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DOLFIN2700 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Note 5: Management fee
The fund will be invoiced a fixed administrative commission for management and administration plus the distribution of units, to be paid to the Management Company. This commission will be paid monthly, based upon the average net fund volume of the respective subfund.
The flat-rate administrative commission comprises the two components of the flat-rate management fee (costs of asset management and sales) and the flat-rate administration fee (costs of management and administration).
As at 30 September 2021 the effective fixed administrative commission amounted to: | ### Note 5: Commission de gestion
Une commission de gestion forfaitaire, à verser à la société de gestion, est facturée au Fonds pour la direction, la gestion et la distribution des parts du Fonds. Ces frais sont payables mensuellement sur la base du volume net moyen de chaque compartiment.
La commission de gestion forfaitaire se compose de deux éléments: les frais forfaitaires de gestion (coûts de la gestion des actifs et de la distribution) et les frais forfaitaires d'administration (coûts de direction et d'administration).
Au 30 septembre 2021, la commission de gestion forfaitaire effective s'élevait à: | ### Note 5: Management fee
The fund will be invoiced a fixed administrative commission for management and administration plus the distribution of units, to be paid to the Management Company. This commission will be paid monthly, based upon the average net fund volume of the respective subfund.
The flat-rate administrative commission comprises the two components of the flat-rate management fee (costs of asset management and sales) and the flat-rate administration fee (costs of management and administration).
As at 30 September 2021 the effective fixed administrative commission amounted to: | en | fr |
DOLFIN2701 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Sub-Funds may invest in initial public offerings ("IPOs"). There is a risk that the price of the newly floated share may incur greater volatility as a result of factors such as the absence of an existing public market, non-seasonal transactions, a limited number of securities that can be traded and a lack of information about the issuer.
- Small and Medium-Sized Capitalisation RiskStocks of small-to medium-sized capitalisation companies often traded on OTC markets may be less liquid than those listed on the major securities exchanges. Consequently, securities of small and even medium-sized cap companies may, from time to time, and especially in falling markets, become illiquid and experience short-term price volatility and wide spreads between bid and offer prices. The combination of price volatility and the limited liquidity of those markets may have an adverse effect on the investment performance of the Sub-Funds. Further the risk of bankruptcy or insolvency of many smaller companies is higher than that of larger, "blue chips", companies.
- Fixed Income Securities RiskThe risks associated with investment in bonds or others fixed income securities include credit, liquidity and interest rate risks.
- Currency RiskThe Sub-Funds may be exposed to currency exchange risk. The Sub-Funds may invest in currencies different from their Reference Currency. Accordingly, the value of an investment may be affected favourably or unfavourably by fluctuations in exchange rates, notwithstanding any efforts made to hedge such fluctuations. In addition, prospective investors whoseassets and liabilities are primarily denominated in currencies other than the Reference Currency of a Sub-Fund should take into account the potential risk of loss arising from fluctuations in the rate of exchange between the Reference Currency of the Sub-Fund and such other currency. Currency exchange rates may fluctuate significantly over short periods of time. They generally are determined by supply and demand in the currency exchange markets and the relative merits of investments indifferent countries, actual or perceived changes in interest rates and other complex factors. Currency exchange rates also can be affected unpredictably by intervention (or the failure to intervene) by relevant governments or central banks, or by currency controls or political developments. Some currencies are not freely convertible currency. | Les Compartiments peuvent investir dans des introductions en Bourse ("IPO"). Il existe un risque de volatilité plus élevée du cours de l’action nouvellement émise du fait de facteurs tels que l’absence de marché public existant, des transactions non saisonnières, un nombre limité de titres pouvant être négociés et un manque d’informations sur l’émetteur.
- Risque lié aux petites et moyennes capitalisationsLes titres de petites et moyennes capitalisations, souvent vendus sur les marchés OTC, peuvent être moins liquides que ceux cotés sur les principales Bourses de valeurs. De ce fait, ils sont susceptibles, surtout lors d’une baisse des marchés, de passer par une période de manque de liquidité et de connaître, à court terme, une volatilité des cours et des écarts considérables entre prix de vente et prix d’achat. L’effet combiné de la volatilité des cours et de la liquidité restreinte de ces marchés peut affecter de manière négative la performance des Compartiments. Par ailleurs, le risque de faillite ou d’insolvabilité de nombre de petites capitalisations est supérieur à celui des poids lourds de la cote ("blue chips").
- Risque lié aux titres à revenu fixeLes risques liés aux investissements en obligations ou autres titres à revenu fixe incluent les risques de crédit, de liquidité et de taux d’intérêt.
- Risque de changeLes Compartiments peuvent être exposés à un risque de change. Les Compartiments peuvent investir dans des monnaies autres que leur Monnaie de référence. Par conséquent, la valeur d’un investissement peut subir l’influence favorable ou défavorable des fluctuations des taux de change, nonobstant les efforts déployés pour couvrir de telles fluctuations. De plus, les investisseurs potentiels dont les actifs et engagements sont principalement libellés dans des monnaies autres que la Monnaie de référence d’un Compartiment doivent tenir compte du risque potentiel de perte lié aux fluctuations du taux de change entre la Monnaie de référence du Compartiment et ces autres monnaies. Les taux de change peuvent connaître d’importantes fluctuations sur de courtes périodes. Ils sont généralement déterminés par l’offre et la demande sur les marchés des changes et la valeur relative des investissements dans différents pays, les changements réels ou perçus detaux d’intérêt et d’autres facteurs complexes. Les taux de change peuvent également être affectés de façon imprévisible par l’intervention (ou l’absence d’intervention) des gouvernements ou banques centrales concernés, ou par des contrôles des changes ou des développements politiques. Certaines monnaies ne sont pas librement convertibles. | Sub-Funds may invest in initial public offerings ("IPOs"). There is a risk that the price of the newly floated share may incur greater volatility as a result of factors such as the absence of an existing public market, non-seasonal transactions, a limited number of securities that can be traded and a lack of information about the issuer.
- Small and Medium-Sized Capitalisation RiskStocks of small-to medium-sized capitalisation companies often traded on OTC markets may be less liquid than those listed on the major securities exchanges. Consequently, securities of small and even medium-sized cap companies may, from time to time, and especially in falling markets, become illiquid and experience short-term price volatility and wide spreads between bid and offer prices. The combination of price volatility and the limited liquidity of those markets may have an adverse effect on the investment performance of the Sub-Funds. Further the risk of bankruptcy or insolvency of many smaller companies is higher than that of larger, "blue chips", companies.
- Fixed Income Securities RiskThe risks associated with investment in bonds or others fixed income securities include credit, liquidity and interest rate risks.
- Currency RiskThe Sub-Funds may be exposed to currency exchange risk. The Sub-Funds may invest in currencies different from their Reference Currency. Accordingly, the value of an investment may be affected favourably or unfavourably by fluctuations in exchange rates, notwithstanding any efforts made to hedge such fluctuations. In addition, prospective investors whoseassets and liabilities are primarily denominated in currencies other than the Reference Currency of a Sub-Fund should take into account the potential risk of loss arising from fluctuations in the rate of exchange between the Reference Currency of the Sub-Fund and such other currency. Currency exchange rates may fluctuate significantly over short periods of time. They generally are determined by supply and demand in the currency exchange markets and the relative merits of investments indifferent countries, actual or perceived changes in interest rates and other complex factors. Currency exchange rates also can be affected unpredictably by intervention (or the failure to intervene) by relevant governments or central banks, or by currency controls or political developments. Some currencies are not freely convertible currency. | en | fr |
DOLFIN2702 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Monthly commentary
December closes 2023 with new highs for our indices. Overall, the markets benefited from an auspicious environment: the recession was averted, margins held up and disinflation arrived! Two redemptions during the month led to the issue of a new Vontobel product with a coupon of 5.40% and a barrier at 50%. Any increase in volatility will provide the opportunity for a second product. The fund ended the year with a monthly performance of 0.76% and an annual performance of 11.77% (annualized 6.01%). Our goal remains to realize an annual absolute return of 5% net of fees and to minimize risk through very low barriers. | # Commentaire mensuel
Décembre clôture une année 2023 avec des nouveaux sommets pour nos indices. Globalement, les marchés ont bénéficié d’un contexte porteur : la récession a été évitée, les marges ont résisté et la désinflation est arrivée ! Deux remboursements sur le mois ont conduit à l’émission d’un nouveau produit Vontobel avec un coupon de 5.40% et une barrière à 50%. Toute hausse de volatilité sera l'occasion de faire le second produit. Le fonds termine l’année sur une performance mensuelle de 0.76% et annuelle de 11.77% (soit du 6.01% en termes annualisés).
Notre objectif reste d’atteindre un rendement absolu annuel de 5% net de frais et de minimiser les risques avec des barrières très basses. | # Monthly commentary
December closes 2023 with new highs for our indices. Overall, the markets benefited from an auspicious environment: the recession was averted, margins held up and disinflation arrived! Two redemptions during the month led to the issue of a new Vontobel product with a coupon of 5.40% and a barrier at 50%. Any increase in volatility will provide the opportunity for a second product. The fund ended the year with a monthly performance of 0.76% and an annual performance of 11.77% (annualized 6.01%). Our goal remains to realize an annual absolute return of 5% net of fees and to minimize risk through very low barriers. | en | fr |
DOLFIN2703 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
## Type
Ce produit est un fonds OPCVM (organisme de placement collectif en valeurs mobilières).
## Durée
Le produit est un fonds de type ouvert et ne comporte pas de date d’échéance. Toutefois, Artemis se réserve le droit de clôturer le produit, si une raison commerciale l’impose.
## Objectifs
Le fonds entend augmenter la valeur des investissements des actionnaires en conjuguant croissance du capital et génération de revenu.
Politique d’investissement :
- Le fonds fait l’objet d’une gestion active.
- Le fonds peut investir dans des obligations de tout type d’émetteur (par exemple des États ou des sociétés) sans aucune restriction en termes de zones économiques ou géographiques (y compris les marchés émergents).
- Le fonds investira au moins 80 % de ses actifs en obligations à haut rendement qui soit (a) bénéficient d’une notation de crédit : (i) inférieure ou égale à Ba1 selon Moody’s ; (ii) inférieure ou égale à BB+ selon Standard & Poor’s ; ou (iii) inférieure ou égale à BB+ selon Fitch ; soit (b) n’ont pas été notées mais qui, de l’avis du Gestionnaire d’investissement sont de qualité de crédit équivalente.
- Les obligations d’entreprise (détenues directement ou indirectement à travers des dérivés) provenant d’émetteurs impliqués dans les activités suivantes sont automatiquement exclues :
- Tabac : sociétés qui tirent plus de 5 % de leur chiffre d’affaires de la production de tabac ;
- Énergie nucléaire : sociétés qui tirent plus de 5 % de leur chiffre d’affaires de :
- l’exploitation de centrales nucléaires ;
- la fabrication de composants essentiels à l’industrie nucléaire ;
- l’extraction d’uranium ; ou
- la production d’électricité à partir d’énergie nucléaire ;
- Armes : sociétés :
- impliquées dans la production d’armes controversées (y compris les armes à sous- munitions, les mines et les armes biologiques ou chimiques) ou d’armes nucléaires ; ou
- qui tirent plus de 5 % de leur chiffre d’affaires d’armes conventionnelles ainsi que des composants et systèmes associés ;
- Combustibles fossiles : sociétés qui :
- tirent plus de 10 % de leur chiffre d’affaires de la production d’électricité à partir de charbon thermique ; ou
- tirent plus de 5 % de leur chiffre d’affaires de l’extraction ou la vente de charbon thermique, de l’extraction de sables bitumineux, de la fracturation hydraulique (« fracking ») ou du forage dans l’océan arctique ;
- Des sociétés, qui selon le Gestionnaire d’investissement, ne respectent pas les principes du Pacte mondial des Nations Unies relatifs aux droits de l’homme, aux droits du travail, à l’environnement et à la lutte contre la corruption.
- Le fonds promeut des caractéristiques environnementales et/ou sociales au sens de l’article 8 du SFDR. Cette sélection s’obtient de la manière suivante : (i) en créant des listes d’exclusion, tel que détaillé ci-dessus, en fonction des secteurs qui ,selon le Gestionnaire d’investissement, soulèvent des préoccupations essentielles liées aux facteurs ESG, (ii) en prenant les risques et opportunités ESG en considération, lesquels peuvent avoir une influence supplémentaire sur le choix des obligations une fois connus les résultats de l’évaluation ESG et (iii) en privilégiant les émetteurs à faible intensité carbone ou en s’efforçant de réduire cette intensité, ce qui revient pour le Gestionnaire d’investissement à viser pour le fonds un niveau d’intensité carbone inférieur à celui de l’indice ICE BoAML Global High Yield Constrained Index (tel que mesuré par les émissions de niveaux 1 et 2).
De plus amples informations sont fournies dans la méthodologie décrite sur le site web d’Artemis : www.artemisfunds.com/methodology-statement.
- Le Gestionnaire d’investissement évalue les caractéristiques environnementales, sociales et de gouvernance (ESG) de chaque valeur à partir des informations recueillies auprès des sociétés (par exemple celles figurant dans les rapports d’entreprise sur la durabilité) et de fournisseurs tiers (comme les différents facteurs et indicateurs) qu’il juge être d’intérêt.
- Pour de plus amples informations relatives aux caractéristiques environnementales ou sociales concernant ce fonds, veuillez vous reporter au prospectus du fonds et consulter les informations précontractuelles pour les produits financiers visées à l’Article 8 du SFDR.
- En sus de l’acquisition d’obligations à haut rendement, le fonds peut recourir à des instruments dérivés et autres techniques à des fins d’investissement, de couverture ou de gestion efficace de portefeuille. Les contrats de dérivés souscrits par le fonds peuvent comprendre, sans toutefois s’y limiter, des contrats à terme, des contrats de change à terme de gré à gré, des swaps de défaut de crédit (sur une valeur individuelle ou un indice) et des swaps de taux d’intérêt. Le Gestionnaire d’investissement prévoit en particulier de couvrir la devise de référence du fonds contre les devises de libellé de ses actifs sous-jacents. Même s’il n’est pas toujours possible ou rentable de couvrir certaines positions sur devises du portefeuille, le fonds a l’intention d’atteindre un ratio de couverture de 100 %.
- Dans le cas où des obligations détenues par le fonds feraient l’objet d’un processus de restructuration, ce dernier sera autorisé à investir dans de nouvelles obligations ou des titres de capital émis dans le cadre du processus de restructuration en question.
- Le fonds peut investir jusqu’à 10 % de ses actifs dans chacun des titres suivants :
- titres adossés à des actifs ou à des créances hypothécaires ;
- des obligations en difficulté ou en défaut ; et
- autres organismes de placement collectif.
- Le fonds peut investir jusqu’à 20 % de ses actifs dans chacun des titres suivants :
- des obligations convertibles conditionnelles ; et-des obligations à haut rendement plus spéculatives, si elles sont assorties d’une notation de crédit attribuée par Moody’s, Standard & Poor’s ou Fitch, et si elles n’ont pas, au moment de leur acquisition, reçu de notation B- ou au-dessus (de la part de Standard & Poor’s ou Fitch) ou B3 (de la part de Moody’s) et n’ont pas été classées dans la catégorie des obligations en difficulté ou en défaut.
- Sous réserve des limites énoncées dans la section « Investment Restrictions » de son prospectus, le fonds peut également détenir, à titre accessoire, des actifs liquides à des fins de trésorerie.
- Sous réserve des limites énoncées dans la section « Investment Restrictions » de son prospectus, le fonds peut investir dans des dépôts bancaires ainsi que dans des instruments et fonds du marché monétaire afin d’atteindre ses objectifs d’investissement, d’obtenir de la trésorerie ou en cas de conditions de marché défavorables.
Indice de référence : ICE BofA Merrill Lynch Global High Yield Constrained USD Hedged Index
L’indice de référence constitue un point de référence par rapport auquel la performance du fonds peut être mesurée. La gestion du fonds n’est pas limitée par cet indice de référence. La composition du portefeuille du fonds peut sensiblement ou complètement différer de celle de l’indice de référence et la déviation entre les deux peut être significative.
L’indice de référence ne tient pas compte des caractéristiques environnementales et/ou sociales promues par le fonds.
## Investisseurs de détail visés
Ce produit est conçu pour les investisseurs qui souhaitent investir sur le long terme et envisagent de rester investis pendant au moins 5 ans. Les investisseurs doivent être prêts à encourir un niveau de risque de perte relativement important par rapport à leur capital initial en vue d’obtenir un rendement potentiel plus élevé. | # ¿Qué es este producto?
## Tipo
Este producto es un Fondo organismo de inversión colectiva en valores mobiliarios (OICVM).
## Plazo
Este producto es un fondo abierto sin fecha de vencimiento. Sin embargo, Artemis se reserva el derecho a cerrar el producto en caso de existir motivos comerciales que lo justifiquen.
## Objetivos
El fondo pretende aumentar el valor de las inversiones de los accionistas mediante una combinación de ingresos y crecimiento del capital.
Política de inversión:
- El fondo se gestiona activamente.
- El fondo puede invertir en bonos de cualquier tipo de emisor (por ejemplo, público o corporativo) sin restricciones por segmentos económicos o ámbitos geográficos (entre ellas los mercados emergentes).
- El fondo invertirá al menos el 80% en bonos de alto rendimiento, que o bien (a) hayan recibido una calificación crediticia de: (i) Ba1 o inferior de Moody’s; (ii) BB+ o inferior de Standard & Poor’s; o (iii) BB+ o inferior de Fitch; o (b) no hayan recibido una calificación, pero que el Gestor de inversiones considere que, en caso de ser calificados, recibirían una calificación crediticia comparable.
- Se excluyen automáticamente los bonos corporativos (que se mantengan directa o indirectamente mediante derivados) emitidos por empresas que participen en las actividades siguientes:
- Tabaco: empresas que obtengan ingresos superiores al 5% de la producción de tabaco;
- Energía nuclear: empresas que obtengan ingresos superiores al 5% de:
- propiedad o la explotación de centrales nucleares;
- fabricación de componentes esenciales específicos de la industria nuclear;
- minería de uranio; o
- generación de electricidad a partir de la energía nuclear;
- Armas: empresas que:
- participen en la producción de armas controvertidas (entre ellas municiones de racimo, minas terrestres, armas biológicas y químicas) o armas nucleares; o que
- obtengan más del 5% de sus ingresos de armas convencionales, componentes y sistemas conexos;
- Combustibles fósiles: empresas que:
- obtengan más del 10% de sus ingresos de la generación de electricidad a partir del carbón térmico; o que
- obtengan más de un 5% de sus ingresos de la minería o la venta de carbón térmico, las arenas bituminosas, el fracking o la perforación en el Ártico;
- Empresas que el Gestor de inversiones determine que incumplen los principios del Pacto Mundial de las Naciones Unidas sobre derechos humanos, derechos laborales, medio ambiente y anticorrupción.
- El fondo promueve características ambientales o sociales con arreglo al significado del artículo 8 del SFDR. Esto se logra mediante (i) listas de exclusiones operativas, como ya se ha indicado, basadas en sectores en los que el gestor de inversiones considera que existen inquietudes fundamentales asociadas con aspectos ambientales, sociales y de gobernanza (ASG), (ii) teniendo en cuenta los riesgos y oportunidades ASG, que también pueden influir en los bonos seleccionados en función del resultado de la evaluación ASG, y (iii) favorecer la inversión en emisores con una intensidad de carbono baja o en proceso de reducción, a fin de que la intensidad de carbono del fondo (medida por las emisiones de alcance 1 y 2) sea inferior a la del Índice ICE BoAML Global HighYield Constrained Index.
En el sitio web de Artemis, dentro del apartado www.artemisfunds.com/methodology-statement, se incluye una declaración de la metodología que contiene más información.
- El Gestor de inversiones determina la evaluación ASG de valores concretos empleando la información facilitada por las empresas (por ejemplo, los informes de sostenibilidad) y datos de terceros, centrándose en factores individuales y en las métricas que considere pertinentes.
- Puede obtener más información sobre las características ambientales o sociales de este fondo en la información precontractual relativa a los productos financieros a que se refiere el artículo 8 del SFDR que figura en el folleto.
- Además de adquirir bonos de alto rendimiento, el fondo puede emplear derivados y otras técnicas con fines de inversión, cobertura y gestión eficiente de la cartera. Los derivados del fondo pueden incluir, entre otros, futuros, contratos de divisas a plazo, permutas de cobertura por impago (de empresas concretas y de índices) y permutas de tipos de interés. Concretamente, el gestor de inversiones pretende proporcionar cobertura a la moneda de base del fondo frente a las monedas en las que están denominados los activos subyacentes del fondo. Puede haber algunas exposiciones a divisas en las que no resulte práctico o rentable aplicar una cobertura a la cartera, aunque la intención es que el fondo emplee una ratio de cobertura objetivo del 100%.
- En caso de que los bonos que mantiene el fondo estén sujetos a un proceso de reestructuración, el fondo podrá invertir en nuevos bonos o valores de renta variable emitidos como parte del proceso de reorganización.
- El fondo puede invertir hasta el 10% de sus activos en cada uno de los siguientes:
- valores respaldados por activos y valores respaldados por hipotecas;
- bonos en dificultades o impagados; y
- otros organismos de inversión colectiva.
- El fondo puede invertir hasta el 20% de sus activos en cada uno de los siguientes:
- obligaciones contingentes convertibles; y
- bonos de alto rendimiento más especulativos, en caso de que lleven asociada una calificación crediticia de Moody's, Standard & Poor's o Fitch, que hayan recibido calificaciones que en ningún caso sean iguales o superiores a B- (Standard & Poor's y Fitch) o B3 (Moody's) que no cumplan los requisitos para ser considerados bonos en dificultades o impagados en el momento de la adquisición.
- Dentro de los límites establecidos en la sección «Investment Restrictions» (Restricciones a la inversión) del folleto del fondo, este también podrá mantener activos líquidos accesorios con fines de tesorería.
- Dentro de los límites establecidos en la sección «Investment Restrictions» del folleto del fondo, el fondo puede invertir en depósitos bancarios, instrumentos del mercado monetario y fondos del mercado monetario para lograr sus objetivos de inversión, con fines de tesorería y en caso de condiciones desfavorables del mercado.
Valor de referencia: Índice ICE BofA Merrill Lynch Global High Yield Constrained USD Hedged
El valor de referencia sirve de punto de referencia con respecto al que puede medirse la rentabilidad del fondo. La gestión del fondo no está limitada por su valor de referencia. El fondo puede desviarse de forma considerable de su valor de referencia y en ocasiones su cartera puede parecerse muy poco o nada al valor de referencia.
El valor de referencia no tiene en cuenta las características ambientales o sociales que promueve el fondo.
## Inversor minorista al que va dirigido
Este producto va dirigido a los inversores que están dispuestos a invertir a largo plazo y que prevén mantener su inversión durante al menos 5 años. Los inversores deben estar dispuestos a asumir un nivel de riesgo de pérdida de su capital original relativamente alto para obtener una mayor rentabilidad potencial. | # En quoi consiste ce produit ?
## Type
Ce produit est un fonds OPCVM (organisme de placement collectif en valeurs mobilières).
## Durée
Le produit est un fonds de type ouvert et ne comporte pas de date d’échéance. Toutefois, Artemis se réserve le droit de clôturer le produit, si une raison commerciale l’impose.
## Objectifs
Le fonds entend augmenter la valeur des investissements des actionnaires en conjuguant croissance du capital et génération de revenu.
Politique d’investissement :
- Le fonds fait l’objet d’une gestion active.
- Le fonds peut investir dans des obligations de tout type d’émetteur (par exemple des États ou des sociétés) sans aucune restriction en termes de zones économiques ou géographiques (y compris les marchés émergents).
- Le fonds investira au moins 80 % de ses actifs en obligations à haut rendement qui soit (a) bénéficient d’une notation de crédit : (i) inférieure ou égale à Ba1 selon Moody’s ; (ii) inférieure ou égale à BB+ selon Standard & Poor’s ; ou (iii) inférieure ou égale à BB+ selon Fitch ; soit (b) n’ont pas été notées mais qui, de l’avis du Gestionnaire d’investissement sont de qualité de crédit équivalente.
- Les obligations d’entreprise (détenues directement ou indirectement à travers des dérivés) provenant d’émetteurs impliqués dans les activités suivantes sont automatiquement exclues :
- Tabac : sociétés qui tirent plus de 5 % de leur chiffre d’affaires de la production de tabac ;
- Énergie nucléaire : sociétés qui tirent plus de 5 % de leur chiffre d’affaires de :
- l’exploitation de centrales nucléaires ;
- la fabrication de composants essentiels à l’industrie nucléaire ;
- l’extraction d’uranium ; ou
- la production d’électricité à partir d’énergie nucléaire ;
- Armes : sociétés :
- impliquées dans la production d’armes controversées (y compris les armes à sous- munitions, les mines et les armes biologiques ou chimiques) ou d’armes nucléaires ; ou
- qui tirent plus de 5 % de leur chiffre d’affaires d’armes conventionnelles ainsi que des composants et systèmes associés ;
- Combustibles fossiles : sociétés qui :
- tirent plus de 10 % de leur chiffre d’affaires de la production d’électricité à partir de charbon thermique ; ou
- tirent plus de 5 % de leur chiffre d’affaires de l’extraction ou la vente de charbon thermique, de l’extraction de sables bitumineux, de la fracturation hydraulique (« fracking ») ou du forage dans l’océan arctique ;
- Des sociétés, qui selon le Gestionnaire d’investissement, ne respectent pas les principes du Pacte mondial des Nations Unies relatifs aux droits de l’homme, aux droits du travail, à l’environnement et à la lutte contre la corruption.
- Le fonds promeut des caractéristiques environnementales et/ou sociales au sens de l’article 8 du SFDR. Cette sélection s’obtient de la manière suivante : (i) en créant des listes d’exclusion, tel que détaillé ci-dessus, en fonction des secteurs qui ,selon le Gestionnaire d’investissement, soulèvent des préoccupations essentielles liées aux facteurs ESG, (ii) en prenant les risques et opportunités ESG en considération, lesquels peuvent avoir une influence supplémentaire sur le choix des obligations une fois connus les résultats de l’évaluation ESG et (iii) en privilégiant les émetteurs à faible intensité carbone ou en s’efforçant de réduire cette intensité, ce qui revient pour le Gestionnaire d’investissement à viser pour le fonds un niveau d’intensité carbone inférieur à celui de l’indice ICE BoAML Global High Yield Constrained Index (tel que mesuré par les émissions de niveaux 1 et 2).
De plus amples informations sont fournies dans la méthodologie décrite sur le site web d’Artemis : www.artemisfunds.com/methodology-statement.
- Le Gestionnaire d’investissement évalue les caractéristiques environnementales, sociales et de gouvernance (ESG) de chaque valeur à partir des informations recueillies auprès des sociétés (par exemple celles figurant dans les rapports d’entreprise sur la durabilité) et de fournisseurs tiers (comme les différents facteurs et indicateurs) qu’il juge être d’intérêt.
- Pour de plus amples informations relatives aux caractéristiques environnementales ou sociales concernant ce fonds, veuillez vous reporter au prospectus du fonds et consulter les informations précontractuelles pour les produits financiers visées à l’Article 8 du SFDR.
- En sus de l’acquisition d’obligations à haut rendement, le fonds peut recourir à des instruments dérivés et autres techniques à des fins d’investissement, de couverture ou de gestion efficace de portefeuille. Les contrats de dérivés souscrits par le fonds peuvent comprendre, sans toutefois s’y limiter, des contrats à terme, des contrats de change à terme de gré à gré, des swaps de défaut de crédit (sur une valeur individuelle ou un indice) et des swaps de taux d’intérêt. Le Gestionnaire d’investissement prévoit en particulier de couvrir la devise de référence du fonds contre les devises de libellé de ses actifs sous-jacents. Même s’il n’est pas toujours possible ou rentable de couvrir certaines positions sur devises du portefeuille, le fonds a l’intention d’atteindre un ratio de couverture de 100 %.
- Dans le cas où des obligations détenues par le fonds feraient l’objet d’un processus de restructuration, ce dernier sera autorisé à investir dans de nouvelles obligations ou des titres de capital émis dans le cadre du processus de restructuration en question.
- Le fonds peut investir jusqu’à 10 % de ses actifs dans chacun des titres suivants :
- titres adossés à des actifs ou à des créances hypothécaires ;
- des obligations en difficulté ou en défaut ; et
- autres organismes de placement collectif.
- Le fonds peut investir jusqu’à 20 % de ses actifs dans chacun des titres suivants :
- des obligations convertibles conditionnelles ; et-des obligations à haut rendement plus spéculatives, si elles sont assorties d’une notation de crédit attribuée par Moody’s, Standard & Poor’s ou Fitch, et si elles n’ont pas, au moment de leur acquisition, reçu de notation B- ou au-dessus (de la part de Standard & Poor’s ou Fitch) ou B3 (de la part de Moody’s) et n’ont pas été classées dans la catégorie des obligations en difficulté ou en défaut.
- Sous réserve des limites énoncées dans la section « Investment Restrictions » de son prospectus, le fonds peut également détenir, à titre accessoire, des actifs liquides à des fins de trésorerie.
- Sous réserve des limites énoncées dans la section « Investment Restrictions » de son prospectus, le fonds peut investir dans des dépôts bancaires ainsi que dans des instruments et fonds du marché monétaire afin d’atteindre ses objectifs d’investissement, d’obtenir de la trésorerie ou en cas de conditions de marché défavorables.
Indice de référence : ICE BofA Merrill Lynch Global High Yield Constrained USD Hedged Index
L’indice de référence constitue un point de référence par rapport auquel la performance du fonds peut être mesurée. La gestion du fonds n’est pas limitée par cet indice de référence. La composition du portefeuille du fonds peut sensiblement ou complètement différer de celle de l’indice de référence et la déviation entre les deux peut être significative.
L’indice de référence ne tient pas compte des caractéristiques environnementales et/ou sociales promues par le fonds.
## Investisseurs de détail visés
Ce produit est conçu pour les investisseurs qui souhaitent investir sur le long terme et envisagent de rester investis pendant au moins 5 ans. Les investisseurs doivent être prêts à encourir un niveau de risque de perte relativement important par rapport à leur capital initial en vue d’obtenir un rendement potentiel plus élevé. | fr | es |
DOLFIN2704 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI Europe Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of listed equity securities of large and mid capitalisation companies in developed equity markets in Europe. Companies are included in the Index based on a free float-adjusted market capitalisation weighted basis. Free float-adjusted means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares available to international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The investment manager may use FDIs to help achieve the Fund’s investment objective. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI Europe Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta variable (p. ej., acciones) que componen el Índice.
El Índice mide la rentabilidad de valores de renta variable cotizados de empresas de elevada y mediana capitalización de los mercados de renta variable desarrollados de Europa. Las empresas se incluyen en el Índice en función de su ponderación por capitalización bursátil ajustada a flotación libre. «Ajustada a flotación libre» significa que para el cálculo del Índice solamente se utilizan las acciones disponibles para inversores internacionales, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil ajustada a flotación libre se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones disponibles para inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. La gestora de inversiones podrá utilizar IFD para alcanzar el objetivo de inversión del Fondo. Para esta Clase de Acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (trimestralmente se pagarán ingresos sobre las acciones). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI Europe Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of listed equity securities of large and mid capitalisation companies in developed equity markets in Europe. Companies are included in the Index based on a free float-adjusted market capitalisation weighted basis. Free float-adjusted means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares available to international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The investment manager may use FDIs to help achieve the Fund’s investment objective. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN2705 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- Le Fonds est classé dans la catégorie susmentionnée en raison du comportement passé du cours de l'action. Lorsqu'un historique du cours d'une action n'est pas disponible pour une partie quelconque de la période des 5 dernières années, l'historique de l'indice de référence approprié ou de la classe d'actions est utilisé à sa place.
- Veuillez noter que même la catégorie de risque la plus basse est susceptible de vous faire perdre de l'argent et que des circonstances de marché extrêmes peuvent vous faire subir de lourdes pertes en toutes circonstances et qu'il n'est pas garanti que le fonds reste en permanence dans la même catégorie.
- L'indicateur ne prend pas en compte les risques importants suivants associés à l'investissement dans ce Fonds:
- Les variations des taux de change entre les devises peuvent avoir un impact positif ou négatif sur la valeur de votre investissement.
- Les classes d'actions couvertes en devises cherchent à générer un rendement aussi proche que possible des performances de la devise de base d'un fonds, en réduisant l'effet des fluctuations des taux de change entre la devise de base et la devise couverte. Toutefois, ces techniques peuvent ne pas être pleinement efficaces pour supprimer complètement le risque de change.
- Le mandat d’investissement spécialisé du Fonds pourrait avoir pour résultat que sa performance ne serait pas d’un niveau comparable à celle de fonds présentant une politique d’investissement plus large.
- En concentrant ses investissements au Japon, le fonds aura une exposition plus importante aux risques liés au marché et aux risques économiques et politiques de ce pays que s'il était plus diversifié dans un certain nombre de pays.
- Le Fonds détiendra un nombre limité d’investissements. Si l'un de ces investissements baisse en valeur, ceci peut avoir une incidence plus importante sur la valeur du Fonds que s'il détenait un plus grand nombre d'investissements.
- Une liste complète des risques pouvant s'appliquer à ce Fonds figure dans le Prospectus | - El Fondo se encuentra en la categoría anterior por el comportamiento anterior del precio de las acciones. Cuando no haya un historial del precio de las acciones disponible para alguna parte de los últimos cinco años, se utiliza el historial de un valor de referencia o clase de acciones adecuada.
- Debe tener en cuenta que incluso la clase con menor riesgo puede hacerle perder dinero y que si se dan unas circunstancias de mercado extremas usted podría sufrir fuertes pérdidas en todos los casos y no se puede garantizar que el fondo vaya a permanecer siempre en la misma categoría.
- El indicador no tiene en cuenta los siguientes riesgos importantes de invertir en este Fondo:
- Las fluctuaciones en el tipo de cambio de divisas pueden tener un impacto positivo o negativo en el valor de su inversión.
- Las clases de acciones con cobertura de divisas buscan ofrecer una rentabilidad que sea lo más cercana posible al rendimiento de la divisa base de un fondo, reduciendo el efecto de los movimientos en el tipo de cambio entre la divisa base y la divisa cubierta. Sin embargo, estas técnicas podrían no ser plenamente efectivas a la hora de eliminar el riesgo de tipos de cambio.
- La inversión especializada del Fondo podría resultar en que no rindiera en la misma línea que los fondos que tienen una política de inversión más amplia.
- Al centrar sus inversiones en Japón, el fondo tendrá mayor exposición a los riesgos de mercado, políticos y económicos de ese país que si estuviera más diversificado entre distintos países.
- El Fondo mantendrá una cantidad limitada de inversiones. Si alguna de estas inversiones perdiera valor, eso podría tener mayor impacto en el valor del Fondo que si mantuviera un mayor número de inversiones.
- En el Folleto puede encontrarse una lista completa de los riesgos que pueden aplicarse a este Fondo. | - Le Fonds est classé dans la catégorie susmentionnée en raison du comportement passé du cours de l'action. Lorsqu'un historique du cours d'une action n'est pas disponible pour une partie quelconque de la période des 5 dernières années, l'historique de l'indice de référence approprié ou de la classe d'actions est utilisé à sa place.
- Veuillez noter que même la catégorie de risque la plus basse est susceptible de vous faire perdre de l'argent et que des circonstances de marché extrêmes peuvent vous faire subir de lourdes pertes en toutes circonstances et qu'il n'est pas garanti que le fonds reste en permanence dans la même catégorie.
- L'indicateur ne prend pas en compte les risques importants suivants associés à l'investissement dans ce Fonds:
- Les variations des taux de change entre les devises peuvent avoir un impact positif ou négatif sur la valeur de votre investissement.
- Les classes d'actions couvertes en devises cherchent à générer un rendement aussi proche que possible des performances de la devise de base d'un fonds, en réduisant l'effet des fluctuations des taux de change entre la devise de base et la devise couverte. Toutefois, ces techniques peuvent ne pas être pleinement efficaces pour supprimer complètement le risque de change.
- Le mandat d’investissement spécialisé du Fonds pourrait avoir pour résultat que sa performance ne serait pas d’un niveau comparable à celle de fonds présentant une politique d’investissement plus large.
- En concentrant ses investissements au Japon, le fonds aura une exposition plus importante aux risques liés au marché et aux risques économiques et politiques de ce pays que s'il était plus diversifié dans un certain nombre de pays.
- Le Fonds détiendra un nombre limité d’investissements. Si l'un de ces investissements baisse en valeur, ceci peut avoir une incidence plus importante sur la valeur du Fonds que s'il détenait un plus grand nombre d'investissements.
- Une liste complète des risques pouvant s'appliquer à ce Fonds figure dans le Prospectus | fr | es |
DOLFIN2706 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The Company may at any time be dissolved by a resolution of the general meeting of shareholders subject to the quorum and majority requirements referred to in Article 30 hereof.
Whenever the share capital falls below two-thirds of the minimum capital indicated in Article 5 hereof, the question of the dissolution of the Company shall be referred to the general meeting by the board of directors. The general meeting, for which no quorum shall be required, shall decide by simple majority of the votes of the shares represented at the meeting.
The question of the dissolution of the Company shall further be referred to the general meeting whenever the share capital falls below one-fourth of the minimum capital set by Article 5 hereof; in such an event, the general meeting shall be held without any quorum requirements and the dissolution may be decided by shareholders holding one-fourth of the votes of the shares represented at the meeting.
The meeting must be convened so that it is held within a period of forty days from ascertainment that the net assets of the Company have fallen below two-thirds or one-fourth of the legal minimum, as the case may be. | # La Société peut à tout moment être dissoute par décision de l’assemblée générale des actionnaires statuant aux conditions de quorum et de majorité prévues à l’Article 30 des présents Statuts.
La question de la dissolution de la Société doit en outre être soumise par le conseil d’administration à l’assemblée générale lorsque le capital social est devenu inférieur aux deux tiers du capital minimum tel que fixé à l’Article 5 des présents Statuts. L’assemblée générale délibère sans condition de quorum et décide à la majorité simple des actions représentées à l’assemblée.
La question de la dissolution de la Société doit en outre être soumise à l’assemblée générale lorsque le capital social est devenu inférieur au quart du capital minimum fixé à l’Article 5 des présents Statuts; dans ce cas, l’assemblée générale délibère sans condition de quorum et la dissolution peut être décidée par les actionnaires détenant un quart des actions représentées à l’assemblée.
La convocation doit se faire de façon à ce que l’assemblée soit tenue dans le délai de quarante jours à partir de la constatation que l’actif net de la Société est devenu inférieur aux deux tiers, ou au quart, du capital minimum. | # The Company may at any time be dissolved by a resolution of the general meeting of shareholders subject to the quorum and majority requirements referred to in Article 30 hereof.
Whenever the share capital falls below two-thirds of the minimum capital indicated in Article 5 hereof, the question of the dissolution of the Company shall be referred to the general meeting by the board of directors. The general meeting, for which no quorum shall be required, shall decide by simple majority of the votes of the shares represented at the meeting.
The question of the dissolution of the Company shall further be referred to the general meeting whenever the share capital falls below one-fourth of the minimum capital set by Article 5 hereof; in such an event, the general meeting shall be held without any quorum requirements and the dissolution may be decided by shareholders holding one-fourth of the votes of the shares represented at the meeting.
The meeting must be convened so that it is held within a period of forty days from ascertainment that the net assets of the Company have fallen below two-thirds or one-fourth of the legal minimum, as the case may be. | en | fr |
DOLFIN2707 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is this product?
Type
This product is a UCITS sub-fund of a variable capital umbrella investment company with segregated liability between sub-funds authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended.
Subject to the conditions set down in the prospectus, shareholders may exchange all or part of their shares of this fund for shares of another fund of the company. Please refer to the section entitled “How To Exchange Shares” in the prospectus for further details.
Term
This product has no fixed term.
Objectives
The fund aims to maximise the total return on your investment by taking exposure to a wide range of asset classes and through the dynamic application of the investment advisor's macro and relative value views across liquid markets, using prudent investment management principles. Investment Policy
The fund aims to achieve this objective by taking exposure to a wide range of assets from around the world. The fund has a flexible approach to asset allocation which is driven by the investment advisor’s consideration of various quantitative and qualitative data relating to global economies, industrial sectors and asset classes.
