de noviembre de 2021 a las 12h26, habiéndose Vd. convertido en partícipe del fondo AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI.
Su interlocutor habitual está a su disposición para analizar con Vd. la solución mejor adaptada a su perfil de inversor.
- | # Description of changes to your fund
Your management company, Amundi Asset Management, has decided to make some changes to your fund, AMUNDI STAR 1, with effect from 4 November 2021:
- merger by fund AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI;
- liquidation of the I-USD unit (FR0013382405): this unit will be dissolved on 3 November (on the NAV established on 3 November). This liquidation procedure does not require any specific transaction on your part; if you hold I-USD units, you will be reimbursed and the amount for said units will be credited to you, free of charge;
- the other units will be absorbed in the equivalent units of the AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI fund. This merger-absorption operation aims to optimise the financial management of the AMUNDI STAR 1 fund by combining the assets with those of the AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI fund, which has a similar investment policy. However, the performance potential of AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI is slightly lower than that of your fund, AMUNDI STAR 1, in return for a lower risk as well.
These transactions were approved by the French Financial Markets Authority (Autorité des Marchés Financiers) on 30 July 2021.
For units forming the subject of merger-absorption, if you agree to the terms, at the end of this operation, you will receive, in return for your units of the AMUNDI STAR 1 fund, units of the AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI fund, according to the technical terms and conditions of merger specified in the appendix, without any specific action required on your part.
However, if you do not accept the terms and conditions of this operation, you may sell your current shares or the units received in exchange for them at any time, free of charge. This redemption would then be subject to the provisions of common law taxation applicable to capital gains made on the disposal of transferable securities.
In order to facilitate this merger, subscriptions and redemptions in the absorbed fund, AMUNDI STAR 1, will be suspended from 2 November 2021 at 12:26 p.m. Subscriptions and redemptions will be possible from 4 November 2021 at 12:26 p.m. when you become unitholders of AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI.
Your usual contact person will be happy to help you find the solution that best matches your investor profile.
- | en | es |
DOLFIN5104 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Shareholders may request the conversion of all or some of their shares into shares in another class or another Sub-Fund, provided they meet the necessary criteria, by advising the Transfer Agent, in writing, by fax, or by any other electronic means accepted by the Transfer Agent.
The cut-off time for conversion requests is the same as for redemptions. The SICAV may, however, at the discretion of its Board of Directors, permit exceptions to distributors, at their request, thereby granting them an additional reasonable period of a maximum of 90 minutes after the official cut-off of the SICAV to allow them to centralize, consolidate and send orders to the Transfer Agent at an unknown net asset value.
Notwithstanding any suspension of the calculation of the net asset value, conversion will be carried out on the Calculation Date following the receipt of the request, at a rate calculated by reference to the price of the shares of the respective Sub-Funds established on that same date.
The rate at which all or some of the shares in a Sub-Fund or class (the "Original Sub-Fund” or “Original Class") are converted into shares in another Sub-Fund or class (the "new Sub-Fund” or the “new class”) is determined, as closely as possible, on the basis of the following formula:
A = B x C x E | Los accionistas pueden solicitar el canje de todas sus acciones o alguna de ellas por acciones de otra clase u otro Subfondo, siempre que se satisfagan los criterios necesarios, notificándoselo al Agente de Transferencias, por escrito, por fax o por cualquier otro medio electrónico que sea aceptado por el Agente de Transferencias.
La hora de cierre para las solicitudes de canje es la misma que para los reembolsos. No obstante, la SICAV puede, a criterio de su Consejo de Administración, aceptar exenciones para los distribuidores, si estos lo solicitan, de tal forma que se les conceda un periodo de tiempo razonable de 90 minutos como máximo después de la hora de cierre oficial de la SICAV para permitirles centralizar, consolidar y enviar las órdenes al Agente de Transferencias, a un valor liquidativo desconocido.
Aun cuando se suspenda el cálculo del valor liquidativo, el canje se realizará en la Fecha de Cálculo siguiente a la recepción de la solicitud, a un precio calculado por referencia al precio de las acciones de los Subfondos respectivos establecido en la misma fecha.
El precio al cual todas o algunas de las acciones en el Subfondo o una clase (el «Subfondo original» o la «clase original») se convertirán en acciones de otro Subfondo o clase (el «nuevo Subfondo» o la «nueva clase») se determinará, con la mayor exactitud posible, aplicando la siguiente fórmula:
A = B x C x E | Shareholders may request the conversion of all or some of their shares into shares in another class or another Sub-Fund, provided they meet the necessary criteria, by advising the Transfer Agent, in writing, by fax, or by any other electronic means accepted by the Transfer Agent.
The cut-off time for conversion requests is the same as for redemptions. The SICAV may, however, at the discretion of its Board of Directors, permit exceptions to distributors, at their request, thereby granting them an additional reasonable period of a maximum of 90 minutes after the official cut-off of the SICAV to allow them to centralize, consolidate and send orders to the Transfer Agent at an unknown net asset value.
Notwithstanding any suspension of the calculation of the net asset value, conversion will be carried out on the Calculation Date following the receipt of the request, at a rate calculated by reference to the price of the shares of the respective Sub-Funds established on that same date.
The rate at which all or some of the shares in a Sub-Fund or class (the "Original Sub-Fund” or “Original Class") are converted into shares in another Sub-Fund or class (the "new Sub-Fund” or the “new class”) is determined, as closely as possible, on the basis of the following formula:
A = B x C x E | en | es |
DOLFIN5108 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall.
- Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to value or sell at a desired price. This could affect the fund's ability to meet redemptions in a timely manner.
Key Investor Information Fidelity Funds - US High Yield Fund | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Remuneración normalmente menor Remuneración normalmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Los datos históricos pueden no ser una indicación fiable de lo que ocurra en el futuro.
- No hay garantías de que la categoría de riesgo mostrada vaya a mantenerse y puede cambiar con el paso del tiempo.
- La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
- El perfil de riesgo y remuneración se clasifica según el nivel de fluctuación histórica de los Valores liquidativos de la Clase de Acciones y, dentro de dicha clasificación, las categorías 1-2 indican un nivel bajo de fluctuación, 3-5 un nivel medio y 6-7 un nivel alto.
- El valor de su inversión puede incrementarse o disminuir, y cabe la posibilidad de que recupere un importe inferior a la cantidad invertida.
- El subfondo puede invertir en instrumentos emitidos en divisas distintas a la de denominación del subfondo. Por tanto, las fluctuaciones del tipo de cambio pueden afectar al valor de su inversión.
- Podrá utilizarse cobertura cambiaria para reducir el efecto de las mismas. Sin embargo, es posible que estos efectos no se eliminen totalmente o en la medida en que se pretenda.
- Cabe la posibilidad de que el uso de derivados produzca«apalancamiento», es decir, un nivel de exposición que podría hacer que el Subfondo registrara más ganancias o pérdidas de las que hubiera obtenido en otras circunstancias.
- Existe el riesgo de que los emisores de bonos no puedan reintegrar el importe prestado, o que no puedan cumplir con los pagos de intereses. Aunque intentamos mitigarlo, el Subfondo puede estar expuesto al riesgo de sufrir pérdidas económicas si invierte en un instrumento emitido por una institución que después incurra en el impago de sus préstamos. También se pueden materializar pérdidas si una entidad a la que el Subfondo se encuentre expuesto deja de pagar los intereses durante un tiempo o de forma indefinida. El precio de los bonos se relaciona de forma inversa con los tipos de interés, de forma que cuando los tipos de interés suben, el valor de los bonos puede disminuir. El incremento en los tipos de interés puede provocar una caída en el valor de su inversión.
- La liquidez es una medida del grado de convertibilidad de una inversión en efectivo. En determinadas condiciones del mercado, puede haber dificultades para valorar o vender activos al precio deseado. Esto podría afectar la capacidad del Subfondo para atender oportunamente los reembolsos.
Datos fundamentales para el inversor Fidelity Funds - US High Yield Fund | # Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall.
- Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to value or sell at a desired price. This could affect the fund's ability to meet redemptions in a timely manner.
Key Investor Information Fidelity Funds - US High Yield Fund | en | es |
DOLFIN5110 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Sub-Fund may invest the remaining third of its assets in Money Market Instruments.
Within a limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives. Derivatives may also be used for hedging purposes. For the avoidance of doubt, the use of derivatives for investment purposes is limited to 30% of the Sub-Fund's net assets.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy described above. | ## El Subfondo podrá invertir el tercio restante de sus activos en instrumentos del mercado monetario.
Dentro de un límite del 200 % del patrimonio neto del Subfondo, la estrategia de inversión podrá llevarse a cabo con inversiones directas y/o por medio de derivados. También pueden utilizarse derivados con fines de cobertura. Para evitar cualquier duda, el uso de derivados con fines de inversión está limitado al 30 % del patrimonio neto del Subfondo.
El objetivo de la clase de acción es proporcionar cobertura sobre el riesgo de tipo de cambio procedente de la divergencia entre la divisa de referencia del Subfondo y la divisa de la clase de acción, a través de la utilización de instrumentos derivados mientras se mantiene la exposición a la Política de Inversión descrita más arriba. | ## The Sub-Fund may invest the remaining third of its assets in Money Market Instruments.
Within a limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives. Derivatives may also be used for hedging purposes. For the avoidance of doubt, the use of derivatives for investment purposes is limited to 30% of the Sub-Fund's net assets.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy described above. | en | es |
DOLFIN5114 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Benchmark does not take account of currency hedging. There may be a greater difference between the past performance of the share class and the Benchmark than for other share classes in the fund.
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 12/11/1990. This class was launched on 16/02/2016. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | El Índice de referencia no tiene en cuenta la cobertura de divisas. La diferencia entre la rentabilidad pasada de la clase de acciones y la del Índice de referencia puede ser mayor que la de otras clases de acciones del fondo.
La rentabilidad histórica no es indicativa de los resultados futuros.
En su caso, la rentabilidad histórica que aquí se muestra tiene en cuenta los gastos corrientes, excepto los gastos aplicables de entrada y salida.
El Subfondo se creó el 12/11/1990. Esta clase se creó el 16/02/2016.
El cálculo de la rentabilidad histórica se ha efectuado en EUR.
A efectos de comparación, la rentabilidad del Índice de referencia también se incluye en el gráfico. | The Benchmark does not take account of currency hedging. There may be a greater difference between the past performance of the share class and the Benchmark than for other share classes in the fund.
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 12/11/1990. This class was launched on 16/02/2016. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | en | es |
DOLFIN5115 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 6 because its simulated Net Asset Value has shown high fluctuations historically.
performance of individual companies and general market conditions, sometimes rapidly or unpredictably. If a company goes through bankruptcy or a similar financial restructuring, its shares in issue typically lose most or all of their value.
- The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y puede variar a lo largo del tiempo.
La asignación de una Clase de Acciones a la calificación de riesgo más baja no significa que la inversión esté libre de riesgo.
¿Por qué se asigna esta Clase de Acciones a esta categoría? Esta Clase de Acciones se asigna a la categoría 6 debido a que históricamente su Valor Liquidativo simulado ha registrado un nivel de fluctuaciones alto.
generales del mercado, en ocasiones de forma rápida o impredecible. Si una empresa se declara en quiebra o se somete a otro procedimiento de reestructuración financiera similar, sus acciones en circulación suelen perder la mayor parte o la totalidad de su valor.
- El Subfondo podrá invertir en valores de pequeña capitalización, que pueden ser menos líquidos y más volátiles, y conllevar un mayor riesgo financiero que los valores de compañías más grandes.
- No se prevé que el Subfondo replique en todo momento la rentabilidad del Índice con absoluta precisión. Sin embargo, se prevé que el Subfondo proporcione resultados de inversión que, antes de gastos, se correspondan globalmente con la cotización y la rentabilidad del Índice.
- Si desea más información sobre riesgos, consulte el apartado«Información sobre riesgos» del Folleto. | The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 6 because its simulated Net Asset Value has shown high fluctuations historically.
performance of individual companies and general market conditions, sometimes rapidly or unpredictably. If a company goes through bankruptcy or a similar financial restructuring, its shares in issue typically lose most or all of their value.