The fund will invest in company shares, fixed income securities (which are similar to loans that pay a fixed or variable rate of interest) issued by companies or governments and cash. The fund will typically invest up to 60% of its net assets in company shares or similar securities. Fixed income securities may be both “investment grade” and “non-investment grade”. Non-investment grade securities are considered to be more risky, but typically produce a higher level of income.
The fund may invest substantially in emerging markets, which in | # Um welche Art von Produkt handelt es sich?
Art
Dieses Produkt ist ein OGAW-Teilfonds einer Umbrella-Investmentgesellschaft mit variablem Kapital und getrennter Haftung zwischen den Teilfonds, die von der Central Bank of Ireland gemäß der Verordnung der Europäischen Gemeinschaften (Organismen für gemeinsame Anlagen in Wertpapieren betreffend) von 2011, in der aktuellen Fassung, zugelassen wurde.
Vorbehaltlich der im Prospekt dargelegten Bedingungen können Anteilsinhaber alle oder einen Teil ihrer Anteile dieses Fonds in Anteile eines anderen Fonds der Gesellschaft umtauschen. Weitere Einzelheiten sind dem Abschnitt „Umtausch von Anteilen“ im Prospekt zu entnehmen.
Laufzeit
Dieses Produkt hat keine feste Laufzeit.
Ziele
Ziel des Fonds ist es, die Gesamtrendite Ihrer Investition durch Engagement in einer breiten Auswahl von Anlageklassen sowie durch die dynamische Anwendung der Macro- und Relative-Value-Ansichten des Anlageberaters auf allen liquiden Märkten anhand einer umsichtigen Anlageverwaltung zu maximieren.
Anlagepolitik
Um dieses Ziel zu erreichen, geht der Fonds Engagements in einer breiten Auswahl von Vermögenswerten weltweit ein. Der Fonds hat einen flexiblen Ansatz bei der Portfolio-Strukturierung, der auf der Abwägung einer Vielzahl quantitativer und qualitativer Daten bezüglich weltweiter Wirtschaftsräume, Industriezweige und Anlageklassen durch den Anlageberater basiert.
Der Fonds investiert in Aktien von Unternehmen, festverzinsliche Wertpapiere (d. h. kreditähnliche Anleihen mit festem oder variablem Zinssatz), die von Unternehmen oder Regierungen begeben wurden, sowie in Barmittel. Der Fonds investiert üblicherweise bis zu 60 % seines Nettovermögens in Aktien von Unternehmen oder ähnliche Wertpapiere. Bei festverzinslichen Wertpapieren kann es sich um Titel mit und ohne „Investment Grade“-Rating handeln. Wertpapiere ohne „Investment Grade“-Rating gelten als risikoreicher, bieten aber in der Regel höhere Erträge.
Der Fonds kann einen Großteil seines Vermögens in aufstrebenden Märkten investieren. Als solche werden im Hinblick auf Anlagen Volkswirtschaften | # What is this product?
Type
This product is a UCITS sub-fund of a variable capital umbrella investment company with segregated liability between sub-funds authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended.
Subject to the conditions set down in the prospectus, shareholders may exchange all or part of their shares of this fund for shares of another fund of the company. Please refer to the section entitled “How To Exchange Shares” in the prospectus for further details.
Term
This product has no fixed term.
Objectives
The fund aims to maximise the total return on your investment by taking exposure to a wide range of asset classes and through the dynamic application of the investment advisor's macro and relative value views across liquid markets, using prudent investment management principles. Investment Policy
The fund aims to achieve this objective by taking exposure to a wide range of assets from around the world. The fund has a flexible approach to asset allocation which is driven by the investment advisor’s consideration of various quantitative and qualitative data relating to global economies, industrial sectors and asset classes.
The fund will invest in company shares, fixed income securities (which are similar to loans that pay a fixed or variable rate of interest) issued by companies or governments and cash. The fund will typically invest up to 60% of its net assets in company shares or similar securities. Fixed income securities may be both “investment grade” and “non-investment grade”. Non-investment grade securities are considered to be more risky, but typically produce a higher level of income.
The fund may invest substantially in emerging markets, which in | en | de |
DOLFIN2708 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Objective and Investment Policy Summary
The Fund aims to achieve favourable income and capital returns from a globally diversified portfolio of primarily sovereign emerging market inflation-indexed debt or debt-like securities, and currencies. An associated objective is the preservation and enhancement of principal. For full Fund details, please refer to the UCITS Prospectus, which is available on request.
There is no guarantee that this investment objective will be met. | ## Obiettivi e politica di investimento
Il Fondo mira a ottenere redditi favorevoli e di generare ritorni di capitale da un portafoglio globale diversificato di strumenti a reddito fisso indicizzati all’inflazione di mercati emergenti, o titoli con caratteristiche simili e valute. Un obiettivo secondario è la conservazione e la valorizzazione del capitale. Per maggiori dettagli sul Fondo, consultare il Prospetto dell'OICVM, il quale é disponibile su richiesta.
Non viene fornita alcuna garanzia in merito al conseguimento dell'obiettivo di investimento. | ## Objective and Investment Policy Summary
The Fund aims to achieve favourable income and capital returns from a globally diversified portfolio of primarily sovereign emerging market inflation-indexed debt or debt-like securities, and currencies. An associated objective is the preservation and enhancement of principal. For full Fund details, please refer to the UCITS Prospectus, which is available on request.
There is no guarantee that this investment objective will be met. | en | it |
DOLFIN2709 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The 20% limit referred to above is raised to 35% if this proves to be justified by exceptional conditions on the markets, in particular, on regulated markets where certain transferable securities or certain money market instruments are largely dominant. Investing up to this limit is only authorized for a single issuer.
-
### As an exemption from the restrictions specified in clause 7.1.1. above, each Sub- Fund is authorized to invest, according to the principle of risk spreading, up to 100% of its net assets in different issues of transferable securities and money market instruments issued or guaranteed by a Member State, by its local authorities, by any member State of the OECD or by public international bodies to which one or more Member States of the EU belong. If a Sub-Fund exercises this latter option, it must hold transferable securities belonging to at least 6 different issues but securities belonging to the same issue may not exceed 30% of the total amount of the total net assets.
- a) A Sub-Fund may acquire units of the UCITS and/or other UCI stated under clause 6.1.1. (a), provided it does not invest more than 20% of its assets in a single UCITS or other UCI. For the purpose of applying this investment limit, each Sub-Fund of an umbrella UCI is regarded as a separate issuer, provided the principle of the segregation of the liabilities of the various Sub-Funds with regard to third parties is ensured.
- Investments in units of UCI other than UCITS may not exceed in total 30% of the assets of a UCITS. Where a Sub-Fund has acquired units of UCITS and/or other UCI, the assets of those UCITS or other UCI are not combined for the purposes of calculating the limits set down in clause 1 above.
- If a Sub-Fund invests in the units of another Sub-Fund of the SICAV or in the units of other UCITS and/or other UCI which are managed, directly or by delegation, by the Management Company or by any other company with which the Management Company is associated by common-management or control or by means of a significant direct or indirect shareholding, the Management Company or the other company may not charge subscription or redemption fees for the Sub-Fund's investment in the units of said other UCITS and/or other UCI.
- a) The Sub-Funds may not acquire shares with voting rights allowing it to exercise a significant influence on the management of an issuer.
- The Sub-Funds may not acquire more than:
- 10% of the non-voting shares of a single issuer,
- 10% of the debt securities of a single issuer,
- 10% of the money market instruments of a single issuer,
- 25% of the units of the same UCITS or other UCI. | El límite del 20% antes mencionado se aumentará hasta un 35% si ello está justificado por condiciones excepcionales de los mercados, en particular, en los mercados regulados donde predominen ciertos valores mobiliarios o ciertos instrumentos del mercado monetario. La inversión hasta este límite solo está autorizada para un único emisor.
-
### A título de exención de los límites especificados en la cláusula 7.1.1. anterior, cada Subfondo puede invertir, siguiendo los principios de distribución del riesgo, hasta un 100% de sus activos netos en distintas emisiones de valores mobiliarios e instrumentos del mercado monetario emitidos o garantizados por un Estado miembro, por sus autoridades locales, por cualquier Estado miembro de la OCDE o por organismos públicos internacionales a los cuales pertenezcan uno o más de los Estados miembros de la UE. Si un Subfondo ejerce la opción anterior, debe poseer valores mobiliarios pertenecientes como mínimo a 6 emisiones diferentes, pero los valores pertenecientes a la misma emisión no pueden sobrepasar un 30% de la cantidad total de activo neto total.
- a) Un Subfondo puede adquirir participaciones del OICVM u otro OIC mencionado en la cláusula 6.1.1. (a), a condición de que no invierta más de un 20% de sus activos en un único OICVM u otro OIC. A los efectos de la aplicación del límite de inversión mencionado, cada Subfondo de un OIC paraguas se considerará un emisor independiente, con la condición de que se garantice el principio de segregación de pasivos de los distintos Subfondos en lo que respecta a terceras partes.
- Las inversiones en participaciones de OIC que no sean OICVM no pueden sobrepasar un 30% de los activos de un OICVM. En caso de que un Subfondo adquiera participaciones de OICVM u otro OIC, los activos de dichos organismos no se combinarán para el cálculo de los límites estipulados en la cláusula 1 anterior.
- Si un Subfondo invierte en las participaciones de otro Subfondo de la SICAV o en las participaciones de otro OICVM u otro OIC gestionados, de forma directa o por delegación, por la Sociedad Gestora o por cualquier otra empresa con la que esté asociada la Sociedad Gestora por gestión o control comunes o por medio de la tenencia directa o indirecta de una cantidad considerable de sus acciones, la Sociedad Gestora o la otra empresa no podrán cobrar las comisiones de suscripción o reembolso correspondientes a la inversión del Subfondo en las participaciones de dicho otro OICVM u OIC.
- a) Los Subfondos no pueden adquirir acciones con derechos de voto que les permitan ejercer una influencia significativa en la gestión de un emisor.
- Los Subfondos no pueden adquirir más de un:
- 10% de las acciones sin derecho a voto de un mismo emisor,
- 10% de los títulos de deuda de un mismo emisor,
- 10% de los instrumentos del mercado monetario de un mismo emisor,
- 25% de las participaciones de un mismo OICVM u otro OIC. | The 20% limit referred to above is raised to 35% if this proves to be justified by exceptional conditions on the markets, in particular, on regulated markets where certain transferable securities or certain money market instruments are largely dominant. Investing up to this limit is only authorized for a single issuer.
-
### As an exemption from the restrictions specified in clause 7.1.1. above, each Sub- Fund is authorized to invest, according to the principle of risk spreading, up to 100% of its net assets in different issues of transferable securities and money market instruments issued or guaranteed by a Member State, by its local authorities, by any member State of the OECD or by public international bodies to which one or more Member States of the EU belong. If a Sub-Fund exercises this latter option, it must hold transferable securities belonging to at least 6 different issues but securities belonging to the same issue may not exceed 30% of the total amount of the total net assets.
- a) A Sub-Fund may acquire units of the UCITS and/or other UCI stated under clause 6.1.1. (a), provided it does not invest more than 20% of its assets in a single UCITS or other UCI. For the purpose of applying this investment limit, each Sub-Fund of an umbrella UCI is regarded as a separate issuer, provided the principle of the segregation of the liabilities of the various Sub-Funds with regard to third parties is ensured.
- Investments in units of UCI other than UCITS may not exceed in total 30% of the assets of a UCITS. Where a Sub-Fund has acquired units of UCITS and/or other UCI, the assets of those UCITS or other UCI are not combined for the purposes of calculating the limits set down in clause 1 above.
- If a Sub-Fund invests in the units of another Sub-Fund of the SICAV or in the units of other UCITS and/or other UCI which are managed, directly or by delegation, by the Management Company or by any other company with which the Management Company is associated by common-management or control or by means of a significant direct or indirect shareholding, the Management Company or the other company may not charge subscription or redemption fees for the Sub-Fund's investment in the units of said other UCITS and/or other UCI.
- a) The Sub-Funds may not acquire shares with voting rights allowing it to exercise a significant influence on the management of an issuer.
- The Sub-Funds may not acquire more than:
- 10% of the non-voting shares of a single issuer,
- 10% of the debt securities of a single issuer,
- 10% of the money market instruments of a single issuer,
- 25% of the units of the same UCITS or other UCI. | en | es |
DOLFIN2710 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Death of Holder
If a Holder dies the survivor or survivors where he was a joint Holder, and his personal representatives where he was a sole Holder or the only survivor of joint Holders, shall be the only persons recognised by the Company as having any title to his interest in the shares; but nothing herein contained shall release the estate of a deceased Holder from any liability in respect of any share which had been jointly held by him.
- | # Tod des Inhabers
Nach dem Tod eines Inhabers sind der oder die überlebenden Inhaber, falls er gemeinschaftlicher Inhaber war, oder seine Vertreter, falls er alleiniger Inhaber oder der einzige überlebende Inhaber von gemeinschaftlichen Inhabern war, die einzigen Personen, die ein von der Gesellschaft anerkanntes Eigentumsrecht an seinen Aktien haben; durch keine hierin enthaltene Bestimmung wird jedoch das Vermögen eines verstorbenen Inhabers von Verbindlichkeiten in Bezug auf Aktien, die dieser gemeinschaftlich gehalten hatte, befreit.
- | # Death of Holder
If a Holder dies the survivor or survivors where he was a joint Holder, and his personal representatives where he was a sole Holder or the only survivor of joint Holders, shall be the only persons recognised by the Company as having any title to his interest in the shares; but nothing herein contained shall release the estate of a deceased Holder from any liability in respect of any share which had been jointly held by him.
- | en | de |
DOLFIN2711 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide income and long-term capital growth.
- The fund will invest at least 70% in income producing shares of companies globally. The choice of assets is guided by attractive dividend yields in addition to the potential for capital growth.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and aims to provide income and capital growth. Income will typically be in excess of MSCI ACWI Index (Net) Hedged to CHF (the "Index"). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo generar ingresos y crecimiento del capital a largo plazo.
- El fondo invertirá al menos un 70 % en acciones que creen renta de empresas de todo el mundo. La selección de activos queda determinada por una atractiva rentabilidad por dividendos, además de por el potencial de crecimiento del capital.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura del riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente a nivel de valores con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa y tiene como objetivo ofrecer ingresos y crecimiento del capital. Normalmente, los ingresos superarán a los generados por el MSCI ACWI Index (Net) Hedged to CHF (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países, sectores y valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide income and long-term capital growth.
- The fund will invest at least 70% in income producing shares of companies globally. The choice of assets is guided by attractive dividend yields in addition to the potential for capital growth.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and aims to provide income and capital growth. Income will typically be in excess of MSCI ACWI Index (Net) Hedged to CHF (the "Index"). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN2712 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# COMPOSITION OF COSTS
| One-off costs upon entry or exit | If you exit after 1 Year |
| --- | --- |
| Entry costs | We do not charge an entry fee for this product. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 0.59% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 59.71 EUR |
| Transaction costs | 0.00% 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. | 0.00 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | A performance fee may be charged of up to 10% of any returns the Fund achieves at the end of the Performance Period over the High Water Mark.The actual amount will vary depending on how well your investment performs. The estimated performance fee for this share class is 0.52%.The aggregated cost estimation across includes the average over the last 5 years. | 52.78 EUR | | # ZUSAMMENSETZUNG DER KOSTEN
| Einmalige Kosten bei Einstieg oder Ausstieg | Wenn Sie nach aussteigen 1 Jahr |
| --- | --- |
| Einstiegskosten | Wir berechnen keine Einstiegsgebühr für dieses Produkt. | 0 EUR |
| Ausstiegskosten | Wir berechnen keine Ausstiegsgebühr für dieses Produkt. | 0 EUR |
| Jährlich erhobene laufende Kosten | |
| Verwaltungsgebühren und sonstige Verwaltungs- oder Betriebskosten | 0,59% des Werts Ihrer Anlage pro Jahr. Dies ist eine Schätzung anhand der tatsächlichen Kosten im vergangenen Jahr. | 59,71 EUR |
| Transaktionskosten | 0,00% des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung der Kosten, die anfallen, wenn wir die zugrunde liegenden Anlagen für das Produkt kaufen oder verkaufen. Der tatsächliche Betrag hängt davon ab, wie viel wir kaufen und verkaufen. | 0,00 EUR |
| Zusätzliche Kosten unter bestimmten Bedingungen | |
| Erfolgsgebühren | Es kann eine Erfolgsgebühr von bis zu 10 % auf alle Renditen erhoben werden, die zum Ende des Performance-Zeitraums die High-Water-Mark übersteigen.Der tatsächliche Betrag hängt davon ab, wie gut sich Ihre Anlage entwickelt. Die geschätzte Erfolgsgebühr für diese Anteilsklasse beträgt 0,52%.Die nebenstehende Schätzung der kumulierten Kosten enthält den Durchschnitt der letzten 5 Jahre. | 52,78 EUR | | # COMPOSITION OF COSTS
| One-off costs upon entry or exit | If you exit after 1 Year |
| --- | --- |
| Entry costs | We do not charge an entry fee for this product. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 0.59% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 59.71 EUR |
| Transaction costs | 0.00% 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. | 0.00 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | A performance fee may be charged of up to 10% of any returns the Fund achieves at the end of the Performance Period over the High Water Mark.The actual amount will vary depending on how well your investment performs. The estimated performance fee for this share class is 0.52%.The aggregated cost estimation across includes the average over the last 5 years. | 52.78 EUR | | en | de |
DOLFIN2713 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 236 USD | 1,386 USD |
| Annual cost impact (*) | 2.4% | 2.4% | | | Investimento: 10.000 USD | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi totali | 236 USD | 1.386 USD |
| Incidenza annuale dei costi (*) | 2,4% | 2,4% | | | Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 236 USD | 1,386 USD |
| Annual cost impact (*) | 2.4% | 2.4% | | en | it |
DOLFIN2714 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Such debt securities need not be included in the calculation of the limit of 40% stated in sub-paragraph (b). But where the Company, on behalf of a Sub-Fund, holds investments in such debt securities of any issuing body which individually exceed 5% of the net assets of such Sub-Fund, the total of all such investments must not account for more than 80% of the total net assets of the Sub-Fund.
- Without prejudice to the limits laid down in sub-paragraph (n), the limit of 10% laid down in sub-paragraph (a) above is raised to a maximum of 20% for investment in equity and/or debt securities issued by the same body when the aim of the investment policy of a given Sub-Fund is to replicate the composition of a certain equity or debt securities index which is recognized by the CSSF, on the following basis:
- the composition of the index is sufficiently diversified,
- the index represents an adequate benchmark for the market to which it refers,
- it is published in an appropriate manner. | Diese Schuldtitel müssen nicht in die Berechnung der in Unterabsatz (b) erwähnten Grenze von 40% einbezogen werden. Wenn die Gesellschaft jedoch für einen Teilfonds Anlagen in Schuldtiteln eines Emittenten hält, die einzeln mehr als 5% des Nettovermögens des betreffenden Teilfonds betragen, dürfen die entsprechenden Positionen zusammen 80% des gesamten Nettovermögens dieses Teilfonds nicht übersteigen.
- Unbeschadet der in Unterabsatz (n) dargelegten Grenzen wird die in Unterabsatz (a) festgesetzte Grenze von 10% für Anlagen in vom selben Emittenten begebene Aktien und/oder Schuldtitel auf höchstens 20% erhöht, wenn das Ziel der Anlagepolitik eines bestimmten Teilfonds die Nachbildung der Zusammensetzung eines bestimmten von der CSSF auf folgender Grundlage anerkannten Aktien- oder Schuldtitelindex ist:
- der Index ist ausreichend diversifiziert;
- der Index stellt eine angemessene Benchmark für den Markt dar, auf den er sich bezieht;
- er wird in geeigneter Form veröffentlicht. | Such debt securities need not be included in the calculation of the limit of 40% stated in sub-paragraph (b). But where the Company, on behalf of a Sub-Fund, holds investments in such debt securities of any issuing body which individually exceed 5% of the net assets of such Sub-Fund, the total of all such investments must not account for more than 80% of the total net assets of the Sub-Fund.
- Without prejudice to the limits laid down in sub-paragraph (n), the limit of 10% laid down in sub-paragraph (a) above is raised to a maximum of 20% for investment in equity and/or debt securities issued by the same body when the aim of the investment policy of a given Sub-Fund is to replicate the composition of a certain equity or debt securities index which is recognized by the CSSF, on the following basis:
- the composition of the index is sufficiently diversified,
- the index represents an adequate benchmark for the market to which it refers,
- it is published in an appropriate manner. | en | de |
DOLFIN2715 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- a person acting in his capacity as the trustee of any trust, the principal beneficiaries of which are the Director, his spouse or any of his children or anybody corporate which he controls;
- a partner of that Director.
A company will be deemed to be connected with a Director if it is controlled by that Director. | | - une personne agissant en sa qualité de fiduciaire d’une fiducie, dont les principaux bénéficiaires sont l’Administrateur, son/sa conjoint(e) ou l’un de ses enfants ou toute personne morale qu’il dirige ;
- un associé de cet Administrateur.
Une société sera réputée être liée à un Administrateur si elle est contrôlée par cet Administrateur. | | - a person acting in his capacity as the trustee of any trust, the principal beneficiaries of which are the Director, his spouse or any of his children or anybody corporate which he controls;
- a partner of that Director.
A company will be deemed to be connected with a Director if it is controlled by that Director. | | en | fr |
DOLFIN2716 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- The TERs above represent, as indicated in the prospectus, a weighted average of administrative expenses which unitholders could normally have expected to pay when being invested in the chosen unit class as indicated in the prospectus. This methodology is in line with accepted standard market practices and represents a fair view of publications to be made in the market.
- Please refer to note 6 for more details on the Applied Service Fee.
- The Ongoing charges are based on known budgets for 2020 which are typically based on historical expense data, as well as anticipated budget changes for the year. For certain classes of units and Sub-Funds where there is no relevant expense history, Ongoing charge figures are based on estimates. The figures represent the situation as assessed per 31 December 2021. The Ongoing charges calculation excludes the Performance fees. | - Les TER ci-avant représentent une moyenne pondérée des frais administratifs que les porteurs de parts auraient pu normalement s'attendre à payer s'ils avaient investi dans la classe sélectionnée, tel qu'indiqué dans le Prospectus. Cette méthodologie correspond aux pratiques de marché généralement acceptées et offre une image fidèle aux fins de publication sur le marché.
- Veuillez-vous reporter à la note 6 pour en savoir plus sur la Commission de service appliquée.
- Les Frais courants sont calculés sur la base des budgets prévus pour 2020, lesquels tiennent généralement compte des données de frais historiques ainsi que des modifications budgétaires attendues pour la période. S'agissant des classes de parts et des Compartiments pour lesquels il n'existe aucun historique suffisant, les Frais courants sont établis sur la base d'estimations. Les chiffres mentionnés reflètent la situation au 31 décembre 2021. Le calcul des Frais courants exclut la Commission de surperformance. | - The TERs above represent, as indicated in the prospectus, a weighted average of administrative expenses which unitholders could normally have expected to pay when being invested in the chosen unit class as indicated in the prospectus. This methodology is in line with accepted standard market practices and represents a fair view of publications to be made in the market.
- Please refer to note 6 for more details on the Applied Service Fee.
- The Ongoing charges are based on known budgets for 2020 which are typically based on historical expense data, as well as anticipated budget changes for the year. For certain classes of units and Sub-Funds where there is no relevant expense history, Ongoing charge figures are based on estimates. The figures represent the situation as assessed per 31 December 2021. The Ongoing charges calculation excludes the Performance fees. | en | fr |
DOLFIN2717 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Scenarios | If you exit after 1 year If you exit after 5 years (recommended holding period) |
| --- | --- |
| Stress scenario | What you might get back after costs | $1,370 | $4,320 |
| Average return each year | -86.3% | -15.5% |
| Unfavourable scenario | What you might get back after costs | $9,210 | $12,250 |
| Average return each year | -7.9% | 4.1% |
| Moderate scenario | What you might get back after costs | $11,530 | $20,150 |
| Average return each year | 15.3% | 15.0% |
| Favourable scenario | What you might get back after costs | $14,310 | $32,880 |
| Average return each year | 43.1% | 26.9% | | | Scénarios | Si vous sortez après 1 an Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 1.370 $ | 4.320 $ |
| Rendement annuel moyen | -86,3 % | -15,5 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9.210 $ | 12.250 $ |
| Rendement annuel moyen | -7,9 % | 4,1 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 11 530 $ | 20.150 $ |
| Rendement annuel moyen | 15,3 % | 15,0 % |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 14.310 $ | 32.880 $ |
| Rendement annuel moyen | 43,1 % | 26,9 % | | | Scenarios | If you exit after 1 year If you exit after 5 years (recommended holding period) |
| --- | --- |
| Stress scenario | What you might get back after costs | $1,370 | $4,320 |
| Average return each year | -86.3% | -15.5% |
| Unfavourable scenario | What you might get back after costs | $9,210 | $12,250 |
| Average return each year | -7.9% | 4.1% |
| Moderate scenario | What you might get back after costs | $11,530 | $20,150 |
| Average return each year | 15.3% | 15.0% |
| Favourable scenario | What you might get back after costs | $14,310 | $32,880 |
| Average return each year | 43.1% | 26.9% | | en | fr |
DOLFIN2718 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Important features:
The fund invests at least 51% of its assets in convertible bonds, convertible notes, warrant bonds and similar securities of private and public-sector debtors. Business sustainability criteria are considered in the investment selection process (ESG criteria: Environment, Social, Governance).
The securities are selected on a discretionary basis using a consistent investment process (“active management”). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the Thomson Reuters Global Focus Convertible Index Hedged in EUR. The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark
index by actively overweighting or underweighting individual securities and sectors based on market conditions and risk assessments.
The fund pursues an optimal foreign currency hedging policy.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | # Caratteristiche salienti:
Il fondo investe almeno il 51% del suo patrimonio in obbligazioni convertibili, convertible notes, obbligazioni cum warrant e titoli simili di emittenti pubblici e privati. La selezione degli investimenti tiene conto dei principi dell'economia sostenibile (criteri ESG: ambientali, sociali e di governance).
I titoli sono selezionati in modo discrezionale sulla base di un processo di investimento coerente («gestione attiva»). Ai fini della composizione del portafoglio, la selezione e la ponderazione dei titoli si concentrano sulle società incluse nell'indice Thomson Reuters Global Focus Convertible Index Hedged in EUR. La deviazione dall'indice di riferimento può essere notevole.
La politica d'investimento si orienta a tale indice di riferimento e mira a sovraperformarlo. In funzione delle condizioni di mercato e della valutazione del rischio, il gestore può discostarsi dall'indice di riferimento in qualsiasi momento
tramite la sovraponderazione e la sottoponderazione attiva dei singoli titoli e settori, in modo più o meno significativo, positivo o negativo.
Si attua la migliore copertura valutaria possibile.
Per il conseguimento dell'obiettivo d'investimento possono essere impiegati strumenti derivati.
Le quote del fondo vengono emesse o rimborsate di principio tutti i giorni lavorativi bancari secondo il calendario del Lussemburgo.
Utili e proventi della classe di quote distribuiti bensì reinvestiti. | # Important features:
The fund invests at least 51% of its assets in convertible bonds, convertible notes, warrant bonds and similar securities of private and public-sector debtors. Business sustainability criteria are considered in the investment selection process (ESG criteria: Environment, Social, Governance).
The securities are selected on a discretionary basis using a consistent investment process (“active management”). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the Thomson Reuters Global Focus Convertible Index Hedged in EUR. The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark
index by actively overweighting or underweighting individual securities and sectors based on market conditions and risk assessments.
The fund pursues an optimal foreign currency hedging policy.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | en | it |
DOLFIN2719 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past performance
- BOFA MLCX Commodity Alpha UCITS Fund - EUR B-5 (Acc) - LU1057468578
- BofA Merrill Lynch Commodity index eXtra AF5T Total Return Index% Return17.020.22513.912.013.8209.89.4156.67.24.76.4100.71.90.31.11.63.15-0.90-3.6-2.5-5b Past performance is not a guide to future performance. | # Rentabilidad histórica
- BOFA MLCX Commodity Alpha UCITS Fund - EUR B-5 (Acc) - LU1057468578
- BofA Merrill Lynch Commodity index eXtra AF5T Total Return Index% de rentabilidad17.020.22513.912.013.8209.89.4156.67.24.76.4100.71.90.31.11.63.15-0.90-3.6-2.5-5b La rentabilidad histórica no es indicativa de la futura rentabilidad. | # Past performance
- BOFA MLCX Commodity Alpha UCITS Fund - EUR B-5 (Acc) - LU1057468578
- BofA Merrill Lynch Commodity index eXtra AF5T Total Return Index% Return17.020.22513.912.013.8209.89.4156.67.24.76.4100.71.90.31.11.63.15-0.90-3.6-2.5-5b Past performance is not a guide to future performance. | en | es |
DOLFIN2720 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
### This is an investment fund established as a Company With Variable Capital (SICAV).
## Objectives
The objective of the Sub-Fund is to seek long-term capital growth while reducing the risk of capital loss. The Sub-Fund seeks to achieve this objective through the acquisition of financial instruments at market value substantially below their intrinsic value.
Investment policies For this, the Sub-Fund shall invest principally in US corporate shares. However, the investments shall not be subject to any geographical, sectorial or monetary limitation. The portfolio shall typically be composed of 30 to 40 different securities.
### The Sub-Fund may hold cash and cash equivalents on an ancillary basis.
The Investment Manager believes that a value-based approach is best suited to achieving the Sub-Fund's investment objective, to achieve this the Investment Manager maintains a proprietary stock selection model.
Benchmark The Sub-Fund is actively managed and uses the S&P 500 Total Return Index Index to calculate its performance fees and to compare its performance against the benchmark in the marketing materials. The daily management of the Sub-Fund is however not constrained by the benchmark and the deviation from the benchmark may be complete.
### Redemption and Dealing Investors may subscribe, convert and redeem shares every day that is a bank business day in Luxembourg.
### Distribution Policy Income generated will be reinvested.
### Launch date The Sub-Fund was launched on 06/07/2021.
### Fund Currency The reference currency of the Sub-Fund is USD.
Switching between Funds Shareholders have the right to switch all or part of their Shares in any Sub-Fund or Class of a Sub-Fund (the "original Sub-Fund or Class") into Shares of another existing Sub-Fund or Class (the "new Sub-Fund or Class"). Please refer to the prospectus for further information.
## Intended retail investor
This product is intended for investors who plan to stay invested for at least 5 years and are prepared to take on a 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.
## Term
The Fund is open-ended and has no maturity date. Subject to the liquidation, dissolution and termination rights of the board of the Fund as set forth in the Fund prospectus, the Fund cannot be automatically terminated. The manufacturer, Lyrical Asset Management LP, is not entitled to terminate the product unilaterally.
## Practical information
### Depositary Brown Brothers Harriman (Luxembourg) S.C.A., 80, route d'Esch, L-1470 Luxembourg, Grand Duchy of Luxembourg.
Further information The Articles of Incorporation, the current Prospectus and the latest periodical reports may be obtained in English may be obtained free of charge during normal office hours at the registered office of the Company in Luxembourg.
### The issue and redemption prices are available at any time at the registered office of the Company. | # Cos'è questo prodotto?
## Tipo
### Si tratta di un fondo di investimento costituito come Società di Investimento a Capitale Variabile (SICAV).
## Obiettivi
L'obiettivo del Comparto consiste nel generare una crescita del capitale nel lungo termine, riducendo al contempo il rischio di perdita in conto capitale. Il Comparto intende conseguire questo obiettivo attraverso l'acquisto di strumenti finanziari ad un valore di mercato significativamente inferiore al valore intrinseco.
Politiche di investimento Pertanto, il Comparto investe principalmente in azioni di società statunitensi. Tuttavia, gli investimenti non sono soggetti ad alcuna limitazione di tipo geografico, settoriale o monetario. Il portafoglio è tipicamente composto da 30-40 titoli diversi.
### Il Comparto può detenere liquidità e strumenti equivalenti in via accessoria.
Il Gestore degli investimenti ritiene che un approccio basato sul valore sia ideale per conseguire l'obiettivo di investimento del Comparto e, a tal fine, utilizza un modello proprietario di selezione dei titoli.
Il Benchmark utilizza Il Comparto è gestito attivamente e utilizza l'indice S&P 500 Total Return Index per calcolare le proprie commissioni di performance nonché per confrontare la performance con quella del benchmark nei documenti promozionali. La gestione giornaliera del Comparto, tuttavia, non è vincolata al benchmark e la deviazione dallo stesso può essere totale.
### Rimborso e negoziazione Gli investitori possono sottoscrivere, convertire e richiedere il rimborso di azioni ogni giorno che sia un giorno lavorativo bancario in Lussemburgo.
### Politica di distribuzione Gli eventuali proventi saranno reinvestiti.
### Data di lancio Il Comparto è stato lanciato il 06/07/2021.
### Valuta del fondo La valuta di riferimento del Comparto è USD.
Passaggio da un fondo all'altro Gli Azionisti hanno il diritto di convertire tutte o parte delle proprie Azioni di qualsiasi Comparto o Classe di un Comparto (il "Comparto o Classe originale") in Azioni di un altro Comparto o Classe esistente (il "nuovo Comparto o Classe -Fondo o Classe"). Si prega di fare riferimento al prospetto per ulteriori informazioni.
## Investitore al dettaglio destinatario
Questo prodotto è destinato agli investitori che intendono rimanere investiti per almeno 5 anni e sono disposti ad assumersi un rischio di perdita del capitale iniziale di elevate per ottenere un rendimento potenziale più elevato. È concepito per far parte di un portafoglio di investimenti.
## Termine
Il Fondo è di tipo aperto e non ha data di scadenza. Fatti salvi i diritti di liquidazione, scioglimento e cessazione del consiglio di amministrazione del Fondo come stabilito nel prospetto del Fondo, il Fondo non può essere chiuso automaticamente. Il produttore, Lyrical Asset Management LP, non è autorizzato a terminare il prodotto unilateralmente.
## Informazioni pratiche
### Depositario Brown Brothers Harriman (Luxembourg) S.C.A., 80, route d'Esch, L-1470 Luxembourg, Granducato di Lussemburgo.
Ulteriori informazioni Lo Statuto, il Prospetto informativo in corso di validità e le relazioni periodiche più recenti sono ottenibili gratuitamente in lingua inglese durante il normale orario di lavoro presso la sede legale della Società in Lussemburgo.
### I prezzi di emissione e di rimborso sono disponibili in qualsiasi momento presso la sede legale della Società. | # What is this product?
## Type
### This is an investment fund established as a Company With Variable Capital (SICAV).
## Objectives
The objective of the Sub-Fund is to seek long-term capital growth while reducing the risk of capital loss. The Sub-Fund seeks to achieve this objective through the acquisition of financial instruments at market value substantially below their intrinsic value.
Investment policies For this, the Sub-Fund shall invest principally in US corporate shares. However, the investments shall not be subject to any geographical, sectorial or monetary limitation. The portfolio shall typically be composed of 30 to 40 different securities.
### The Sub-Fund may hold cash and cash equivalents on an ancillary basis.
The Investment Manager believes that a value-based approach is best suited to achieving the Sub-Fund's investment objective, to achieve this the Investment Manager maintains a proprietary stock selection model.
Benchmark The Sub-Fund is actively managed and uses the S&P 500 Total Return Index Index to calculate its performance fees and to compare its performance against the benchmark in the marketing materials. The daily management of the Sub-Fund is however not constrained by the benchmark and the deviation from the benchmark may be complete.
### Redemption and Dealing Investors may subscribe, convert and redeem shares every day that is a bank business day in Luxembourg.
### Distribution Policy Income generated will be reinvested.
### Launch date The Sub-Fund was launched on 06/07/2021.
### Fund Currency The reference currency of the Sub-Fund is USD.
Switching between Funds Shareholders have the right to switch all or part of their Shares in any Sub-Fund or Class of a Sub-Fund (the "original Sub-Fund or Class") into Shares of another existing Sub-Fund or Class (the "new Sub-Fund or Class"). Please refer to the prospectus for further information.
## Intended retail investor
This product is intended for investors who plan to stay invested for at least 5 years and are prepared to take on a 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.
## Term
The Fund is open-ended and has no maturity date. Subject to the liquidation, dissolution and termination rights of the board of the Fund as set forth in the Fund prospectus, the Fund cannot be automatically terminated. The manufacturer, Lyrical Asset Management LP, is not entitled to terminate the product unilaterally.
## Practical information
### Depositary Brown Brothers Harriman (Luxembourg) S.C.A., 80, route d'Esch, L-1470 Luxembourg, Grand Duchy of Luxembourg.
Further information The Articles of Incorporation, the current Prospectus and the latest periodical reports may be obtained in English may be obtained free of charge during normal office hours at the registered office of the Company in Luxembourg.
### The issue and redemption prices are available at any time at the registered office of the Company. | en | it |
DOLFIN2721 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The data represent the portfolio's exposure to issuers offering environmental solutions (in terms of the weight of the portfolio rated in Carbon) and the type of solutions proposed: energy efficiency, alternative energy, sustainable water, pollution prevention or sustainable construction. These emitters are likely to benefit from a low carbon transition.
The green area is defined as the percentage of outstandings invested in companies whose activity contributes to the fight against climate change (to reflect eco-solutions / green products).
Weight of Companies rated in Carbon Offering Clean Technology Solutions
[1-19.9%]
62.3% 20.7%
[20-49.9%]
5.3% 4.8%
[50-100%]
7.9% 2.0% | Les données représentent l’exposition du portefeuille aux émetteurs proposant des solutions environnementales (en poids du portefeuille noté en Carbone) et le type de solutions proposées : efficacité énergétique, énergie alternative, eau durable, prévention des pollutions ou construction durable. Ces émetteurs sont susceptibles de bénéficier d’une transition bas carbone.
La part verte se définit comme le pourcentage de l’encours investi dans des sociétés dont l’activité contribue à la lutte contre le changement climatique (pour refléter les éco-solutions/produits verts).
Poids des entreprises notées en carbone offrant des solutions technologiques propres
[1-19.9%]
62.3% 20.7%
[20-49.9%]
5.3% 4.8%
[50-100%]
7.9% 2.0% | The data represent the portfolio's exposure to issuers offering environmental solutions (in terms of the weight of the portfolio rated in Carbon) and the type of solutions proposed: energy efficiency, alternative energy, sustainable water, pollution prevention or sustainable construction. These emitters are likely to benefit from a low carbon transition.
The green area is defined as the percentage of outstandings invested in companies whose activity contributes to the fight against climate change (to reflect eco-solutions / green products).
Weight of Companies rated in Carbon Offering Clean Technology Solutions
[1-19.9%]
62.3% 20.7%
[20-49.9%]
5.3% 4.8%
[50-100%]
7.9% 2.0% | en | fr |
DOLFIN2722 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# SUSTAINABLE REPORT - OVERVIEW
| Weighted average ESG rank |
| --- |
| | FUND | Benchmark |
| | Nov 2022 | Nov 2021 | Nov 2022 | Nov 2021 |
| ESG rank | 3.2 | 3.1 | 3.1 | 3.0 |
| ESG coverage** | 93.4% | 96.9% | 83.4% | 87.2% |
In accordance with the update to our ESG integration policy, the internal ESG rating scale now ranks the investment universe from 1 (High Risk) to 5 (Strong Opportunity) in ascending order.
Benchmark : 100% BofAML E HY NF FI&FL Rate HY Constrained
| TOP 5 ESG rank |
| --- |
| | Sector | Country | Weight in the fund (%) | ESG rank* |
| TELEFONICA EUROPE BV | Telecom-Cable | Spain | 4.25 | 5 |
| VODAFONE GROUP PLC | Telecom-Cable | UK | 2.13 | 5 |
| IHO VERWALTUNGS GMBH | Automobile & Parts | Germany | 1.97 | 5 |
| WP/AP TELECOM HOLDINGS | Telecommunications | Netherlands | 1.71 | 5 |
| SPIE SA | Industrial Goods & Services | France | 1.14 | 5 |
Subtotal top 5 - - 11.20 - | # RAPPORTO SULLA SOSTENIBILITÀ - PANORAMICA
| Media ponderata del punteggio ESG |
| --- |
| | FONDO | Indice di riferimento |
| | nov 2022 | nov 2021 | nov 2022 | nov 2021 |
| Punteggio ESG | 3,2 | 3,1 | 3,1 | 3,0 |
| Copertura ESG** | 93,4% | 96,9% | 83,4% | 87,2% |
In conformità con l'aggiornamento della nostra politica sull'integrazione dei criteri ESG,la scala di rating ESG interna classifica ora l'universo d'investimento da 1 (alto rischio) a 5 (solida opportunità) in ordine crescente.
Indice di riferimento : 100% BofAML E HY NF FI&FL Rate HY Constrained
| PRIMI 5 PER RATING ESG |
| --- |
| | Settore | Paesi | Peso nel portafoglio (%) | Classifica ESG* |
| TELEFONICA EUROPE BV | Telecom-Cable | Spagna | 4,25 | 5 |
| VODAFONE GROUP PLC | Telecom-Cable | Regno Unito | 2,13 | 5 |
| IHO VERWALTUNGS GMBH | Automobile e Ricambi | Germania | 1,97 | 5 |
| WP/AP TELECOM HOLDINGS | Telecomunicazioni | Paesi Bassi | 1,71 | 5 |
| SPIE SA | Beni e servizi industriali | Francia | 1,14 | 5 |
Subtotale top 5 - - 11,20 - | # SUSTAINABLE REPORT - OVERVIEW
| Weighted average ESG rank |
| --- |
| | FUND | Benchmark |
| | Nov 2022 | Nov 2021 | Nov 2022 | Nov 2021 |
| ESG rank | 3.2 | 3.1 | 3.1 | 3.0 |
| ESG coverage** | 93.4% | 96.9% | 83.4% | 87.2% |
In accordance with the update to our ESG integration policy, the internal ESG rating scale now ranks the investment universe from 1 (High Risk) to 5 (Strong Opportunity) in ascending order.
Benchmark : 100% BofAML E HY NF FI&FL Rate HY Constrained
| TOP 5 ESG rank |
| --- |
| | Sector | Country | Weight in the fund (%) | ESG rank* |
| TELEFONICA EUROPE BV | Telecom-Cable | Spain | 4.25 | 5 |
| VODAFONE GROUP PLC | Telecom-Cable | UK | 2.13 | 5 |
| IHO VERWALTUNGS GMBH | Automobile & Parts | Germany | 1.97 | 5 |
| WP/AP TELECOM HOLDINGS | Telecommunications | Netherlands | 1.71 | 5 |
| SPIE SA | Industrial Goods & Services | France | 1.14 | 5 |
Subtotal top 5 - - 11.20 - | en | it |
DOLFIN2723 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Company will declare a dividend consisting of the net income and realised and unrealised gains net of realised and unrealised losses, if any, of the Sub-Fund attributable to Class ID, Class IAD, Class AD, Class A1D, Class SID, Class SSID, Class AAD and Class FD Shares on or about the last day of January each year in respect of the previous Accounting Period. Any such dividend will be paid to the Shareholders of record of the Sub-Fund within ten (10) Business Days.
Each dividend declared by the Company on the outstanding Class ID, Class IAD, Class AD, Class A1D, Class SID, Class SSID, Class AAD and Class FD Shares of the Sub-Fund will be paid in cash.
Upon the declaration of any dividends to the Shareholders of the Sub-Fund, the Net Asset Value per Share of the relevant Class of the Sub-Fund will be reduced by the amount of such dividends. Payment of the dividends will be made by electronic transfer (unless otherwise agreed with the Company) to the account indicated on the register of Shareholders, as may be amended from time to time.
Any dividend paid on a Share of the Sub-Fund that has not been claimed within six years of its declaration will be forfeited and will be paid for the benefit of the Sub-Fund. No interest will be paid on any dividend.
-
## Capitalising Share Classes | La Société déclarera des dividendes provenant du revenu net et des plus-values réalisées et latentes, déduction faite des moins-values réalisées et latentes, le cas échéant, du Compartiment attribuable aux Actions des Catégories ID, IAD, AD, A1D, SID, SSID, AAD et FD, le dernier jour de janvier de chaque année concernant l’Exercice précédent. Ces dividendes seront payés aux Actionnaires inscrits du Compartiment dans un délai de dix (10) Jours ouvrés.
Chaque dividende déclaré par la Société sur les Catégories d’Actions ID, IAD, AD, A1D, SID, SSID, AAD et FD en circulation du Compartiment sera payé en numéraire.
À la déclaration des dividendes aux Actionnaires du Compartiment, la Valeur liquidative par Action de la Catégorie concernée du Compartiment sera diminuée du montant de ces dividendes. Le paiement des dividendes aura lieu par virement bancaire (à moins qu’il n’en soit convenu autrement avec la Société) sur le compte indiqué dans le registre des Actionnaires, qui pourra être modifié de temps à autre.
Tout dividende versé sur une Action du Compartiment n’ayant pas été réclamé dans un délai de six ans après sa déclaration sera annulé et sera versé au bénéfice du Compartiment. Aucun intérêt ne sera payé sur les dividendes.
-
## Catégories d’Actions de capitalisation | The Company will declare a dividend consisting of the net income and realised and unrealised gains net of realised and unrealised losses, if any, of the Sub-Fund attributable to Class ID, Class IAD, Class AD, Class A1D, Class SID, Class SSID, Class AAD and Class FD Shares on or about the last day of January each year in respect of the previous Accounting Period. Any such dividend will be paid to the Shareholders of record of the Sub-Fund within ten (10) Business Days.
Each dividend declared by the Company on the outstanding Class ID, Class IAD, Class AD, Class A1D, Class SID, Class SSID, Class AAD and Class FD Shares of the Sub-Fund will be paid in cash.
Upon the declaration of any dividends to the Shareholders of the Sub-Fund, the Net Asset Value per Share of the relevant Class of the Sub-Fund will be reduced by the amount of such dividends. Payment of the dividends will be made by electronic transfer (unless otherwise agreed with the Company) to the account indicated on the register of Shareholders, as may be amended from time to time.
Any dividend paid on a Share of the Sub-Fund that has not been claimed within six years of its declaration will be forfeited and will be paid for the benefit of the Sub-Fund. No interest will be paid on any dividend.
-
## Capitalising Share Classes | en | fr |
DOLFIN2724 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
For specific information, see Annex I.
- Calculating the net asset value (value of each unit)UCITSA-6-3-b---UCITSA-33-1-b---The net asset value (NAV) per unit is calculated as the proportion of the subfund’s assets accounted for by the unit class concerned, minus the proportion of the same subfund’s liabilities (if any) accounted for by that unit class, divided by the number of units of the unit class in circulation.
- Calculating unit issue and redemption pricesUCITSA-33-1-b---The prices shall be published via the Fund’s publication media either as an NAV with an indication of any applicable commissions or as issue and redemption prices (inclusive of any applicable commissions).
- Provisions on unit trading
- Issue and redemption of unitsUCITSA-6-3-b---UCITSA-6-3-c---UCITSO-43-5----In general, units may be subscribed or redeemed on each trading day. Subscriptions and redemptions shall take place on the basis of prices that are unknown to the investor at the time the application is made (forward pricing). | Für spezifische Angaben siehe Anhang I.
- Berechnung des Nettoinventarwerts (Wert des Anteils)UCITSG-6-3-b---UCITSG-33-1-b---Der Nettoinventarwert eines Anteils (Net Asset Value, NAV) ergibt sich aus dem der Anteilsklasse zukom- menden Anteil am Teilfondsvermögen, vermindert um die der Anteilsklasse zugeteilten Schuldverpflichtun- gen, dividiert durch die Anzahl der im Umlauf befind- lichen Anteile der Anteilsklasse.
- Ermittlung der Verkaufs-/Ausgabepreise und der Auszahlungs-/RücknahmepreiseUCITSG-33-1-b---Die Preise werden als Nettoinventarwert mit einem Hinweis auf allfällige Kommissionen, oder als Ausga- be- und Rücknahmepreise (inklusive allfälliger Kom- missionen) in den Publikationsorganen veröffentlicht.
- Bestimmungen zum Anteilshandel
- Ausgabe und Rücknahme von AnteilenUCITSG-6-3-b---UCITSG-6-3-c---UCITSV-43-5----Anteile können grundsätzlich an jedem Handelstag gezeichnet bzw. zurückgegeben werden. Zeichnun- gen und Rückgaben erfolgen auf der Grundlage von Preisen, welche den Anlegern zum Zeitpunkt des An- trags noch nicht bekannt sind („Forward Pricing“). | For specific information, see Annex I.
- Calculating the net asset value (value of each unit)UCITSA-6-3-b---UCITSA-33-1-b---The net asset value (NAV) per unit is calculated as the proportion of the subfund’s assets accounted for by the unit class concerned, minus the proportion of the same subfund’s liabilities (if any) accounted for by that unit class, divided by the number of units of the unit class in circulation.
- Calculating unit issue and redemption pricesUCITSA-33-1-b---The prices shall be published via the Fund’s publication media either as an NAV with an indication of any applicable commissions or as issue and redemption prices (inclusive of any applicable commissions).
- Provisions on unit trading
- Issue and redemption of unitsUCITSA-6-3-b---UCITSA-6-3-c---UCITSO-43-5----In general, units may be subscribed or redeemed on each trading day. Subscriptions and redemptions shall take place on the basis of prices that are unknown to the investor at the time the application is made (forward pricing). | en | de |
DOLFIN2725 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The Fund's objective is to achieve long term capital growth. The Fund will invest primarily in the shares and related securities of companies which have their registered office or exercise the predominant part of their economic activities in India. The Fund may also invest in the shares of companies operating or residing in Pakistan, Bangladesh, Sri Lanka, Bhutan, Nepal and the Maldives.
## Benchmark Information
## MSCI India
The Fund is actively managed and uses the benchmark for index performance comparison purposes only. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund's investment objective without reference to a benchmark. The Investment Manager is not in any way constrained by a benchmark in its portfolio positioning.
Any income arising in relation to this share class is distributed on an annual basis. By default this distribution will be automatically reinvested to purchase more shares, unless you inform us that you wish to receive this income.
## Investors are able to buy and sell shares during any valuation day given you tell us to buy or sell shares no later than 5pm (Luxembourg time) on the business day preceding the valuation day. | # Objetivos y política de inversión
El objetivo del Fondo consiste en lograr un crecimiento del capital a largo plazo. El Fondo invertirá principalmente en las acciones y valores relacionados de empresas que tengan su domicilio social o que ejerzan la parte predominante de sus actividades económicas en la India. El Fondo podrá invertir asimismo en las acciones de empresas que tengan su domicilio o actividades en Pakistán, Bangladés, Sri Lanka, Bután, Nepal y las Maldivas.
## Información sobre el índice de referencia
## MSCI India
El Fondo se gestiona de forma activa y utiliza el índice de referencia únicamente con fines de comparación de rentabilidad del índice. Esto significa que el Gestor de inversiones toma las decisiones de inversión con el fin de alcanzar el objetivo de inversión del Fondo, sin referencia a un índice. El Gestor de inversiones no está limitado en modo alguno por un índice de referencia en su posicionamiento de cartera.
Todo ingreso derivado de esta clase de acciones se distribuirá con carácter anual. Por defecto, esta distribución se reinvertirá automáticamente en la adquisición de más acciones, salvo que usted nos notifique su deseo de percibir estos ingresos.
## Los inversores podrán comprar y vender sus acciones en cualquier día de valoración si así nos lo indican antes de las 17:00 (hora de Luxemburgo) del día hábil previo al día de valoración. | # Objectives and investment policy
The Fund's objective is to achieve long term capital growth. The Fund will invest primarily in the shares and related securities of companies which have their registered office or exercise the predominant part of their economic activities in India. The Fund may also invest in the shares of companies operating or residing in Pakistan, Bangladesh, Sri Lanka, Bhutan, Nepal and the Maldives.
## Benchmark Information
## MSCI India
The Fund is actively managed and uses the benchmark for index performance comparison purposes only. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund's investment objective without reference to a benchmark. The Investment Manager is not in any way constrained by a benchmark in its portfolio positioning.
Any income arising in relation to this share class is distributed on an annual basis. By default this distribution will be automatically reinvested to purchase more shares, unless you inform us that you wish to receive this income.
## Investors are able to buy and sell shares during any valuation day given you tell us to buy or sell shares no later than 5pm (Luxembourg time) on the business day preceding the valuation day. | en | es |
DOLFIN2726 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectif d’investissement
Pour générer un rendement principalement à partir d’un portefeuille international de titres d’entreprises œuvrant dans le secteur immobilier ou dont la valeur provient surtout d’actifs immobiliers. Cela peut inclure des REIT, des sociétés immobilières non REIT et des structures similaires ou des actions et la dette d’entreprises dont au moins 50% des actifs, résultats ou bénéfices dérivent de produits ou services liés au secteur immobilier au moment de l’investissement. | # Objetivo de inversión
Proporcionar rentabilidad invirtiendo principalmente en una cartera global de valores cotizados de empresas que participan en el sector inmobiliario o cuyo precio derive en gran parte de activos inmobiliarios. Esto puede incluir sociedades de inversión relacionadas con activos inmobiliarios (REIT y no REIT) y estructuras similares o valores de renta variable y deuda de empresas con al menos el 50% de sus activos, rentas o beneficios que se deriven de productos o servicios relacionados con inmuebles en el momento de la inversión. | # Objectif d’investissement
Pour générer un rendement principalement à partir d’un portefeuille international de titres d’entreprises œuvrant dans le secteur immobilier ou dont la valeur provient surtout d’actifs immobiliers. Cela peut inclure des REIT, des sociétés immobilières non REIT et des structures similaires ou des actions et la dette d’entreprises dont au moins 50% des actifs, résultats ou bénéfices dérivent de produits ou services liés au secteur immobilier au moment de l’investissement. | fr | es |
DOLFIN2727 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Any income arising from the share class is reinvested into it.
The share class is reserved for investments made by institutional investors. Shares are currently not offered to investors; exceptionally and with the approval of the Board of Directors of the Fund the share class may be re-opened for limited time periods.
You can find more detail on the investment objective and policy of the Sub-Fund in the “Investment Objective” and “Investment Policy” sections of the Prospectus. | ## Gli eventuali utili conseguiti dalla classe di azioni saranno reinvestiti nella medesima.
La classe di azioni è riservata a investimenti effettuati da investitoti istituzionali. Le Azioni non sono al momento offerte agli investitori; in via eccezionale e previa approvazione del Consiglio di amministrazione del Fondo, la classe di azioni potrebbe essere riaperta per periodi di tempo limitati.
Per maggiori informazioni in merito all’obiettivo e alla politica d’investimento del Comparto si rimanda alle sezioni “Obiettivo d’investimento” e “Politica d’investimento” del Prospetto. | ## Any income arising from the share class is reinvested into it.
The share class is reserved for investments made by institutional investors. Shares are currently not offered to investors; exceptionally and with the approval of the Board of Directors of the Fund the share class may be re-opened for limited time periods.
You can find more detail on the investment objective and policy of the Sub-Fund in the “Investment Objective” and “Investment Policy” sections of the Prospectus. | en | it |
DOLFIN2728 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## - On the secondary market:
Purchases and sales on the secondary market do not incur any subscription or redemption fees. Purchase and sale orders for both unit categories can be placed through an approved broker in any market where the Fund is traded. Nevertheless, placing a stock market order will trigger costs over which the Management Company has no influence (e.g. broker’s commission on stock-market orders to buy or sell units of each category charged by the investor’s broker).
The distribution of this Prospectus may be subject to restrictions in certain countries, as may the purchase or sale of each category of Fund unit. This Prospectus is not an offer or solicitation by any person in any country where such offer or solicitation would be illegal or where the person making it would not meet the applicable statutory conditions or directed to any person to whom it would be illegal to make such a solicitation. | ## - Auf dem Sekundärmarkt:
Beim Kauf/Verkauf am Sekundärmarkt werden keine Ausgabeaufschläge/Rücknahmegebühren erhoben. Kauf- und Verkaufsaufträge für die einzelnen Anteilskategorien können an einer Börse, an der der Fonds zur Notierung zugelassen ist, über einen zugelassenen Intermediär abgegeben werden. Allerdings ist die Platzierung eines Börsenauftrags mit Kosten verbunden, auf die die Verwaltungsgesellschaft keinen Einfluss hat (z.B. Maklergebühren für Kauf- und Verkaufsaufträge für jede Anteilsklasse, die an der Börse durchgeführt werden und durch den Finanzintermediär des Anlegers erhoben werden).
Die Verteilung dieses Prospekts und das Angebot oder der Kauf von Fondsanteilen der einzelnen Kategorien können in bestimmten Ländern Beschränkungen unterliegen. Dieser Prospekt stellt kein Angebot und keine Werbung seitens einer beliebigen Person in einem Land dar, in dem ein solches Angebot oder eine solche Werbung rechtswidrig wäre oder in dem die Person, die ein solches Angebot macht oder eine solche Werbung verbreitet nicht die hierfür erforderlichen Voraussetzungen erfüllt, oder gegenüber irgendeiner Person, gegenüber ein solches Angebot oder eine solche Werbung rechtswidrig wären. | ## - On the secondary market:
Purchases and sales on the secondary market do not incur any subscription or redemption fees. Purchase and sale orders for both unit categories can be placed through an approved broker in any market where the Fund is traded. Nevertheless, placing a stock market order will trigger costs over which the Management Company has no influence (e.g. broker’s commission on stock-market orders to buy or sell units of each category charged by the investor’s broker).
The distribution of this Prospectus may be subject to restrictions in certain countries, as may the purchase or sale of each category of Fund unit. This Prospectus is not an offer or solicitation by any person in any country where such offer or solicitation would be illegal or where the person making it would not meet the applicable statutory conditions or directed to any person to whom it would be illegal to make such a solicitation. | en | de |
DOLFIN2729 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# TEMPORARY SUSPENSION OF THE CALCULATION OF NET ASSET VALUE
Under article 21 of the Articles of Incorporation, the Fund may temporarily suspend the calculation of the Net Asset Value of one or more Sub-Funds and the issue, redemption and switching of Shares in the following cases:
- during any period when any market or stock exchange, which is the principal market or stock exchange on which a material part of the investments of the relevant Sub-Fund for the time being are quoted, is closed, other than for legal holidays or during which dealings are substantially restricted or suspended, provided that such restriction or suspension affects the valuation of the investments of the Fund attributable to such Sub-Fund;
- during the existence of any state of affairs which constitutes an emergency, in the opinion of the Board of Directors, as a result of which disposal or valuation of investments of the relevant Sub- Fund by the Fund is not possible;
- during any breakdown in the means of communication normally employed in determining the price or value of any of the relevant Sub-Fund's investments or the current price or value on any market or stock exchange;
- during any period when remittance of monies which will or may be involved in the realisation of, or the payment for any of, the relevant Sub-Fund’s investments is not possible;
- if the Fund is being or may be wound up or merged, from the date on which notice is given of a general meeting of Shareholders at which a resolution to wind up or merge the Fund is to be proposed or if a Sub-Fund is being liquidated or merged, from the date on which the relevant notice is given;
- in case of a merger of a Sub-Fund, if the Board of Directors deems this to be justified for the protection of the shareholders;
- when for any other reason the prices of any investments owned by the Fund attributable to a Sub- Fund cannot promptly or accurately be ascertained (including the suspension of the calculation of the net asset value of an underlying undertaking for collective investment);
- during any period when the publication of an index underlying a financial derivative instrument representing a material part of the assets of the relevant Sub-Fund is suspended;
- during any period when the Fund is unable to repatriate funds for the purpose of making payments on the redemption of Shares of a Sub-Fund or during which any transfer of funds involved in the realisation or acquisition of investments or payments due on redemption of Shares cannot, in the opinion of the Board of Directors, be effected at normal rates of exchange;
- during the suspension of the issue, allocation and redemption of shares of, or the right to convert shares of, or the calculation of the net asset value of, a fund qualifying as a master UCITS in accordance with applicable Luxembourg laws and regulations in which the relevant Sub-Fund invests;or
- any other circumstances beyond the control of the Board of Directors. | # SOSPENSIONE TEMPORANEA DEL CALCOLO DEL VALORE PATRIMONIALE NETTO
Ai sensi dell’Articolo 21 dello Statuto, il Fondo può sospendere in via temporanea il calcolo del Valore patrimoniale netto di uno o più Comparti nonché l’emissione, il rimborso e la conversione di Azioni nei seguenti casi:
- durante un periodo di chiusura (all’infuori di festività ordinarie) di una borsa valori o di un mercato che rappresenti la borsa valori o il mercato principale su cui è al momento quotata una percentuale rilevante degli investimenti del Comparto pertinente ovvero durante il quale le negoziazioni siano sostanzialmente limitate o sospese, purché tale limitazione o sospensione influisca sulla valutazione degli investimenti del Fondo attribuibili a detto Comparto;
- in presenza di una condizione che rappresenti un’emergenza a causa della quale, a giudizio del Consiglio d’amministrazione, il Fondo non possa procedere alla cessione o valutazione degli investimenti attribuibili al Comparto pertinente;
- durante un’interruzione dei mezzi di comunicazione normalmente impiegati per determinare il prezzo o il valore degli investimenti del Comparto pertinente ovvero il corrente prezzo o valore su una borsa valori o mercato;
- in qualsiasi periodo in cui non è possibile il versamento di importi che saranno o potrebbero essere coinvolti nella realizzazione o nel pagamento di uno qualsiasi degli investimenti del Comparto in questione;
- qualora il Fondo sia o possa essere liquidato od oggetto di fusione, a decorrere dalla data di invio dell’avviso di convocazione di un’assemblea generale degli Azionisti alla quale debba essere proposta una delibera di liquidazione o fusione del Fondo, ovvero un Comparto sia liquidato o sottoposto a fusione, dalla data di inoltro della relativa comunicazione;
- in caso di fusione di un Comparto, se il Consiglio di amministrazione lo ritiene giustificato per la tutela degli azionisti;
- quando per qualsiasi altra ragione i prezzi degli investimenti detenuti dal Fondo e attribuibili a un Comparto non possano essere ragionevolmente o accuratamente determinati (inclusa la sospensione del calcolo del valore patrimoniale netto di un organismo d’investimento collettivo sottostante);
- in qualsiasi periodo di sospensione della pubblicazione di un indice sottostante uno strumento derivato finanziario che rappresenta una parte sostanziale delle attività del Comparto in questione;
- durante un periodo in cui il Fondo non sia in grado di rimpatriare fondi allo scopo di effettuare pagamenti a fronte del rimborso di Azioni di un Comparto o nel corso del quale un trasferimento di fondi in relazione al realizzo o all’acquisizione di investimenti ovvero i pagamenti dovuti a fronte del rimborso di dette Azioni non possano, a giudizio del Consiglio d’amministrazione, essere effettuati ai normali tassi di cambio;
- durante la sospensione dell’emissione, dell’assegnazione e del rimborso di azioni di, o del diritto di convertire azioni di, o del calcolo del valore patrimoniale netto di un fondo qualificato come OICVM master, conformemente alle leggi e ai regolamenti lussemburghesi applicabili in cui il Comparto in questione investe;oppure
- qualunque altra circostanza esulante dal controllo del Consiglio d’amministrazione. | # TEMPORARY SUSPENSION OF THE CALCULATION OF NET ASSET VALUE
Under article 21 of the Articles of Incorporation, the Fund may temporarily suspend the calculation of the Net Asset Value of one or more Sub-Funds and the issue, redemption and switching of Shares in the following cases:
- during any period when any market or stock exchange, which is the principal market or stock exchange on which a material part of the investments of the relevant Sub-Fund for the time being are quoted, is closed, other than for legal holidays or during which dealings are substantially restricted or suspended, provided that such restriction or suspension affects the valuation of the investments of the Fund attributable to such Sub-Fund;
- during the existence of any state of affairs which constitutes an emergency, in the opinion of the Board of Directors, as a result of which disposal or valuation of investments of the relevant Sub- Fund by the Fund is not possible;
- during any breakdown in the means of communication normally employed in determining the price or value of any of the relevant Sub-Fund's investments or the current price or value on any market or stock exchange;
- during any period when remittance of monies which will or may be involved in the realisation of, or the payment for any of, the relevant Sub-Fund’s investments is not possible;
- if the Fund is being or may be wound up or merged, from the date on which notice is given of a general meeting of Shareholders at which a resolution to wind up or merge the Fund is to be proposed or if a Sub-Fund is being liquidated or merged, from the date on which the relevant notice is given;
- in case of a merger of a Sub-Fund, if the Board of Directors deems this to be justified for the protection of the shareholders;
- when for any other reason the prices of any investments owned by the Fund attributable to a Sub- Fund cannot promptly or accurately be ascertained (including the suspension of the calculation of the net asset value of an underlying undertaking for collective investment);
- during any period when the publication of an index underlying a financial derivative instrument representing a material part of the assets of the relevant Sub-Fund is suspended;
- during any period when the Fund is unable to repatriate funds for the purpose of making payments on the redemption of Shares of a Sub-Fund or during which any transfer of funds involved in the realisation or acquisition of investments or payments due on redemption of Shares cannot, in the opinion of the Board of Directors, be effected at normal rates of exchange;
- during the suspension of the issue, allocation and redemption of shares of, or the right to convert shares of, or the calculation of the net asset value of, a fund qualifying as a master UCITS in accordance with applicable Luxembourg laws and regulations in which the relevant Sub-Fund invests;or
- any other circumstances beyond the control of the Board of Directors. | en | it |
DOLFIN2730 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Extraordinary management costs
In addition, the Management Company may charge the respective sub-fund assets costs for extraordinary management activities.
Extraordinary management costs comprise the expenses incurred exclusively for the purpose of safeguarding the inter- ests of the investors, which are incurred during the course of the regular business activities, and which were not foresee- able at the time of the foundation of the UCITS or of the corresponding sub-fund. Extraordinary management costs com- prise in particular the cost of legal compliance in the interest of the UCITS or of the corresponding sub-fund or of the investors. Furthermore, this is deemed to include any possible necessary extraordinary management activities pursuant to UCITSG and UCITSV (e.g. amendments of the fund documents). | # Ausserordentliche Dispositionskosten
Zusätzlich darf die Verwaltungsgesellschaft dem jeweiligen Teilfondsvermögen Kosten für ausserordentliche Dispositio- nen belasten.
Ausserordentliche Dispositionskosten setzen sich aus dem Aufwand zusammen, der ausschliesslich der Wahrung des Anlegerinteresses dient, im Laufe der regelmässigen Geschäftstätigkeit entsteht und bei Gründung des OGAW bzw. des entsprechenden Teilfonds nicht vorhersehbar war. Ausserordentliche Dispositionskosten sind insbesondere Kosten für die Rechtsbefolgung im Interesse des OGAW bzw. des entsprechenden Teilfonds oder der Anleger. Darüber hinaus sind alle Kosten allfällig nötig werdender ausserordentlicher Dispositionen gemäss UCITSG und UCITSV (z.B. Änderungen der Fondsdokumente) hierunter zu verstehen. | # Extraordinary management costs
In addition, the Management Company may charge the respective sub-fund assets costs for extraordinary management activities.
Extraordinary management costs comprise the expenses incurred exclusively for the purpose of safeguarding the inter- ests of the investors, which are incurred during the course of the regular business activities, and which were not foresee- able at the time of the foundation of the UCITS or of the corresponding sub-fund. Extraordinary management costs com- prise in particular the cost of legal compliance in the interest of the UCITS or of the corresponding sub-fund or of the investors. Furthermore, this is deemed to include any possible necessary extraordinary management activities pursuant to UCITSG and UCITSV (e.g. amendments of the fund documents). | en | de |
DOLFIN2731 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Transferable Securities - 98.94% (March 2018: 99.26%) (continued)
Corporate Bonds - 98.94% (March 2018: 99.26%) (continued) United States Dollar - 98.94% (continued)
50,000 3.600% Southern California Edison | Unternehmensanleihen - 98,94 % (März 2018: 99,26 %) (Fortsetzung)
US-Dollar - 98,94 % (Fortsetzung)
50.000 3.600% Southern California Edison | Transferable Securities - 98.94% (March 2018: 99.26%) (continued)
Corporate Bonds - 98.94% (March 2018: 99.26%) (continued) United States Dollar - 98.94% (continued)
50,000 3.600% Southern California Edison | en | de |
DOLFIN2732 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Customer Information Notice
The Fund intends to take such steps as may be required to satisfy any obligations imposed by (i) the Standard and, specifically, the CRS therein or (ii) any provisions imposed under Irish law arising from the Standard or any international law implementing the Standard (to include the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information or the EU Council Directive 2014/107/EU (amending Council Directive 2011/16/EU)) so as to ensure compliance or deemed compliance (as the case may be) with the Standard and the CRS therein from 1 January 2016.
The Fund is obliged under Section 891F and Section 891G of the Taxes Consolidation Act 1997 (as amended) and regulations made pursuant to that section to collect certain information about each Unitholder’s tax arrangements.
In certain circumstances the Fund may be legally obliged to share this information and other financial information with respect to a Unitholder’s interests in the Fund with the Irish Revenue Commissioners. In turn, and to the extent the account has been identified as a Reportable Account, the Irish Revenue Commissioners will exchange this information with the country of residence of the Reportable Person(s) in respect of that Reportable Account. | ### Note d'information sur les clients
Le Fonds entend prendre les mesures nécessaires pour satisfaire à toutes les obligations imposées par (i) la Norme et, en particulier, la NCD y figurant, ou (ii) les éventuelles dispositions imposées en vertu du droit irlandais découlant de la Norme ou de toute loi internationale mettant en œuvre la Norme (pour inclure l’Accord multilatéral entre autorités compétentes pour l'échange automatique de renseignements relatifs aux comptes financiers ou la Directive 2014/107/UE du Conseil de l'UE (modifiant la Directive 2011/16/UE du Conseil)) afin d’assurer la conformité réelle ou présumée (selon le cas) avec la Norme et la NCD y figurant à partir du 1er janvier 2016.
En vertu des Sections 891F et 891G du Taxes Consolidation Act 1997 (tel que modifié) et des réglementations créées conformément à cette section, le Fonds est tenu de collecter certaines informations sur les régimes fiscaux de chaque Détenteur de Parts.
Dans certaines circonstances, le Fonds peut être légalement tenu de partager ces informations et d’autres informations financières concernant les intérêts d’un Détenteur de Parts dans le Fonds avec les Autorités fiscales irlandaises. Alternativement, et dans la mesure où le compte a été identifié comme Compte Déclarable, les autorités fiscales irlandaises échangeront ces informations avec le pays de résidence de la ou des Personnes devant faire l'objet d'une déclaration concernant ce Compte Déclarable. | ### Customer Information Notice
The Fund intends to take such steps as may be required to satisfy any obligations imposed by (i) the Standard and, specifically, the CRS therein or (ii) any provisions imposed under Irish law arising from the Standard or any international law implementing the Standard (to include the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information or the EU Council Directive 2014/107/EU (amending Council Directive 2011/16/EU)) so as to ensure compliance or deemed compliance (as the case may be) with the Standard and the CRS therein from 1 January 2016.
The Fund is obliged under Section 891F and Section 891G of the Taxes Consolidation Act 1997 (as amended) and regulations made pursuant to that section to collect certain information about each Unitholder’s tax arrangements.
In certain circumstances the Fund may be legally obliged to share this information and other financial information with respect to a Unitholder’s interests in the Fund with the Irish Revenue Commissioners. In turn, and to the extent the account has been identified as a Reportable Account, the Irish Revenue Commissioners will exchange this information with the country of residence of the Reportable Person(s) in respect of that Reportable Account. | en | fr |
DOLFIN2733 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objective and Investment Policy
## Investment Objective
The Sub-Fund's investment objective is to seek performance by investing mainly in governments and corporate debt securities denominated in Euro, over a medium term period. The Sub-Fund will be managed with an interest rate sensitivity between 0 and 5.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in Euro corporate and government bonds market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- duration positioning (duration measures, in numbers of years, the portfolio’s sensitivity to interest rate variations)
- yield curve positioning (the yield curve illustrates the relationship between investment term and bond yield)
- geographical allocation
- issuer selectionThe Sub-Fund invests permanently at least two thirds of its total assets in investment grade or sub-investment grade governments and corporate transferable debt securities denominated in Euro. The Sub-Fund will mainly invest in investment grade transferable debt securities.
Investment grade securities will be rated at least BBB- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. Sub-investment grade securities will be rated between BB+ and B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager, securities will be sold within 6 months. If two different ratings of rating agencies exist, the lower rating will be considered, if more | # Objetivos y política de inversión
## Objetivo de Inversión
El objetivo de inversión del Subfondo es obtener rentabilidad a medio plazo invirtiendo principalmente en títulos de deuda pública o corporativa denominados en euros. El Subfondo se gestionará con una sensibilidad a los tipos de interés entre 0 y 5.
## Política de inversión
Este Subfondo está gestionado activamente con el fin de captar oportunidades en el mercado de renta fija pública y corporativa en euros. Las siguientes decisiones de inversión se toman tras un análisis microeconómico y macroeconómico exhaustivo del mercado:
- posicionamiento en duración (la duración mide, en años, la sensibilidad de la cartera a las variaciones de tipos de interés)
- posicionamiento en la curva de rentabilidad (la curva de rentabilidad ilustra la relación entre el plazo de inversión y el rendimiento del bono)
- distribución geográfica
- selección de emisoresEl Subfondo invierte permanentemente como mínimo dos tercios de sus activos totales en títulos de deuda negociables de empresas y gobiernos, con calificación de primera calidad crediticia (investment grade) o por debajo de ella, denominados en euros. El Subfondo invertirá principalmente en títulos de deuda negociables de primera calidad crediticia (investment grade).
Los títulos de primera calidad crediticia tendrán una calificación mínima de BBB- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, así los considere el gestor de inversiones. Los títulos por debajo de la primera calidad crediticia estarán calificados entre BB+ y B- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, así los considere el gestor de inversiones. En caso de reducción de la calificación por debajo de B- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, así lo considere el gestor de inversiones, los títulos se venderán dentro de un plazo de 6 meses. Si existieran dos calificaciones diferentes entre agencias de calificación crediticia, se tendrá | # Objective and Investment Policy
## Investment Objective
The Sub-Fund's investment objective is to seek performance by investing mainly in governments and corporate debt securities denominated in Euro, over a medium term period. The Sub-Fund will be managed with an interest rate sensitivity between 0 and 5.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in Euro corporate and government bonds market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- duration positioning (duration measures, in numbers of years, the portfolio’s sensitivity to interest rate variations)
- yield curve positioning (the yield curve illustrates the relationship between investment term and bond yield)
- geographical allocation
- issuer selectionThe Sub-Fund invests permanently at least two thirds of its total assets in investment grade or sub-investment grade governments and corporate transferable debt securities denominated in Euro. The Sub-Fund will mainly invest in investment grade transferable debt securities.
Investment grade securities will be rated at least BBB- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. Sub-investment grade securities will be rated between BB+ and B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager, securities will be sold within 6 months. If two different ratings of rating agencies exist, the lower rating will be considered, if more | en | es |
DOLFIN2734 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| TER calculation | The TER has been calculated as illustrated in CESR guideline 09-949 and defined in CESR guideline 09-1028 (ongoing charges). |
| --- | --- |
| Transaction costs | The transaction costs include all costs incurred, separately disclosed or booked by the fund in the financial year, which are directly related to the purchase or sale of fund assets. |
| Valuation principles | The respective net compartment assets are valued according to the following priciples: - Securities that are officially traded on a stock exchange are valued at the last available price. If a security is officially traded at several exchanges, the last available price shall be the price at the exchange that represents the main market for that security. | | TER Berechnung | Die TER wurde nach der in der CESR-Guideline 09-949 dargestellten und in der CESR- Guideline 09-1028 festgelegten Methode (ongoing charges) berechnet. |
| --- | --- |
| Transaktionskosten | Die Transaktionskosten berücksichtigen sämtliche Kosten, die im Geschäftsjahr für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direk- tem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. |
| Bewertungsgrundsätze | Das jeweilige Netto-Teilfondsvermögen wird nach folgenden Grundsätzen bewertet: - Wertpapiere, die an einer Börse amtlich notiert sind, werden zum letzten ver- fügbaren Kurs bewertet. Wird ein Wertpapier an mehreren Börsen amtlich notiert, ist der zuletzt verfügbare Kurs jener Börse massgebend, die der Hauptmarkt für dieses Wertpapier ist. | | TER calculation | The TER has been calculated as illustrated in CESR guideline 09-949 and defined in CESR guideline 09-1028 (ongoing charges). |
| --- | --- |
| Transaction costs | The transaction costs include all costs incurred, separately disclosed or booked by the fund in the financial year, which are directly related to the purchase or sale of fund assets. |
| Valuation principles | The respective net compartment assets are valued according to the following priciples: - Securities that are officially traded on a stock exchange are valued at the last available price. If a security is officially traded at several exchanges, the last available price shall be the price at the exchange that represents the main market for that security. | en | de |
DOLFIN2735 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
As of 16 August 2022 the Sustainability Criteria section will change to:
The Investment Manager applies sustainability criteria when selecting investments for the Fund.
Investments are composed of companies whose products and services solve one of the SDG gaps or that operate in a mainstream industry that indirectly solves one of the SDG gaps.
In order to identify companies with a direct link to a UN SDG, the Investment Manager uses a proprietary screening tool to map company revenue to UN SDGs. The tool splits revenue into numerous different categories linked to UN SDGs. While the Investment Manager uses the tool to assess individual companies, it also enables it to measure the overall revenue link to SDGs on a consolidated portfolio level. The Investment Manager has identified three types of companies that will make up the portfolio.
The first type are highly innovative companies whose business model solves a direct need within the SDGs. These are growth companies whose solution to an SDG gap can be scaled.
The second type are companies that are already generating revenues that have an impact, but do not articulate or highlight that impact. These are companies the Investment Manager can identify due to its deep understanding of the US Small Cap universe where it sees a re-rating opportunity. In so doing the companies can better articulate and become more transparent about their impact opportunity. This is expected to be the largest group in the Fund’s portfolio.
The third type will tend to have the lowest level of revenue link. These are companies who require a business model transition in order to survive. These are companies the Investment Manager believes have the ability and desire to transition and where it sees the ability to help guide such companies on that journey. Each investment must have some revenue linking to an SDG. Based on where the investment falls within the three types the level of linked revenue will vary.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of small-sized US companies or companies which derive a significant proportion of their revenues or profits from small-sized US companies.
General Share Class Features | A partir del 16 de agosto de 2022, la redacción de la sección "Criterios de sostenibilidad" cambiará a:
La Gestora de inversiones aplica criterios de sostenibilidad a la hora de seleccionar las inversiones del Fondo.
Las inversiones están compuestas por empresas cuyos productos y servicios resuelven alguna de las brechas de los ODS o que operan en una industria convencional que indirectamente resuelve alguna de las brechas de los ODS.
Con el fin de identificar aquellas empresas con un vínculo directo con un ODS de la ONU, la Gestora de inversiones utiliza una herramienta de selección propia para relacionar los ingresos de la empresa con los ODS de la ONU. La herramienta divide los ingresos en numerosas categorías diferentes vinculadas a los ODS de la ONU. La Gestora de inversiones utiliza esta herramienta para evaluar cada una de las sociedades, pero también puede usarla para medir el vínculo global de los ingresos con los ODS de toda la cartera. La Gestora de inversiones ha identificado tres tipos de empresas que conformarán la cartera.
El primer tipo son empresas altamente innovadoras cuyo modelo de negocio resuelve una necesidad directa de los ODS. Se trata de empresas en crecimiento cuya solución a la brecha de los ODS puede escalarse.
El segundo tipo son empresas que ya están generando ingresos que tienen impacto, pero dicho impacto no está definido ni distinguido. Estas son empresas que la Gestora de inversiones puede identificar debido a su profundo conocimiento del universo de sociedades de pequeña capitalización estadounidenses, en las que percibe una oportunidad de reevaluación. En consecuencia, las empresas pueden definir mejor sus oportunidades de impacto y ser más transparentes. Se espera que este sea el mayor grupo de la cartera del Fondo.
El tercer tipo tenderá a generar ingresos menos vinculados con los ODS. Son empresas que requieren una transición de su modelo de negocio para poder sobrevivir. Se trata de empresas que, según el criterio de la Gestora de inversiones, tienen la capacidad y la intención de iniciar la transición y están abiertas a recibir su ayuda para llevar el proceso a buen puerto. Todas las inversiones deberán contar con ingresos vinculados a los ODS. El nivel de ingresos vinculados variará en función de a qué tipo de empresa pertenece cada inversión.