- The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | en | es |
DOLFIN5124 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 23.9 | 5.4 | 19.5 | 5.3 | 11.1 | 20.6 | -13.8 | 22.4 | 9.9 | 2.8 |
| Constraint †¹ | 20.5 | -1.4 | 19.4 | 1.2 | 8.6 | 24.5 | -10.1 | 20.3 | 14.7 | 2.5 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 07 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 23,9 | 5,4 | 19,5 | 5,3 | 11,1 | 20,6 | -13,8 | 22,4 | 9,9 | 2,8 |
| Limitación †¹ | 20,5 | -1,4 | 19,4 | 1,2 | 8,6 | 24,5 | -10,1 | 20,3 | 14,7 | 2,5 |
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 07 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 23.9 | 5.4 | 19.5 | 5.3 | 11.1 | 20.6 | -13.8 | 22.4 | 9.9 | 2.8 |
| Constraint †¹ | 20.5 | -1.4 | 19.4 | 1.2 | 8.6 | 24.5 | -10.1 | 20.3 | 14.7 | 2.5 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 07 February 2022 | en | es |
DOLFIN5128 | 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 | 2.30% |
| Charges taken from the fund under certain specific conditions |
| Performance fee 20.00% of the outperformance to the reference indicator over the year. Performance fee is not charged until previous underperformance is offset. | | | 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 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 | 2.30% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad 20.00% del excedente de rentabilidad respecto del indicador de referencia a lo largo del año. La comisión de rentabilidad no se cobrará hasta que se compense la anterior rentabilidad inferior. | | | 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 | 2.30% |
| Charges taken from the fund under certain specific conditions |
| Performance fee 20.00% of the outperformance to the reference indicator over the year. Performance fee is not charged until previous underperformance is offset. | | en | es |
DOLFIN5129 | 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 Credit Suisse Responsible Consumer Fund - B USD between 09/11/2021-19/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 7,429
-25.7%
USD 8,028
-3.1% | # Este tipo de escenario se produjo para una inversión Credit Suisse Responsible Consumer Fund - B USD entre 09/11/2021-19/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
7 429 USD
-25,7%
8 028 USD
-3,1% | # This type of scenario occurred for an investment Credit Suisse Responsible Consumer Fund - B USD between 09/11/2021-19/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 7,429
-25.7%
USD 8,028
-3.1% | en | es |
DOLFIN5130 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund’s sustainable investment objective is to promote good health and well-being and contributing to an efficient healthcare system. Healthy living and sustainability considerations are incorporated in the investment process by the means of a target universe definition, exclusions, ESG integration, and voting. The fund only invests in companies that have a significant thematic fit as per Robeco's thematic universe methodology. Through screening on both Robeco's internally developed SDG Framework and Robeco’s exclusion policy, the fund does not invest in issuers that have a negative impact on the SDGs, are in breach of international norms or where products have been deemed controversial. Financially material ESG factors are integrated in the bottom-up fundamental investment analysis to assess existing and potential ESG risks and opportunities. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy. | # Sustentabilidad
El objetivo de inversión sostenible del fondo es promocionar la salud y el bienestar y contribuir a un sistema sanitario eficiente. Las consideraciones sobre vida sana y sostenibilidad se incorporan al proceso de inversión mediante la definición de un universo objetivo, exclusiones, integración de criterios ASG y ejercicio de los derechos de voto. El fondo solo invierte en empresas que se ajustan significativamente a un tema conforme a la metodología de universos temáticos de Robeco. Aplicando un proceso de cribado según un marco para los ODS desarrollado internamente por Robeco y la política de exclusión de Robeco, el fondo no invierte en emisores que causan un impacto negativo en los ODS, que incumplen normas internacionales o cuyos productos se han considerado controvertidos. Se integran factores ASG financieramente relevantes en el análisis fundamental de inversiones bottom-up para evaluar riesgos y oportunidades ASG existentes y potenciales. Además, cuando un emisor de valores sea señalado en la supervisión continua por infringir normas internacionales, el emisor quedará sujeto a exclusión. Por último, el fondo hace uso de los derechos asociados a las acciones y aplica el voto por delegación conforme a las directrices de delegación de voto de Robeco. | # Sustainability
The fund’s sustainable investment objective is to promote good health and well-being and contributing to an efficient healthcare system. Healthy living and sustainability considerations are incorporated in the investment process by the means of a target universe definition, exclusions, ESG integration, and voting. The fund only invests in companies that have a significant thematic fit as per Robeco's thematic universe methodology. Through screening on both Robeco's internally developed SDG Framework and Robeco’s exclusion policy, the fund does not invest in issuers that have a negative impact on the SDGs, are in breach of international norms or where products have been deemed controversial. Financially material ESG factors are integrated in the bottom-up fundamental investment analysis to assess existing and potential ESG risks and opportunities. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy. | en | es |
DOLFIN5133 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## Objective
The objective of the Compartment is to outperform its benchmark index over a full market cycle by investing in an actively managed portfolio. Environmental, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each one of these criteria in the final decision is not defined in advance.
## Benchmark index
The performance of the Compartment may be compared to the MSCI Emerging Market Index denominated in USD, calculated with net dividends reinvested. The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment invests at least 70% of its net assets in shares (ordinary and preference) or equivalent securities issued by companies that are domiciled, listed or have their registered office in emerging markets, or that carry out most of their business activities in emerging markets.
## To a lesser extent, the Compartment may invest in equities of companies whose registered office is located in other geographical areas.
## The Compartment may invest up to 20% of its net assets in China-A shares through the Shanghai-Hong Kong Stock Connect programme and/or the Shenzhen-Hong Kong Stock Connect programme.
## Up to 100% of the Compartment’s net assets may be exposed to currency risk.
## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 75% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://am.jpmorgan.com/gb/en/asset-management/adv/investment-themes/sustainable-investing/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation.
## Minimum recommended holding period: 5 years
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and France, with the exception of Good Friday, 24 December (Christmas Eve) and days when the French markets are closed (official Euronext Paris SA calendar), no later than 03:00 p.m. (Luxembourg time) on the business day preceding the applicable valuation day.
## Income allocation: Distribution | # Objetivos y política de inversión
## Objetivo
El objetivo del Subfondo es superar la rentabilidad de su índice de referencia, en un ciclo de mercado completo, invirtiendo en una cartera gestionada de forma activa. Los criterios medioambientales, sociales y de gobierno corporativo (ESG) son uno de los componentes de la gestión. No obstante, el grado de importancia de cada uno de estos criterios en la decisión final no está definido de antemano.
## Índice de referencia
La rentabilidad del Subfondo puede compararse con el índice MSCI Emerging Market, denominado en USD, calculado con dividendos netos reinvertidos. El Subfondo se gestiona de forma activa. El índice de referencia se utiliza únicamente con fines de comparación de la rentabilidad.
## Política de inversión
El Subfondo invierte al menos el 70% de su patrimonio neto en acciones (ordinarias y preferentes) o títulos asimilados emitidos por empresas que estén domiciliadas, coticen o tengan su sede en mercados emergentes o que desarrollen la mayor parte de su actividad en los mismos.
## El Subfondo podrá invertir, en menor medida, en acciones de empresas con domicilio social en otras zonas geográficas.
## El Subfondo podrá invertir en Acciones A chinas a través del programa Shanghai-Hong Kong Stock Connect y/o el programa Shenzhen-Hong Kong Stock Connect hasta el 20% de su patrimonio neto.
## El Subfondo podrá estar expuesto al riesgo de cambio hasta el 100% del patrimonio neto.
## Con el fin de proteger sus activos y/o de lograr su objetivo de gestión, el Subfondo puede recurrir a instrumentos financieros derivados negociados en Mercados regulados o extrabursátiles.
A efectos de gestión de la tesorería, el Subfondo podrá invertir hasta el 25% del patrimonio neto en títulos de deuda transferibles e Instrumentos del mercado monetario. El Subfondo se centrará principalmente en emisiones de emisores públicos o privados.