La Gestora de inversiones garantiza que al menos el 90% de las sociedades de la cartera del Fondo se califican según los criterios de sostenibilidad. Como resultado de la aplicación de los criterios de sostenibilidad, al menos el 20% del posible universo de inversión del Fondo queda excluido de la selección de inversiones.
A los efectos de esta prueba, el posible universo de inversión es el universo central de emisores que la Gestora de inversiones puede seleccionar para el Fondo antes de la aplicación de los criterios de sostenibilidad, de acuerdo con los otros límites del Objetivo y la política de inversión. El universo está formado por valores de renta variable y relacionados con la renta variable de sociedades de pequeña capitalización estadounidenses o de sociedades que obtengan una parte significativa de sus ingresos o beneficios de dichas sociedades de pequeña capitalización estadounidenses.
Características generales de las Clases de Participaciones | As of 16 August 2022 the Sustainability Criteria section will change to:
The Investment Manager applies sustainability criteria when selecting investments for the Fund.
Investments are composed of companies whose products and services solve one of the SDG gaps or that operate in a mainstream industry that indirectly solves one of the SDG gaps.
In order to identify companies with a direct link to a UN SDG, the Investment Manager uses a proprietary screening tool to map company revenue to UN SDGs. The tool splits revenue into numerous different categories linked to UN SDGs. While the Investment Manager uses the tool to assess individual companies, it also enables it to measure the overall revenue link to SDGs on a consolidated portfolio level. The Investment Manager has identified three types of companies that will make up the portfolio.
The first type are highly innovative companies whose business model solves a direct need within the SDGs. These are growth companies whose solution to an SDG gap can be scaled.
The second type are companies that are already generating revenues that have an impact, but do not articulate or highlight that impact. These are companies the Investment Manager can identify due to its deep understanding of the US Small Cap universe where it sees a re-rating opportunity. In so doing the companies can better articulate and become more transparent about their impact opportunity. This is expected to be the largest group in the Fund’s portfolio.
The third type will tend to have the lowest level of revenue link. These are companies who require a business model transition in order to survive. These are companies the Investment Manager believes have the ability and desire to transition and where it sees the ability to help guide such companies on that journey. Each investment must have some revenue linking to an SDG. Based on where the investment falls within the three types the level of linked revenue will vary.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of small-sized US companies or companies which derive a significant proportion of their revenues or profits from small-sized US companies.
General Share Class Features | en | es |
DOLFIN2736 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Environmental impact – footprint ownership
Source: Robeco data based on Trucost data. S&P Trucost Limited © Trucost 2022. All rights in the Trucost data and reports vest in Trucost and/or its licensors. Neither Trucost, nor its affiliates, nor its licensors accept any liability for any errors, omissions or interruptions in the Trucost data and/or reports. No further distribution of the Data and/or Reports is permitted without Trucost's express written consent.
Data as of 30-12-2022. Environmental footprint expresses the total resource consumption of the portfolio per mUSD invested. Each assessed company's footprint is calculated by normalizing resources consumed by the company's enterprise value including cash (EVIC). We aggregate these figures to portfolio level using a weighted average, multiplying each assessed portfolio constituent’s footprint by its respective position weight. Sovereign and cash positions have no impact on the calculation. If an index is selected, its aggregate footprint is shown besides that of the portfolio.
The equivalent factors that are used for comparison between the portfolio and index represent European averages and are based on third-party sources combined with own estimates. As such, the figures presented are intended for illustrative purposes and are purely an indication. Figures only include corporates.
The reported waste generation by companies in the portfolio and index can include Incinerated Waste, Landfill Waste, Nuclear Waste, Recycled Waste and Mining Tailing Waste. While these types of waste have different environmental impacts, in the comparison all types of waste are aggregated and expressed as total weight. The difference in tonnes/mUSD invested between portfolio and index is expressed as ‘equivalent to the annual waste generation of #
people’, based on the average tonnes of household waste generated per European.
The fund aims for a better sustainability profile than the benchmark by promoting certain ESG (environmental, social and corporate governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks into the investment process. | # Impact environnemental – Contrôle de l'empreinte
Source : Données de Robeco basées sur les données de Trucost. S&P Trucost Limited © Trucost 2022. Tous les droits relatifs aux données et rapports Trucost appartiennent à Trucost et/ou à ses donneurs de licence. Ni Trucost, ni ses sociétés affiliées, ni ses donneurs de licence ne sont responsables des erreurs, des omissions ou des interruptions dans les données et/ou les rapports Trucost. Aucune autre distribution des données et/ou des rapports Trucost n'est autorisée sans l'accord écrit de Trucost.
Données au 30/12/2022. L'empreinte environnementale représente la consommation de ressources totale du portefeuille par mUSD investi. L'empreinte évaluée de chaque société est calculée en normalisant les ressources consommées par la valeur d'entreprise de la société, trésorerie comprise (EVIC). Nous agrégeons ces chiffres au niveau du portefeuille en utilisant une moyenne pondérée, en multipliant l'empreinte de chaque constituant du portefeuille évalué par la pondération de sa position respective. Les positions sur la dette souveraine et la trésorerie n'ont pas d'impact sur le calcul. Si un indice est sélectionné, son empreinte agrégée est également indiquée.
Les facteurs équivalents utilisés pour la comparaison entre le portefeuille et l'indice représentent des moyennes européennes et sont déterminés sur la base de sources tierces et de nos propres estimations. Ainsi, les chiffres présentés sont fournis à titre d'information et sont uniquement indicatifs. Ces chiffres ne concernent que les entreprises.
La production de déchets déclarée par les sociétés au sein du portefeuille et de l'indice peuvent inclure les déchets incinérés, les déchets mis en décharge, les déchets nucléaires, les déchets recyclés et les résidus miniers. Même si ces types de déchets ont des impacts environnementaux différents, ils sont tous agrégés et exprimés en poids total dans la comparaison. La différence en tonnes/mUSD investi entre le portefeuille et l'indice est exprimée comme
« équivalent à la production annuelle de déchets de x personnes », sur la base du nombre moyen de tonnes de déchets ménagers produits par Européen.
Le fonds vise un profil de durabilité supérieur à l'indice de référence en favorisant certaines caractéristiques ESG (environnementales, sociales et de gouvernance) au sens de l'Article 8 du Règlement européen sur la publication d'informations de durabilité du secteur financier et en intégrant l'ESG et les risques de durabilité dans le processus d'investissement. | # Environmental impact – footprint ownership
Source: Robeco data based on Trucost data. S&P Trucost Limited © Trucost 2022. All rights in the Trucost data and reports vest in Trucost and/or its licensors. Neither Trucost, nor its affiliates, nor its licensors accept any liability for any errors, omissions or interruptions in the Trucost data and/or reports. No further distribution of the Data and/or Reports is permitted without Trucost's express written consent.
Data as of 30-12-2022. Environmental footprint expresses the total resource consumption of the portfolio per mUSD invested. Each assessed company's footprint is calculated by normalizing resources consumed by the company's enterprise value including cash (EVIC). We aggregate these figures to portfolio level using a weighted average, multiplying each assessed portfolio constituent’s footprint by its respective position weight. Sovereign and cash positions have no impact on the calculation. If an index is selected, its aggregate footprint is shown besides that of the portfolio.
The equivalent factors that are used for comparison between the portfolio and index represent European averages and are based on third-party sources combined with own estimates. As such, the figures presented are intended for illustrative purposes and are purely an indication. Figures only include corporates.
The reported waste generation by companies in the portfolio and index can include Incinerated Waste, Landfill Waste, Nuclear Waste, Recycled Waste and Mining Tailing Waste. While these types of waste have different environmental impacts, in the comparison all types of waste are aggregated and expressed as total weight. The difference in tonnes/mUSD invested between portfolio and index is expressed as ‘equivalent to the annual waste generation of #
people’, based on the average tonnes of household waste generated per European.
The fund aims for a better sustainability profile than the benchmark by promoting certain ESG (environmental, social and corporate governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks into the investment process. | en | fr |
DOLFIN2737 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES K EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class R of the French Edmond de Rothschild EUROPE CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class R of the Absorbed Sub-fund. | ## Índice de referencia: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculado con los dividendos netos reinvertidos
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES K EUR
Índice de referencia
A: El Subfondo y la Clase se crearon el 1 de febrero de 2016 tras la fusión por absorción de la Clase R del fondo francés Edmond de Rothschild EUROPE CONVERTIBLES (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase R del Subfondo absorbido. | ## Benchmark: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES K EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class R of the French Edmond de Rothschild EUROPE CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class R of the Absorbed Sub-fund. | en | es |
DOLFIN2738 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Date of creation of the Fund: 10 June 2016.
7.6%
-2.3%
-10.5%
-4.4%
14.4%
| Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| R/A(USD) | LU1429557256 | Retail Investors | U.S. Dollar | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| H-R/A(EUR) | LU1429557504 | Retail Investors | Euro | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| H-R/A(CHF) | LU1435378895 | Retail Investors | Swiss Franc | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| H-R/A(SEK) | LU1435378978 | Retail Investors | Swedish Krona | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | # Fecha de creación del fondo: 10 de junio de 2016.
7,6%
-2,3%
-10,5%
-4,4%
14,4%
| Información práctica |
| --- |
| Depositario y agente administrativo del fondo: Sociedad de gestión: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo. Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto. El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor. Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión. |
| Información adicional |
| Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER |
| R/A(USD) | LU1429557256 | Inversores minoristas | Dólar estadounidense | 1.000 USD | 1 acción | Acumulación | 1,95% anual |
| H-R/A(EUR) | LU1429557504 | Inversores minoristas | Euro | 1.000 USD | 1 acción | Acumulación | 1,95% anual |
| H-R/A(CHF) | LU1435378895 | Inversores minoristas | Franco suizo | 1.000 USD | 1 acción | Acumulación | 1,95% anual |
| H-R/A(SEK) | LU1435378978 | Inversores minoristas | Corona sueca | 1.000 USD | 1 acción | Acumulación | 1,95% anual |
| **o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa. Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. | | # Date of creation of the Fund: 10 June 2016.
7.6%
-2.3%
-10.5%
-4.4%
14.4%
| Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| R/A(USD) | LU1429557256 | Retail Investors | U.S. Dollar | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| H-R/A(EUR) | LU1429557504 | Retail Investors | Euro | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| H-R/A(CHF) | LU1435378895 | Retail Investors | Swiss Franc | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| H-R/A(SEK) | LU1435378978 | Retail Investors | Swedish Krona | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | en | es |
DOLFIN2739 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# QUE SE PASSE-T-IL SI CQS (UK) LLP N’EST PAS EN MESURE D’EFFECTUER LES
Les actifs du Fonds sont légalement séparés de ceux du Fabricant du PRIIP. Le Fabricant du PRIIP n’est pas tenu de procéder à des paiements relatifs au Fonds, ces obligations incombant au Fonds lui-même. L’insolvabilité ou le défaut du Fabricant du PRIIP ne doit pas entraîner de pertes financières pour le Fonds en lien avec ces actifs.
Les actifs du Fonds sont détenus par BNP Paribas Securities Services, succursale de Dublin (le Dépositaire). En cas de défaut, d’insolvabilité ou de dissolution forcée du Dépositaire, vous pourriez subir des pertes financières. Cependant, ce risque est atténué dans une certaine mesure par l’obligation faite au Dépositaire de séparer ses propres actifs de ceux du Fonds. Les pertes ne sont couvertes par aucun mécanisme d’indemnisation ou de garantie des investisseurs. | # ¿QUÉ PASA SI CQS (UK) LLP NO PUEDE PAGAR?
Los activos del fondo están legalmente separados de los del productor del PRIIP. El productor de los PRIIP no está obligado a efectuar ningún pago con relación al Fondo, siendo tales obligaciones del propio Fondo. Cualquier insolvencia o impago por parte del productor de los PRIIP no dará lugar a que el Fondo sufra una pérdida financiera con relación a tales activos.
BNP Paribas Securities Services, Dublin Branch (el Depositario) mantiene los activos del Fondo. En caso de impago, insolvencia o liquidación forzosa del depositario, usted puede sufrir pérdidas financieras. Sin embargo, este riesgo queda mitigado en cierta medida por el hecho de que el Depositario está obligado a segregar sus propios activos de los activos del Fondo. Las pérdidas no cuentan con cobertura mediante ningún régimen de compensación o garantía para los inversores. | # QUE SE PASSE-T-IL SI CQS (UK) LLP N’EST PAS EN MESURE D’EFFECTUER LES
Les actifs du Fonds sont légalement séparés de ceux du Fabricant du PRIIP. Le Fabricant du PRIIP n’est pas tenu de procéder à des paiements relatifs au Fonds, ces obligations incombant au Fonds lui-même. L’insolvabilité ou le défaut du Fabricant du PRIIP ne doit pas entraîner de pertes financières pour le Fonds en lien avec ces actifs.
Les actifs du Fonds sont détenus par BNP Paribas Securities Services, succursale de Dublin (le Dépositaire). En cas de défaut, d’insolvabilité ou de dissolution forcée du Dépositaire, vous pourriez subir des pertes financières. Cependant, ce risque est atténué dans une certaine mesure par l’obligation faite au Dépositaire de séparer ses propres actifs de ceux du Fonds. Les pertes ne sont couvertes par aucun mécanisme d’indemnisation ou de garantie des investisseurs. | fr | es |
DOLFIN2740 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: EUR 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 225 EUR | 1,777 EUR |
| Annual cost impact (*) | 2.2% | 2.4% | | | Investimento: 10.000 EUR | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi totali | 225 EUR | 1.777 EUR |
| Incidenza annuale dei costi (*) | 2,2% | 2,4% | | | Investment: EUR 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 225 EUR | 1,777 EUR |
| Annual cost impact (*) | 2.2% | 2.4% | | en | it |
DOLFIN2741 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# 4. LE DEPOSITAIRE
CACEIS Bank, Luxembourg Branch agit en qualité de dépositaire de la SICAV (le « Dépositaire ») conformément à un contrat de banque dépositaire pour une durée indéterminée tel qu’amendé de temps à autre (le « Contrat de Banque Dépositaire ») et aux dispositions pertinentes de la Loi et de la réglementation applicable.
Le Dépositaire est en charge de la conservation et/ou, le cas échéant, de l’enregistrement et la vérification de propriété des actifs du compartiment, et il s’acquitte des obligations et responsabilités prévues dans la Partie I de la Loi et dans la réglementation applicable. En particulier, le Dépositaire effectue un suivi adéquat et efficace des flux de liquidités de la SICAV. | # 4. EL DEPOSITARIO
CACEIS Bank, Luxembourg Branch actúa en calidad de depositario de la SICAV (el «Depositario») de conformidad con un contrato de banco depositario con una duración indeterminada y en su versión oportunamente modificada (el «Contrato de Banco Depositario») y con arreglo a las disposiciones correspondientes de la Ley y la reglamentación aplicable.
El Depositario es responsable de la conservación y/o, si procede, del registro y la verificación de la propiedad de los activos del subfondo, y cumple con las obligaciones y las responsabilidades previstas en la Parte I de la Ley y en la reglamentación aplicable. En concreto, el Depositario realiza un seguimiento adecuado y eficaz de los flujos de efectivo de la SICAV. | # 4. LE DEPOSITAIRE
CACEIS Bank, Luxembourg Branch agit en qualité de dépositaire de la SICAV (le « Dépositaire ») conformément à un contrat de banque dépositaire pour une durée indéterminée tel qu’amendé de temps à autre (le « Contrat de Banque Dépositaire ») et aux dispositions pertinentes de la Loi et de la réglementation applicable.
Le Dépositaire est en charge de la conservation et/ou, le cas échéant, de l’enregistrement et la vérification de propriété des actifs du compartiment, et il s’acquitte des obligations et responsabilités prévues dans la Partie I de la Loi et dans la réglementation applicable. En particulier, le Dépositaire effectue un suivi adéquat et efficace des flux de liquidités de la SICAV. | fr | es |
DOLFIN2742 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Cet indicateur est basé sur des données historiques et pourrait ne pas constituer un indicateur fiable du profil de risque et de rendement futur du Fonds. La catégorie de risque présentée n’est pas garantie et est susceptible d’évoluer dans le temps. La catégorie 1 n’est pas synonyme d’investissement sans risque.
La Catégorie I-3US d’Alger SICAV - Alger Weatherbie Specialized Growth Fund a été classifiée dans la catégorie 7 en raison de la fluctuation importante de sa Valeur d’actif net. L’opportunité de réaliser des bénéfices conséquents est corrélée à un risque de pertes importantes.
Lors de la catégorisation d’un fonds, il est possible que la méthodologie utilisée ne couvre pas l’ensemble des risques importants. Une description détaillée des risques peut être retrouvée dans le Prospectus. Les risques suivants n’ont pas d’incidence sur la catégorisation du Fonds, mais peuvent avoir une influence sur le profil de risque global du Fonds :
Risques liés aux investissements dans des sociétés de faibles et moyennes capitalisations : Les valeurs des sociétés de faibles et moyennes capitalisations peuvent être assorties de davantage de risques que les valeurs de plus grandes entreprises mieux établies en raison de facteurs parmi lesquels une équipe de gestion inexpérimentée et des ressources financières limitées. Le plein développement de ces entreprises prend du temps et, pour cette raison, un investissement dans ce Fonds devrait être envisagé sur le long terme et non pas comme un véhicule de bénéfices à court terme, de même qu’un investissement dans ce Fonds ne devrait pas être considéré comme un programme d’investissement complet. De nombreuses valeurs des petites entreprises se négocient moins fréquemment et dans des volumes moindres, et font l’objet de variations de prix plus soudaines ou irrégulières que les valeurs des plus grandes entreprises. Les titres des petites entreprises peuvent aussi être plus sensibles aux variations de marché que les titres des grandes entreprises.
Risques liés aux investissements dans des valeurs de croissance : les cours des valeurs de croissance sont en principe supérieurs aux bénéfices de leurs entreprises. Les valeurs de croissance peuvent être plus sensibles aux marchés, aux développements économiques et politiques que d’autres valeurs, ce qui rend leurs cours plus volatils.
Risques liés à l’utilisation de produits dérivés : Le Fonds peut investir dans, ou souscrire à, des produits dérivés pour différentes raisons, y compris pour des raisons de couverture contre certains risques de marché, pour fournir un substitut à l’achat ou la vente de titres particuliers ou pour augmenter les revenus potentiels. Un investissement négligeable dans des produits dérivés peut avoir une incidence importante sur la performance du Fonds.
DocID: KIID_LU1933942648_fr_20221031_143_3_Class_I-3US_500173 | Este indicador se basa en datos históricos y podría no ser una referencia fiable del perfil de riesgo y remuneración futura del Fondo. La categoría de riesgo mostrada no está garantizada y puede cambiar a lo largo del tiempo. El hecho de que una inversión pertenezca a la categoría 1 no significa que esté exenta de riesgo.
La Clase I-3US de Alger SICAV Alger Weatherbie Specialized Growth Fund ha sido clasificada en la categoría 7 porque la fluctuación de su Valor liquidativo es elevada. La oportunidad de obtener ganancias elevadas es proporcional al riesgo de incurrir en fuertes pérdidas.
La metodología utilizada en la asignación de categoría a un fondo puede no recoger todos los riesgos significativos. En el Folleto se incluye una descripción detallada de los riesgos. Los siguientes riesgos no influyen en la asignación de categoría del Fondo, pero pueden ser importantes para el perfil de riesgo general del Fondo:
Riesgos asociados a la inversión en empresas de pequeña y mediana capitalización: Las acciones de empresas de pequeña y mediana capitalización pueden estar sujetas a más riesgos que aquellas de mayor tamaño y más consolidadas, debido a factores como la inexperiencia de sus equipos directivos y sus recursos financieros limitados. Estas sociedades tardan un tiempo en desarrollar todo su potencial, por lo que la inversión en el Fondo debe considerarse una inversión a largo plazo y no un vehículo para obtener beneficios a corto plazo, y tampoco debería constituir un programa de inversión completo. Los valores de muchas pequeñas empresas cotizan con menor frecuencia y en volúmenes más pequeños y pueden estar sujetos a fluctuaciones de precios más acusadas o erráticas que los títulos de sociedades de mayor tamaño. Los valores de las empresas pequeñas pueden ser también más sensibles a los cambios del mercado que los de sociedades de mayor capitalización.
Riesgos asociados a inversiones en acciones de crecimiento: Los precios de las acciones de crecimiento suelen ser superiores en relación con las ganancias de las empresas. Las acciones de crecimiento pueden ser más sensibles a los acontecimientos del mercado, económicos y políticos que otras acciones, por lo que sus precios son más volátiles.
Riesgos asociados a la inversión en derivados: El Fondo puede invertir en derivados o realizar operaciones con ellos por distintos motivos, como por ejemplo, para obtener cobertura frente a ciertos riesgos de mercado, para utilizarlos como sustitutos en la compra o venta de determinados valores o para incrementar el potencial de rentabilidad. Una pequeña inversión en derivados puede influir sustancialmente en la rentabilidad del Fondo.
DocID: KIID_LU1933942648_es_20221031_143_6_Class_I-3US_500173 | Cet indicateur est basé sur des données historiques et pourrait ne pas constituer un indicateur fiable du profil de risque et de rendement futur du Fonds. La catégorie de risque présentée n’est pas garantie et est susceptible d’évoluer dans le temps. La catégorie 1 n’est pas synonyme d’investissement sans risque.
La Catégorie I-3US d’Alger SICAV - Alger Weatherbie Specialized Growth Fund a été classifiée dans la catégorie 7 en raison de la fluctuation importante de sa Valeur d’actif net. L’opportunité de réaliser des bénéfices conséquents est corrélée à un risque de pertes importantes.
Lors de la catégorisation d’un fonds, il est possible que la méthodologie utilisée ne couvre pas l’ensemble des risques importants. Une description détaillée des risques peut être retrouvée dans le Prospectus. Les risques suivants n’ont pas d’incidence sur la catégorisation du Fonds, mais peuvent avoir une influence sur le profil de risque global du Fonds :
Risques liés aux investissements dans des sociétés de faibles et moyennes capitalisations : Les valeurs des sociétés de faibles et moyennes capitalisations peuvent être assorties de davantage de risques que les valeurs de plus grandes entreprises mieux établies en raison de facteurs parmi lesquels une équipe de gestion inexpérimentée et des ressources financières limitées. Le plein développement de ces entreprises prend du temps et, pour cette raison, un investissement dans ce Fonds devrait être envisagé sur le long terme et non pas comme un véhicule de bénéfices à court terme, de même qu’un investissement dans ce Fonds ne devrait pas être considéré comme un programme d’investissement complet. De nombreuses valeurs des petites entreprises se négocient moins fréquemment et dans des volumes moindres, et font l’objet de variations de prix plus soudaines ou irrégulières que les valeurs des plus grandes entreprises. Les titres des petites entreprises peuvent aussi être plus sensibles aux variations de marché que les titres des grandes entreprises.
Risques liés aux investissements dans des valeurs de croissance : les cours des valeurs de croissance sont en principe supérieurs aux bénéfices de leurs entreprises. Les valeurs de croissance peuvent être plus sensibles aux marchés, aux développements économiques et politiques que d’autres valeurs, ce qui rend leurs cours plus volatils.
Risques liés à l’utilisation de produits dérivés : Le Fonds peut investir dans, ou souscrire à, des produits dérivés pour différentes raisons, y compris pour des raisons de couverture contre certains risques de marché, pour fournir un substitut à l’achat ou la vente de titres particuliers ou pour augmenter les revenus potentiels. Un investissement négligeable dans des produits dérivés peut avoir une incidence importante sur la performance du Fonds.
DocID: KIID_LU1933942648_fr_20221031_143_3_Class_I-3US_500173 | fr | es |
DOLFIN2743 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Enhanced Roll Yield Total Return Index, the Fund’s benchmark index (Index).
The Index measures the return on commodity futures contracts comprised within the Bloomberg Commodity Enhanced Roll Yield Index combined with the notional value of such futures invested at the most recent weekly auction rate for 3 Month US Treasury Bills and aims to mitigate the effects of negative roll yield on the performance of the Benchmark Index. Roll yield is the difference between the prices of the shorter term and the longer term futures contracts when they are rolled. A futures contract on a commodity is a type of financial derivative instrument (FDI) traded on an exchange which locks in the price at which a commodity can be bought or sold at a future date. Futures contracts need to be ‘rolled’ prior to maturity in order to maintain exposure and to avoid physical delivery of the underlying commodity. A FDI is an investment the price of which is based on one or more underlying assets.
The Index is designed to be a liquid and diversified benchmark for commodity investments representing energy, precious metals, industrial metals, agriculture (including soybeans and corn) and livestock. The Index is designed to provide broad-based exposure to commodities as an asset class, since no single commodity or commodity sector is expected to dominate the Index in normal market conditions.
The Index is subject to capping restrictions (which are applied at the point of its annual rebalance and may be exceeded in between rebalances) to maintain diversification.
Commodities eligible for inclusion in the Benchmark Index include: brent crude oil, gasoil, WTI crude oil, heating oil, natural gas, gasoline, gold, silver, copper, zinc, tin, nickel, lead, aluminium, chicago wheat, kansas wheat, soybean, soybean oil, soybean meal, corn, cotton, coffee, sugar, live cattle, lean hogs and feeder cattle. The Index is composed of three to four futures contracts for each commodity. The Benchmark Index rolls to a new set of futures contracts for each commodity on a monthly basis over a period of ten business days seeking to maintain diversified curve exposure over time).
The Fund invests in FDIs and will in particular invest in unfunded total return swaps in order to achieve its investment objective. A swap agreement is typically used to achieve a specified return determined by an underlying such as a return on an index.
The Fund may also invest in fixed income securities (e.g. bonds) to meet its payment obligations under the swaps.
The Fund intends to replicate the performance of the Index by gaining an indirect exposure, via FDIs, to the individual constituents of the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Bloomberg Enhanced Roll Yield Total Return Index, el índice de referencia del Fondo (Índice).
El Índice mide la rentabilidad de los contratos de futuros de materias primas incluidos en el Bloomberg Commodity Enhanced Roll Yield Index, en combinación con el valor nocional de dichos futuros invertidos en la última subasta semanal de 3 Month US Treasury Bills, y tiene como objetivo mitigar los efectos de rendimientos negativos sobre la rentabilidad del Índice de referencia. El rendimiento negativo es la diferencia entre los precios de los contratos de futuros a corto plazo y a largo plazo cuando se renuevan. Un contrato de futuro sobre una materia prima es un tipo de instrumento financiero derivado (IFD) negociado en un mercado que fija el precio al que puede comprarse o venderse una materia prima en una fecha futura. Los contratos de futuros deben «renovarse» antes de su vencimiento para mantener la exposición y evitar la entrega física de la materia prima subyacente. Un IFD es una inversión cuyo precio se basa en uno o más activos subyacentes.
El Índice está diseñado para ser un índice de referencia líquido y diversificado para inversiones en materias primas que representan a los sectores de la energía, metales preciosos, metales industriales, agricultura (soja y maíz incluidos) y ganadería. El Índice se ha diseñado para proporcionar una amplia exposición a las materias primas como una clase de activos, sin que se espere que una sola materia prima o sector de materias primas domine el Índice en condiciones de mercado normales.
El índice matriz está sometido a restricciones de límite (que se aplican en el punto de su reequilibrio anual y pueden excederse entre reequilibrios) para mantener la diversificación.
Entre las materias primas admisibles para su inclusión en el Índice de referencia se incluyen: petróleo crudo Brent, gasóleo, petróleo crudo WTI, gasóleo para calefacción, gas natural, gasolina, oro, plata, cobre, zinc, estaño, níquel, plomo, aluminio, trigo Chicago, trigo Kansas, soja, aceite de soja, harina de soja, maíz, algodón, café, azúcar, ganado vivo, cerdos magros y ganado bovino de engorde. El Índice está compuesto por tres o cuatro contratos de futuros para cada materia prima. El Índice de referencia pasa a un nuevo conjunto de contratos de futuros para cada materia prima con una frecuencia mensual durante un período de diez días hábiles, con lo que se pretende mantener una exposición diversificada a la curva a lo largo del tiempo.
El Fondo invertirá en IFD y en particular en swaps de rentabilidad total sin financiación con el fin de alcanzar su objetivo de inversión. Los acuerdos de swap suelen utilizarse para conseguir una rentabilidad específica determinada por un activo subyacente, como la rentabilidad de un índice.
El Fondo también podrá invertir en activos de renta fija (por ejemplo, bonos) para cumplir con sus obligaciones de pago de acuerdo con los swaps.
El Fondo trata de reproducir la rentabilidad de un Índice sometiéndose a una exposición indirecta a los componentes individuales del Índice mediante el uso de IFD.
El Fondo podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Enhanced Roll Yield Total Return Index, the Fund’s benchmark index (Index).
The Index measures the return on commodity futures contracts comprised within the Bloomberg Commodity Enhanced Roll Yield Index combined with the notional value of such futures invested at the most recent weekly auction rate for 3 Month US Treasury Bills and aims to mitigate the effects of negative roll yield on the performance of the Benchmark Index. Roll yield is the difference between the prices of the shorter term and the longer term futures contracts when they are rolled. A futures contract on a commodity is a type of financial derivative instrument (FDI) traded on an exchange which locks in the price at which a commodity can be bought or sold at a future date. Futures contracts need to be ‘rolled’ prior to maturity in order to maintain exposure and to avoid physical delivery of the underlying commodity. A FDI is an investment the price of which is based on one or more underlying assets.
The Index is designed to be a liquid and diversified benchmark for commodity investments representing energy, precious metals, industrial metals, agriculture (including soybeans and corn) and livestock. The Index is designed to provide broad-based exposure to commodities as an asset class, since no single commodity or commodity sector is expected to dominate the Index in normal market conditions.
The Index is subject to capping restrictions (which are applied at the point of its annual rebalance and may be exceeded in between rebalances) to maintain diversification.
Commodities eligible for inclusion in the Benchmark Index include: brent crude oil, gasoil, WTI crude oil, heating oil, natural gas, gasoline, gold, silver, copper, zinc, tin, nickel, lead, aluminium, chicago wheat, kansas wheat, soybean, soybean oil, soybean meal, corn, cotton, coffee, sugar, live cattle, lean hogs and feeder cattle. The Index is composed of three to four futures contracts for each commodity. The Benchmark Index rolls to a new set of futures contracts for each commodity on a monthly basis over a period of ten business days seeking to maintain diversified curve exposure over time).
The Fund invests in FDIs and will in particular invest in unfunded total return swaps in order to achieve its investment objective. A swap agreement is typically used to achieve a specified return determined by an underlying such as a return on an index.
The Fund may also invest in fixed income securities (e.g. bonds) to meet its payment obligations under the swaps.
The Fund intends to replicate the performance of the Index by gaining an indirect exposure, via FDIs, to the individual constituents of the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN2744 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Under the Benchmark Regulation, the Management Company may only use Benchmarks or combination of Benchmarks that are (1) provided by an administrator located in the EU and included in the register maintained by the ESMA, or (2) included in the register maintained by the ESMA. Non-EU benchmark administrators have been given the possibility to apply for authorization or registration by 31 December 2023 (transition period).
As at 1 July 2022 the Company does not use benchmarks pursuant to the Benchmark Regulation.
The Management Company maintains written plans setting out the actions to be taken in the event that a Benchmark materially changes or ceases to be provided. Copies of a description of these plans as well as detailed and updated information on administrator/Benchmark status are available upon request and free of charge from the registered office of the Management Company.
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# Protection of personal data | Ai sensi del Regolamento sugli indici Benchmark, la Società di Gestione può utilizzare solo Indici benchmark o combinazioni di Indici benchmark che sono (1) forniti da un amministratore situato nell’UE e inclusi nel registro gestito dall’ESMA, o (2) inclusi nel registro gestito dall’ESMA. Agli amministratori degli indici di riferimento non UE è stata data la possibilità di richiedere l’autorizzazione o la registrazione entro il 31 dicembre 2023 (periodo di transizione).
Al 1° luglio 2022, la Società non utilizza indici di riferimento ai sensi del Regolamento sugli indici Benchmark.
La Società di Gestione mantiene piani scritti che definiscono le azioni da intraprendere nel caso in cui un Indice benchmark cambi sostanzialmente o cessi di essere fornito. Copie della descrizione di questi piani, nonché informazioni dettagliate e aggiornate sullo status dell’amministratore/dell’Indice benchmark sono disponibili su richiesta e gratuitamente presso la sede sociale della Società di Gestione.
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# Protezione dei dati personali | Under the Benchmark Regulation, the Management Company may only use Benchmarks or combination of Benchmarks that are (1) provided by an administrator located in the EU and included in the register maintained by the ESMA, or (2) included in the register maintained by the ESMA. Non-EU benchmark administrators have been given the possibility to apply for authorization or registration by 31 December 2023 (transition period).
As at 1 July 2022 the Company does not use benchmarks pursuant to the Benchmark Regulation.
The Management Company maintains written plans setting out the actions to be taken in the event that a Benchmark materially changes or ceases to be provided. Copies of a description of these plans as well as detailed and updated information on administrator/Benchmark status are available upon request and free of charge from the registered office of the Management Company.
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# Protection of personal data | en | it |
DOLFIN2745 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Investments in issuers that represent an ESG opportunity, a moderate ESG risk or an average ESG risk are allowed without internal prior approval. Issuers with a material ESG risk are subject to a pre-approval from ESG and Compliance teams according to their field of expertise. The Fund shall not invest in investments embedding a significant ESG risk. The ESG Score of each issuer in the Fund's portfolio is reviewed on a periodic basis. In the event that, following a review of the ESG Score, an issuer is no longer eligible with regard to the above criteria, the Fund should remove the said issuer from its investment universe and proceed with a divestment within a period of 12 months in the absence of an improvement in the said ESG Score within this period.
The ESG Score is based on the evaluation of the E, S and G components of the issuer on which the Fund will invest and may include the following ESG criteria:
- Governance: quality and transparency of financial and non-financial information, sector risks associated with bribery and cybersecurity (based on the ESG expert analysis), quality of the management team and governance bodies.
- Societal/Social: sector risks associated with health and safety (based on European and local statistics by sector), environmental and social risks in the supply chain, management of quality and risks associated with consumer safety, management and materiality of social/society-related controversies, contribution of products and services to the betterment of society.
- Environment: sector risks associated with the environmental footprint of the business (based on an ESG expert input by sector), management and materiality of environment-related controversies. | Les investissements dans des émetteurs qui représentent une opportunité ESG, un risque ESG modéré ou un risque ESG moyen sont autorisés sans approbation préalable. Les émetteurs présentant un risque ESG matériel font l’objet d’une approbation préalable des équipes ESG et compliance, en fonction de leur domaine d’expertise. Le Fonds n’investira pas dans des investissements intégrant des risques ESG importants. Le Score ESG de chaque émetteur du portefeuille du Fonds est revu périodiquement. Dans le cas où, à la suite d’une révision du Score ESG d’un émetteur de son portefeuille, un émetteur ne serait plus éligible au regard des critères ci-dessus, le Fonds devrait retirer ledit émetteur de son univers d'investissement et procéder à un désinvestissement dans un délai de 12 mois en l’absence d’amélioration dudit Score ESG dans ce délai.
Le Score ESG est basé sur l’évaluation des composantes E, S et G de l’émetteur dans lequel le
Fonds investira et peut inclure les critères ESG suivants :
- Gouvernance : qualité et transparence des informations financières et extra- financières, risques sectoriels associés à la corruption et à la cybersécurité (sur la base de l’analyse d’experts ESG), qualité de l’équipe de gestion et des organes de gouvernance.
- Sociétale/sociale : risques sectoriels associés à la santé et à la sécurité (sur la base des statistiques européennes et locales par secteur), risques environnementaux et sociaux de la chaîne d’approvisionnement, gestion de la qualité et des risques associés à la sécurité des consommateurs, gestion et importance des controverses sociales/liées à la société, contribution des produits et services à l’amélioration de la société.
- Environnement : risques sectoriels associés à l’empreinte environnementale de l’entreprise (sur la base d’une contribution d’experts ESG par secteur), de la gestion et de l’importance des controverses liées à l’environnement. | Investments in issuers that represent an ESG opportunity, a moderate ESG risk or an average ESG risk are allowed without internal prior approval. Issuers with a material ESG risk are subject to a pre-approval from ESG and Compliance teams according to their field of expertise. The Fund shall not invest in investments embedding a significant ESG risk. The ESG Score of each issuer in the Fund's portfolio is reviewed on a periodic basis. In the event that, following a review of the ESG Score, an issuer is no longer eligible with regard to the above criteria, the Fund should remove the said issuer from its investment universe and proceed with a divestment within a period of 12 months in the absence of an improvement in the said ESG Score within this period.
The ESG Score is based on the evaluation of the E, S and G components of the issuer on which the Fund will invest and may include the following ESG criteria:
- Governance: quality and transparency of financial and non-financial information, sector risks associated with bribery and cybersecurity (based on the ESG expert analysis), quality of the management team and governance bodies.
- Societal/Social: sector risks associated with health and safety (based on European and local statistics by sector), environmental and social risks in the supply chain, management of quality and risks associated with consumer safety, management and materiality of social/society-related controversies, contribution of products and services to the betterment of society.
- Environment: sector risks associated with the environmental footprint of the business (based on an ESG expert input by sector), management and materiality of environment-related controversies. | en | fr |
DOLFIN2746 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
L'indicateur de risque (ISR) part de l'hypothèse que vous conservez le produit pour un minimum de 5 ans. Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne.
Il mesure les pertes potentielles à partir de performances futures d'un niveau moyennement bas, et il est peu probable que des conditions de marché médiocres affectent la capacité de Nomura Asset Management U.K. Ltd de vous payer.
Prenez en compte le risque de change. Si vous choisissez une catégorie d'actions dans une devise étrangère, vous serez exposé au risque de change et votre rendement final dépendra du cours de change entre la devise étrangère et votre devise locale. Les classes d'actions couvertes en devises cherchent à générer un rendement aussi proche que possible des performances de la devise de base d'un fonds, en réduisant l'effet des fluctuations des taux de change entre la devise de base et la devise couverte. Toutefois, ces techniques peuvent ne pas être pleinement efficaces pour supprimer complètement le risque de change.
Vous trouverez de plus amples informations à propos des risques du fonds dans le prospectus sur : www.nomura-asset.co.uk/fund-documents/
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
Que se passe-t-il si Nomura Asset Management U.K. Ltd n'est pas en mesure d’effectuer les versements?
Vous pourriez perdre tout ou partie de votre investissement en raison du défaut du fonds et/ou de l'OPCVM (comme défini ci-dessus). Le fonds n'est pas un fonds garanti et, partant, il n'y a aucun système de garantie en place fournissant un taux de rendement garanti. Vous n'êtes pas couvert par le « Irish compensation scheme ». | El indicador de riesgo (SRI) presupone que usted mantendrá el producto durante un mínimo de 5 años. El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
Hemos clasificado este producto en la clase de riesgo 3 en una escala de 7, en la que 3 significa «un riesgo medio bajo».
Esto clasifica las posibles pérdidas de rentabilidad futura en un nivel medio- bajo, y no es probable que la mala situación del mercado afecte a la capacidad de Nomura Asset Management U.K. Ltd para pagarle.
Tenga en cuenta el riesgo de divisas. Si elige una clase de acciones en divisas, estará expuesto al riesgo de tipo de cambio y su rentabilidad final dependerá del tipo de cambio entre la divisa extranjera y su moneda local. Las clases de acciones con cobertura de divisas buscan ofrecer una rentabilidad que sea lo más cercana posible al rendimiento de la moneda base de un fondo, reduciendo el efecto de los movimientos en el tipo de cambio entre la moneda base y la divisa cubierta. Sin embargo, estas técnicas podrían no ser plenamente efectivas a la hora de eliminar el riesgo de tipo de cambio.
Puede encontrar más información sobre los riesgos del fondo en el folleto que figura en: www.nomura-asset.co.uk/fund-documents/
Este producto no incluye protección alguna frente a la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión.
¿Qué pasa si Nomura Asset Management U.K. Ltd no puede pagar?