Al menos el 75% de las empresas de la cartera tendrán una calificación ESG. Se tratará de una calificación interna en materia de ESG, tal y como se define en la política de integración e inversión responsable en materia de ESG del gestor (disponible en su sitio web en el siguiente enlace: https://am.jpmorgan.com/gb/en/asset-management/adv/investment-themes/sustainable-investing), o de una calificación otorgada por una agencia de calificación extrafinanciera externa. Al final de este proceso, el Fondo tendrá una calificación ESG superior a la de su universo de inversión.
Además, el proceso de selección de valores incluye un cribado negativo para excluir aquellas empresas que contribuyen a la producción de armas controvertidas, con arreglo a los convenios internacionales en la materia, así como las empresas expuestas a actividades relacionadas con el carbón térmico o el tabaco, de acuerdo con la política de exclusión del Grupo Edmond de Rothschild, que está disponible en su sitio web https://www.edmond-de-rothschild.com/fr/asset-management/investissement-responsable.
El Subfondo tiene la clasificación de “artículo 8(1) del Reglamento de sostenibilidad” porque promueve un conjunto de características ESG, aunque no se ha designado ningún índice de referencia a efectos de lograr dichas características medioambientales o sociales.
El Subfondo, en virtud de su estrategia ESG, promueve las características medioambientales, pero no invierte en actividades económicas medioambientalmente sostenibles, tal y como se definen en el Reglamento de taxonomía. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles, en el marco del Reglamento de taxonomía.
## La duración mínima de la participación recomendada es de 5 años.
Frecuencia de compra o venta de acciones: Los inversores pueden obtener el reembolso de sus acciones cualquier día hábil bancario en Luxemburgo y Francia, con excepción del Viernes Santo, el 24 de diciembre (Nochebuena) y los días en que los mercados franceses estén cerrados (calendario oficial de Euronext Paris S.A.), a más tardar a las 15:00 horas (hora de Luxemburgo) del Día Hábil anterior al Día de valoración aplicable.
## Asignación de los ingresos: Distribución | # Objectives and investment policy
## Objective
The objective of the Compartment is to outperform its benchmark index over a full market cycle by investing in an actively managed portfolio. Environmental, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each one of these criteria in the final decision is not defined in advance.
## Benchmark index
The performance of the Compartment may be compared to the MSCI Emerging Market Index denominated in USD, calculated with net dividends reinvested. The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment invests at least 70% of its net assets in shares (ordinary and preference) or equivalent securities issued by companies that are domiciled, listed or have their registered office in emerging markets, or that carry out most of their business activities in emerging markets.
## To a lesser extent, the Compartment may invest in equities of companies whose registered office is located in other geographical areas.
## The Compartment may invest up to 20% of its net assets in China-A shares through the Shanghai-Hong Kong Stock Connect programme and/or the Shenzhen-Hong Kong Stock Connect programme.
## Up to 100% of the Compartment’s net assets may be exposed to currency risk.
## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 75% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://am.jpmorgan.com/gb/en/asset-management/adv/investment-themes/sustainable-investing/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation.
## Minimum recommended holding period: 5 years
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and France, with the exception of Good Friday, 24 December (Christmas Eve) and days when the French markets are closed (official Euronext Paris SA calendar), no later than 03:00 p.m. (Luxembourg time) on the business day preceding the applicable valuation day.
## Income allocation: Distribution | en | es |
DOLFIN5136 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Depositary
The sole Depositary of the Fund is DZ PRIVATBANK S.A. with its registered office located at 4, rue Thomas Edi- son, L-1445 Strassen, Luxembourg. The Depositary is a public limited company (Aktiengesellschaft) pursuant to the law of the Grand Duchy of Luxembourg and conducts banking business.
The rights and obligations of the Depositary are governed by the Law of 17 December 2010, the applicable regulations, the Depositary Agreement, the Management Regulations (Article 3) and the Sales Prospectus (with Annex). It acts honestly, fairly, professionally and independently of the Management Company and solely in the interest of the Fund and the investors.
Pursuant to Article 3 of the Management Regulations, the Depositary may delegate some of its duties to third parties (“sub-custodians”).
An up-to-date overview of sub-custodians can be found on the Management Company's website (www.ethenea.com) or requested free of charge from the Management Company.
Upon request, the Management Company will provide investors with the latest information regarding the iden- tity of the Fund's depositary, the Depositary’s obligations and any conflicts of interest that could arise and with a description of all depositary functions transferred by the Depositary, the list of sub-custodians and infor- mation on any conflicts of interest that could arise from the transfer of functions.
The appointment of the Depositary and/or sub-custodians may cause potential conflicts of interest, which are described in more detail in the section entitled “Potential conflicts of interest”. | # El agente de custodia
El único agente de custodia del fondo es DZ PRIVATBANK S.A. con domicilio social en 4, rue Thomas Edison, L- 1445 Strassen (Luxemburgo). El agente de custodia es una sociedad anónima conforme al derecho del Gran Ducado de Luxemburgo que realiza operaciones bancarias.
Los derechos y obligaciones del agente de custodia estarán sujetos a la Ley de 17 de diciembre de 2010, a las disposiciones vigentes, al contrato del agente de custodia, al reglamento de gestión (artículo 3) y a este folleto informativo (junto con el anexo). Actúa de buena fe, de forma sincera, profesional e independiente de la socie- dad gestora y exclusivamente en interés de los inversores.
Según el artículo 3 del reglamento de gestión, el agente de custodia tiene la posibilidad de delegar parte de sus tareas en terceras personas («subdepositario»).
Se puede acceder a una vista general actualizada de los subdepositarios en la página web de la sociedad gesto- ra (www.ethenea.com) o se puede solicitar dicha vista general de forma gratuita a la citada sociedad.
Si así lo solicitan, la sociedad gestora le transmitirá a los inversores información actualizada relativa a la identi- dad del agente de custodia del fondo, la descripción de las obligaciones del agente de custodia, así como de los conflictos de intereses que puedan surgir y la descripción de todas las funciones de custodia delegados por parte del agente de custodia, la lista de subdepositarios o lugares de almacenamiento y la indicación de todos los conflictos de intereses que puedan surgir de la delegación de tareas.
Con la designación del agente de custodia y/o de los subdepositarios pueden surgir potenciales conflictos de intereses que se describen en el apartado «Potenciales conflictos de intereses». | # The Depositary
The sole Depositary of the Fund is DZ PRIVATBANK S.A. with its registered office located at 4, rue Thomas Edi- son, L-1445 Strassen, Luxembourg. The Depositary is a public limited company (Aktiengesellschaft) pursuant to the law of the Grand Duchy of Luxembourg and conducts banking business.