Puede perder una parte o la totalidad de su inversión debido al incumplimiento del fondo y/o del OICVM (tal como se ha definido anteriormente). El fondo no es un fondo garantizado y, en consecuencia, no existe ningún sistema de garantía que proporcione una tasa de rentabilidad garantizada. No tiene la cobertura del sistema de indemnización irlandés. | L'indicateur de risque (ISR) part de l'hypothèse que vous conservez le produit pour un minimum de 5 ans. Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne.
Il mesure les pertes potentielles à partir de performances futures d'un niveau moyennement bas, et il est peu probable que des conditions de marché médiocres affectent la capacité de Nomura Asset Management U.K. Ltd de vous payer.
Prenez en compte le risque de change. Si vous choisissez une catégorie d'actions dans une devise étrangère, vous serez exposé au risque de change et votre rendement final dépendra du cours de change entre la devise étrangère et votre devise locale. Les classes d'actions couvertes en devises cherchent à générer un rendement aussi proche que possible des performances de la devise de base d'un fonds, en réduisant l'effet des fluctuations des taux de change entre la devise de base et la devise couverte. Toutefois, ces techniques peuvent ne pas être pleinement efficaces pour supprimer complètement le risque de change.
Vous trouverez de plus amples informations à propos des risques du fonds dans le prospectus sur : www.nomura-asset.co.uk/fund-documents/
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
Que se passe-t-il si Nomura Asset Management U.K. Ltd n'est pas en mesure d’effectuer les versements?
Vous pourriez perdre tout ou partie de votre investissement en raison du défaut du fonds et/ou de l'OPCVM (comme défini ci-dessus). Le fonds n'est pas un fonds garanti et, partant, il n'y a aucun système de garantie en place fournissant un taux de rendement garanti. Vous n'êtes pas couvert par le « Irish compensation scheme ». | fr | es |
DOLFIN2747 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Fund is incorporated for an unlimited period and liquidation shall normally be decided upon by an extraordinary general meeting of Shareholders. Such a meeting must be convened if the net assets of the Fund become less than two thirds of the minimum capital required by Luxembourg law.
Should the Fund be liquidated, such liquidation shall be carried out in accordance with the provisions of the Luxembourg Law which specifies the steps to be taken to enable Shareholders to participate in the liquidation distributions and in this connection provides for deposit in escrow at the Caisse de Consignation in Luxembourg of any such amounts which it has not been possible to distribute to the Shareholders at the close of liquidation. Amounts not claimed within the prescribed period are liable to be forfeited in accordance with the provisions of Luxembourg law. The net liquidation proceeds of each Sub-Fund shall be distributed to the Shareholders of each Class of the relevant Sub-Fund in proportion to their respective holdings of such Class.
-
### Merger or Liquidation of Sub-Funds | La SICAV est constituée pour une durée indéterminée et sa liquidation sera normalement décidée par une assemblée générale extraordinaire des Actionnaires. Une telle assemblée devra être convoquée si l'actif net de la SICAV tombe en dessous des deux tiers du capital minimum requis par la Loi luxembourgeoise.
Toute liquidation de la SICAV sera conduite conformément aux dispositions de la loi luxembourgeoise, qui indique les étapes à suivre pour permettre aux Actionnaires de participer au produit de liquidation et, à cet égard, prévoit que les montants qui n'auraient pu être distribués aux Actionnaires à la clôture de la liquidation seront consignés en dépôt bloqué auprès de la Caisse de Consignation au Luxembourg. Les montants non réclamés à l'expiration de la période prescrite seront réputés forclos conformément aux dispositions de la Loi luxembourgeoise. Le produit net de la liquidation correspondant à chaque Compartiment sera distribué aux Actionnaires de chaque Classe d'Actions du Compartiment concerné au prorata du montant de leur participation respective dans ladite Classe.
-
### Fusion ou liquidation de Compartiments | The Fund is incorporated for an unlimited period and liquidation shall normally be decided upon by an extraordinary general meeting of Shareholders. Such a meeting must be convened if the net assets of the Fund become less than two thirds of the minimum capital required by Luxembourg law.
Should the Fund be liquidated, such liquidation shall be carried out in accordance with the provisions of the Luxembourg Law which specifies the steps to be taken to enable Shareholders to participate in the liquidation distributions and in this connection provides for deposit in escrow at the Caisse de Consignation in Luxembourg of any such amounts which it has not been possible to distribute to the Shareholders at the close of liquidation. Amounts not claimed within the prescribed period are liable to be forfeited in accordance with the provisions of Luxembourg law. The net liquidation proceeds of each Sub-Fund shall be distributed to the Shareholders of each Class of the relevant Sub-Fund in proportion to their respective holdings of such Class.
-
### Merger or Liquidation of Sub-Funds | en | fr |
DOLFIN2748 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition,
- In accordance with the partial exemption regime (as defined in section 20) of the GITA, those Funds classified within Appendix A as “Equity Funds” (with the exclusion of Invesco Global Income Real Estate Securities Fund, Invesco Responsible Global Real Assets Fund and Invesco Global Equity Income Advantage Fund) intend to qualify as equity funds (as defined in section 2 sub- section 6 of the GITA) and will invest continuously more than 50% of their NAV into equities (as defined in section 2 sub section 8 of the GITA). In addition, Invesco Sustainable Allocation Fund also intends to qualify as equity funds (as defined in section 2 sub- section 6 of the GITA) and will invest continuously more than 60% of their NAV into equities (as defined in section 2 sub section 8 of the GITA
- Further to this, Invesco Asia Asset Allocation Fund and Invesco Sustainable Global Income Fund intend to qualify as mixed funds (as defined in section 2 sub-section 7 of the GITA) and will invest continuously at least 25% of their NAV into equities (as defined in section 2 sub section 8 of the GITA). In addition, although Invesco Global Equity Income Advantage Fund is categorised as an “Equity Fund”, for the purposes of the GITA it is intended that the Fund qualifies as a mixed fund (as defined in section 2 sub-section 7 of the GITA) and will invest continuously at least 25% of its NAV into equities (as defined in section 2 sub section 8 of the GITA). | Además,
- De conformidad con el régimen de exención parcial (que se define en la sección 20) de la Ley Fiscal de Inversión alemana, aquellos Fondos clasificados en el Apéndice A como “Fondos de Renta Variable” (con la excepción de Invesco Global Income Real Estate Securities Fund, Invesco Responsible Global Real Assets Fund e Invesco Global Equity Income Advantage Fund) tratan de cumplir los requisitos de los fondos de renta variable (según su definición en la sección 2 de la subsección 6 de la Ley Fiscal de Inversión alemana) e invertirán de forma continua más del 50% de su valor liquidativo en valores de renta variable (según su definición en la sección 2 de la subsección 8 de la Ley Fiscal de Inversión alemana). Además, Invesco Sustainable Allocation Fund también pretende presentarse como un fondo de renta variable (como se define en la Sección 2, subsección 6 de la GITA) e invertirá continuamente más del 60% de su valor liquidativo en valores de renta variable (como se define en la Sección 2, subsección 8 de la GITA).
- Además de esto, Invesco Asia Asset Allocation Fund e Invesco Sustainable Global Income Fund tienen la intención de calificar como fondos mixtos (como se define en la Sección 2, subsección 7 de la GITA) e invertirán continuamente al menos el 25% de su valor liquidativo en valores de renta variable (como se define en la Sección 2, subsección 8 de la GITA). Además, aunque Invesco Global Equity Income Advantage Fund se clasifica como un fondo de renta variable, a efectos de la GITA se pretende que el Fondo reúna los requisitos de un fondo mixto (según se define en la subsección 7 de la sección 2 de la GITA), e invertirá de forma continua al menos el 25% de su valor liquidativo en renta variable (según se define en la subsección 8 de la sección 2 de la GITA). | In addition,
- In accordance with the partial exemption regime (as defined in section 20) of the GITA, those Funds classified within Appendix A as “Equity Funds” (with the exclusion of Invesco Global Income Real Estate Securities Fund, Invesco Responsible Global Real Assets Fund and Invesco Global Equity Income Advantage Fund) intend to qualify as equity funds (as defined in section 2 sub- section 6 of the GITA) and will invest continuously more than 50% of their NAV into equities (as defined in section 2 sub section 8 of the GITA). In addition, Invesco Sustainable Allocation Fund also intends to qualify as equity funds (as defined in section 2 sub- section 6 of the GITA) and will invest continuously more than 60% of their NAV into equities (as defined in section 2 sub section 8 of the GITA
- Further to this, Invesco Asia Asset Allocation Fund and Invesco Sustainable Global Income Fund intend to qualify as mixed funds (as defined in section 2 sub-section 7 of the GITA) and will invest continuously at least 25% of their NAV into equities (as defined in section 2 sub section 8 of the GITA). In addition, although Invesco Global Equity Income Advantage Fund is categorised as an “Equity Fund”, for the purposes of the GITA it is intended that the Fund qualifies as a mixed fund (as defined in section 2 sub-section 7 of the GITA) and will invest continuously at least 25% of its NAV into equities (as defined in section 2 sub section 8 of the GITA). | en | es |
DOLFIN2749 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Up to 40% of the Fund’s long and short exposure (in aggregate) may be to non-UK companies of any size, in any industry.
In addition, in seeking to achieve the Fund's investment objective, for treasury management purposes, for defensive purposes (e.g., to manage market exposure in unfavourable market conditions) and/or ensure that the Fund remains sufficiently liquid to cover obligations arising from its derivative positions, a substantial proportion of the Fund’s assets may at any time consist of cash, near cash, bank deposits and/or Money Market Instruments.
The Fund may also employ ‘leverage’ (so that the Fund can invest a greater amount than its actual value) when the investment manager has greater confidence in the opportunities available.
Long positions may be held through a combination of direct investment and/or derivative instruments, and short positions will be held through derivative positions, including but not limited to swaps and futures. The use of derivatives forms an important part of the investment strategy.
The Fund may invest up to 10% of its net assets in special purpose acquisition companies.
The Fund may also invest at the Investment Manager’s discretion in other Transferable Securities, derivative instruments and collective investment schemes. | L'esposizione long e short (aggregata) del Comparto a società non britanniche di qualsiasi dimensione e appartenenti a qualsiasi settore può essere al massimo pari al 40%.
Inoltre, mirando a realizzare l’obiettivo d’investimento del Comparto, a fini di gestione della tesoreria, a scopi difensivi (ad esempio gestire l’esposizione al mercato quando questi è in condizioni sfavorevoli) e/o di garantire che il Comparto sia sempre sufficientemente liquido per poter rispettare gli obblighi relativi alle posizioni in derivati, una parte considerevole delle attività del Comparto potrà, in qualsiasi momento, essere costituita da contanti, strumenti equivalenti a mezzi liquidi, depositi bancari e/o Strumenti del mercato monetario.
Il Comparto può inoltre avvalersi della ‘leva’ (al fine di investire un importo superiore al suo valore reale) ove il gestore degli investimenti sia profondamente convinto della validità delle opportunità a disposizione.
Il Comparto può assumere posizioni lunghe attraverso una combinazione d’investimenti diretti e/o strumenti derivati, e potrà altresì assumere posizioni corte tramite strumenti derivati, ivi inclusi, a titolo meramente esemplificativo, swap e future. L’utilizzo di derivati costituisce un elemento importante della strategia di investimento.
Il Comparto può investire fino al 10% del patrimonio netto in Special Purpose Acquisition Companies.
A discrezione del Gestore degli investimenti, il Comparto può inoltre investire in altri Valori mobiliari, prodotti derivati e organismi d’investimento collettivo. | Up to 40% of the Fund’s long and short exposure (in aggregate) may be to non-UK companies of any size, in any industry.
In addition, in seeking to achieve the Fund's investment objective, for treasury management purposes, for defensive purposes (e.g., to manage market exposure in unfavourable market conditions) and/or ensure that the Fund remains sufficiently liquid to cover obligations arising from its derivative positions, a substantial proportion of the Fund’s assets may at any time consist of cash, near cash, bank deposits and/or Money Market Instruments.
The Fund may also employ ‘leverage’ (so that the Fund can invest a greater amount than its actual value) when the investment manager has greater confidence in the opportunities available.
Long positions may be held through a combination of direct investment and/or derivative instruments, and short positions will be held through derivative positions, including but not limited to swaps and futures. The use of derivatives forms an important part of the investment strategy.
The Fund may invest up to 10% of its net assets in special purpose acquisition companies.
The Fund may also invest at the Investment Manager’s discretion in other Transferable Securities, derivative instruments and collective investment schemes. | en | it |
DOLFIN2750 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Risks relating to Securities Financing Transactions
General
Transactions relating to repurchase agreements, reverse repurchase agreements and stocklending agreements (“Secu- rities Financing Transactions”) create several risks for the Company and its investors, including:
- Counterparty risk if the counterparty to a Securities Financing Transaction defaults on its obligation to return assets equivalent to the ones provided to it by the relevant Fund;
- Liquidity risk if the Fund is unable to liquidate collateral provided to it to cover a counterparty default;
- Legal risk in that the use of standard contracts to effect Securities Financing Transactions may expose a Fund to legal risks such as the contract may not accurately reflect the intention of the parties or the contract may not be en- forceable against the counterparty in its jurisdiction of incorporation;
- Operational risks in that the use of Securities Financing Transactions and the management of collateral received are subject to the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events; and
- Risks relating to the counterparty's right of re-use of any collateral including that, upon the exercise of such right of re-use, such assets will no longer belong to the relevant Fund and the Fund will only have a contractual claim for the return of equivalent assets. In the event of the insolvency of a counterparty, the Fund shall rank as an unsecured creditor and may not recover its assets from the counterparty. More broadly, assets subject to a right of re-use by a counterparty may form part of a complex chain of transactions over which the Company or its delegates will not have any visibility or control. | ###### G
ENERALITES
Les transactions concernant les opérations de mise en pension de titres, de prise en pension de titres et les contrats de prêt de titres (ci-après les « Opérations de financement sur titres ») engendrent plusieurs risques pour la Société et ses investisseurs, y compris :
- le risque de contrepartie, si la contrepartie à une Opération de financement sur titres manque à son obligation de restituer un élément d'actif équivalent à celui qui lui a été remis par le Fonds concerné ;
- le risque de liquidité, si le Fonds ne s'avère pas en mesure de réaliser la sûreté qui lui a été remise pour couvrir le défaut d'une contrepartie ;
- le risque juridique, en ce sens que le recours aux contrats courants pour réaliser des Opérations de financement sur titres peut exposer un Fonds à des risques juridiques, notamment en ceci que le contrat peut ne pas fidèlement refléter l’intention des parties ou ne pas être opposable à la contrepartie dans son pays de constitution ;
- le risque opérationnel, en ce sens que le recours aux Opérations de financement sur titres et la gestion des sûretés reçues sont également assujettis au risque de perte imputable à l'insuffisance ou à l'échec des procédures internes, du personnel et des systèmes ou à des événements extérieurs et
- les risques liés au droit de réutilisation des sûretés dont jouit une contrepartie, notamment au fait que, à la suite de l'exercice de ce droit de réutilisation, lesdits éléments d'actif n'appartiennent plus au Fonds concerné, lequel n'est plus titulaire que d'une créance contractuelle lui donnant droit à la restitution d'éléments d'actif équivalents. En cas d'insolvabilité d'une contrepartie, le Fonds a rang de créancier chirographaire et est susceptible de ne pas recouvrer ses éléments d'actif auprès de cette dernière. De manière plus générale, les éléments d'actif pouvant faire l'objet d'un droit de réutilisation par une contrepartie sont susceptibles de faire partie d'une chaîne complexe d'opérations n'offrant aucune visibilité à la Société ou à ses délégataires ou échappant à leur contrôle. | ###### Risks relating to Securities Financing Transactions
General
Transactions relating to repurchase agreements, reverse repurchase agreements and stocklending agreements (“Secu- rities Financing Transactions”) create several risks for the Company and its investors, including:
- Counterparty risk if the counterparty to a Securities Financing Transaction defaults on its obligation to return assets equivalent to the ones provided to it by the relevant Fund;
- Liquidity risk if the Fund is unable to liquidate collateral provided to it to cover a counterparty default;
- Legal risk in that the use of standard contracts to effect Securities Financing Transactions may expose a Fund to legal risks such as the contract may not accurately reflect the intention of the parties or the contract may not be en- forceable against the counterparty in its jurisdiction of incorporation;
- Operational risks in that the use of Securities Financing Transactions and the management of collateral received are subject to the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events; and
- Risks relating to the counterparty's right of re-use of any collateral including that, upon the exercise of such right of re-use, such assets will no longer belong to the relevant Fund and the Fund will only have a contractual claim for the return of equivalent assets. In the event of the insolvency of a counterparty, the Fund shall rank as an unsecured creditor and may not recover its assets from the counterparty. More broadly, assets subject to a right of re-use by a counterparty may form part of a complex chain of transactions over which the Company or its delegates will not have any visibility or control. | en | fr |
DOLFIN2751 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Outlook
The peak in global inflation is probably not far away, but there are several reasons to think that it will fall relatively slowly. Lockdowns in China have caused bottlenecks in global supply chains to re-emerge, upside risks to commodity prices remain, wage growth is accelerating and demand is re-orientating towards services where inflation is picking up.
Whereas consumers have so far been able to stomach higher prices, cracks are beginning to appear in demand. Consumer confidence has collapsed as real wages contract, tighter financial conditions are feeding through in weaker housing activity and savings are not as plentiful as they were during the height of the Covid-19 pandemic.
Central banks have set out their stalls to fight inflation and interest rates are set to rise sharply. The mood music amongst policymakers may change once inflation has eased and attention turns back to growth, but it will be difficult to engineer a soft landing and the risks of recession are rising.
as at 30 June 2022 | #### Perspectives
L’inflation mondiale devrait probablement atteindre son plus haut niveau à court terme, mais plusieurs raisons conduisent à penser qu’elle ne fléchira ensuite qu’à un rythme modéré. Les confinements en Chine ont entraîné la réapparition de goulets d’étranglement dans les chaînes d’approvisionnement mondiales, les risques de hausse des prix des produits de base subsistent, la croissance des salaires s’accélère et la demande se réoriente vers des services pour lesquels l’inflation est en hausse.
Si les consommateurs ont été jusqu’à présent en mesure d’accepter des prix plus élevés, la demande commence à montrer des signes de faiblesse. La confiance des consommateurs s’est effondrée à mesure que les salaires réels se sont contractés, le resserrement des conditions financières induit un fléchissement de l’activité immobilière, tandis que les niveaux d’épargne ne sont plus aussi élevés qu’au plus fort de la pandémie de Covid-19.
Les banques centrales étant déterminées à juguler l’inflation, les taux d’intérêt devraient augmenter fortement. L’humeur des décideurs politiques pourrait changer une fois que l’inflation aura reflué et que l’attention se tournera à nouveau vers la croissance, mais il sera difficile d’assurer un atterrissage en douceur et les risques de récession augmentent.
au 30 juin 2022 | #### Outlook
The peak in global inflation is probably not far away, but there are several reasons to think that it will fall relatively slowly. Lockdowns in China have caused bottlenecks in global supply chains to re-emerge, upside risks to commodity prices remain, wage growth is accelerating and demand is re-orientating towards services where inflation is picking up.
Whereas consumers have so far been able to stomach higher prices, cracks are beginning to appear in demand. Consumer confidence has collapsed as real wages contract, tighter financial conditions are feeding through in weaker housing activity and savings are not as plentiful as they were during the height of the Covid-19 pandemic.
Central banks have set out their stalls to fight inflation and interest rates are set to rise sharply. The mood music amongst policymakers may change once inflation has eased and attention turns back to growth, but it will be difficult to engineer a soft landing and the risks of recession are rising.
as at 30 June 2022 | en | fr |
DOLFIN2752 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Credit Suisse Money Market Fund - USD | (in USD) |
| --- | --- |
| Net assets | |
| 31/05/2021 | 1,250,249,246.77 |
| - Share class B | 254,657,568.25 |
| - Share class DB | 459,780,909.30 |
| - Share class EB | 45,877,667.91 |
| - Share class IB | 128,508,070.32 |
| - Share class IB100 | 338,702,264.66 |
| - Share class UB | 22,722,766.33 |
| 31/05/2022 | 806,419,342.99 |
| - Share class B | 188,582,748.34 |
| - Share class DB | 310,928,216.22 |
| - Share class EB | 36,021,214.98 |
| - Share class IB | 99,501,543.03 |
| - Share class IB100 | 148,532,405.44 |
| - Share class UB | 22,853,214.98 |
| 30/11/2022 | 755,910,913.27 |
| - Share class B | 162,112,587.14 |
| - Share class DB | 308,934,525.42 |
| - Share class EB | 98,179,327.22 |
| - Share class IB | 57,850,645.68 |
| - Share class IB100 | 109,174,205.55 |
| - Share class UB | 19,659,622.26 |
| Shares in circulation | |
| 31/05/2021 | |
| - Share class B | 235,522.263 |
| - Share class DB | 417,403.716 |
| - Share class EB | 42,939.303 |
| - Share class IB | 116,996.431 |
| - Share class IB100 | 332,343.248 |
| - Share class UB | 213,851.665 |
| 31/05/2022 | |
| - Share class B | 174,918.899 |
| - Share class DB | 282,012.211 |
| - Share class EB | 33,761.083 |
| - Share class IB | 90,715.112 |
| - Share class IB100 | 145,600.000 |
| - Share class UB | 215,491.123 | | | Credit Suisse Money Market Fund - USD | (in USD) |
| --- | --- |
| Nettovermögen | |
| 31.05.2021 | 1’250’249’246.77 |
| - Anteilklasse B | 254’657’568.25 |
| - Anteilklasse DB | 459’780’909.30 |
| - Anteilklasse EB | 45’877’667.91 |
| - Anteilklasse IB | 128’508’070.32 |
| - Anteilklasse IB100 | 338’702’264.66 |
| - Anteilklasse UB | 22’722’766.33 |
| 31.05.2022 | 806’419’342.99 |
| - Anteilklasse B | 188’582’748.34 |
| - Anteilklasse DB | 310’928’216.22 |
| - Anteilklasse EB | 36’021’214.98 |
| - Anteilklasse IB | 99’501’543.03 |
| - Anteilklasse IB100 | 148’532’405.44 |
| - Anteilklasse UB | 22’853’214.98 |
| 30.11.2022 | 755’910’913.27 |
| - Anteilklasse B | 162’112’587.14 |
| - Anteilklasse DB | 308’934’525.42 |
| - Anteilklasse EB | 98’179’327.22 |
| - Anteilklasse IB | 57’850’645.68 |
| - Anteilklasse IB100 | 109’174’205.55 |
| - Anteilklasse UB | 19’659’622.26 |
| Anteile im Umlauf | |
| 31.05.2021 | |
| - Anteilklasse B | 235’522.263 |
| - Anteilklasse DB | 417’403.716 |
| - Anteilklasse EB | 42’939.303 |
| - Anteilklasse IB | 116’996.431 |
| - Anteilklasse IB100 | 332’343.248 |
| - Anteilklasse UB | 213’851.665 |
| 31.05.2022 | |
| - Anteilklasse B | 174’918.899 |
| - Anteilklasse DB | 282’012.211 |
| - Anteilklasse EB | 33’761.083 |
| - Anteilklasse IB | 90’715.112 |
| - Anteilklasse IB100 | 145’600.000 |
| - Anteilklasse UB | 215’491.123 | | | Credit Suisse Money Market Fund - USD | (in USD) |
| --- | --- |
| Net assets | |
| 31/05/2021 | 1,250,249,246.77 |
| - Share class B | 254,657,568.25 |
| - Share class DB | 459,780,909.30 |
| - Share class EB | 45,877,667.91 |
| - Share class IB | 128,508,070.32 |
| - Share class IB100 | 338,702,264.66 |
| - Share class UB | 22,722,766.33 |
| 31/05/2022 | 806,419,342.99 |
| - Share class B | 188,582,748.34 |
| - Share class DB | 310,928,216.22 |
| - Share class EB | 36,021,214.98 |
| - Share class IB | 99,501,543.03 |
| - Share class IB100 | 148,532,405.44 |
| - Share class UB | 22,853,214.98 |
| 30/11/2022 | 755,910,913.27 |
| - Share class B | 162,112,587.14 |
| - Share class DB | 308,934,525.42 |
| - Share class EB | 98,179,327.22 |
| - Share class IB | 57,850,645.68 |
| - Share class IB100 | 109,174,205.55 |
| - Share class UB | 19,659,622.26 |
| Shares in circulation | |
| 31/05/2021 | |
| - Share class B | 235,522.263 |
| - Share class DB | 417,403.716 |
| - Share class EB | 42,939.303 |
| - Share class IB | 116,996.431 |
| - Share class IB100 | 332,343.248 |
| - Share class UB | 213,851.665 |
| 31/05/2022 | |
| - Share class B | 174,918.899 |
| - Share class DB | 282,012.211 |
| - Share class EB | 33,761.083 |
| - Share class IB | 90,715.112 |
| - Share class IB100 | 145,600.000 |
| - Share class UB | 215,491.123 | | en | de |
DOLFIN2753 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# PERFORMANCES (CUMULÉES SUR UNE PÉRIODE DE 5 ANS EN EUR)
200
180
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(%)
140
120
100
80
60
20182019202020212022
Performances cumulées au 30.11.2022 (en %)
| YTD | 1 mois | 3 mois | 6 mois | 1 an | 2 ans | 3 ans | 4 ans | 5 ans |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -15,50 | 3,19 | -3,70 | -1,13 | -14,73 | 11,55 | 30,45 | 60,98 | 60,51 |
| INDICE DE RÉFÉRENCE | -6,14 | 3,43 | 0,90 | 1,43 | -3,39 | 29,94 | 33,85 | 52,12 | 54,37 |
Performances calendaires au 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | 23,75 | 22,12 | 36,96 | -8,48 | 8,87 | 15,90 | 10,30 | 8,20 | 27,30 | 9,30 |
| INDICE DE RÉFÉRENCE | 31,90 | 6,38 | 28,51 | -9,51 | 7,74 | 16,10 | 11,00 | 16,00 | 26,70 | 15,70 |
(1) Tous les chiffres sont nets de frais (en EUR). Les performances ou réalisations du passé ne sont pas indicatives des performances futures. 11/2009-05/2021 : Au cours de cette période, l’indice de référence était le MSCI World Small Cap (NR).
Source : BNP Paribas Asset Management
Page 1 sur 5 | # RENDIMIENTO (ACUMULADO A 5 AÑOS) (EUR)
200
180
160
(%)
140
120
100
80
60
20182019202020212022
Rendimiento Acumulado a 30.11.2022 (en %)
| Año en curso | 1 Mes | 3 Meses | 6 Meses | 1 Año | 2 Años | 3 Años | 4 Años | 5 Años |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDO | -15,50 | 3,19 | -3,70 | -1,13 | -14,73 | 11,55 | 30,45 | 60,98 | 60,51 |
| INDICE DE REFERENCIA | -6,14 | 3,43 | 0,90 | 1,43 | -3,39 | 29,94 | 33,85 | 52,12 | 54,37 |
Rendimiento Anual a 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDO | 23,75 | 22,12 | 36,96 | -8,48 | 8,87 | 15,90 | 10,30 | 8,20 | 27,30 | 9,30 |
| INDICE DE REFERENCIA | 31,90 | 6,38 | 28,51 | -9,51 | 7,74 | 16,10 | 11,00 | 16,00 | 26,70 | 15,70 |
(1) Todos los datos son netos de comisiones (en EUR en Privilege, Capitalización).La rentabilidad histórica o el logro no es indicativo de los resultados actuales o futuros. 11/2009-05/2021 : Durante este periodo, el índice de referencia fue MSCI World Small Cap (NR).
Fuente: BNP Paribas Asset Management
Página 1 de 5 | # PERFORMANCES (CUMULÉES SUR UNE PÉRIODE DE 5 ANS EN EUR)
200
180
160
(%)
140
120
100
80
60
20182019202020212022
Performances cumulées au 30.11.2022 (en %)
| YTD | 1 mois | 3 mois | 6 mois | 1 an | 2 ans | 3 ans | 4 ans | 5 ans |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -15,50 | 3,19 | -3,70 | -1,13 | -14,73 | 11,55 | 30,45 | 60,98 | 60,51 |
| INDICE DE RÉFÉRENCE | -6,14 | 3,43 | 0,90 | 1,43 | -3,39 | 29,94 | 33,85 | 52,12 | 54,37 |
Performances calendaires au 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | 23,75 | 22,12 | 36,96 | -8,48 | 8,87 | 15,90 | 10,30 | 8,20 | 27,30 | 9,30 |
| INDICE DE RÉFÉRENCE | 31,90 | 6,38 | 28,51 | -9,51 | 7,74 | 16,10 | 11,00 | 16,00 | 26,70 | 15,70 |
(1) Tous les chiffres sont nets de frais (en EUR). Les performances ou réalisations du passé ne sont pas indicatives des performances futures. 11/2009-05/2021 : Au cours de cette période, l’indice de référence était le MSCI World Small Cap (NR).
Source : BNP Paribas Asset Management
Page 1 sur 5 | fr | es |
DOLFIN2754 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
Costs over time
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for three different holding periods. They include potential early exit penalties. The figures assume you invest EUR 10,000.00. The figures are estimates and may change in the future. | # ¿Cuáles son los costes?
Costes a lo largo del tiempo
La Reducción del rendimiento (RIY) muestra el impacto que tendrán los costes totales que usted paga en el rendimiento de la inversión que puede obtener. Los costes totales tienen en cuenta los costes únicos, corrientes y adicionales.
Las cantidades que se muestran aquí son los costes acumulativos del propio producto, a lo largo de tres periodos de tenencia diferentes. Estos incluyen posibles penalizaciones por salidas anticipadas. Las cifras presuponen que usted invertirá EUR 10,000.00. Las cifras son aproximaciones y pueden cambiar en el futuro. | # What are the costs?
Costs over time
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for three different holding periods. They include potential early exit penalties. The figures assume you invest EUR 10,000.00. The figures are estimates and may change in the future. | en | es |
DOLFIN2755 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
## Indicateur de risque
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne.
## Scénarios de performance
Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que notre capacité à vous payer en soit affectée.
Attention au risque de change. La devise de cette classe d’actions peut être différente de celle de votre pays. Dans la mesure où vous pourriez recevoir des paiements dans la devise de cette classe d’actions et non dans celle de votre pays, le rendement final dépendra du taux de change entre ces deux devises.
L'indicateur synthétique de risque ne prend pas en compte tous les risques auxquels le Compartiment est exposé de manière adéquate.
Cette note ne tient pas compte d'autres facteurs de risque qui doivent être pris en considération avant d'investir, notamment :
-- SUB_FUND.RISK_ELEMENT_H Is Empty --
Si nous ne sommes pas en mesure de vous verser les sommes dues, vous pourriez perdre l’intégralité de votre investissement.
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit au cours des 10 dernières années en identifiant, selon les scénarios de performance et comme défini dans le règlement européen concernant le Document d’informations clés, tous les sous-intervalles se chevauchant et individuellement (i) d'une durée égale à la période de détention recommandée et qui commencent ou se terminent durant chaque mois inclus dans cette période de 10 ans ou (ii) d'une durée inférieure ou égale à la période de détention recommandée, mais supérieure ou égale à un an, et se terminant à la fin de cette période de 10 ans. Les marchés pourraient évoluer très différemment à l’avenir.
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes.
Défavorable : Ce type de scénario s’est produit pour un investissement entre 01/2021 et 08/2022.Intermédiaire : Ce type de scénario s’est produit pour un investissement entre 06/2015 et 05/2018.Favorable : Ce type de scénario s’est produit pour un investissement entre 01/2018 et 12/2020.
| Période de détention recommandée minimale : 3 ans Exemple d’investissement: 10 000 EUR | |
| --- | --- |
| Scénarios | | if you exit after 1 an | if you exit after 3 ans (période de détention recommandée) |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 6 140 EUR | 6 750 EUR |
| Rendement annuel moyen | - 38,56 % | - 12,27 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 120 EUR | 6 860 EUR |
| Rendement annuel moyen | - 28,84 % | - 11,81 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 700 EUR | 10 210 EUR |
| Rendement annuel moyen | - 3,04 % | 0,68 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 10 820 EUR | 11 160 EUR |
| Rendement annuel moyen | 8,21 % | 3,73 % |
Lorsque les données historiques d’un Fonds remontent à moins de 10 ans, un indice de référence de substitution approprié est utilisé pour calculer les scénarios de performance. Ces calculs sont nets de tous les coûts applicables.
Calvert Sustainable Global Green Bond Fund, un compartiment de Morgan Stanley Investment Funds – CH (EUR) Capitalisation EUR (LU2502369999) | # ¿Qué riesgos corro y qué podría obtener a cambio?
## Indicador de Riesgo
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 3 en una escala de 7, en la que 3 significa un riesgo medio bajo.
## Escenarios de rentabilidad
Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media baja y la probabilidad de que una mala coyuntura de mercado influya en la capacidad de pagarle como improbable.
Tenga presente el riesgo de cambio. La moneda de esta clase de participaciones puede ser distinta de la de su país. Puede recibir pagos en la moneda de esta clase de participaciones en lugar de en la de su país, por lo que la rentabilidad final dependerá del tipo de cambio entre las dos monedas.
El indicador resumido de riesgo podría no capturar adecuadamente todos los riesgos a los que está expuesto el Fondo.
Esta calificación no tiene en cuenta otros factores de riesgo que deben considerarse antes de invertir, entre ellos:
-- SUB_FUND.RISK_ELEMENT_H Is Empty --
Si no podemos pagarle lo que se le debe, podría perder toda su inversión.
Las cifras presentadas incluyen todos los costes del producto en sí, pero pueden no incluir todos los costes que deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
Lo que obtendrá de este producto dependerá de la evolución futura del mercado. La evolución del mercado en el futuro es incierta y no se puede predecir de forma exacta.
Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto durante los últimos 10 años, y determinan, dependiendo de los escenarios de rentabilidad y conforme a las definiciones del Reglamento de la UE sobre los documentos de datos fundamentales, todos los subintervalos que se solapen, que sean individualmente (i) iguales en extensión a la duración del período de mantenimiento recomendado y que comiencen o terminen en cada uno de los meses que estén contenidos en dicho período de 10 años o (ii) iguales o inferiores en extensión a la duración del período de mantenimiento recomendado, pero iguales o superiores a un año, y que terminen al final de dicho período de 10 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados.
Desfavorable: Este tipo de escenario se produjo para una inversión entre 01/2021 y 08/2022.Moderado: Este tipo de escenario se produjo para una inversión entre 06/2015 y 05/2018.Favorable: Este tipo de escenario se produjo para una inversión entre 01/2018 y 12/2020.
| Período de mantenimiento mínimo recomendado: 3 años Ejemplo de inversión: 10 000 EUR | |
| --- | --- |
| Escenarios | | if you exit after 1 año | if you exit after 3 años (período de mantenimiento recomendado) |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 6 140 EUR | 6 750 EUR |
| Rendimiento medio cada año | - 38,56 % | - 12,27 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7 120 EUR | 6 860 EUR |
| Rendimiento medio cada año | - 28,84 % | - 11,81 % |
| Moderado | Lo que podría recibir tras deducir los costes | 9 700 EUR | 10 210 EUR |
| Rendimiento medio cada año | - 3,04 % | 0,68 % |
| Favorable | Lo que podría recibir tras deducir los costes | 10 820 EUR | 11 160 EUR |
| Rendimiento medio cada año | 8,21 % | 3,73 % |
En el caso de cualquier Fondo en relación con el cual se disponga de menos de 10 años de datos históricos, se ha aplicado un valor de referencia sustitutivo adecuado para realizar los cálculos de los escenarios de rentabilidad. Dichos cálculos son netos de todos los costes aplicables.
Calvert Sustainable Global Green Bond Fund, un subfondo de Morgan Stanley Investment Funds – CH (EUR) Capitalisation EUR (LU2502369999) | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
## Indicateur de risque
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne.
## Scénarios de performance
Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que notre capacité à vous payer en soit affectée.
Attention au risque de change. La devise de cette classe d’actions peut être différente de celle de votre pays. Dans la mesure où vous pourriez recevoir des paiements dans la devise de cette classe d’actions et non dans celle de votre pays, le rendement final dépendra du taux de change entre ces deux devises.
L'indicateur synthétique de risque ne prend pas en compte tous les risques auxquels le Compartiment est exposé de manière adéquate.
Cette note ne tient pas compte d'autres facteurs de risque qui doivent être pris en considération avant d'investir, notamment :
-- SUB_FUND.RISK_ELEMENT_H Is Empty --
Si nous ne sommes pas en mesure de vous verser les sommes dues, vous pourriez perdre l’intégralité de votre investissement.
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit au cours des 10 dernières années en identifiant, selon les scénarios de performance et comme défini dans le règlement européen concernant le Document d’informations clés, tous les sous-intervalles se chevauchant et individuellement (i) d'une durée égale à la période de détention recommandée et qui commencent ou se terminent durant chaque mois inclus dans cette période de 10 ans ou (ii) d'une durée inférieure ou égale à la période de détention recommandée, mais supérieure ou égale à un an, et se terminant à la fin de cette période de 10 ans. Les marchés pourraient évoluer très différemment à l’avenir.
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes.
Défavorable : Ce type de scénario s’est produit pour un investissement entre 01/2021 et 08/2022.Intermédiaire : Ce type de scénario s’est produit pour un investissement entre 06/2015 et 05/2018.Favorable : Ce type de scénario s’est produit pour un investissement entre 01/2018 et 12/2020.
| Période de détention recommandée minimale : 3 ans Exemple d’investissement: 10 000 EUR | |
| --- | --- |
| Scénarios | | if you exit after 1 an | if you exit after 3 ans (période de détention recommandée) |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 6 140 EUR | 6 750 EUR |
| Rendement annuel moyen | - 38,56 % | - 12,27 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 120 EUR | 6 860 EUR |
| Rendement annuel moyen | - 28,84 % | - 11,81 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 700 EUR | 10 210 EUR |
| Rendement annuel moyen | - 3,04 % | 0,68 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 10 820 EUR | 11 160 EUR |
| Rendement annuel moyen | 8,21 % | 3,73 % |
Lorsque les données historiques d’un Fonds remontent à moins de 10 ans, un indice de référence de substitution approprié est utilisé pour calculer les scénarios de performance. Ces calculs sont nets de tous les coûts applicables.
Calvert Sustainable Global Green Bond Fund, un compartiment de Morgan Stanley Investment Funds – CH (EUR) Capitalisation EUR (LU2502369999) | fr | es |
DOLFIN2756 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Neuberger Berman Corporate Hybrid Bond Fund
## Investment Manager’s Report
For the six months ended 30 June 2021, the total return for the EUR I Accumulating Class was 0.86%. Over the same period, the benchmark index, the ICE BofA Global Hybrid Non-Financial 5% Constrained Custom Index (Euro Total Return, Hedged) (the “Index”) returned 1.32%. (Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The first quarter of the year was dominated by rising bond yields and inflation expectations and consequently, a difficult quarter for credit, despite a strong equity market. The two key drivers of this performance were the Democrat victory in Georgia at the start of the year and the success of the vaccine rollout in the UK and US. March also saw the confirmation of President Biden’s stimulus package, worth an impressive 9% of US GDP.
Moving into the second quarter, risk markets were modestly higher with modest gains for both equities and credit, including Corporate Hybrids. Economic data continued to point to stronger economic growth over the coming months supported by accommodative monetary policy and fiscal spending.
On inflation, which continues to cause concern for investors, measures of underlying inflation in the euro area were 1.0% in June slightly above 0.9% in May. All item CPI inflation was 1.9% year over year down from 2.0% in May due to slightly lower energy price inflation. Underlying inflation at 1.0% year over year in June remained within the historical range of 0.2% to 1.4% since early 2017.
Despite some relative underperformance of Corporate Hybrids versus other asset classes this year, we still believe that valuations are on the tighter end, even though they still stand out versus other options in liquid credit. The new focus of conversation has been the US Federal Reserve Board (“Fed”) tapering but we will continue to focus our attention on stress-testing company fundamentals under various scenarios and allocating capital to those securities with the highest margins of safety.
Security selection was positive year to date but was partially offset by negative sector selection in the following:
- Negative security selection within our Utilities exposure cost the fund 8 basis points (“bps”) of performance. In a rising market, some of our defensive positioning underperformed but we see little reason to change tact for now. Electricite de France was arguably the most volatile position with headlines that project Hercule might be abandoned. Our base case continues to be that a solution between France and the European Commission will be reached.
- Negative security selection within our Healthcare exposure cost the fund 3bps of performance. Our key issuer here is our long-term holding to Bayer. Moody’s downgraded the company by one notch which had been more than priced in. We used the short lived albeit negative technical to top up our position.
We have also benefitted from our participation in the busy new issue market in 2021, which has seen a large increase in supply. We remain selective in our participation of new deals but are encouraged to see the universe of issuers continuing to expand, and we anticipate this trend to continue throughout this year. As long as markets remain relatively stable, we believe we are likely to see several more attractively priced new issues over the coming weeks. We believe our continued participation in new issues should assist us in generating further positive returns for the Portfolio.
Given the rangebound market in recent months, the spread differential between interpolated senior spreads and their corporate hybrid equivalents remains elevated at 210bps on average. We still believe that the relative level of senior spreads of high quality, non-financial, European Investment grade (IG) companies and the persistent low level of government bond yields – particularly in euros – should continue to support corporate hybrid bond spreads and make them look attractive relative to other options in European credit and broader fixed income markets in general.
418 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # Neuberger Berman Corporate Hybrid Bond Fund
## Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I EUR en el semestre finalizado el 30 de junio de 2021 ascendió al 0,86%. En el mismo periodo, el índice de referencia, el ICE BofA Global Hybrid Non-Financial 5% Constrained Custom (rentabilidad total en EUR con cobertura) (el “Índice”), se anotó una rentabilidad del 1,32%. (Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. La rentabilidad total que se indica refleja la reinversión de los ingresos por dividendos y otras distribuciones, en su caso).
El primer trimestre del año estuvo marcado por el aumento de los rendimientos de los bonos y las expectativas de inflación, siendo por tanto un periodo difícil para el crédito, a pesar del buen comportamiento de las bolsas. Este comportamiento vino inducido principalmente por dos factores clave: la victoria de los demócratas en Georgia a comienzos del año y el éxito de la administración de vacunas en el Reino Unido y Estados Unidos. En marzo también asistimos a la confirmación del paquete de estímulos propuesto por el presidente Biden, cuyo valor alcanzó nada menos que un 9% del PIB estadounidense.
Entrando ya en el segundo trimestre, los mercados de activos de riesgo se movieron ligeramente al alza, con modestas ganancias tanto de la renta variable como del crédito, incluidos los híbridos corporativos. Los datos económicos continuaron señalando un crecimiento más sólido en el transcurso de los próximos meses, favorecido por la política monetaria acomodaticia y el gasto presupuestario.
En cuanto a la inflación, que sigue suscitando inquietud entre los inversores, el indicador de inflación subyacente en la zona euro alcanzó el 1% en junio, situándose ligeramente por encima del 0,9% registrado en mayo. El IPC general ascendió al 1,9% en términos interanuales, lo que supone un descenso respecto al 2% registrado en mayo debido a una subida de precios de la energía algo inferior. La inflación subyacente, situada en el 1% interanual en junio, permanece dentro del rango histórico del 0,2% - 1,4% desde principios de 2017.
A pesar de mal comportamiento relativo de los híbridos corporativos respecto a otras clases de activos este año, seguimos creyendo que las valoraciones se encuentran a niveles más ajustados, aunque siguen destacando frente a otras opciones asociadas al crédito líquido. El nuevo tema de conversación ha sido la retirada gradual de estímulos (tapering) aplicada por la Reserva Federal estadounidense (la “Fed”), aunque seguiremos prestando atención a los fundamentales de empresas sometidas a pruebas de estrés bajo distintos escenarios, además de asignar capital a los valores que presenten los mayores márgenes de seguridad.
La selección de valores resultó positiva en lo que va de año, aunque se vio parcialmente contrarrestada por la desacertada selección de sectores en lo siguiente:
- La negativa selección de valores en nuestra exposición a suministros le costó al fondo 8 puntos básicos (“pb”) de rentabilidad. En un mercado alcista, algunas de nuestras posiciones defensivas se quedaron rezagadas, aunque vemos pocas razones para cambiar de táctica por ahora. Puede decirse que Electricite de France fue la posición más volátil ante la noticia de que su proyecto Hércules podría abandonarse. Nuestra hipótesis central sigue siendo que Francia y la Comisión Europea llegarán a una solución sobre este asunto.
- La poco acertada selección de valores dentro de nuestra exposición a atención sanitaria le costó al fondo 3 puntos básicos de rentabilidad. Aquí nuestra principal baza es nuestra posición a largo plazo en Bayer. Moody’s rebajó un escalón la calificación de la compañía, una decisión que estaba más que descontada. Aprovechamos este factor técnico efímero, aunque negativo, para complementar nuestra posición.
También nos beneficiamos de nuestra participación en el concurrido mercado de nuevas emisiones en 2021, que ha registrado un fuerte incremento de la oferta. Aunque nuestra participación en nuevas operaciones sigue siendo selectiva, nos anima ver que el universo de emisores continúa expandiéndose, una tendencia que previsiblemente se mantendrá a lo largo del año. Mientras los mercados sigan relativamente estables, consideramos probable que se produzcan más emisiones con precios atractivos durante las próximas semanas. Creemos que nuestra continua participación en nuevas emisiones debería ayudarnos a generar más rentabilidad positiva para la Cartera.
Dada la estrecha banda de negociación que presenta el mercado en los últimos meses, el margen diferencial entre los diferenciales de los bonos preferentes interpolados y sus equivalentes corporativos híbridos sigue siendo elevado al situarse en 210 pb de media. Seguimos creyendo que el nivel relativo de los diferenciales de los bonos preferentes de empresas europeas no financieras de alta calidad y con grado de inversión (IG), unido al nivel persistentemente bajo de los rendimientos de la deuda pública —particularmente en euros— deberían continuar favoreciendo a los diferenciales de los bonos corporativos híbridos y dotarlos de atractivo en comparación con otras opciones ofrecidas en los mercados europeos de crédito y de renta fija en general.
418 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # Neuberger Berman Corporate Hybrid Bond Fund
## Investment Manager’s Report
For the six months ended 30 June 2021, the total return for the EUR I Accumulating Class was 0.86%. Over the same period, the benchmark index, the ICE BofA Global Hybrid Non-Financial 5% Constrained Custom Index (Euro Total Return, Hedged) (the “Index”) returned 1.32%. (Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The first quarter of the year was dominated by rising bond yields and inflation expectations and consequently, a difficult quarter for credit, despite a strong equity market. The two key drivers of this performance were the Democrat victory in Georgia at the start of the year and the success of the vaccine rollout in the UK and US. March also saw the confirmation of President Biden’s stimulus package, worth an impressive 9% of US GDP.
Moving into the second quarter, risk markets were modestly higher with modest gains for both equities and credit, including Corporate Hybrids. Economic data continued to point to stronger economic growth over the coming months supported by accommodative monetary policy and fiscal spending.
On inflation, which continues to cause concern for investors, measures of underlying inflation in the euro area were 1.0% in June slightly above 0.9% in May. All item CPI inflation was 1.9% year over year down from 2.0% in May due to slightly lower energy price inflation. Underlying inflation at 1.0% year over year in June remained within the historical range of 0.2% to 1.4% since early 2017.
Despite some relative underperformance of Corporate Hybrids versus other asset classes this year, we still believe that valuations are on the tighter end, even though they still stand out versus other options in liquid credit. The new focus of conversation has been the US Federal Reserve Board (“Fed”) tapering but we will continue to focus our attention on stress-testing company fundamentals under various scenarios and allocating capital to those securities with the highest margins of safety.
Security selection was positive year to date but was partially offset by negative sector selection in the following:
- Negative security selection within our Utilities exposure cost the fund 8 basis points (“bps”) of performance. In a rising market, some of our defensive positioning underperformed but we see little reason to change tact for now. Electricite de France was arguably the most volatile position with headlines that project Hercule might be abandoned. Our base case continues to be that a solution between France and the European Commission will be reached.
- Negative security selection within our Healthcare exposure cost the fund 3bps of performance. Our key issuer here is our long-term holding to Bayer. Moody’s downgraded the company by one notch which had been more than priced in. We used the short lived albeit negative technical to top up our position.
We have also benefitted from our participation in the busy new issue market in 2021, which has seen a large increase in supply. We remain selective in our participation of new deals but are encouraged to see the universe of issuers continuing to expand, and we anticipate this trend to continue throughout this year. As long as markets remain relatively stable, we believe we are likely to see several more attractively priced new issues over the coming weeks. We believe our continued participation in new issues should assist us in generating further positive returns for the Portfolio.
Given the rangebound market in recent months, the spread differential between interpolated senior spreads and their corporate hybrid equivalents remains elevated at 210bps on average. We still believe that the relative level of senior spreads of high quality, non-financial, European Investment grade (IG) companies and the persistent low level of government bond yields – particularly in euros – should continue to support corporate hybrid bond spreads and make them look attractive relative to other options in European credit and broader fixed income markets in general.
418 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
DOLFIN2757 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Pandemics and other widespread public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 flu, avian flu, ebola and the outbreak of COVID-19 have resulted in market volatility and disruption, and future such emergencies have the potential to materially and adversely impact economic production and activity in ways that are impossible to predict, all of which may result in significant losses to a Sub-Fund.
-
## United Kingdom Exit from the European Union | Las pandemias y otras emergencias de salud pública ampliamente extendidas, incluidos los brotes de enfermedades infecciosas como el SARS, el virus de la gripe H1N1/09, la gripe aviar, el ébola y el brote de COVID-19, han ocasionado volatilidad y disrupción en los mercados; las futuras emergencias de este tipo podrían tener un grave efecto adverso en la producción y la actividad económicas en proporciones que son imposibles de predecir. Todo ello podría acarrear cuantiosas pérdidas al Subfondo.
-
## Salida de la Unión Europea por parte del Reino Unido | Pandemics and other widespread public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 flu, avian flu, ebola and the outbreak of COVID-19 have resulted in market volatility and disruption, and future such emergencies have the potential to materially and adversely impact economic production and activity in ways that are impossible to predict, all of which may result in significant losses to a Sub-Fund.
-
## United Kingdom Exit from the European Union | en | es |
DOLFIN2758 | Translate the following text in en into fr. 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 | We do not charge an entry fee. | 0 USD |
| Exit costs | No entry charge is applied at the time of purchase. However, a contingent deferred sales charge of 1% will apply if you sell your shares within 1 year of purchase. | 0 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 2.39% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 239 USD |
| Transaction costs | 0.04% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 4 USD |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | There is no performance fee for this product. | 0 USD | | | Coûts ponctuels à l'entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d'entrée | Aucun droit d'entrée n'est facturé. | 0 USD |
| Coûts de sortie | Aucuns frais d'entrée ne sont prélevés au moment de l'achat. En revanche, des frais de sortie conditionnels de 1 % seront prélevés si vous cédez vos parts dans l'année suivant leur acquisition. | 0 USD |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2.39% de la valeur de votre investissement par année. Il s'agit d'une estimation basée sur les frais réels au cours de l'exercice précédent. | 239 USD |
| Coûts de transaction | 0.04% de la valeur de votre investissement par année. Il s'agit d'une estimation des coûts facturés lorsque nous achetons et vendons les investissements sous-jacents pour le produit. Le montant réel variera en fonction de nos volumes d'achats et de ventes. | 4 USD |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats (et commission d’intéressement) | Aucune commission de performance n'est imputable à ce produit. | 0 USD | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | We do not charge an entry fee. | 0 USD |
| Exit costs | No entry charge is applied at the time of purchase. However, a contingent deferred sales charge of 1% will apply if you sell your shares within 1 year of purchase. | 0 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 2.39% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 239 USD |
| Transaction costs | 0.04% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 4 USD |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | There is no performance fee for this product. | 0 USD | | en | fr |
DOLFIN2759 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Potential lower rewards
Return Potential higher rewards
Sustainability risk: This means an environmental, social or governance (ESG) event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of one or more investments held by the Compartment.
Liquidity risk: A liquidity risk exists when specific investments are difficult to sell or buy. This could reduce the Compartment’s returns if it is unable to enter into transactions under favourable conditions. This may be the result of major adverse events of unprecedented magnitude, such as pandemics or natural disasters.
The above indicator is calculated on the basis of historical data, and may thus not provide a reliable indication of the Compartment’s future risk profile. It cannot be guaranteed that the risk and reward category shown will remain unchanged, and the classification may change over time. Category 1 does not mean that an investment is risk-free. Recovery of the initial investment is not guaranteed.
Due to the lack of sufficient history, the risk indicator incorporates simulated data from a reference portfolio. Risk category 6 reflects a potential for very high gains and/or losses in the value of the portfolio. This is due to investments in equities on the Japanese equity market.
Concentration risk: To the extent that the Compartment concentrates its investments in a country, market, industry or asset class, it might incur a capital loss following adverse events specifically affecting this country, market, industry or asset class.
Counterparty risk: this is when a fund is covered by guarantees or has material investment exposure through contracts with a third party.
Operational risk: The Compartment may record losses due to the failure of operational processes, particularly those related to the safekeeping of assets.
Risk associated with the use of derivatives: The Compartment may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may lead to significant changes in the prices of the corresponding derivative. The use of over-the-counter derivatives exposes the Compartment to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This could result in a financial loss for the Compartment.
The occurrence of any of these risks may negatively impact the net asset value. | Remuneración potencialmente menor
Remuneración potencialmente mayor
Riesgo de sostenibilidad: Se trata de un evento o estado medioambiental, social o de gobierno corporativo (ESG) que, de producirse, podría tener un efecto material adverso, real o potencial, en el valor de una o más inversiones mantenidas por el Subfondo.
Riesgo de liquidez: Existe riesgo de liquidez cuando las inversiones específicas son difíciles de vender o comprar. Esta circunstancia podría reducir la rentabilidad del Subfondo si no puede concluir las transacciones en condiciones favorables. Esto puede deberse a acontecimientos de una intensidad y gravedad sin precedentes, como las pandemias o las catástrofes naturales.
El indicador anterior se calcula sobre la base de datos históricos y, por tanto, puede no ser una indicación fiable del perfil de riesgo futuro del Subfondo. No es seguro que la categoría de riesgo y remuneración permanezca inalterada y es probable que la clasificación cambie con el tiempo. La categoría 1 no es sinónimo de inversión sin riesgo. El reembolso de la inversión inicial no está garantizado.
Debido a la falta de un historial suficiente, el indicador de riesgo incorpora datos simulados a partir de una cartera de referencia. La categoría de riesgo 6 refleja un potencial muy alto de ganancias y/o pérdidas en el valor de la cartera. Esto se debe a las inversiones en acciones en el mercado japonés.
Riesgo de concentración: En la medida en que el Subfondo concentre sus inversiones en un país, un mercado, una industria o una clase de activos, puede sufrir una pérdida de capital como resultado de eventos adversos que afecten específicamente a dicho país, mercado, industria o clase de activos.
Riesgo de contraparte: Surge cuando un fondo se encuentra cubierto por garantías o por una exposición significativa a inversiones a través de contratos con un tercero.
Riesgo operativo: El Subfondo puede incurrir en pérdidas por el fracaso de procesos operativos, en concreto, aquellos vinculados a la custodia de activos.
Riesgo relacionado con el uso de instrumentos derivados: El Subfondo puede utilizar instrumentos derivados, que son instrumentos financieros cuyo valor depende del valor de un activo subyacente. Sin embargo, incluso pequeñas fluctuaciones en el precio del activo subyacente pueden dar lugar a cambios significativos en el precio del instrumento derivado correspondiente. El uso de instrumentos derivados OTC expone al Subfondo a un incumplimiento parcial o total de los compromisos asumidos por la contraparte. Esto podría resultar en una pérdida financiera para el Subfondo.
La ocurrencia de uno de estos riesgos puede suponer una reducción del valor liquidativo. | Potential lower rewards
Return Potential higher rewards
Sustainability risk: This means an environmental, social or governance (ESG) event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of one or more investments held by the Compartment.
Liquidity risk: A liquidity risk exists when specific investments are difficult to sell or buy. This could reduce the Compartment’s returns if it is unable to enter into transactions under favourable conditions. This may be the result of major adverse events of unprecedented magnitude, such as pandemics or natural disasters.
The above indicator is calculated on the basis of historical data, and may thus not provide a reliable indication of the Compartment’s future risk profile. It cannot be guaranteed that the risk and reward category shown will remain unchanged, and the classification may change over time. Category 1 does not mean that an investment is risk-free. Recovery of the initial investment is not guaranteed.
Due to the lack of sufficient history, the risk indicator incorporates simulated data from a reference portfolio. Risk category 6 reflects a potential for very high gains and/or losses in the value of the portfolio. This is due to investments in equities on the Japanese equity market.
Concentration risk: To the extent that the Compartment concentrates its investments in a country, market, industry or asset class, it might incur a capital loss following adverse events specifically affecting this country, market, industry or asset class.
Counterparty risk: this is when a fund is covered by guarantees or has material investment exposure through contracts with a third party.
Operational risk: The Compartment may record losses due to the failure of operational processes, particularly those related to the safekeeping of assets.
Risk associated with the use of derivatives: The Compartment may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may lead to significant changes in the prices of the corresponding derivative. The use of over-the-counter derivatives exposes the Compartment to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This could result in a financial loss for the Compartment.
The occurrence of any of these risks may negatively impact the net asset value. | en | es |
DOLFIN2760 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Derivatives for hedging purposes: The use of derivatives for hedging in a rising market may restrict potential gains.
Risk linked to the use of derivative instruments: The Product uses derivative instruments, which means financial instruments whose value depends on those of an underlying asset. Therefore, fluctuations in the price of an underlying asset, even if minor, could lead to significant variations in the price of the corresponding derivative instrument. This may result in a financial loss to the Product. NB: the Product uses derivatives for hedging purposes.
ESG Investment Risk: The integration of ESG criteria within the investment process may affect the Product’s performance and thus the Product may perform differently compared to similar Products without such focus.
The figures shown include all the costs of the Product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. | ## Derivati a scopo di copertura: L'uso di derivati per la copertura in un mercato in crescita può limitare i potenziali guadagni.
Rischio connesso all’uso di strumenti derivati: Il Prodotto utilizza strumenti derivati, ossia strumenti finanziari il cui valore dipende da quello di un’attività sottostante. Pertanto, le fluttuazioni del prezzo di un’attività sottostante, anche se di lieve entità, potrebbero determinare variazioni significative del prezzo del corrispondente strumento derivato. Ciò può comportare una perdita finanziaria per il Prodotto. NB: il Prodotto utilizza i derivati a scopo di copertura.
Rischio connesso agli investimenti ESG: L'integrazione di criteri ESG all'interno del processo d'investimento può influire sulla performance del Prodotto che potrebbe pertanto registrare un andamento diverso rispetto a prodotti simili privi di tale focus.
Le cifre riportate comprendono tutti i costi del prodotto in quanto tale, ma possono non comprendere tutti i costi da voi pagati al consulente o al distributore. Le cifre non tengono conto della vostra situazione fiscale personale, che può incidere anch’essa sull’importo del rimborso. | ## Derivatives for hedging purposes: The use of derivatives for hedging in a rising market may restrict potential gains.
Risk linked to the use of derivative instruments: The Product uses derivative instruments, which means financial instruments whose value depends on those of an underlying asset. Therefore, fluctuations in the price of an underlying asset, even if minor, could lead to significant variations in the price of the corresponding derivative instrument. This may result in a financial loss to the Product. NB: the Product uses derivatives for hedging purposes.
ESG Investment Risk: The integration of ESG criteria within the investment process may affect the Product’s performance and thus the Product may perform differently compared to similar Products without such focus.
The figures shown include all the costs of the Product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. | en | it |
DOLFIN2761 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The composition of an index is sufficiently diversified if its components adhere to the spread and concentration requirements in this section.
- An index represents an adequate benchmark if its provider uses a recognised methodology which generally does not result in the exclusion of a major issuer of the market to which it refers.
- An index is published in an appropriate manner if:
- it is accessible to the public;
- the index provider is independent from the index-replicating UCITS scheme; this does not preclude index providers and the UCITS scheme from forming part of the same group, provided that effective arrangements for the management of conflicts of interest are in place. | - Die Zusammensetzung eines Index ist ausreichend diversifiziert, wenn seine Komponenten die in diesem Abschnitt genannten Anforderungen an Streuung und Konzentration erfüllen.
- Ein Index verkörpert eine adäquate Benchmark, wenn sein Anbieter eine anerkannte Methodik anwendet, die im Allgemeinen nicht zum Ausschluss eines bedeutenden Emittenten des Marktes führt, auf den er sich bezieht.
- Ein Index wird auf geeignete Weise veröffentlicht, wenn:
- er für die Öffentlichkeit zugänglich ist;
- der Indexanbieter vom indexnachbildenden OGAW-Fonds unabhängig ist; dies hindert die Indexanbieter und den OGAW-Fonds nicht daran, einen Teil derselben Gruppe zu bilden, vorausgesetzt, dass effektive Vorkehrungen für die Konfliktbewältigung getroffen wurden. | - The composition of an index is sufficiently diversified if its components adhere to the spread and concentration requirements in this section.
- An index represents an adequate benchmark if its provider uses a recognised methodology which generally does not result in the exclusion of a major issuer of the market to which it refers.
- An index is published in an appropriate manner if:
- it is accessible to the public;
- the index provider is independent from the index-replicating UCITS scheme; this does not preclude index providers and the UCITS scheme from forming part of the same group, provided that effective arrangements for the management of conflicts of interest are in place. | en | de |
DOLFIN2762 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund systematically incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets. Financially material ESG factors are integrated in the portfolio construction to ensure the ESG score of the portfolio is better than that of the index. In addition, the environmental footprints of the fund are made lower than that of the benchmark by restricting the GHG emissions, water use and waste generation. With these portfolio construction rules, stocks issued by companies with better ESG scores or environmental footprints are more likely to be included in the portfolio while stocks issued by companies with worse ESG scores or environmental footprints are more likely to be divested from the portfolio. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement or might be directly excluded. | # Sustentabilidad
El fondo incorpora sistemáticamente la sostenibilidad al proceso de inversión mediante exclusiones, integración de criterios ASG, objetivos ASG y de huella ambiental. En la elaboración de la cartera, se integran factores ASG financieramente relevantes para garantizar que la puntuación ASG de la cartera es mejor que la del índice. Además, las huellas ambientales del fondo se hacen inferiores a las del índice de referencia restringiendo las emisiones de gases de efecto invernadero, el consumo de agua y la generación de residuos. Con estas reglas de construcción de la cartera, los valores emitidos por empresas con mejores puntuaciones ASG o huellas ambientales tienen más probabilidad de ser incluidas en la cartera, mientras que los valores emitidos por empresas con peores puntuaciones ASG o huellas ambientales tienen más probabilidad de ser excluidas de la cartera. Además, cuando la supervisión continuada detecte que un emisor de valores infringe las normas internacionales, el fondo iniciará un proceso de interactuación con el emisor o el emisor podría ser excluido directamente. | # Sustainability
The fund systematically incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets. Financially material ESG factors are integrated in the portfolio construction to ensure the ESG score of the portfolio is better than that of the index. In addition, the environmental footprints of the fund are made lower than that of the benchmark by restricting the GHG emissions, water use and waste generation. With these portfolio construction rules, stocks issued by companies with better ESG scores or environmental footprints are more likely to be included in the portfolio while stocks issued by companies with worse ESG scores or environmental footprints are more likely to be divested from the portfolio. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement or might be directly excluded. | en | es |
DOLFIN2763 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
This limit is raised to 10% in the case of credit institutions authorised in the EEA or credit institutions authorised within a signatory state (other than an EEA Member State) to the Basle Capital Convergence Agreement of July 1988 or credit institutions authorised within Jersey, Guernsey, the Isle of Man, Australia or New Zealand.
- Notwithstanding paragraphs 2.3, 2.7 and 2.8 above, a combination of two or more of the following issued by, or made or undertaken with, the same body may not exceed 20% of net assets:
- investments in Transferable Securities or Money Market Instruments;
- deposits, and/or
- risk exposures arising from OTC derivatives transactions. | Diese Höchstgrenze wird bei Kreditinstituten, die im EWR zugelassen sind oder bei Kreditinstituten, die in einem Unterzeichnerstaat (außer einem EWR-Mitgliedstaat) des Basle Capital Convergence Agreement vom Juli 1988 zugelassen sind, oder bei Kreditinstituten, die in Jersey, Guernsey, der Isle of Man, Australien oder Neuseeland zugelassen sind, auf 10 % angehoben.
- Ungeachtet Absatz 2.3, 2.7 und 2.8 darf die Kombination aus zwei oder mehr der nachstehenden Anlagen, die von derselben Körperschaft begeben, bei ihr getätigt oder mit ihr vereinbart werden, 20 % des Nettovermögens nicht überschreiten:
- Anlagen in übertragbaren Wertpapieren oder Geldmarktpapieren
- Einlagen und/oder
- Risiken, die sich durch im Freiverkehr gehandelte Derivate ergeben. | This limit is raised to 10% in the case of credit institutions authorised in the EEA or credit institutions authorised within a signatory state (other than an EEA Member State) to the Basle Capital Convergence Agreement of July 1988 or credit institutions authorised within Jersey, Guernsey, the Isle of Man, Australia or New Zealand.
- Notwithstanding paragraphs 2.3, 2.7 and 2.8 above, a combination of two or more of the following issued by, or made or undertaken with, the same body may not exceed 20% of net assets:
- investments in Transferable Securities or Money Market Instruments;
- deposits, and/or
- risk exposures arising from OTC derivatives transactions. | en | de |
DOLFIN2764 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Nous avons classé ce produit dans la catégorie de risque 3 sur 7, qui est une catégorie de risque entre basse et moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que notre capacité à vous payer en soit affectée.
Risques supplémentaires : Le risque de liquidité du marché peut accentuer la variation des performances du produit.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
Outre les risques inclus dans l’indicateur de risque, d’autres risques peuvent influer sur la performance du produit. Veuillez vous reporter au prospectus d’Amundi Funds.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Hemos clasificado este producto en la clase de riesgo 3 en una escala de 7, en la que 3 significa un riesgo medio bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media baja y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como improbable.
Riesgos adicionales: El riesgo de liquidez del mercado podría amplificar la variación de la rentabilidad entre los productos.
Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión.
Además de los riesgos incluidos en el indicador de riesgo, otros riesgos pueden afectar a la rentabilidad del Subfondo. Consulte el folleto de Amundi Funds.
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. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Nous avons classé ce produit dans la catégorie de risque 3 sur 7, qui est une catégorie de risque entre basse et moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que notre capacité à vous payer en soit affectée.
Risques supplémentaires : Le risque de liquidité du marché peut accentuer la variation des performances du produit.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
Outre les risques inclus dans l’indicateur de risque, d’autres risques peuvent influer sur la performance du produit. Veuillez vous reporter au prospectus d’Amundi Funds.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer. | fr | es |
DOLFIN2765 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- Cet indicateur de risque/rendement synthétique est un indicateur de risque basé sur la volatilité historique et pourrait ne pas être un indicateur fiable du futur profil de risque de la Classe.
- La catégorie risque/rendement indiquée ne constitue ni un objectif ni une garantie et peut évoluer au fil du temps.
- La catégorie la plus basse ne signifie pas que le placement est dépourvu de risques.
- La catégorie risque/rendement découle de l'exposition via les investissements du Compartiment aux marchés obligataires, mais aussi aux marchés des actions, car les obligations convertibles intègrent une composante actions. | - Este indicador sintético de riesgo y remuneración es un indicador de riesgo basado en la volatilidad histórica y puede no ser una indicación fiable del perfil de riesgo futuro de la Clase.
- La categoría de riesgo y remuneración mostrada no es un objetivo ni una garantía y puede variar con el tiempo.
- La categoría más baja no significa una inversión sin riesgos.
- La categoría de riesgo y remuneración es consecuencia de la exposición a través de las inversiones del Subfondo a mercados de renta fija, pero también al mercado de renta variable, ya que los bonos convertibles incorporan un componente de renta variable. | - Cet indicateur de risque/rendement synthétique est un indicateur de risque basé sur la volatilité historique et pourrait ne pas être un indicateur fiable du futur profil de risque de la Classe.
- La catégorie risque/rendement indiquée ne constitue ni un objectif ni une garantie et peut évoluer au fil du temps.
- La catégorie la plus basse ne signifie pas que le placement est dépourvu de risques.
- La catégorie risque/rendement découle de l'exposition via les investissements du Compartiment aux marchés obligataires, mais aussi aux marchés des actions, car les obligations convertibles intègrent une composante actions. | fr | es |
DOLFIN2766 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A wide range of Sustainability Risks apply to listed property companies. Environmental risks include but are not limited to; potential physical damage to property resulting from extreme weather events and climate change, such as droughts, wildfires, flooding and heavy precipitations, heat/cold waves, landslides or storms, and the ability of the company to respond to regulatory and public pressure to reduce the energy and water consumption of buildings. Social risks include but are not limited to; health and safety of tenants and employees, labour standards, employee welfare, and data & privacy concerns. Governance risks include board composition and effectiveness, management quality and alignment of management with shareholders.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes such as a fall in the value of real estate assets as well as negative impacts on society and the environment.
- Risks associated with Mortgage-related securitiesCertain funds invest in mortgage-related securities which may be highly illiquid and prone to substantial price volatility. When interest rates increase the expected time borrowers take to pay down fixed rate mortgage products may lengthen, thus increasing the expected longevity of fixed rate mortgage-related securities. This increases their sensitivity to changes in interest rates and hence also the volatility of the instrument (extension risk). When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a fund because the relevantfund may have to reinvest that money at the lower prevailing interest rates (prepayment risk). These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. The lack of liquidity may cause the current market price of assets to become disconnected from the underlying assets’ value as well as adversely affecting the ability to sell the position or the price at which such a sale is transacted.
- Multi-AssetMulti-asset funds invest in multiple asset classes (including cash and cash equivalents) and can generally vary their exposure to each of them. As well as being subject to the risks inherent in those individual asset classes to a degree that depends on the exposure over time, the overall risk also depends on the correlation of returns between each asset class and hence could be adversely affected by a change in those correlations which could result in higher volatility and/or lower diversification. | De nombreux Risques de durabilité s’appliquent aux sociétés immobilières cotées. Les risques environnementaux comprennent, sans pour autant s’y limiter, les dommages physiques potentiels des biens immobiliers provoqués par des phénomènes météorologiques extrêmes et le changement climatique, comme les sécheresses, les incendies de forêt, les inondations et les fortes précipitations, les vagues de chaleur/froid, les glissements de terrain ou les tempêtes, et la capacité de la société à réagir aux pressions réglementaires et publiques destinées à réduire la consommation d’énergie et d’eau des bâtiments. Les risques sociaux comprennent, sans pour autant s’y limiter, la santé et la sécurité des locataires et des employés, les normes en matière de travail, le bien-être des employés, la confidentialité des données et le respect de la vie privée. Les risques de gouvernance englobent la composition et l’efficacité du conseil, la qualité des dirigeants et l’harmonie entre les dirigeants et les actionnaires.
Une gestion inefficace de ces risques peut entraîner une dégradation des résultats financiers, notamment une chute de la valeur des actifs immobiliers et des répercussions négatives sur la société et l’environnement.
- Risques associés aux titres hypothécairesCertains Compartiments investissent dans des titres hypothécaires qui peuvent être nettement moins liquides et plus vulnérables à une volatilité importante des prix. Lorsque les taux d’intérêt augmentent, la durée de remboursement anticipée des produits hypothécaires à taux fixe peut s’allonger, augmentant ainsi la longévité anticipée des titres hypothécaires à taux fixe. Cette longévité accrue augmente leur sensibilité aux variations des taux d’intérêt et leur volatilité (risque de prolongation). Lorsque les taux d’intérêt diminuent, les emprunteurs peuvent rembourser leurs emprunts hypothécaires plus tôt que prévu. Cela entraîne une baisse des rendements du Compartiment car celui-ci peut se trouver dans l’obligation de réinvestir ces sommes à des taux d’intérêt moins élevés (risque de paiement anticipé). Comparés aux autres titres de créance, ces instruments peuvent être soumis à un risque supérieur de crédit, de liquidité et de taux d’intérêt. Ce manque de liquidité peut entraîner le découplage du prix de marché actuel des actifs par rapport à leur valeur sous-jacente et affecter la capacité à céder la position ou le prix auquel une telle cession est effectuée.
- Multi-AssetLes Compartiments Multi-Asset investissent dans de nombreuses catégories d’actifs (y compris des liquidités et autres instruments assimilés) et peuvent généralement modifier leur exposition à chacune d’entre elles. S’ils sont exposés aux risques inhérents à ces catégories d’actifs individuelles, à un niveau qui dépend de leur exposition au fil du temps, le risque global dépend également de la corrélation des rendements entre chaque catégorie d’actifs et pourrait donc être affecté par un changement de ces corrélations, ce qui pourrait renforcer la volatilité et/ou diminuer la diversification. | A wide range of Sustainability Risks apply to listed property companies. Environmental risks include but are not limited to; potential physical damage to property resulting from extreme weather events and climate change, such as droughts, wildfires, flooding and heavy precipitations, heat/cold waves, landslides or storms, and the ability of the company to respond to regulatory and public pressure to reduce the energy and water consumption of buildings. Social risks include but are not limited to; health and safety of tenants and employees, labour standards, employee welfare, and data & privacy concerns. Governance risks include board composition and effectiveness, management quality and alignment of management with shareholders.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes such as a fall in the value of real estate assets as well as negative impacts on society and the environment.
- Risks associated with Mortgage-related securitiesCertain funds invest in mortgage-related securities which may be highly illiquid and prone to substantial price volatility. When interest rates increase the expected time borrowers take to pay down fixed rate mortgage products may lengthen, thus increasing the expected longevity of fixed rate mortgage-related securities. This increases their sensitivity to changes in interest rates and hence also the volatility of the instrument (extension risk). When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a fund because the relevantfund may have to reinvest that money at the lower prevailing interest rates (prepayment risk). These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. The lack of liquidity may cause the current market price of assets to become disconnected from the underlying assets’ value as well as adversely affecting the ability to sell the position or the price at which such a sale is transacted.
- Multi-AssetMulti-asset funds invest in multiple asset classes (including cash and cash equivalents) and can generally vary their exposure to each of them. As well as being subject to the risks inherent in those individual asset classes to a degree that depends on the exposure over time, the overall risk also depends on the correlation of returns between each asset class and hence could be adversely affected by a change in those correlations which could result in higher volatility and/or lower diversification. | en | fr |
DOLFIN2767 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Where a Sub-Fund benchmarks its performance against an index, the Manager may, if it considers it is in the best interests of the relevant Sub-Fund, substitute the applicable index, as set out in the respective Sub- Fund Details, for a similar index if:-
- the particular index or index series ceases to exist;
- a new index becomes available which supersedes the existing one;
- a new index becomes available which is regarded as the market standard for professional investors in the particular market and/or would be regarded as of greater benefit to the Unitholders than the existing index;
- it becomes difficult to invest in stocks comprised within the particular index;
- the index provider introduces a charge at a level which the Manager considers too high;
- the quality (including accuracy and availability of data) of a particular index has, in the opinion of the Manager, deteriorated; or
- for any other reason, provided that if the change in the benchmark index is for any reason other than the reasons listed in (a) – (f) above, the Manager will give the Unitholders a minimum of 60 days prior notice of such change. | Cuando el rendimiento de un Subfondo cuenta con un índice de referencia, la Sociedad Gestora podrá, siempre que considere que tal medida favorece los intereses del Subfondo correspondiente, reemplazar el índice aplicable, tal y como se describe en los Detalles de los Subfondos respectivos, por un índice similar, si:
- el índice o la serie del índice en cuestión dejan de existir;
- se dispone de un nuevo índice que sustituye al existente;
- se adopta un nuevo índice que, según los inversores profesionales, responda a los estándares del mercado concreto en el que se opere y/o que, a juicio de los Partícipes, resulte más ventajoso que el índice anterior;
- comienza a resultar difícil invertir en los valores del índice en cuestión;
- el proveedor del índice introduce una comisión que la Sociedad Gestora considera demasiado elevada;
- la Sociedad Gestora entiende que la calidad (incluidas la precisión y la disponibilidad de los datos) de un determinado índice se ha visto mermada; o
- por cualquier otra causa en caso de que la sustitución del índice de referencia obedezca a motivos distintos de los enumerados en los apartados del (a) al (f) precedentes, en cuyo caso la Sociedad Gestora deberá comunicar con un mínimo de 60 días de antelación dicha sustitución a los Partícipes. | Where a Sub-Fund benchmarks its performance against an index, the Manager may, if it considers it is in the best interests of the relevant Sub-Fund, substitute the applicable index, as set out in the respective Sub- Fund Details, for a similar index if:-
- the particular index or index series ceases to exist;
- a new index becomes available which supersedes the existing one;
- a new index becomes available which is regarded as the market standard for professional investors in the particular market and/or would be regarded as of greater benefit to the Unitholders than the existing index;
- it becomes difficult to invest in stocks comprised within the particular index;
- the index provider introduces a charge at a level which the Manager considers too high;
- the quality (including accuracy and availability of data) of a particular index has, in the opinion of the Manager, deteriorated; or
- for any other reason, provided that if the change in the benchmark index is for any reason other than the reasons listed in (a) – (f) above, the Manager will give the Unitholders a minimum of 60 days prior notice of such change. | en | es |
DOLFIN2768 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Capital gains on buy-back of shares:Gains arising on buy-back of shares are exempt from tax in the hands of the shareholders. A distribution tax of 23.30% is payable by the Indian company undertaking the buy-back of shares on the difference between the consideration paid by such company on buy-back and the amount received by the company at the time of issue of such shares.
- Interest:Income received in respect of securities (other than dividend income but could include interest received in respect of securities) would be taxable at 5.46% (if certain conditions are satisfied) or 21.84%. Capital gains from Foreign Currency Convertible Bonds (“FCCB”), ADRs and GDRs:Capital gain arising from transfer of FCCBs, ADRs and GDRs outside India between two non-resident investors should generally not be subject to tax in India.
- Transactions under the Securities Lending and Borrowing (SLB) scheme:Any transfer in the scheme of lending and borrowing of securities which is subject to guidelines prescribed by the SEBI or RBI is not regarded as ‘transfer’ under the relevant provisions of the ITA. Further, such transactions are not liable to STT. Gains earned from short sale and re-purchase of securities could be regarded as ‘capital gains’ or ‘business income’ and taxed accordingly. | - Plus-values sur les rachats d’actions :Les gains découlant des rachats d’actions sont exonérés d’impôts pour les actionnaires. Un impôt de distribution de 23,30 % doit être payé la société indienne procédant au rachat d’actions sur la différence entre la somme payée par cette société lors du rachat et le montant reçu par la société au moment de l’émission de ces actions.
- Intérêts :Les revenus reçus par rapport aux titres (autres que les dividendes, mais qui pourraient inclure des intérêts perçus par rapport aux titres) seraient imposables à 5,46 % (si certaines conditions sont remplies) ou à 21,84 %. Plus-values sur les obligations convertibles en devises (« FCCB »), les certificats de dépôt américains (« ADR ») et les certificats de dépôt mondiaux (« GDR ») :Les plus-values découlant du transfert des FCCB, ADR et GDR en dehors de l’Inde entre deux investisseurs non-résidents ne doivent généralement pas être soumises à l’imposition en Inde.
- Transactions au titre du programme de prêt et d’emprunt de titres (SLB) :Tout transfert dans le programme de prêt et d’emprunt de titres qui est soumis aux directives imposées par le SEBI ou la Banque de réserve de l’Inde n’est pas considéré comme un « transfert » au titre des dispositions applicables de l’ITA. En outre, ces transactions ne sont pas soumises à la STT. Les gains perçus sur la vente à découvert et le rachat des titres pourraient être considérés comme des « plus-values » ou des « revenus commerciaux » et sont imposés en conséquence. | - Capital gains on buy-back of shares:Gains arising on buy-back of shares are exempt from tax in the hands of the shareholders. A distribution tax of 23.30% is payable by the Indian company undertaking the buy-back of shares on the difference between the consideration paid by such company on buy-back and the amount received by the company at the time of issue of such shares.