The rights and obligations of the Depositary are governed by the Law of 17 December 2010, the applicable regulations, the Depositary Agreement, the Management Regulations (Article 3) and the Sales Prospectus (with Annex). It acts honestly, fairly, professionally and independently of the Management Company and solely in the interest of the Fund and the investors.
Pursuant to Article 3 of the Management Regulations, the Depositary may delegate some of its duties to third parties (“sub-custodians”).
An up-to-date overview of sub-custodians can be found on the Management Company's website (www.ethenea.com) or requested free of charge from the Management Company.
Upon request, the Management Company will provide investors with the latest information regarding the iden- tity of the Fund's depositary, the Depositary’s obligations and any conflicts of interest that could arise and with a description of all depositary functions transferred by the Depositary, the list of sub-custodians and infor- mation on any conflicts of interest that could arise from the transfer of functions.
The appointment of the Depositary and/or sub-custodians may cause potential conflicts of interest, which are described in more detail in the section entitled “Potential conflicts of interest”. | en | es |
DOLFIN5137 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Singapore
The Fund and the offer of the Shares / Units which are the subjects of this document do not relate to a collective investment scheme which is authorised by the Monetary Authority of Singapore (“MAS”) under section 286 of the Securities and Futures Act (Cap. 289) (the "SFA") or recognised by the MAS under section 287 of the SFA, and Shares / Units of the Fund are not allowed to be offered to the retail public.
This document (as well as any other document issued in connection with the offer or sale of Shares / Units is not a prospectus as defined in the SFA, nor will it be lodged or registered as a prospectus with the MAS and, accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and potential investors should carefully consider whether an investment in the Shares / Units is suitable for them. The MAS assumes no responsibility for the contents of this document (nor any other document issued in connection with the offer or sale of the Shares / Units.
No offer of the Shares / Units for subscription or purchase, or invitation to subscribe for or purchase the Shares / Units, may be made, nor any document or other material (including but not limited to this document relating to the Shares / Units may be circulated or distributed, either directly or indirectly, to any person in Singapore other than: (i) to an institutional investor (as defined in section 4A of the SFA) pursuant to section 304 of the SFA; (ii) to a relevant person (as defined in section 305(5) of the SFA) pursuant to section 305(1) of the SFA; (iii) on terms that the minimum consideration is the equivalent of Singapore dollars 200,000 in accordance with section 305(2) of the SFA; or (iv) otherwise pursuant to, and in accordance with the conditions of, any other exemption under the SFA.
Pursuant to section 305 of the SFA, read in conjunction with regulation 32 of and the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005, the Fund has been entered into the list of restricted schemes maintained by the MAS for the purposes of offering Shares / Units in the Fund to relevant persons (as defined in section 305(5) of the SFA), or, for the purposes of offering Shares / Units in the Fund in accordance with the conditions of section 305(2) of the SFA.
Where an offer is made to institutional investors pursuant to section 304 of the SFA, the following restrictions (under section 304A) apply to Shares / Units acquired pursuant to such an offer. Where such Shares / Units are first sold to any person other than an institutional investor, the requirements of Subdivisions (2) and (3) of Division 2 to Part XIII of the SFA will apply to the offer resulting in such sale, save where the Shares / Units acquired are of the same class as, or can be converted into Shares / Units of the same class as, the other Shares / Units:
- which are listed for quotation on an approved exchange (as defined in the SFA); and
- in respect of which any offer information statement, introductory document, unitholders’ circular for a reverse take-over, document issued for the purposes of a trust scheme, or any other similar document approved by an approved exchange (as defined in the SFA), was issued in connection with an offer of those Shares / Units, or the listing for quotation of those Shares / Units. | ## Singapur
El Fondo y la oferta de las Acciones / Participaciones objeto de este documento no están relacionados con ningún programa de inversión colectiva autorizado por la Autoridad Monetaria de Singapur ("MAS") en virtud de la sección 286 de la Ley de Valores y Futuros (Cap. 289) ("SFA") ni están reconocidos por la MAS en virtud de la sección 287 de la SFA, y las Acciones / Participaciones del Fondo no se pueden ofrecer al público en general.
Este documento (así como cualquier otro publicado en relación con la oferta o venta de Acciones / Participaciones) no constituye un folleto según se define en la SFA, ni se guardará ni registrará como un folleto ante la MAS y, por tanto, la responsabilidad legal en virtud de la SFA con respecto al contenido de los folletos no será de aplicación, y los potenciales inversores deben estudiar prudentemente si es adecuado para ellos invertir en las Acciones / Participaciones. La MAS no asume ninguna responsabilidad con respecto al contenido de este documento (ni ningún otro documento publicado en relación con la oferta o la venta de las Acciones / Participaciones).
No se podrá hacer ninguna oferta de las Acciones / Participaciones para la suscripción o compra, o invitación para suscribir o comprar Acciones / Participaciones, ni se podrá hacer circular o distribuir ningún documento u otro material (incluyendo pero no limitado a este documento relacionado con las Acciones / Participaciones), ya sea directa o indirectamente, a ninguna persona en Singapur salvo que sea: (i) inversor institucional (según se define en la sección 4A de la SFA) con arreglo a la sección 304 de la SFA; (ii) persona relevante (según se define en la sección 305(5) de la SFA) en virtud de la sección 305(1) de la SFA; (iii) en condiciones en que la consideración mínima sea equivalente a 200 000 dólares de Singapur de acuerdo con la sección 305(2) de la SFA; o (iv) de otra forma con arreglo y de acuerdo con las condiciones de cualquier otra exención de la SFA.
En virtud de la sección 305 de la SFA, leída conjuntamente con el reglamento 32 y el Sexto Anexo del Reglamento de Valores y Futuros (Ofertas de Inversión) (Programas de Inversión Colectiva) de 2005, el Fondo ha sido incluido en la lista de programas restringidos que mantiene la MAS a los efectos de ofrecer Acciones / Participaciones en el Fondo a personas relevantes (según se define en la sección 305(5) de la SFA), o a los efectos de ofrecer Acciones / Participaciones en el Fondo de acuerdo con las condiciones de la sección 305(2) de la SFA.
Si se hace una oferta a inversores institucionales de acuerdo con la sección 304 de la SFA, se aplicarán las siguientes restricciones (según la sección 304A) a las Acciones / Participaciones objeto de dicha oferta. Si las Acciones / Participaciones se venden primero a una persona que no es un inversor institucional, los requisitos de las Subdivisiones (2) y (3) de la División 2 en la Parte XIII de la SFA serán de aplicación a la oferta resultante de dicha venta, excepto si las Acciones / Participaciones adquiridas son de la misma clase que las otras Acciones / Participaciones o puedan convertirse en Acciones / Participaciones de la misma clase:
- cotizadas en un mercado de valores aprobado (según se define en la SFA); y
- con respecto a las cuales se haya publicado una declaración informativa, documento de presentación, circular para los partícipes de una adquisición inversa, documento publicado a los fines de un plan de fideicomiso o cualquier otro documento similar de oferta autorizado por un mercado de valores aprobado (según se define en la SFA), en relación con una oferta de dichas Acciones / Participaciones o el listado de cotización de tales Acciones / Participaciones. | ## Singapore
The Fund and the offer of the Shares / Units which are the subjects of this document do not relate to a collective investment scheme which is authorised by the Monetary Authority of Singapore (“MAS”) under section 286 of the Securities and Futures Act (Cap. 289) (the "SFA") or recognised by the MAS under section 287 of the SFA, and Shares / Units of the Fund are not allowed to be offered to the retail public.
This document (as well as any other document issued in connection with the offer or sale of Shares / Units is not a prospectus as defined in the SFA, nor will it be lodged or registered as a prospectus with the MAS and, accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and potential investors should carefully consider whether an investment in the Shares / Units is suitable for them. The MAS assumes no responsibility for the contents of this document (nor any other document issued in connection with the offer or sale of the Shares / Units.
No offer of the Shares / Units for subscription or purchase, or invitation to subscribe for or purchase the Shares / Units, may be made, nor any document or other material (including but not limited to this document relating to the Shares / Units may be circulated or distributed, either directly or indirectly, to any person in Singapore other than: (i) to an institutional investor (as defined in section 4A of the SFA) pursuant to section 304 of the SFA; (ii) to a relevant person (as defined in section 305(5) of the SFA) pursuant to section 305(1) of the SFA; (iii) on terms that the minimum consideration is the equivalent of Singapore dollars 200,000 in accordance with section 305(2) of the SFA; or (iv) otherwise pursuant to, and in accordance with the conditions of, any other exemption under the SFA.
Pursuant to section 305 of the SFA, read in conjunction with regulation 32 of and the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005, the Fund has been entered into the list of restricted schemes maintained by the MAS for the purposes of offering Shares / Units in the Fund to relevant persons (as defined in section 305(5) of the SFA), or, for the purposes of offering Shares / Units in the Fund in accordance with the conditions of section 305(2) of the SFA.
Where an offer is made to institutional investors pursuant to section 304 of the SFA, the following restrictions (under section 304A) apply to Shares / Units acquired pursuant to such an offer. Where such Shares / Units are first sold to any person other than an institutional investor, the requirements of Subdivisions (2) and (3) of Division 2 to Part XIII of the SFA will apply to the offer resulting in such sale, save where the Shares / Units acquired are of the same class as, or can be converted into Shares / Units of the same class as, the other Shares / Units:
- which are listed for quotation on an approved exchange (as defined in the SFA); and
- in respect of which any offer information statement, introductory document, unitholders’ circular for a reverse take-over, document issued for the purposes of a trust scheme, or any other similar document approved by an approved exchange (as defined in the SFA), was issued in connection with an offer of those Shares / Units, or the listing for quotation of those Shares / Units. | en | es |
DOLFIN5142 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
This Fund is classified as follows: International equities
Over a minimum investment period of five years, the Fund seeks to outperform its benchmark, the MSCI EMU IMI Core RE 10/40 Index, net dividends reinvested, after deduction of actual management fees, via exposure to Euro Zone real estate companies, while also taking ESG criteria into account.
The Fund manager chooses real estate stocks according to a selective investment process based on (i) geographical analysis of the various real estate markets, and (ii) sector analysis: offices, retail premises, residential property, industrial premises and logistics platforms, hotels and retirement homes.
The Fund is managed actively with reference to its benchmark. The Fund’s composition may deviate significantly from that of the benchmark index.
The Fund may have exposure of:
- between 75% and 100% of its net assets in the shares of real estate companies and companies in the real estate sector or linked to real estate with their registered office located in the Euro Zone (with a limit of 25% (i) in the shares of companies not headquartered in the Euro Zone and (ii) to the currencies of countries which are not part of the Euro Zone in connection with investments in the securities of companies headquartered outside the Euro Zone) and of any capitalisation, though 95% of the equity portfolio shall be invested in mid and large caps (at least 150 million). Emerging countries are not permitted.
- between 0% and 20% of its net assets in fixed income products: corporate or government bonds, transferable debt securities or money market instruments with a maturity of less than three months rated at least A2, P2 or F2 Standard & Poor’s or equivalent as assessed by the Management Company or according to its own internal rating), with up to 5% of net assets invested in investment grade, unrated or high yield convertible bonds (according to Standard & Poor’s rating agency or deemed equivalent by the Management Company, or according to its own internal rating).
The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take
the interests of unitholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits.
The Fund may use forward financial instruments traded on French or foreign regulated, organised or OTC markets for the purposes of hedging the portfolio and/or exposing it to equity and foreign exchange, up to the limit of 100% of its assets (futures, options, forward exchange contracts and currency swaps). The Fund may hold convertible bonds (maximum 5% of net assets), subscription certificates and warrants (securities with embedded derivatives) in order to generate exposure to equity risk, up to the limit of 100%.
The Fund’s maximum exposure to the instruments (equities, debt securities, funds and derivatives) may not exceed 100% of net assets, it being understood that the maximum exposure is the sum of the net exposures to each of the markets (equity, fixed income, money) to which the Fund is exposed (the sum of long and hedging positions).
Other information:
The management team takes into account environmental, social and governance (ESG) criteria in its investment decisions but they are not the dominant factor. The investment decisions taken may therefore not be consistent with ESG criteria.
Subscription and redemption requests are centralised by the Depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day.
CN-CHF [H] units
accumulate their income
.
** CN-CHF [H] units are hedged against the EUR/CHF currency risk associated with investments in EUR in order to limit differences in performance relative to euro-denominated units, though residual currency risk of maximum 3% remains.
Recommended investment horizon:
5 years
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
Este Fondo pertenece a la categoría de Renta variable internacional
El objetivo del Fondo consiste en lograr una rentabilidad superior a la del indicador de referencia, el MSCI EMU IMI Core RE 10/40, con dividendos netos reinvertidos, una vez deducidos los gastos de gestión reales y en un horizonte mínimo de inversión de 5 años, mediante la exposición a la renta variable inmobiliaria de la zona euro, teniendo en cuenta los criterios ESG.
El gestor del Fondo selecciona valores inmobiliarios mediante un proceso de inversión diferenciador elaborado sobre la base de un análisis (i) geográfico a través de los diferentes mercados inmobiliarios y (ii) sectorial: oficinas, comercios, viviendas, locales industriales y plataformas logísticas, hoteles y residencias para la tercera edad.
El Fondo se gestiona de forma activa en referencia a su indicador. La composición del Fondo puede diferir de manera significativa respecto de la distribución del indicador de referencia.