- Interest:Income received in respect of securities (other than dividend income but could include interest received in respect of securities) would be taxable at 5.46% (if certain conditions are satisfied) or 21.84%. Capital gains from Foreign Currency Convertible Bonds (“FCCB”), ADRs and GDRs:Capital gain arising from transfer of FCCBs, ADRs and GDRs outside India between two non-resident investors should generally not be subject to tax in India.
- Transactions under the Securities Lending and Borrowing (SLB) scheme:Any transfer in the scheme of lending and borrowing of securities which is subject to guidelines prescribed by the SEBI or RBI is not regarded as ‘transfer’ under the relevant provisions of the ITA. Further, such transactions are not liable to STT. Gains earned from short sale and re-purchase of securities could be regarded as ‘capital gains’ or ‘business income’ and taxed accordingly. | en | fr |
DOLFIN2769 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Frais d’entrée 0,00 %
Les frais payés par les investisseurs servent à couvrir les coûts d'exploitation du fonds, en ce compris les coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de vos investissements.
Les frais courants peuvent varier d'une année à l'autre et comprennent les commissions de gestion, de gestion d'investissement, d'administration et de conservation. Ils excluent les frais de transaction et la commission de surperformance. | # Comisión de entrada 0,00%
Los gastos que soportan los inversores están destinados a sufragar los costes de funcionamiento del fondo, incluidos los de comercialización y distribución. Dichos gastos reducen el potencial de crecimiento de la inversión.
Los gastos corrientes pueden variar de un año a otro, e incluyen las comisiones de gestión de inversiones, gestión, administración y custodia. No incluyen los costes de transacción de la cartera ni las comisiones de rentabilidad. | # Frais d’entrée 0,00 %
Les frais payés par les investisseurs servent à couvrir les coûts d'exploitation du fonds, en ce compris les coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de vos investissements.
Les frais courants peuvent varier d'une année à l'autre et comprennent les commissions de gestion, de gestion d'investissement, d'administration et de conservation. Ils excluent les frais de transaction et la commission de surperformance. | fr | es |
DOLFIN2770 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Ces contrats doivent être libellés dans la devise dans laquelle les actifs du Compartiment concerné sont eux-mêmes libellés, ou dans une devise susceptible de fluctuer de manière identique, et doivent être cotés en bourse ou négociés sur un Marché réglementé.
Les swaps de taux d’intérêt ont été évalués au dernier cours disponible le Jour de calcul de la VL à leur valeur intrinsèque. La méthode d’évaluation tient compte de la valeur actuelle de chaque série de taux d’intérêt et de capital, convertie dans la devise du Compartiment concerné à la date de clôture. Le résultat de ces réévaluations, ainsi que tout intérêt à recevoir ou dû relatif aux swaps de taux d’intérêt est présenté dans l’État de l’actif net à la rubrique « Plus/(moins)- value nette latente sur les swaps de taux d’intérêt ».
Au 30 septembre 2021, les compartiments suivants étaient parties à des contrats de swaps sur taux d’intérêt : | Dichos contratos deben estar denominados en las divisas de denominación de los activos de dicho Fondo (o en divisas que probablemente vayan a fluctuar de manera similar) y deben cotizar en una bolsa o negociarse en un Mercado regulado.
Los swaps de tipos de interés se valoraron al último precio disponible el Día de cálculo del Valor liquidativo a su valor intrínseco. El método de valoración empleado implica el uso de un valor actual para cada serie de tipo de interés y de capital convertida a la divisa del Fondo en la fecha de cierre. El resultado de estos reajustes, junto con todos los intereses por cobrar/pagar en relación con los swaps de tipos de interés, se indica en el Balance, en el epígrafe “Plusvalía/ (minusvalía) latente neta sobre contratos de swaps de tipos de interés”.
A 30 de septiembre de 2021, los siguientes subfondos formaban parte de acuerdos de swaps sobre tipos de interés: | Ces contrats doivent être libellés dans la devise dans laquelle les actifs du Compartiment concerné sont eux-mêmes libellés, ou dans une devise susceptible de fluctuer de manière identique, et doivent être cotés en bourse ou négociés sur un Marché réglementé.
Les swaps de taux d’intérêt ont été évalués au dernier cours disponible le Jour de calcul de la VL à leur valeur intrinsèque. La méthode d’évaluation tient compte de la valeur actuelle de chaque série de taux d’intérêt et de capital, convertie dans la devise du Compartiment concerné à la date de clôture. Le résultat de ces réévaluations, ainsi que tout intérêt à recevoir ou dû relatif aux swaps de taux d’intérêt est présenté dans l’État de l’actif net à la rubrique « Plus/(moins)- value nette latente sur les swaps de taux d’intérêt ».
Au 30 septembre 2021, les compartiments suivants étaient parties à des contrats de swaps sur taux d’intérêt : | fr | es |
DOLFIN2771 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Example Investment 10 000 USD | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total costs | 445 USD | 1292 USD |
| Annual cost impact (*) | 4.45 % | 2.03 % | | | Anlagebeispiel 10 000 USD | Wenn Sie aussteigen nach: 1 Jahr | Wenn Sie aussteigen nach: 5 Jahre (empfohlene Haltedauer) |
| --- | --- | --- |
| Kosten insgesamt | 445 USD | 1292 USD |
| Jährliche Auswirkungen der Kosten (*) | 4,45 % | 2,03 % | | | Example Investment 10 000 USD | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total costs | 445 USD | 1292 USD |
| Annual cost impact (*) | 4.45 % | 2.03 % | | en | de |
DOLFIN2772 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The definition of the risk and reward category is based on the historical performance data and/or the risk limit indicated in the Sub-Fund's investment policy.
It may not be a reliable indication of the future risk profile of the Sub-Fund. The risk and reward category shown may change over time. Category 1 does not mean that an investment is risk-free. Investors should note that the Sub-Fund is not guaranteed or capital protected.
This Sub-Fund is rated in category 4, in line with the type of securities and geographic regions detailed under the heading “Objectives and investment policy”, as well as the currency of the unit.
Significant risks not taken into account in this indicator:
Credit Risk: When a significant level of investment is made in debt securities.
Liquidity Risk: The markets for some securities and instruments may have limited liquidity. This limited liquidity could be a disadvantage to the Sub-Fund, both in the realisation of the prices quoted and in the execution of orders at desired prices.
Impact of techniques such as derivative contracts: The use of derivatives instruments can infer a decrease of the asset more significant than the decrease of the invested underlying assets or markets.
Counterparty risk: where a fund is backed by collateral or has significant investment exposure through contracts with a third party.
Operational risk: The Sub-Fund may suffer losses due to the failure of operational processes, including those related to the safekeeping of assets.
The occurrence of any of these risks may negatively impact the net asset value. | Die Definition der Risiko- und Ertragskategorie basiert auf den historischen Wertentwicklungsdaten und/oder der in der Anlagepolitik des Teilfonds angegebenen Risikogrenze.
Sie gibt eventuell keinen zuverlässigen Aufschluss über das zukünftige Risikoprofil des Teilfonds. Die angegebene Risiko- und Ertragskategorie kann sich im Laufe der Zeit ändern. Kategorie 1 bedeutet nicht, dass eine Anlage risikolos ist. Anleger sollten beachten, dass der Teilfonds weder über eine Garantie noch über einen Kapitalschutz verfügt.
Dieser Teilfonds wird der Kategorie 4 zugeordnet, in Übereinstimmung mit der unter der Überschrift „Zielsetzung und Anlagepolitik“ beschriebenen Art der Sicherheiten und der geografischen Regionen sowie der Anteilswährung.
Signifikante Risiken, die von diesem Indikator nicht berücksichtigt werden:
Kreditrisiko: Wenn ein wesentlicher Teil der Anlagen in Schuldtiteln erfolgt. Liquiditätsrisiko: Die Märkte für einige Wertpapiere und Instrumente können eine begrenzte Liquidität aufweisen. Diese begrenzte Liquidität könnte sich sowohl bei der Realisierung der notierten Preise als auch bei der Ausführung der Aufträge zu den gewünschten Preisen nachteilig für den Teilfonds auswirken.
Auswirkungen von Techniken wie Derivaten: Die Verwendung von derivativen Finanzinstrumenten kann dazu führen, dass der Vermögenswert stärker sinkt als die Basiswerte oder Märkte, in die investiert wurde.
Ausfallrisiko: Wenn ein Fonds durch Sicherheiten unterlegt ist oder ein wesentliches Anlageengagement über Verträge mit einem Dritten hat.
Betriebsrisiko: Das Versagen von Betriebsprozessen, darunter solchen, die mit der Verwahrung der Vermögenswerte zusammenhängen, kann zu Verlusten für den Teilfonds führen.
Das Eintreten eines dieser Risiken kann sich negativ auf den Nettoinventarwert auswirken. | The definition of the risk and reward category is based on the historical performance data and/or the risk limit indicated in the Sub-Fund's investment policy.
It may not be a reliable indication of the future risk profile of the Sub-Fund. The risk and reward category shown may change over time. Category 1 does not mean that an investment is risk-free. Investors should note that the Sub-Fund is not guaranteed or capital protected.
This Sub-Fund is rated in category 4, in line with the type of securities and geographic regions detailed under the heading “Objectives and investment policy”, as well as the currency of the unit.
Significant risks not taken into account in this indicator:
Credit Risk: When a significant level of investment is made in debt securities.
Liquidity Risk: The markets for some securities and instruments may have limited liquidity. This limited liquidity could be a disadvantage to the Sub-Fund, both in the realisation of the prices quoted and in the execution of orders at desired prices.
Impact of techniques such as derivative contracts: The use of derivatives instruments can infer a decrease of the asset more significant than the decrease of the invested underlying assets or markets.
Counterparty risk: where a fund is backed by collateral or has significant investment exposure through contracts with a third party.
Operational risk: The Sub-Fund may suffer losses due to the failure of operational processes, including those related to the safekeeping of assets.
The occurrence of any of these risks may negatively impact the net asset value. | en | de |
DOLFIN2773 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# FUND PERFORMANCE AND ATTRIBUTION
- During August, the Fund underperformed the MSCI All Country World benchmark
- 1
- .
- Sector allocation, a result of our bottom-up stock selection process, was the primary driver of relative underperformance. Allocation effect was driven by our lack of exposure to energy, overweight to health care and underweight to financials.
- Stock selection modestly contributed to returns. Strong selection in industrials and information technology was offset by selection in consumer discretionary and health care.
- The top contributors to relative performance during the month included Livent, Uber, and First Solar. The share price of Livent, a lithium compound company, rose during the period. The company reported second-quarter 2022 results that saw revenue and EPS beat consensus estimates. Management also raised full-year revenue guidance citing expectations for higher realized pricing across all lithium products, with no changes to underlying volume assumptions. We anticipate that supply/demand dynamics for lithium and electric batteries will continue to improve, benefitting Livent, who we believe will be a long-term winner and beneficiary of the global trend towards electrification of cars. The share price of Uber Technologies, a transportation network with ridesharing and food delivery services, rose in August after management released a strong set of second quarter results topping margin expectations and delivering better than expected 3Q22 guidance. Uber continued to reduce subsidies in the quarter aiding margins and profits. We continue to see Uber as the leader in the ride-sharing space. Shares of renewable energy company First Solar rose over the period after US President Joe Biden signed the Inflation Reduction Act into law, which includes a $369 million investment in climate and energy policy that should benefit the company's operations. The company later unveiled plans to invest up to $1.2 billion to expand its US solar panel manufacturing capacity. We favor First Solar because of the continued growth in worldwide solar energy, coupled with their leading module efficiency advantage and resource-efficient manufacturing process which enables them to be the sustainable cost leader in the industry.
- The top detractors from relative performance during the month included Eli Lilly, Match Group, and Trainline. Shares of Eli Lilly fell after the company posted a 4% decline in second-quarter revenue, as a drop in sales of the company's COVID-19 antibody treatment and some older drugs offset gains in sales for newer drugs. The pharmaceutical company reiterated its sales forecast for the year but cut its profit outlook as the stronger US dollar hurts results. We continue to favour Eli Lilly because it has one of the strongest pipelines amongst large pharmaceuticals over the next decade with commercialization opportunities distributed across the product suite. Shares of Match Group fell in August as the company provided a forecast for revenue in the current quarter that fell far short of estimates with growth stymied by continuing fallout from COVID-19 and a strong US dollar weighing on overseas sales. Match also announced that Renate Nyborg was leaving as chief executive officer at Tinder, the largest unit, and the most popular dating app in the US. We believe Match is a global market leader in dating apps which should be able to continue growing organically given brand strength and the secular growth underlying online dating as younger demographics age up. Shares of Trainline, a train & coach online travel agent, fell during the month on limited news. We believe Trainline remains the preeminent option for online booking of train and bus e-tickets in Europe, and we favor its technology leadership in utilizing Machine Learning to improve customers’ railway travel experiences. | # PERFORMANCE E ANDAMENTO DEL FONDO
- Ad agosto, il Fondo ha sottoperformato il benchmark MSCI All Country World
- 1
- .
- L'allocazione settoriale, risultato del nostro processo di selezione dei titoli bottom-up, è stato il principale fattore di sottoperformance relativa. L’effetto dell'allocazione è stato determinato dalla mancata esposizione al settore energetico, dalla sovraponderazione nel settore sanitario e dalla sottoponderazione in quello finanziario.
- La selezione dei titoli ha contribuito marginalmente ai rendimenti. La forte selezione dei titoli nei settori industriale e della tecnologia è stata parzialmente controbilanciata da quella nei settori dei consumi discrezionali e della salute.
- I maggiori contributi alla performance relativa nel corso del mese sono giunti da Livent, Uber e First Solar. La quotazione azionaria di Livent, società attiva nel segmento del litio, è aumentata nel periodo. La società ha pubblicato i risultati del secondo trimestre del 2022 che hanno visto i ricavi e l'EPS superare le stime di consenso. Il management ha inoltre rivisto al rialzo le previsioni sui ricavi per tutto l'anno, basandosi sulle aspettative di un aumento dei prezzi per tutti i prodotti a base di litio, senza apportare modifiche alle ipotesi di volume sottostanti. Prevediamo che le dinamiche di offerta/domanda di batterie al litio ed elettriche continueranno a migliorare, a vantaggio di Livent, che riteniamo sarà il vincitore e beneficiario a lungo termine della tendenza globale verso l'elettrificazione delle automobili. Ad agosto, il prezzo delle azioni di Uber Technologies, una rete di trasporti con servizi di ridesharing e di consegna di cibo a domicilio, ha registrato un rialzo in seguito alla pubblicazione da parte del management di una serie di risultati solidi relativi al secondo trimestre, che hanno raggiunto le aspettative di margine e registrato risultati superiori alle previsioni per il terzo trimestre del 2022. Nel corso del trimestre, Uber ha continuato a ridurre le sovvenzioni, favorendo margini e profitti. Prevediamo che Uber rimanga leader nel settore del ridesharing. Le azioni di First Solar, società nel campo dell'energia rinnovabile, hanno registrato un rialzo dopo che il presidente degli Stati Uniti Joe Biden ha firmato l'Inflationary Reduction Act, che include un investimento di 369 milioni di dollari per una politica climatica ed energetica che dovrebbe favorire le attività della società. In seguito, la società ha annunciato di voler investire fino a 1,2 miliardi di dollari per espandere la propria capacità produttiva di pannelli solari negli Stati Uniti. Privilegiamo First Solar per la continua crescita dell'energia solare a livello mondiale, unita al suo vantaggio principale in termini di efficienza dei moduli e al processo di produzione efficiente delle risorse, che le consente di imporsi come leader del settore in materia di costi sostenibili.
- I maggiori contributi negativi alla performance relativa nel corso del mese sono giunti da Eli Lilly, Match Group e Trainline. Le azioni di Eli Lilly hanno subito un ribasso dopo che la società ha registrato un calo del 4% dei ricavi nel secondo trimestre, poiché il calo delle vendite del trattamento anticorpale anti COVID-19 e di alcuni farmaci più vecchi della società ha compensato i guadagni delle vendite dei nuovi farmaci. La società farmaceutica ha ribadito le sue previsioni di vendita per l'anno, ma ha tagliato le sue aspettative di profitto a causa del rafforzamento del dollaro statunitense. Continuiamo a privilegiare Eli Lilly perché nel prossimo decennio avrà una delle pipeline più solide tra le grandi società farmaceutiche, con opportunità di commercializzazione distribuite su tutta la suite di prodotti. Ad agosto, le azioni d Match Group hanno subito un calo, poiché la società ha fornito una previsione di ricavi per il trimestre corrente ben al di sotto delle stime, con una crescita ostacolata dalle continue conseguenze del COVID-19 e dal rafforzamento del dollaro statunitense che pesa sulle vendite all'estero. Match ha inoltre annunciato le dimissioni di Renate Nyborg dalla carica di amministratore delegato di Tinder, la società di dating più grande, nonché l'app di settore più popolare negli Stati Uniti. Riteniamo che Match sia un leader globale nel mercato delle applicazioni per incontri, che dovrebbe essere in grado di continuare a crescere organicamente, data la forza del marchio e la crescita secolare alla base degli incontri online con l'avanzare dell'età delle fasce demografiche più giovani. Nel corso del mese, le azioni di Trainline, un'agenzia di viaggio online per treni e pullman, hanno subito un calo a causa dei dati forniti limitati. Riteniamo che Trainline rimarrà il principale servizio in Europa per la prenotazione online di biglietti elettronici per treni e pullman e privilegiamo la sua leadership tecnologica nell'utilizzo dell'apprendimento automatico per migliorare l'esperienza di viaggio in treno dei clienti. | # FUND PERFORMANCE AND ATTRIBUTION
- During August, the Fund underperformed the MSCI All Country World benchmark
- 1
- .
- Sector allocation, a result of our bottom-up stock selection process, was the primary driver of relative underperformance. Allocation effect was driven by our lack of exposure to energy, overweight to health care and underweight to financials.
- Stock selection modestly contributed to returns. Strong selection in industrials and information technology was offset by selection in consumer discretionary and health care.
- The top contributors to relative performance during the month included Livent, Uber, and First Solar. The share price of Livent, a lithium compound company, rose during the period. The company reported second-quarter 2022 results that saw revenue and EPS beat consensus estimates. Management also raised full-year revenue guidance citing expectations for higher realized pricing across all lithium products, with no changes to underlying volume assumptions. We anticipate that supply/demand dynamics for lithium and electric batteries will continue to improve, benefitting Livent, who we believe will be a long-term winner and beneficiary of the global trend towards electrification of cars. The share price of Uber Technologies, a transportation network with ridesharing and food delivery services, rose in August after management released a strong set of second quarter results topping margin expectations and delivering better than expected 3Q22 guidance. Uber continued to reduce subsidies in the quarter aiding margins and profits. We continue to see Uber as the leader in the ride-sharing space. Shares of renewable energy company First Solar rose over the period after US President Joe Biden signed the Inflation Reduction Act into law, which includes a $369 million investment in climate and energy policy that should benefit the company's operations. The company later unveiled plans to invest up to $1.2 billion to expand its US solar panel manufacturing capacity. We favor First Solar because of the continued growth in worldwide solar energy, coupled with their leading module efficiency advantage and resource-efficient manufacturing process which enables them to be the sustainable cost leader in the industry.
- The top detractors from relative performance during the month included Eli Lilly, Match Group, and Trainline. Shares of Eli Lilly fell after the company posted a 4% decline in second-quarter revenue, as a drop in sales of the company's COVID-19 antibody treatment and some older drugs offset gains in sales for newer drugs. The pharmaceutical company reiterated its sales forecast for the year but cut its profit outlook as the stronger US dollar hurts results. We continue to favour Eli Lilly because it has one of the strongest pipelines amongst large pharmaceuticals over the next decade with commercialization opportunities distributed across the product suite. Shares of Match Group fell in August as the company provided a forecast for revenue in the current quarter that fell far short of estimates with growth stymied by continuing fallout from COVID-19 and a strong US dollar weighing on overseas sales. Match also announced that Renate Nyborg was leaving as chief executive officer at Tinder, the largest unit, and the most popular dating app in the US. We believe Match is a global market leader in dating apps which should be able to continue growing organically given brand strength and the secular growth underlying online dating as younger demographics age up. Shares of Trainline, a train & coach online travel agent, fell during the month on limited news. We believe Trainline remains the preeminent option for online booking of train and bus e-tickets in Europe, and we favor its technology leadership in utilizing Machine Learning to improve customers’ railway travel experiences. | en | it |
DOLFIN2774 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Investments in kind are not permitted.
The management company can reject a subscription application at any time or temporarily restrict, suspend or permanently discontinue the payment of shares if this is in the interest of the investors, in public interest or to protect the management company or the UCITS or if it is necessary to the investors. In this case, the custodian will promptly reimburse incoming payments for subscription requests not already executed with no interest; if needed, this will occur with the help of the paying agent.
The issuing of shares will be temporarily stopped in particular if the calculation of the net asset value per share is stopped. If the issuing of shares is discontinued, the investors shall be informed immediate- ly via notification in the gazette as well as in the media mentioned in the prospectus and Trust Agreement or by means of permanent da- ta carriers (letter, fax, e-mail or the like) as to the reason and the time of the discontinuation. | ## Sacheinlagen sind nicht zulässig.
Die Verwaltungsgesellschaft kann jederzeit einen Zeichnungsantrag zurückweisen oder die Ausgabe von Anteilen zeitweilig beschränken, aussetzen oder endgültig einstellen wenn dies im Interesse der Anleger, im öffentlichen Interesse, zum Schutz der Verwaltungsgesellschaft bzw. des OGAW oder der Anleger erforderlich erscheint. In diesem Fall wird die Verwahrstelle eingehende Zahlungen auf nicht bereits ausgeführte Zeichnungsanträge ohne Zinsen unverzüglich zurückerstatten, gegebenenfalls erfolgt dies unter zu Hilfenahme der Zahlstelle
Die Ausgabe von Anteilen wird insbesondere dann zeitweilig eingestellt, wenn die Berechnung des Nettoinventarwertes pro Anteil eingestellt wird. Bei Einstellung der Ausgabe von Anteilen werden die Anleger umgehend per Mitteilung im Publikationsorgan sowie in den im Prospekt und Treuhandvertrag genannten Medien oder mittels dauerhaften Datenträgern (Brief, Fax, Email oder Vergleichbares) über den Grund und den Zeitpunkt der Einstellung informiert. | ## Investments in kind are not permitted.
The management company can reject a subscription application at any time or temporarily restrict, suspend or permanently discontinue the payment of shares if this is in the interest of the investors, in public interest or to protect the management company or the UCITS or if it is necessary to the investors. In this case, the custodian will promptly reimburse incoming payments for subscription requests not already executed with no interest; if needed, this will occur with the help of the paying agent.
The issuing of shares will be temporarily stopped in particular if the calculation of the net asset value per share is stopped. If the issuing of shares is discontinued, the investors shall be informed immediate- ly via notification in the gazette as well as in the media mentioned in the prospectus and Trust Agreement or by means of permanent da- ta carriers (letter, fax, e-mail or the like) as to the reason and the time of the discontinuation. | en | de |
DOLFIN2775 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Documents Available for Inspection and Additional Information
The following documents are available for inspection at the Company’s Registered Office:
- the Articles, and any amendments thereto;
- the Remuneration Policy;
- the Complaints Handling policy;
- the following agreements:
- the Fund Management Company Agreement between the Company and Henderson Management S.A., as Management Company;
- the Investment Management Agreement between the Management Company and Henderson Global Investors Limited, as Investment Manager;
- the Principal Distribution Agreement between the Management Company and Henderson Global Investors Limited, as a Principal Distributor;
- the Depositary Agreement between the Company and BNP Paribas Securities Services, Luxembourg Branch, as Depositary;
- the Administration Agreement between the Management Company and BNP Paribas Securities Services, Luxembourg Branch as Administrator;
- the Registrar and Transfer Agent Agreement between the Management Company and International Financial Data Services (Luxembourg) S.A., as Registrar and Transfer Agent. | ### Zur Einsichtnahme verfügbare Dokumente und zusätzliche Informationen
Die folgenden Dokumente können am eingetragenen Sitz der Gesellschaft eingesehen werden:
- die Satzung und etwaige Änderungen daran;
- die Vergütungspolitik;
- die Beschwerdemanagementpolitik;
- die nachfolgend aufgeführten Verträge:
- der Fondsmanagementgesellschaftsvertrag zwischen der Gesellschaft und Henderson Management S.A. als Managementgesellschaft;
- der Anlageverwaltungsvertrag zwischen der Managementgesellschaft und der Henderson Global Investors Limited als Anlageverwalter;
- der Hauptvertriebsgesellschaftsvertrag zwischen der Managementgesellschaft und der Henderson Global Investors Limited als eine Hauptvertriebsgesellschaft;
- der Verwahrstellenvertrag zwischen der Gesellschaft und der BNP Paribas Securities Services, Filiale Luxemburg, als Verwahrstelle;
- der Verwaltungsvertrag zwischen der Managementgesellschaft und der BNP Paribas Securities Services, Filiale Luxemburg, als Administrator;
- der Register- und Transferstellenvertrag zwischen der Managementgesellschaft und International Financial Data Services (Luxembourg) S.A. als Register- und Transferstelle. | ### Documents Available for Inspection and Additional Information
The following documents are available for inspection at the Company’s Registered Office:
- the Articles, and any amendments thereto;
- the Remuneration Policy;
- the Complaints Handling policy;
- the following agreements:
- the Fund Management Company Agreement between the Company and Henderson Management S.A., as Management Company;
- the Investment Management Agreement between the Management Company and Henderson Global Investors Limited, as Investment Manager;
- the Principal Distribution Agreement between the Management Company and Henderson Global Investors Limited, as a Principal Distributor;
- the Depositary Agreement between the Company and BNP Paribas Securities Services, Luxembourg Branch, as Depositary;
- the Administration Agreement between the Management Company and BNP Paribas Securities Services, Luxembourg Branch as Administrator;
- the Registrar and Transfer Agent Agreement between the Management Company and International Financial Data Services (Luxembourg) S.A., as Registrar and Transfer Agent. | en | de |
DOLFIN2776 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Dans ce contexte extrêmement agité, incertain, subissant de multiples foyers d’inquiétude économiques, politiques, réglementaires, le fonds Oddo BHF European Banks CI affiche une performance positive de 44.62, soit une surperformance (0.14%) par rapport à son indice de référence.
A titre de comparaison sur la même période le Stoxx 50 NR a progressé de 28.2%.
Sur les 3 premiers mois de l’année fiscale le Fonds Oddo BHF European Banks CI affichait une avance de 2.07% par rapport à son indice de référence. Cette bonne performance est imputable à la sous-pondération à HSBC, Deustche Bank, SHB, BBVA, Lloyds et Santander.
Entre début octobre 2020 et début mai 2021, le Fonds Oddo BHF European Banks CI a sous-performé l’indice de référence de 3.11%. La bonne performance de notre surpondération à Société Générale, Bawag, Julius Baer, BNPP et Crédit Agricole a été plus que contrebalancée par notre sous-pondération à HSBC, Deutsche Bank et les banques nordiques (SEB, SHB et Danske Bank).
Entre début mai (05) et le 11 juin 2021, le Fonds Oddo BHF European Banks CI surperforme son indice de référence de 1.68%, grâce à sa surpondération à Société Générale, Allfunds, BPER, BFF et sa souspondération à HSBC.
Enfin entre le 11 juin et le 30 juin 2021, le Fonds Oddo BHF European Banks CI sousperforme l’indice de référence de 0.5%, pénalisé principalement par sa surpondération à BPM, Société Générale, BPER, AIB, Allfunds et BIRG. | En este entorno extremadamente agitado, incierto y con múltiples focos de inquietud económica, política y reglamentaria, la participación CI del fondo Oddo BHF European Banks registró una rentabilidad de signo positivo del 44,62%, lo que supone una rentabilidad superior del 0,14% con respecto al índice de referencia.
A título comparativo, durante el mismo periodo el índice Stoxx 50 NR se anotó un avance del 28,2%.
Durante los tres primeros meses del ejercicio fiscal, la participación CI del fondo Oddo BHF European Banks subió un 2,07% con respecto a su índice de referencia. Este comportamiento superior se debió a la infraponderación de HSBC, Deutsche Bank, SHB, BBVA, Lloyds y Santander.
Entre principios de octubre de 2020 y el primer tramo de mayo de 2021, la participación CI del fondo Oddo BHF European Banks reveló una rentabilidad inferior respecto del índice de referencia del 3,11%. El decente comportamiento de nuestra sobreponderación en Société Générale, Bawag, Julius Baer, BNPP y Crédit Agricole se vio neutralizado con creces por nuestras posiciones infraponderadas en HSBC, Deutsche Bank y los bancos nórdicos (SEB, SHB y Danske Bank).
Entre principios de mayo y el 11 de junio de 2021, la participación CI del fondo Oddo BHF European Banks superó en un 1,68% la rentabilidad del índice de referencia, gracias a su sobreponderación en Société Générale, Allfunds, BPER y BFF y su infraponderación en HSBC.
Por último, entre el 11 de junio y el 30 de junio de 2021, la participación CI del fondo Oddo BHF European Banks mostró una trayectoria inferior del 0,5% respecto del índice de referencia, al verse castigada por su sobreponderación en BPM, Société Générale, BPER, AIB, Allfunds y BIRG. | Dans ce contexte extrêmement agité, incertain, subissant de multiples foyers d’inquiétude économiques, politiques, réglementaires, le fonds Oddo BHF European Banks CI affiche une performance positive de 44.62, soit une surperformance (0.14%) par rapport à son indice de référence.
A titre de comparaison sur la même période le Stoxx 50 NR a progressé de 28.2%.
Sur les 3 premiers mois de l’année fiscale le Fonds Oddo BHF European Banks CI affichait une avance de 2.07% par rapport à son indice de référence. Cette bonne performance est imputable à la sous-pondération à HSBC, Deustche Bank, SHB, BBVA, Lloyds et Santander.
Entre début octobre 2020 et début mai 2021, le Fonds Oddo BHF European Banks CI a sous-performé l’indice de référence de 3.11%. La bonne performance de notre surpondération à Société Générale, Bawag, Julius Baer, BNPP et Crédit Agricole a été plus que contrebalancée par notre sous-pondération à HSBC, Deutsche Bank et les banques nordiques (SEB, SHB et Danske Bank).
Entre début mai (05) et le 11 juin 2021, le Fonds Oddo BHF European Banks CI surperforme son indice de référence de 1.68%, grâce à sa surpondération à Société Générale, Allfunds, BPER, BFF et sa souspondération à HSBC.
Enfin entre le 11 juin et le 30 juin 2021, le Fonds Oddo BHF European Banks CI sousperforme l’indice de référence de 0.5%, pénalisé principalement par sa surpondération à BPM, Société Générale, BPER, AIB, Allfunds et BIRG. | fr | es |
DOLFIN2777 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## AMENDMENTS TO THE PROSPECTUS AND SUB-FUND INFORMATION CARDS
- Changes To The Prospectus To Add Clarification on the Integration of Sustainability Riskinto Investment Decision MakingThe Directors wish to advise Shareholders that the Prospectus has been amended with effect from the date of this document as follows:
-
### Amendments to the Definitions section of the Prospectus: | ## MODIFICATIONS APPORTÉES AU PROSPECTUS ET AUX FICHES D'INFORMATIONS DE COMPARTIMENT
- Modifications apportées au Prospectus pour ajouter des précisions sur l'intégration duRisque en matière de Développement Durable dans la prise de décisiond’investissementLes Administrateurs souhaitent informer les Actionnaires que le Prospectus a été modifié avec effet à compter de la date du présent document comme suit :
-
### Modifications apportées à la section Définitions du Prospectus : | ## AMENDMENTS TO THE PROSPECTUS AND SUB-FUND INFORMATION CARDS
- Changes To The Prospectus To Add Clarification on the Integration of Sustainability Riskinto Investment Decision MakingThe Directors wish to advise Shareholders that the Prospectus has been amended with effect from the date of this document as follows:
-
### Amendments to the Definitions section of the Prospectus: | en | fr |
DOLFIN2778 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Types of instruments | Amount in the portfolio currency |
| --- | --- |
| Effective management techniques | |
| Term deposits | |
| Equities | |
| Bonds | 213,179,735.67 |
| UCITS | |
| Cash (**) | |
| Total | 213,179,735.67 |
| Derivative financial instruments | |
| Term deposits | |
| Equities | |
| Bonds | |
| UCITS | |
| Cash | 1,796,500.00 |
| Total | 1,796,500.00 | | | Tipi di strumenti | Importo in valuta del portafoglio |
| --- | --- |
| Tecniche di gestione efficace | |
| Depositi a termine | |
| Azioni | |
| Obbligazioni | 213 179 735,67 |
| OICVM | |
| Contanti (**) | |
| Totale | 213 179 735,67 |
| Strumenti finanziari derivati | |
| Depositi a termine | |
| Azioni | |
| Obbligazioni | |
| OICVM | |
| Contanti | 1 796 500,00 |
| Totale | 1 796 500,00 | | | Types of instruments | Amount in the portfolio currency |
| --- | --- |
| Effective management techniques | |
| Term deposits | |
| Equities | |
| Bonds | 213,179,735.67 |
| UCITS | |
| Cash (**) | |
| Total | 213,179,735.67 |
| Derivative financial instruments | |
| Term deposits | |
| Equities | |
| Bonds | |
| UCITS | |
| Cash | 1,796,500.00 |
| Total | 1,796,500.00 | | en | it |
DOLFIN2779 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Given the high quality of the acceptable collateral and the high quality nature of the selected counterparties, there is no maturity constraints applicable to the collateral received.
- Limits applicable to Cash collateralCash collateral received should only be:
- placed on deposit;
- invested in high-quality government bonds;
- used for the purpose of reverse repo transactions provided that the transactions are with credit institutions subject to prudential supervision and that the Fund is able to recall at any time the full amount of cash on accrued basis;
- invested in short-term money market funds as defined in the Guidelines on a Common Definition of European money market Funds.
- Reinvestment of cash provided as collateralThe Fund may re-invest the cash it has received as collateral in the following eligible instruments in accordance with the applicable law and regulations including Circular 08/356 as amended by Circular 11/512 and ESMA guidelines:
- Money market UCIs (daily calculation and S&P AAA rating or equivalent);
- Short-term bank deposits;
- Money market instruments;
- Short-term bonds issued or guaranteed by a Member State of the European Union, Switzerland, Canada, Japan or the United States or by their local authorities or by supranational institutions and undertakings with EU, regional or world-wide scope;
- Bonds issued or guaranteed by first class issuers offering adequate liquidity, andThe financial assets other than bank deposit and units of UCIs that the Fund has acquired by reinvesting the cash collateral must not be issued by an entity affiliated to the counterparty;The financial assets acquired via the reinvestment of the cash collateral must not be kept with the counterparty, except if it is legally segregated from the counterparty’s assets;The financial assets acquired via the reinvestment of the cash collateral may not be pledged unless the Fund has sufficient liquidities to be able to return the received collateral in the form of cash.
Reinvested cash collateral may lead to several risks such as currency exchange risk, counterparty risk, issuer risk, valuation and settlement risk, which can have an impact on the performance of the sub-fund. | # Étant donné que les garanties acceptables et les contreparties sont de grande qualité, il n'y a aucune contrainte quant aux échéances applicables aux garanties reçues.
- Limites applicable aux garanties en espècesUne garantie en espèces reçue devrait uniquement être :
- placée en dépôt ;
- investie dans des emprunts d’État de premier ordre ;
- utilisée aux fins des opérations de prise en pension à condition que les transactions soient conclues avec des établissements de crédit soumis à la surveillance prudentielle et que le Fonds puisse à tout moment récupérer le montant total des espèces suivant la méthode de comptabilité d’engagement ;
- investie dans des fonds du marché monétaire à court terme, au sens des Directives relatives à une définition commune des fonds du marché monétaire européens.
- Réinvestissement des espèces fournies en garantieLe Fonds peut réinvestir les espèces qu'il a reçues en tant que garanties dans les instruments éligibles suivants, conformément aux lois et règlements applicables, dont la Circulaire 08/356 telle qu'amendée par la Circulaire 11/512 et les lignes directrices de l’ESMA :
- OPC de type monétaire (dont la valeur nette d’inventaire est calculée quotidiennement et dont la note est AAA (S&P) ou son équivalent) ;
- Dépôts bancaires à court terme ;
- Instruments du marché monétaire ;
- Obligations à court terme émises ou garanties par un État membre de l’Union européenne, la Suisse, le Canada, le Japon ou les États-Unis ou par leurs collectivités publiques territoriales, ou par des institutions et organismes supranationaux à caractère communautaire, régional ou mondial ;
- Obligations émises ou garanties par des émetteurs de premier ordre qui offrent une liquidité suffisante ; etLes actifs financiers autres que les dépôts bancaires et les parts d’OPC que le Fonds a acquis à l’occasion du réinvestissement des garanties en espèces ne doivent pas être émis par une entité affiliée à la contrepartie ;Les actifs financiers acquis via le réinvestissement des espèces reçues à titre de garantie ne doivent pas être conservés auprès de la contrepartie, sauf s’ils sont juridiquement séparés des actifs de celle-ci ;Les actifs financiers acquis dans le cadre du réinvestissement des garanties en espèces ne peuvent pas être donnés en gage, à moins que le Fonds dispose des liquidités suffisantes pour lui permettre de rendre cette garantie sous forme d'espèces.
Les garanties en espèces réinvesties peuvent être associées à certains risques, notamment le risque de change, le risque de contrepartie, le risque d’émetteur, le risque de règlement et d’évaluation, susceptibles d’avoir un impact sur la performance du compartiment. | # Given the high quality of the acceptable collateral and the high quality nature of the selected counterparties, there is no maturity constraints applicable to the collateral received.
- Limits applicable to Cash collateralCash collateral received should only be:
- placed on deposit;
- invested in high-quality government bonds;
- used for the purpose of reverse repo transactions provided that the transactions are with credit institutions subject to prudential supervision and that the Fund is able to recall at any time the full amount of cash on accrued basis;
- invested in short-term money market funds as defined in the Guidelines on a Common Definition of European money market Funds.
- Reinvestment of cash provided as collateralThe Fund may re-invest the cash it has received as collateral in the following eligible instruments in accordance with the applicable law and regulations including Circular 08/356 as amended by Circular 11/512 and ESMA guidelines:
- Money market UCIs (daily calculation and S&P AAA rating or equivalent);
- Short-term bank deposits;
- Money market instruments;
- Short-term bonds issued or guaranteed by a Member State of the European Union, Switzerland, Canada, Japan or the United States or by their local authorities or by supranational institutions and undertakings with EU, regional or world-wide scope;
- Bonds issued or guaranteed by first class issuers offering adequate liquidity, andThe financial assets other than bank deposit and units of UCIs that the Fund has acquired by reinvesting the cash collateral must not be issued by an entity affiliated to the counterparty;The financial assets acquired via the reinvestment of the cash collateral must not be kept with the counterparty, except if it is legally segregated from the counterparty’s assets;The financial assets acquired via the reinvestment of the cash collateral may not be pledged unless the Fund has sufficient liquidities to be able to return the received collateral in the form of cash.
Reinvested cash collateral may lead to several risks such as currency exchange risk, counterparty risk, issuer risk, valuation and settlement risk, which can have an impact on the performance of the sub-fund. | en | fr |
DOLFIN2780 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
2021 brought a sustained economic recovery following the relaxation of COVID-19 restrictions. Vaccine rollout was decisive in limiting the emergence of new mutations. Positive economic growth and low default rates meant stable or even slightly narrower spreads on credit markets. However, long-duration bonds suffered from the rise in yields brought about by firmer inflation. The European high yield market (HEAE) gained 3.49% in 2021, with spreads contracting 29 bps to 337 bps.
Global GDP growth peaked in the second quarter, and businesses delivered solid results with greater profitability, especially in the industrial manufacturing sector. The European high yield market gained 3.71% over the first nine months of 2021, with spreads contracting by 55 bps.
Strong pent-up demand came up against limited supply due to global shortages and supply chain disruption, leading to heavy inflationary pressures and higher input prices, especially in the second half of the year. The US CPI reached 6.8% in November while Eurozone inflation was 4.9%, well above the respective central banks’ inflation targets. In this macroeconomic environment, European interest rates (Germany 10-year) rose by around 39 bps over the year to reach -0.18%. Expecting central banks to tighten their financial policies, the European high yield market lost -0.21% over the fourth quarter, as spreads widened by 26 bps.