El Fondo podrá estar expuesto:
- entre un 75% y un 100% de su patrimonio neto en acciones de sociedades inmobiliarias o pertenecientes al sector inmobiliario o relacionadas con dicho sector, de sociedades que tengan su domicilio social en países de la zona euro (hasta un 25% como máximo (i) en renta variable de sociedades que no estén domiciliadas en la zona euro y (ii) en divisas de países que no forman parte de la zona euro y guardan relación con inversiones en títulos de sociedades de fuera de la zona euro), de cualquier capitalización, siempre y cuando el 95% de la parte de renta variable de la cartera se invierta en sociedades de mediana y gran capitalización (150 millones como mínimo). No está autorizada la inversión en países emergentes.
- como máximo el 20% de su patrimonio neto a instrumentos de renta fija: obligaciones, títulos de crédito negociables e instrumentos del mercado monetario con vencimiento inferior a 3 meses, tanto del sector público como del sector privado, que cuenten con una calificación mínima de A2, P2 o F2 (otorgada por la agencia de calificación crediticia Standard & Poor’s u otra agencia de calificación que la Sociedad gestora estime equivalente o concedida de manera interna por parte de la Sociedad gestora), y obligaciones convertibles con una calificación investment grade o sin calificación o de alto rendimiento, hasta un máximo del 5% del patrimonio neto (calificación otorgada la agencia de calificación crediticia Standard & Poor’s u otra agencia de calificación que la Sociedad gestora estime equivalente o concedida de manera interna por parte de la Sociedad gestora).
La Sociedad gestora no recurre de forma exclusiva y mecánica a las calificaciones emitidas por las agencias de calificación y lleva a cabo su
propio análisis interno. En el supuesto de rebajarse la calificación crediticia, se tendrá en cuenta en la evaluación de los límites de calificación el interés de los partícipes, la coyuntura del mercado y el análisis interno de la Sociedad gestora sobre la calificación de estos instrumentos de renta fija.
El Fondo podrá invertir en instrumentos financieros a plazo negociados en mercados regulados, organizados u OTC, tanto franceses como extranjeros, con el fin de cubrir la cartera frente al riesgo de renta variable o de cambio y/o exponer la cartera a dichos riesgos, en un máximo del 100% de su patrimonio (futuros, opciones, contratos a plazo sobre divisas y swaps de divisas). El Fondo podrá mantener obligaciones convertibles (hasta un máximo del 5% del patrimonio neto), bonos de suscripción o warrants (títulos que incorporan derivados), con el fin de obtener exposición al riesgo de renta variable, en un máximo del 100% de su patrimonio.
La exposición máxima del Fondo a instrumentos financieros (renta variable, títulos de crédito, OIC y derivados) no podrá superar el 100% del patrimonio neto, entendiéndose que la exposición máxima constituye la suma de las exposiciones netas a cada uno de los mercados (renta variable, renta fija y monetario) a los que está expuesto el Fondo (suma de las posiciones compradoras y de cobertura).
Otra información:
El equipo de gestión tiene en cuenta los criterios ambientales, sociales y de gobierno corporativo (ESG) en el proceso de toma decisiones de inversión, aunque de forma no preponderante. Por consiguiente, las decisiones de inversión adoptadas podrían no ajustarse a los criterios ESG.
Las solicitudes de suscripción y de reembolso se centralizan en las oficinas del Depositario cada día hábil para la Bolsa de París hasta las 11:15 horas (hora de París, CET/CEST) y se ejecutan aplicando el valor liquidativo del mismo día.
La participación CN-CHF [H]
capitaliza sus ingresos
.
** La participación CN-CHF [H] está cubierta frente al riesgo de cambio euro/franco suizo derivado de las inversiones en euros, con el objetivo de limitar las variaciones de rentabilidad con respecto a la participación en euros, si bien podrá persistir un riesgo de cambio residual de como máximo el 3%.
Horizonte de inversión recomendado:
5 años
Este Fondo podría no ser adecuado para inversores que prevean retirar su aportación antes de que transcurra dicho plazo. | # OBJECTIVES AND INVESTMENT POLICY
This Fund is classified as follows: International equities
Over a minimum investment period of five years, the Fund seeks to outperform its benchmark, the MSCI EMU IMI Core RE 10/40 Index, net dividends reinvested, after deduction of actual management fees, via exposure to Euro Zone real estate companies, while also taking ESG criteria into account.
The Fund manager chooses real estate stocks according to a selective investment process based on (i) geographical analysis of the various real estate markets, and (ii) sector analysis: offices, retail premises, residential property, industrial premises and logistics platforms, hotels and retirement homes.
The Fund is managed actively with reference to its benchmark. The Fund’s composition may deviate significantly from that of the benchmark index.
The Fund may have exposure of:
- between 75% and 100% of its net assets in the shares of real estate companies and companies in the real estate sector or linked to real estate with their registered office located in the Euro Zone (with a limit of 25% (i) in the shares of companies not headquartered in the Euro Zone and (ii) to the currencies of countries which are not part of the Euro Zone in connection with investments in the securities of companies headquartered outside the Euro Zone) and of any capitalisation, though 95% of the equity portfolio shall be invested in mid and large caps (at least 150 million). Emerging countries are not permitted.
- between 0% and 20% of its net assets in fixed income products: corporate or government bonds, transferable debt securities or money market instruments with a maturity of less than three months rated at least A2, P2 or F2 Standard & Poor’s or equivalent as assessed by the Management Company or according to its own internal rating), with up to 5% of net assets invested in investment grade, unrated or high yield convertible bonds (according to Standard & Poor’s rating agency or deemed equivalent by the Management Company, or according to its own internal rating).
The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take
the interests of unitholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits.
The Fund may use forward financial instruments traded on French or foreign regulated, organised or OTC markets for the purposes of hedging the portfolio and/or exposing it to equity and foreign exchange, up to the limit of 100% of its assets (futures, options, forward exchange contracts and currency swaps). The Fund may hold convertible bonds (maximum 5% of net assets), subscription certificates and warrants (securities with embedded derivatives) in order to generate exposure to equity risk, up to the limit of 100%.
The Fund’s maximum exposure to the instruments (equities, debt securities, funds and derivatives) may not exceed 100% of net assets, it being understood that the maximum exposure is the sum of the net exposures to each of the markets (equity, fixed income, money) to which the Fund is exposed (the sum of long and hedging positions).
Other information:
The management team takes into account environmental, social and governance (ESG) criteria in its investment decisions but they are not the dominant factor. The investment decisions taken may therefore not be consistent with ESG criteria.
Subscription and redemption requests are centralised by the Depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day.
CN-CHF [H] units
accumulate their income
.
** CN-CHF [H] units are hedged against the EUR/CHF currency risk associated with investments in EUR in order to limit differences in performance relative to euro-denominated units, though residual currency risk of maximum 3% remains.
Recommended investment horizon:
5 years
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | en | es |
DOLFIN5145 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,050 USD -89.46% | 1,030 USD -36.47% |
| Unfavourable¹ | What you might get back after costs Average return each year | 5,000 USD -50.03% | 7,990 USD -4.40% |
| Moderate² | What you might get back after costs Average return each year | 11,420 USD 14.22% | 17,270 USD 11.55% |
| Favourable³ | What you might get back after costs Average return each year | 13,960 USD 39.58% | 23,830 USD 18.97% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.050 USD -89,46% | 1.030 USD -36,47% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 5.000 USD -50,03% | 7.990 USD -4,40% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.420 USD 14,22% | 17.270 USD 11,55% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.960 USD 39,58% | 23.830 USD 18,97% | | | Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,050 USD -89.46% | 1,030 USD -36.47% |
| Unfavourable¹ | What you might get back after costs Average return each year | 5,000 USD -50.03% | 7,990 USD -4.40% |
| Moderate² | What you might get back after costs Average return each year | 11,420 USD 14.22% | 17,270 USD 11.55% |
| Favourable³ | What you might get back after costs Average return each year | 13,960 USD 39.58% | 23,830 USD 18.97% | | en | es |
DOLFIN5148 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Additional information
No Morningstar rating is shown if the fund is less than three years old or rating is below 3 stars. A short-term trading fee may be applied upon exiting the fund as per the prospectus. This is an Irish Investment Company regulated by the Central Bank of Ireland. Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk. Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Past performance does not predict future returns. | ### Información adicional
No se muestran calificaciones de Morningstar si el fondo se lanzó hace menos de tres años o si la calificación es inferior a tres estrellas. Puede aplicarse una comisión de negociación a corto plazo al salir del fondo según se indica en el folleto. Se trata de una sociedad de inversión irlandesa regulada por el Banco Central de Irlanda. Téngase en cuenta que cualquier diferencia entre las divisas de los valores de la cartera, las divisas de las clases de acciones y los costes que deben pagarse o representados en divisas distintas a la divisa de su país le expondrá al riesgo de divisas. Los costes y las rentabilidades podrán incrementarse o disminuir como resultado de las fluctuaciones de las divisas y de los tipos de cambio.
La rentabilidad histórica no predice las rentabilidades futuras. | ### Additional information
No Morningstar rating is shown if the fund is less than three years old or rating is below 3 stars. A short-term trading fee may be applied upon exiting the fund as per the prospectus. This is an Irish Investment Company regulated by the Central Bank of Ireland. Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk. Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Past performance does not predict future returns. | en | es |
DOLFIN5150 | 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 | 1.71% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 10.00% of the outperformance of the High Water Mark or of the prorated Euro Short- Term Rate (ESTR) rate of return, whichever is the lower. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 0.00%. | | | 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 | 1.71% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Metodología de cálculo: 10.00% de la diferencia positiva con la High Water Mark o del tipo de rentabilidad del Euro Short-Term Rate (ESTR) prorrateado, de ambos valores el más bajo. El Periodo de cálculo se basa en el mismo periodo utilizado para la cifra de gastos corrientes. Comisión de rentabilidad percibida en el último Periodo de cálculo: 0.00%. | | | 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 | 1.71% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 10.00% of the outperformance of the High Water Mark or of the prorated Euro Short- Term Rate (ESTR) rate of return, whichever is the lower. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 0.00%. | | en | es |
DOLFIN5152 | 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 | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charge | 0.55% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | None |
Past Performance
The charges you pay are used to pay the running costs of the Sub-Fund, including marketing and distribution costs. These charges reduce the potential growth of your investment. They exclude portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
## The entry and exit charges shown are the maximum that may be charged. In some cases you may pay less. You can obtain the actual charges from your financial advisor.
## The ongoing charges figure is based on estimated expenses that will be incurred by the Sub-Fund in its day to day operations. This figure may vary from year to year.
## Further information on Charges can be found in Section 13 of the fund’s prospectus.
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
-4.0
| -0.5 | | |
| --- | --- | --- |
| |
| | |
| | |
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
## Past performance is not a guide to future performance.
## Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges.
## The Sub-Fund was launched in 2016. The class was launched in 2016.
## Past performance has been calculated in GBP.
DoubleLine Low Average Duration Bond - Class I DIS GBP Hedged | # Gastos
| 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 de su capital antes de invertirlo o de abonar el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 0,55% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | No |
Rentabilidad histórica
Las comisiones que paga se utilizan para sufragar los costes de funcionamiento del Subfondo, incluidos los costes de comercialización y distribución. Estos gastos reducen el potencial de crecimiento de su inversión. No incluyen los costes de transacción de la cartera, excepto en caso de que el Subfondo pague gastos de entrada o de salida cuando compre o venda participaciones de otros organismos de inversión colectiva.
## Los gastos de entrada y de salida que se muestran son los máximos que se pueden cobrar. En algunos casos, podría pagar menos. Puede consultar los gastos reales con su asesor financiero.
## La cifra de gastos corrientes se basa en los gastos estimados en los que incurrirá el Subfondo en sus operaciones diarias.
## Dicha cifra puede variar de un año a otro.
## Encontrará más información sobre Gastos en la Sección 13 del folleto del fondo.
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
-4,0
| -0,5 | | |
| --- | --- | --- |
| |
| | |
| | |
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
## La rentabilidad histórica no es un indicador de la rentabilidad futura.
## Se han calculado los datos de rentabilidad, incluidos los impuestos, los gastos corrientes y los gastos de transacción de la cartera, y excluyendo los gastos de entrada y salida.
## El Subfondo se lanzó en 2016. La clase se lanzó en 2016. La rentabilidad histórica se calculó en GBP.
DoubleLine Low Average Duration Bond - Clase I DIS GBP con cobertura | # Charges
| 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 or before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charge | 0.55% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | None |
Past Performance
The charges you pay are used to pay the running costs of the Sub-Fund, including marketing and distribution costs. These charges reduce the potential growth of your investment. They exclude portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
## The entry and exit charges shown are the maximum that may be charged. In some cases you may pay less. You can obtain the actual charges from your financial advisor.
## The ongoing charges figure is based on estimated expenses that will be incurred by the Sub-Fund in its day to day operations. This figure may vary from year to year.
## Further information on Charges can be found in Section 13 of the fund’s prospectus.
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
-4.0
| -0.5 | | |
| --- | --- | --- |
| |
| | |
| | |
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
## Past performance is not a guide to future performance.
## Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges.
## The Sub-Fund was launched in 2016. The class was launched in 2016.
## Past performance has been calculated in GBP.
DoubleLine Low Average Duration Bond - Class I DIS GBP Hedged | en | es |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.