Towards the end of the year, the forecasts announced by most companies were limited by persistent shortages and rising input prices, which dampened global growth expectations. Travel and leisure companies’ results were mediocre throughout the year, and the industry’s future remains highly uncertain.
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## Fund performance: | Il 2021 è stato caratterizzato da una ripresa economica sostenuta dopo l'allentamento delle restrizioni legate al Covid-19. Il progresso delle campagne vaccinali ha giocato un ruolo determinante nel limitare la comparsa di nuove mutazioni. Nei mercati del credito, la crescita economica positiva e i tassi d'insolvenza contenuti hanno favorito la stabilità o un lieve restringimento degli spread. Le obbligazioni a lungo termine, d'altra parte, hanno risentito dell'aumento dei tassi d'interesse dovuto alla maggiore inflazione. Il mercato europeo dell'alto rendimento (HEAE) ha segnato un rialzo del 3,49% nel 2021, con una contrazione degli spread di 29 pb a 337 pb.
La crescita del PIL mondiale ha raggiunto un picco nel secondo trimestre e le aziende hanno annunciato solidi risultati e una crescente redditività, in particolare nel settore della fabbricazione industriale. Il mercato europeo dell'alto rendimento ha guadagnato il 3,71% nei primi nove mesi del 2021, con una contrazione degli spread di 55 pb.
La forte domanda latente si è scontrata con un'offerta limitata a causa delle carenze globali e delle interruzioni delle catene di approvvigionamento, generando significative pressioni inflazionistiche e un aumento dei prezzi degli input, in particolare nella seconda metà dell'anno. Il CPI statunitense ha segnato un +6,8% a novembre, mentre nell'eurozona la crescita dei prezzi si è attestata al 4,9%, due livelli nettamente superiori agli obiettivi d'inflazione delle rispettive banche centrali. In questo contesto macroeconomico, i tassi d'interesse in Europa (rappresentati dal decennale tedesco) sono aumentati di circa 39 pb nel corso dell'anno, portandosi al -0,18%. In vista di un inasprimento delle politiche monetarie delle banche centrali, il mercato europeo dell'alto rendimento è arretrato dello 0,21% nel quarto trimestre, con un ampliamento degli spread di 26 pb.
Verso la fine dell'anno, le previsioni annunciate dalla maggior parte delle imprese sono state limitate dalle persistenti carenze e dall'aumento dei prezzi degli input, che hanno frenato il dinamismo atteso della crescita globale. Le imprese di viaggi e tempo libero hanno registrato risultati mediocri durante tutto l'anno e le prospettive per il settore rimangono molto incerte.
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## Performance del fondo: | 2021 brought a sustained economic recovery following the relaxation of COVID-19 restrictions. Vaccine rollout was decisive in limiting the emergence of new mutations. Positive economic growth and low default rates meant stable or even slightly narrower spreads on credit markets. However, long-duration bonds suffered from the rise in yields brought about by firmer inflation. The European high yield market (HEAE) gained 3.49% in 2021, with spreads contracting 29 bps to 337 bps.
Global GDP growth peaked in the second quarter, and businesses delivered solid results with greater profitability, especially in the industrial manufacturing sector. The European high yield market gained 3.71% over the first nine months of 2021, with spreads contracting by 55 bps.
Strong pent-up demand came up against limited supply due to global shortages and supply chain disruption, leading to heavy inflationary pressures and higher input prices, especially in the second half of the year. The US CPI reached 6.8% in November while Eurozone inflation was 4.9%, well above the respective central banks’ inflation targets. In this macroeconomic environment, European interest rates (Germany 10-year) rose by around 39 bps over the year to reach -0.18%. Expecting central banks to tighten their financial policies, the European high yield market lost -0.21% over the fourth quarter, as spreads widened by 26 bps.
Towards the end of the year, the forecasts announced by most companies were limited by persistent shortages and rising input prices, which dampened global growth expectations. Travel and leisure companies’ results were mediocre throughout the year, and the industry’s future remains highly uncertain.
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## Fund performance: | en | it |
DOLFIN2781 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## EUR 1,610
2.8% each year
* This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 5.4% before costs and 2.6% after costs. | ## EUR 1 610
2,8% chaque année
* Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 5,4% avant déduction des coûts et de 2,6% après cette déduction.
Composition des coûts | ## EUR 1,610
2.8% each year
* This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 5.4% before costs and 2.6% after costs. | en | fr |
DOLFIN2782 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Investors will be informed of the decision to terminate a Sub-Fund or Share Class by way of a notice. The notice will explain the reasons for and the process of the termination and liquidation.
Notwithstanding the powers conferred on the Board of Directors by the preceding paragraph, the investors of any Sub-Fund or Share Class, as applicable, may also decide on such termination by resolution taken by the general meeting of Investors of the Sub-Fund or Share Class and have the Fund redeem compulsorily all the Shares of the Sub-Fund or Share Class at the Net Asset Value per Share for the applicable Valuation Day. The convening notice will explain the reasons for and the process of the proposed termination and liquidation.
Actual realisation prices of investments, realisation expenses and liquidation costs will be taken into account in calculating the Net Asset Value applicable to the compulsory redemption. Investors in the Sub-Fund or Share Class concerned will generally be authorised to continue requesting the redemption or conversion of their Shares prior to the effective date of the compulsory redemption, unless the Board of Directors determines that it would not be in the best interest of investors in that Sub- Fund or Share Class or could jeopardise the fair treatment of investors.
All Shares redeemed will generally be cancelled. Redemption proceeds which have not been claimed by investors upon the compulsory redemption will be deposited in escrow at the Caisse de Consignation in Luxembourg in accordance with applicable laws and regulations. Proceeds not claimed within the statutory period will be forfeited in accordance with applicable laws and regulations.
The termination and liquidation of a Sub-Fund or Share Class will have no influence on the existence of any other Sub-Fund or Share Class. The decision to terminate and liquidate the last Sub-Fund existing in the Fund will result in the dissolution and liquidation of the Fund in accordance with the provisions of the Articles of Association.
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#### Dissolution and liquidation of the Fund | Les investisseurs seront informés de la décision de clôturer un Compartiment ou une Classe d’Actions par l’intermédiaire d’un avis. Cet avis indiquera les motifs et la procédure de clôture et de liquidation.
Nonobstant les pouvoirs conférés au Conseil d’administration par le paragraphe précédent, les investisseurs de tout Compartiment ou de toute Classe d’Actions, selon le cas, pourront également se prononcer sur cette clôture par résolution prise par l’assemblée générale des investisseurs du Compartiment ou de la Classe d’Actions et demander au Fonds de racheter obligatoirement toutes les Actions du Compartiment ou de la Classe d’Actions à la Valeur nette d’inventaire par Action du Jour de valorisation applicable. L’avis de convocation indiquera les motifs et la procédure de la proposition de clôture et de liquidation.
Les prix de réalisation réels des investissements, les frais de réalisation et les coûts de liquidation seront pris en compte dans le calcul de la Valeur nette d’inventaire applicable au rachat obligatoire. Les investisseurs du Compartiment ou de la Classe d’Actions concerné(e) seront généralement autorisés à continuer à demander le rachat ou la conversion de leurs Actions avant la date effective du rachat obligatoire, sauf si le Conseil d’administration détermine que cela ne serait pas dans le meilleur intérêt des investisseurs de ce Compartiment ou de cette Classe d’Actions ou pourrait compromettre le traitement équitable des investisseurs.
Toutes les Actions rachetées seront généralement annulées. Le produit du rachat qui n’aura pas été réclamé par les investisseurs lors du rachat obligatoire sera déposé sous séquestre à la Caisse de Consignation au Luxembourg conformément aux lois et règlements en vigueur. Les produits non réclamés dans le délai légal seront perdus, conformément aux lois et règlements en vigueur.
La clôture et la liquidation d’un Compartiment ou d’une Classe d’Actions n’auront aucune influence sur l’existence de tout autre Compartiment ou Classe d’Actions. La décision de clôturer et de liquider le dernier Compartiment existant dans le Fonds entraînera la dissolution et la liquidation du Fonds conformément aux dispositions des Statuts.
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#### Dissolution et liquidation du Fonds | Investors will be informed of the decision to terminate a Sub-Fund or Share Class by way of a notice. The notice will explain the reasons for and the process of the termination and liquidation.
Notwithstanding the powers conferred on the Board of Directors by the preceding paragraph, the investors of any Sub-Fund or Share Class, as applicable, may also decide on such termination by resolution taken by the general meeting of Investors of the Sub-Fund or Share Class and have the Fund redeem compulsorily all the Shares of the Sub-Fund or Share Class at the Net Asset Value per Share for the applicable Valuation Day. The convening notice will explain the reasons for and the process of the proposed termination and liquidation.
Actual realisation prices of investments, realisation expenses and liquidation costs will be taken into account in calculating the Net Asset Value applicable to the compulsory redemption. Investors in the Sub-Fund or Share Class concerned will generally be authorised to continue requesting the redemption or conversion of their Shares prior to the effective date of the compulsory redemption, unless the Board of Directors determines that it would not be in the best interest of investors in that Sub- Fund or Share Class or could jeopardise the fair treatment of investors.
All Shares redeemed will generally be cancelled. Redemption proceeds which have not been claimed by investors upon the compulsory redemption will be deposited in escrow at the Caisse de Consignation in Luxembourg in accordance with applicable laws and regulations. Proceeds not claimed within the statutory period will be forfeited in accordance with applicable laws and regulations.
The termination and liquidation of a Sub-Fund or Share Class will have no influence on the existence of any other Sub-Fund or Share Class. The decision to terminate and liquidate the last Sub-Fund existing in the Fund will result in the dissolution and liquidation of the Fund in accordance with the provisions of the Articles of Association.
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#### Dissolution and liquidation of the Fund | en | fr |
DOLFIN2783 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
An investment in a Sub-Fund is not a deposit in a bank or other insured depositary institution. Investment may not be appropriate for all investors. The Sub-Funds are not intended to be a complete investment program and investors should consider their long-term investment goals and financial needs when making an investment decision about the Sub-Funds. An investment in a Sub-Fund is intended to be a long-term investment. The Sub-Funds should not be used as trading vehicles.
Whilst using their best endeavors to attain the Company’s objectives, the Directors cannot guarantee the extent to which the investment objectives will be achieved.
- Benchmark RegulationUnder the Benchmark Regulation, benchmark administrators applied for authorisation or registration by 1 January 2020. Upon such authorisation or registration, the benchmark administrator or the benchmark appears on the register of administrators and benchmarks maintained by ESMA pursuant to article 36 of the Benchmark Regulation. Currently, third country benchmark administrators mentioned in this Prospectus and who are not yet authorized or registered or whose indices have not been endorsed by an EU benchmark administrator pursuant to the Benchmark Regulation benefit from transitional provisions up to31 December 2023. Once the relevant benchmark administrator or the benchmark used by a Sub-Fund appears on ESMA’s register of administrators and benchmarks, the Company will update this Prospectus at the next occasion. Annex A indicates whether the Benchmark Regulation is relevant to a Sub-Fund. | Eine Anlage in einen Teilfonds ist nicht das Gleiche wie eine Einlage bei einer Bank oder einem anderen versicherten Finanzinstitut. Die Anlage ist unter Umständen nicht für alle Anleger geeignet. Die Teilfonds sind nicht als umfassendes Anlageprogramm gedacht und Anleger sollten ihre langfristigen Anlageziele und finanziellen Bedürfnisse berücksichtigen, wenn sie sich hinsichtlich der Teilfonds entscheiden. Eine Anlage in einen Teilfonds ist als langfristige Anlage gedacht. Die Teilfonds sollten nicht als Handelsvehikel gebraucht werden.
Der Verwaltungsrat legt alles daran, die Ziele der Gesellschaft zu erreichen, kann jedoch nicht gewährleisten, in welchem Ausmass die Anlageziele realisiert werden.
- Benchmark-VerordnungGemäss der Benchmark-Verordnung haben die Referenzwert-Administratoren bis zum 1. Januar 2020 die Registrierung oder Zulassung beantragt. Nach der Zulassung oder Registrierung wird der Referenzwert-Administrator oder die Benchmark in das Register der Administratoren oder Benchmarks eingetragen, das von der ESMA gemäss Artikel 36 der Benchmark- Verordnung geführt wird. Derzeit profitieren die Referenzwert-Administratoren aus einem Drittstaat, die in diesem Prospekt erwähnt und zurzeit noch nicht zugelassen oder registriert sind oder deren Indizes nicht von einem in der EU angesiedelten EU-Referenzwert-Administrator gemäss der Benchmark-Verordnung übernommen wurden, bis zum 31. Dezember 2023von Übergangsbestimmungen. Sobald der entsprechende Referenzwert-Administrator oder die Benchmark eines Teilfonds im Register der Administratoren und Benchmarks der ESMA erscheint, wird die Gesellschaft diesen Prospekt bei nächster Gelegenheit aktualisieren. In Anhang A ist angegeben, ob die Benchmark-Verordnung für einen Teilfonds relevant ist. | An investment in a Sub-Fund is not a deposit in a bank or other insured depositary institution. Investment may not be appropriate for all investors. The Sub-Funds are not intended to be a complete investment program and investors should consider their long-term investment goals and financial needs when making an investment decision about the Sub-Funds. An investment in a Sub-Fund is intended to be a long-term investment. The Sub-Funds should not be used as trading vehicles.
Whilst using their best endeavors to attain the Company’s objectives, the Directors cannot guarantee the extent to which the investment objectives will be achieved.
- Benchmark RegulationUnder the Benchmark Regulation, benchmark administrators applied for authorisation or registration by 1 January 2020. Upon such authorisation or registration, the benchmark administrator or the benchmark appears on the register of administrators and benchmarks maintained by ESMA pursuant to article 36 of the Benchmark Regulation. Currently, third country benchmark administrators mentioned in this Prospectus and who are not yet authorized or registered or whose indices have not been endorsed by an EU benchmark administrator pursuant to the Benchmark Regulation benefit from transitional provisions up to31 December 2023. Once the relevant benchmark administrator or the benchmark used by a Sub-Fund appears on ESMA’s register of administrators and benchmarks, the Company will update this Prospectus at the next occasion. Annex A indicates whether the Benchmark Regulation is relevant to a Sub-Fund. | en | de |
DOLFIN2784 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| ONE-OFF CHARGES TAKEN BEFORE OR AFTER YOU INVEST |
| --- |
| Entry charge | N/A |
| Exit charge | N/A |
| CHARGES TAKEN FROM THE FUND OVER A YEAR |
| Ongoing charges | 0.91% |
| CHARGES TAKEN FROM THE FUND UNDER CERTAIN SPECIFIC CONDITIONS |
| Performance fee | N/A | | | GASTOS NO RECURRENTES PERCIBIDOS CON ANTERIORIDAD O CON POSTERIORIDAD A LA INVERSION |
| --- |
| Gastos de entrada | Ninguno |
| Gastos de salida | Ninguno |
| GASTOS DETRAIDOS DEL FONDO A LO LARGO DE UN AÑO |
| Gastos corrientes | 0.91% |
| GASTOS DETRAIDOS DEL FONDO EN DETERMINADAS CONDICIONES ESPECIFICAS |
| Comisión de rentabilidad | Ninguno | | | ONE-OFF CHARGES TAKEN BEFORE OR AFTER YOU INVEST |
| --- |
| Entry charge | N/A |
| Exit charge | N/A |
| CHARGES TAKEN FROM THE FUND OVER A YEAR |
| Ongoing charges | 0.91% |
| CHARGES TAKEN FROM THE FUND UNDER CERTAIN SPECIFIC CONDITIONS |
| Performance fee | N/A | | en | es |
DOLFIN2785 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
No interests in the Fund may be advertised or offered for sale to the public in Thailand or marketed through any means of communication to the public in Thailand without prior approval of the Securities and Exchange Commission of Thailand. This Prospectus of The Jupiter Global Fund has not been approved by the Securities and Exchange Commission of Thailand which takes no responsibility for its contents. Further, this Prospectus and any other materials relating to this Prospectus of The Jupiter Global Fund and/or any of its sub-funds, are not directed to or intended for offer, public distribution, retail distribution, marketing or otherwise solicitation by the issuer or any of its distributors, and should not be offered, distributed, marketed or otherwise solicited by the issuer or any of its distributors to any person or entity to purchase the Shares in Thailand. No offer to the public to purchase the Shares will be made in Thailand and this Prospectus is intended to be read by the addressee only and must not be passed to, issued to, or shown to the public generally.
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# United Kingdom | Aucun intérêt dans le Fonds ne peut faire l'objet d'une promotion publicitaire ou être offert à la vente au public en Thaïlande ou commercialisé par des moyens de communication au public en Thaïlande sans approbation préalable de la Securities and Exchange Commission de Thaïlande. Le Prospectus de The Jupiter Global Fund n'a pas été approuvé par la Securities and Exchange Commission de Thaïlande qui n'assume aucune responsabilité quant à son contenu. Par ailleurs, le présent Prospectus et tout document lié au présent Prospectus de The Jupiter Global Fund et/ou à chacun de ses Compartiments ne sont pas destinés ou dirigés pour l'offre, la distribution publique, la distribution de détail, la commercialisation ou toute autre sollicitation par l'émetteur ou un de ses distributeurs, et ne doivent pas être offerts, distribués, commercialisés ou autrement sollicités par l'émetteur ou un de ses distributeurs à une personne ou entité pour l'achat des Actions en Thaïlande. Aucune offre au public d'achat des Actions ne sera faite en Thaïlande et le présent Prospectus est prévu pour être lu uniquement par le destinataire et ne doit pas être passé, émis ou montré au public en général.
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# Royaume-Uni | No interests in the Fund may be advertised or offered for sale to the public in Thailand or marketed through any means of communication to the public in Thailand without prior approval of the Securities and Exchange Commission of Thailand. This Prospectus of The Jupiter Global Fund has not been approved by the Securities and Exchange Commission of Thailand which takes no responsibility for its contents. Further, this Prospectus and any other materials relating to this Prospectus of The Jupiter Global Fund and/or any of its sub-funds, are not directed to or intended for offer, public distribution, retail distribution, marketing or otherwise solicitation by the issuer or any of its distributors, and should not be offered, distributed, marketed or otherwise solicited by the issuer or any of its distributors to any person or entity to purchase the Shares in Thailand. No offer to the public to purchase the Shares will be made in Thailand and this Prospectus is intended to be read by the addressee only and must not be passed to, issued to, or shown to the public generally.
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# United Kingdom | en | fr |
DOLFIN2786 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The main risks associated with this fund
For any past performance shown, please note that past performance is not a guide to future performance.
The value and income from the fund's assets will go down as well as up. This will cause the value of your investment to fall as well as rise. There is no guarantee that the fund will achieve its objective and you may get back less than you originally invested.
The fund can be exposed to different currencies. Movements in currency exchange rates may adversely affect the value of your investment.
Further risk factors that apply to the fund can be found in the fund's Key Investor Information Document (KIID). | # Les principaux risques liés à ce fonds
En ce qui concerne les performances passées mentionnées, il convient de noter qu’elles ne préjugent pas des performances futures.
La valeur et les revenus générés par l’actif du fonds fluctueront à la hausse comme à la baisse. Ainsi, la valeur de votre investissement pourra aussi bien baisser qu’augmenter. Rien ne garantit que le fonds atteindra son objectif et il est possible que vous ne récupériez pas la totalité de votre investissement initial.
Le fonds peut être exposé à différentes devises. Les fluctuations de change peuvent avoir une incidence défavorable sur la valeur de votre investissement.
D’autres facteurs de risque s’appliquant au fonds sont mentionnés dans le Document d'informations clés pour l'investisseur (DICI). | # The main risks associated with this fund
For any past performance shown, please note that past performance is not a guide to future performance.
The value and income from the fund's assets will go down as well as up. This will cause the value of your investment to fall as well as rise. There is no guarantee that the fund will achieve its objective and you may get back less than you originally invested.
The fund can be exposed to different currencies. Movements in currency exchange rates may adversely affect the value of your investment.
Further risk factors that apply to the fund can be found in the fund's Key Investor Information Document (KIID). | en | fr |
DOLFIN2787 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risk notice
- General informationThe net asset value of the units may rise or fall. When redeeming their units, unitholders may therefore receive less than they originally paid for them. There is no guarantee of a return on investment.
In addition to the general market risks that are associated with financial investments, there exists a counterparty risk and the currency and transfer risk inherent in investments abroad. Investment risk is reduced in that, in accordance with the investment policy, the investments ensure a reasonable distribution of risk.
- Interest-bearing investmentsInterest-bearing investments are also subject to risks. The prices of interest-bearing investments may both rise and fall against the original price. This depends, in particular, on the development of money and capital markets, or on the specific developments affecting the issuers in question. The credit risk associated with an investment in interest-bearing securities cannot be completely eliminated, even with careful selection.
Bonds or debt instruments involve a credit risk in relation to the issuer, for which the issuer’s credit rating can serve as a yardstick. The bonds or debt instruments of issuers with a lower rating are generally viewed as securities with a higher credit risk and greater likelihood of the issuer defaulting than the securities of issuers with a better rating. If an issuer of bonds or debt instruments gets into financial or economic difficulty, this may affect the value of the bonds or debt instruments (it may fall to zero) and the payments
made on these bonds or debt instruments (they may fall to zero).
- Risks associated with investments in CoCos Unlike convertible bonds and bonds-cum-warrants, with contingent convertible capital bonds conversion into shares or a full or partial write-down of the capital is mandatory if the issuer’s equity ratio falls below a certain threshold. Contingent convertible capital bonds are issued mainly by financial intermediaries, which may also result in exposure to sector-specific risks.
In compliance with the statement of the European Securities and Markets Authority (hereinafter "ESMA"), ESMA/2014/944 ("Potential Risks Associated with Investing in Contingent Convertible Instruments"), investors should note that Contingent Convertible Bonds (hereinafter referred to as "CoCos") may have specific risks such as:
- Threshold risks (trigger level risk): Thresholds are set differently; they determine how high the conversion risk is, depending on the difference between the equity and the threshold;
- Coupon cancellation: coupon payments may be cancelled by the issuer at any point and for any length of time;
- Capital structure inversion risk: In contrast to the traditional capital hierarchy, investors in CoCos can suffer a loss of capital even if this is not the case for shareholders;
- Maturity extension risk: CoCos are issued as instruments with an unlimited maturity and can only be called at pre-determined levels with the approval of the competent authority;
- Unknown risks:The structure of the instrument is innovative and untested;
- Return/valuation risk:The frequently attractive yield on CoCos attracts investors; however, this includes a complexity premium, amongst other things.
- Equity securities and participation rightsIt must also be emphasised that investments in equity securities and participation rights are also subject to risks. The prices of investments may both rise and fall against the original price. This depends, in particular, on the development of capital markets and national economies as a whole, as well as individual sectors in those economies, or on the specific developments affecting the issuers in question. The credit riskassociated with an investment in equity securities and participation rights cannot be completely eliminated, even with careful selection. The higher the weighting of equities in a sub-fund, the greater the potential price fluctuations and the possible overall success of the investment.
- Investments in MBS and ABS:Mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”) are debt instruments issued by the government of the United States and/or private companies and/or the agency sector.
The debt instruments are secured by a pool of assets (for MBS by mortgages, for ABS by various types of assets).
With an investment in MBS and ABS, the following risks are particularly associated with conventional bonds (non-exhaustive list):
- Higher counterparty, liquidity and interest rate risks,
- Reinvestment risk,
- Credit risks on underlying assets,
- Early repayment of principal.
- Investments in emerging markets and developing countriesEmerging markets are still at an early stage of their development and suffer from an increased risk of expropriation, confiscation, high inflation rates, prohibitive fiscal measures, nationalisation and social, political and economic uncertainty.
With an investment in the emerging markets, the following risks are particularly associated with conventional bonds (non-exhaustive list):
- Liquidity problems,
- Price fluctuations,
- Exchange rate fluctuations,
- Currency export controls,
- Purchase and sale restrictions.
- Investments in UCITS and other UCIs (target funds)Investors are advised that investments in target funds may incur the same costs at both sub-fund and target fund level. In addition, the value of the units in the target fund can be influenced by exchange rate fluctuations, foreign exchange transactions, tax regulations, etc., as well as economic and political risks. Investment in units of a target fund may also entail aliquidity risk if the units are not redeemable on a daily basis or are subject to restrictions.
- Derivative financial instrumentsDerivatives may be traded on a stock exchange (exchange-traded derivatives) or over the counter (OTC derivatives). With regard to exchange-traded derivatives, the stock exchange itself is one of the parties. Derivatives are settled via a clearing house. OTC derivatives, on the other hand, are entered into directly between two parties – without a stock exchange. The Fund takes up additional risk positions by using derivatives in the pursuit of its investment objective. Derivatives are rights or obligations, the valuations of which are derived mainly from the price, price fluctuations and expected price of an underlying instrument. Investments in derivatives are subject to general market risk, management risk, credit risk and liquidity risk. However, because of the specific structuring of derivative financial instruments, the nature of the risk in question may be different and may in some cases be greater than the risks associated with investments in the underlying instruments. The use of derivatives therefore not only requires an understanding of the underlying instrument, but also a sound knowledge of the derivatives themselves.
Exposure on the futures and options market and to
swaps and foreign exchange is associated with investment risks and transaction costs to which the Fund would not be subject had it not applied such strategies. These risks include among others:
- The risk that the Management Company’s forecasts about future trends in interest rates, securities prices and the foreign currency markets prove in retrospect to be incorrect;
- The imperfect correlation between the prices of futures and options contracts, on the one hand, and movements in the prices of the securities or currencies they are intended to hedge, on the other, means that a complete hedge may not be possible in some circumstances;
- The potential absence of a liquid secondary market for a specific instrument at a given point in time may mean that a derivative position cannot, under certain circumstances, be neutralised (closed out) at a profit, even though this would make sense from an investment policy perspective;
- The risk of not being able to sell the securities underlying the derivative instruments at a favourable time or having to buy or sell them at an unfavourable time;
- The use of derivatives may potentially result in a loss which may be impossible to predict and which may even exceed margin payments;
- The risk of insolvency or payment default on the part of a counterparty.
- Risks associated with securities lending
- Counterparty riskSecurities lending involves counterparty risk, i.e. the risk that the loaned securities are not returned or not returned in a timely manner. The principal is required to have a very high credit rating. A very high credit rating means at least a AA rating and refers to the long-term rating of recognised rating agencies; the median of the long-term ratings of the rating agencies is applied.
Counterparties belonging to the same group as the Management Company, and with which the latter conducts securities lending transactions, perform their activities under these transactions with the standard of care customary in commercial transactions. Investors should nevertheless be aware that the Management Company may be exposed to conflicts of interest with the interests of counterparties of the same group.
- Risk of price changesThe risk is that in the period between the receipt of the collateral in the event the securities lent by the sub-fund are not returned by the borrower and the recovery of the securities, the markets change to the detriment of the Fund and the value of the collateral provided is reduced to a value lower than that of the securities originally borrowed.
To avoid such a loss, haircuts are applied to the collateral. There are also restrictions on the accepted collateral.
- Liquidity riskThe Fund bears the risk of a negative impact on performance when lent securities offer the borrower additional opportunities for short positions. There is a risk that losses could be suffered (especially if an issuer is downgraded and securities have to be sold because of their rating (forced selling)).
Securities lending makes it possible to sell securities short, which also puts pressure on prices at the same time as the forced selling. For example, short selling and forced selling can simultaneously contribute to increased liquidity losses.
- Operational riskIf a borrower fails to return securities borrowed from a sub-fund, there is a risk that the collateral provided will have to be sold at a lower value than that of the securities originally borrowed. To avoid such a loss, haircuts are applied to the collateral. Regardless of these risks, various factors (e.g. the incorrect valuation of collateral, negative market performance, a credit downgrade of the issuer, or the illiquidity of the market on which the collateral is traded) may result in the use of collateral having a negative impact, which in turn can lead to a negative performance by the sub-fund.
There is also a risk that the borrowed securities cannot be returned within the given deadline. In this case, the borrower is obliged to compensate in full for any losses suffered as a result of the recovery of the security.
- | # Risikohinweis
- AllgemeinesDer Nettovermögenswert der Anteile kann steigen oder fallen. Der Anleger erhält deshalb bei Rückgabe seiner Anteile möglicherweise weniger, als er einbezahlt hat. Erträge sind nicht garantiert.
Neben den allgemeinen mit Geldanlagen in Verbindung stehenden Marktrisiken bestehen zudem ein Kontrahenten- sowie ein Währungs- und Transferrisiko bei Anlagen im Ausland. Das Risiko der Anlagen wird vermindert, indem die Anlagen gemäss der Anlagepolitik eine angemessene Risikostreuung beachten.
- Verzinsliche AnlagenAuch verzinsliche Anlagen unterliegen Risiken. Die Kurse der verzinslichen Anlagen können gegenüber dem Einstandspreis sowohl steigen als auch fallen. Dies hängt insbesondere von der Entwicklung der Geld- und Kapitalmärkte oder von besonderen Entwicklungen der jeweiligen Kontrahenten ab. Das mit einer Anlage in verzinsliche Wertpapiere verbundene Bonitätsrisiko kann auch bei einer sorgfältigen Auswahl nicht völlig ausgeschlossen werden.
Anleihen oder Schuldtitel bergen ein Kreditrisiko in Bezug auf den Emittenten, für das das Bonitätsrating des Emittenten als Messgrösse dienen kann. Anleihen oder Schuldtitel, die von Emittenten mit einem schlechteren Rating begeben werden, werden in der Regel als Wertpapiere mit einem höheren Kreditrisiko und mit einer höheren Ausfallwahrscheinlichkeit des Emittenten angesehen als solche Papiere, die von Emittenten mit einem besseren Rating begeben
werden. Gerät ein Emittent von Anleihen bzw. Schuldtiteln in finanzielle oder wirtschaftliche Schwierigkeiten, so kann sich dies auf den Wert der Anleihen bzw. Schuldtitel (dieser kann bis auf null sinken) und die auf diese Anleihen bzw. Schuldtitel geleisteten Zahlungen auswirken (diese können bis auf null sinken).
- Risiken im Zusammenhang mit Anlagen in CoCosIm Unterschied zu Wandel- und Optionsanleihen ist bei Contingent Convertible Capital Anleihen ein Tausch in Aktien oder eine ganz oder teilweise Kapitalabschreibung zwingend, wenn der Emittent die Eigenkapitalquote unterschreitet. Contingent Convertible Capital Anleihen werden mehrheitlich von Finanzintermediären ausgegeben, wodurch sich ein branchenspezifisches Risiko zusätzlich ergeben kann. In Umsetzung der Erklärung der Europäischen Wertpapier- und Marktaufsichtsbehörde ((im Folgenden «ESMA») ESMA/2014/944 («Potential Risks Associated with Investing in Contingent Convertible Instruments») wird darauf hingewiesen, dass Contingent Convertible Bonds ((im Folgenden«CoCos») spezielle Risiken aufweisen können, wie zumBeispiel:
- Schwellenwertrisiken (Trigger level risk): Schwellenwerte werden unterschiedlich angesetzt; sie bestimmen in Abhängigkeit vom Abstand zwischen dem Eigenkapital und dem Schwellenwert, wie hoch das Umwandlungsrisiko ist;
- Streichung von Couponzahlungen: Couponzahlungen können vom Emittenten jederzeit und beliebig lange gestrichen werden;
- Kapitalstruktur-Inversionsrisiko:Im Gegensatz zur klassischen Kapitalhierarchie können Anleger in CoCos auch dann einen Kapitalverlust erleiden, wenn dies bei Aktieninhabern nicht der Fall ist;
- Laufzeitverlängerungsrisiko:CoCos werden als Instrumente mit unbegrenzter Laufzeit begeben, die nur mit Genehmigung der zuständigen Behörde auf vorab festgelegten Niveaus gekündigt werden können;
- Unbekannte Risiken:Die Struktur des Instruments ist innovativ und noch nicht erprobt;
- Rendite-/Bewertungsrisiko:Die häufig attraktive Rendite von CoCos ziehtAnleger an; sie stellt jedoch unter anderem eine Komplexitätsprämie dar.
- Beteiligungswertpapiere und –rechteZudem muss hervorgehoben werden, dass auch Anlagen in Beteiligungswertpapiere und -wertrechte Risiken unterliegen. Die Kurse der Anlagen können gegenüber dem Einstandspreis sowohl steigen als auch fallen. Das hängt insbesondere mit der Entwicklung der Kapitalmärkte und Volkswirtschaften oder einzelner Wirtschaftszweige ab oder von besonderen Entwicklungen der jeweiligen Emittenten. Das mit der Anlage in Beteiligungswertpapiere und -wertrechte verbundene Bonitätsrisiko kann auch bei einer sorgfältigen Auswahl nicht völlig ausgeschlossen werden. Je höher der Aktienanteil in einem Teilfonds ist, desto grösser werden gleichzeitig die möglichen Kursschwankungen und der mögliche Gesamterfolg der Anlage.
- Anlagen in MBS und ABS«Mortgage Backed Securities» («MBS») und «Asset Backed Securities» («ABSs») sind von der Regierung der Vereinigten Staaten und/oder von privaten Wirtschaftsunternehmen und/oder vom Agency-Sektor begebene Schuldtitel.
Die Schuldtitel sind durch einen Pool von Aktiven (bei MBS durch Hypotheken, bei ABS durch verschiedene Arten von Aktiven) besichert.
Mit einem Engagement in MBS und ABS sind gegenüber herkömmlichen Anleihen insbesondere folgende Risiken verbunden (nicht abschliessende Aufzählung):
- höhere Gegenpartei-, Liquiditäts- und Zinssatzrisiken
- Wiederanlagerisiko
- Kreditrisiken auf unterliegenden Aktiva
- Vorzeitige Kapitalrückzahlung.
- Anlagen in Schwellenländern/ EntwicklungsmärktenSchwellenmärkt, d.h. Emerging Markets, befinden sich noch in einem frühen Stadium ihrer Entwicklung und leiden unter einem erhöhten Risiko der Enteignung, Beschlagnahmung, hoher Inflationsraten, prohibitiver steuerlicher Massnahmen, Nationalisierung und der sozialen, politischen und wirtschaftlichen Unsicherheit. Mit einem Engagement in Emerging Markets sind gegenüber herkömmlichen Anleihen insbesonderefolgende Risiken verbunden (nicht abschliessende Aufzählung):
- Liquiditätsprobleme
- Preisschwankungen
- Wechselkursschwankungen
- Devisenausfuhrbeschränkungen
- Kauf- und Verkaufsbeschränkungen
- Anlagen in OGAW und andere OGA (Zielfonds) Die Anleger werden darauf hingewiesen, dass bei Anlagen in Zielfonds dieselben Kosten auf Ebene des Teilfonds als auch auf Ebene des Zielfonds anfallen können. Darüber hinaus kann der Wert der Anteile des Zielfonds von Wechselkursschwankungen, Devisengeschäften, Steuervorschriften und sonstigen wie auch wirtschaftlichen und politischen Risiken beeinflusst werden. Die Anlage in Anteile eines Zielfonds kann zusätzlich ein Liquiditätsrisiko beinhalten, wenn die Rücknahme der Anteile nicht täglich erfolgt bzw. Einschränkungen unterliegt.
- Derivative FinanzinstrumenteDerivate können an einer Börse (exchange traded derivatives) oder ausserbörslich (over the counter respektive OTC-Derivatives) gehandelt werden. Bei den börsengehandelten Derivaten ist die Börse selbst eine der Parteien. Die Derivate werden über eine Clearingstelle abgewickelt. OTC-Derivate werden dagegen direkt zwischen zwei Parteien – ohne Börse - abgeschlossen. Beim Einsatz von Derivaten im Rahmen der Verfolgung des Anlageziels geht der Fonds zusätzliche Risikopositionen ein. Derivate sind Rechte bzw. Verpflichtungen, deren Bewertung vornehmlich aus dem Preis, den Preisschwankungen sowie den Preiserwartungen eines zugrunde liegenden Basisinstruments abgeleitet ist. Anlagen in Derivate unterliegen dem allgemeinen Markt-, dem Management-, dem Kredit- und dem Liquiditätsrisiko. Bedingt durch eine spezielle Ausgestaltung der derivativen Finanzinstrumente können die erwähnten Risiken jedoch anders geartet sein und teilweise höher ausfallen als Risiken bei einer Anlage in den Basisinstrumenten. Deshalb erfordert der Einsatz von Derivaten nicht nur ein Verständnis des Basisinstruments, sondern auch fundierte Kenntnisse der Derivate selbst.
Ein Engagement am Termin- und Optionsmarkt und
mit Swap- und Devisengeschäften ist mit Anlagerisiken und Transaktionskosten verbunden, denen der Fonds nicht unterläge, falls diese Strategien nicht angewendet würden. Zu diesen Risiken gehören unter anderem:
- die Gefahr, dass sich die von der Verwaltungsgesellschaft getroffenen Prognosen über die künftige Entwicklung von Zinssätzen, Wertpapierkursen und Devisenmärkten im Nachhinein als unrichtig erweisen;
- die unvollständige Korrelation zwischen den Preisen von Termin- und Optionskontrakten einerseits und den Kursbewegungen der damit abgesicherten Wertpapiere oder Währungen andererseits mit der Folge, dass eine vollständige Absicherung unter Umständen nicht möglich ist;
- das mögliche Fehlen eines liquiden Sekundärmarktes für ein bestimmtes Instrument zu einem gegebenen Zeitpunkt mit der Folge, dass eine Derivatposition unter Umständen nicht wirtschaftlich neutralisiert (geschlossen) werden kann, obwohl dies anlagepolitisch sinnvoll wäre;
- die Gefahr, den Gegenstand von derivativen Instrumenten bildende Wertpapiere zu einem an sich günstigen Zeitpunkt nicht verkaufen zu können bzw. zu einem ungünstigen Zeitpunkt kaufen oder verkaufen zu müssen;
- der durch die Verwendung von derivativen Instrumenten entstehende potenzielle Verlust, der unter Umständen nicht vorhersehbar ist und sogar die Einschusszahlungen überschreiten könnte;
- die Gefahr einer Zahlungsunfähigkeit oder eines Zahlungsverzugs einer Gegenpartei.
- Risiken im Zusammenhang mit der Wertpapierleihe
- GegenparteirisikoDie Wertpapierleihe beinhaltet Gegenparteirisiken, im Falle dass die ausgeliehenen Wertpapiere nicht oder nicht fristgerecht zurückgegeben werden. Für den Principal gilt die Anforderung einer sehr hohen Bonität. Sehr hohe Bonität bedeutet mindestens AA- Rating und bezieht sich auf das Long-Term Rating anerkannter Rating-Agenturen, wobei der Median des Long Term Ratings der Rating- Agenturen zur Anwendung kommt.
Gegenparteien, die zur gleichen Gruppe wie die Verwaltungsgesellschaft gehören und mit denen diese Wertpapierleihgeschäfte abschliesst, führen die ihnen durch diese Geschäfte obliegenden Pflichten mit der im Handelsverkehr üblichen Sorgfalt aus. Dennoch sollten sich Anleger darüber bewusst sein, dass die Verwaltungsgesellschaft Interessenkonflikten mit den Interessen von Gegenparteien derselben Gruppe ausgesetzt sein kann.
- PreisänderungsrisikoDas Risiko besteht darin, dass in der Periode zwischen dem Erhalt der Sicherheit im Falle einer Nichterfüllung der Rückgabe der von einem Teilfonds entliehenen Wertpapiere durch die Entleiherin und der Wiederbeschaffung der Titel eine Veränderung der Märkte zu Ungunsten des Fonds erfolgt und die gestellten Sicherheiten zu einem geringeren Wert als dem der ursprünglich entliehenen Wertpapiere verkauft werden müssen. Zur Vermeidung eines solchen Verlustes werden Bewertungsabschläge (Haircuts) auf die Sicherheiten angewendet. Weiterhin bestehen Einschränkungen an die akzeptierten Sicherheiten.
- LiquiditätsrisikoDer Fonds trägt das Risiko einer negativen Auswirkung auf die Performance, wenn ausgeliehene Titel der Entleiherin zusätzliche Möglichkeiten für Shortpositionen eröffnen. Hierdurch besteht die Gefahr der Realisierung von Verlusten (insbesondere, wenn ein Emittent ein Downgrading erleidet und Titel aufgrund ihres Ratings verkauft werden müssen (Forced-Selling)). Das Securities Lending ermöglicht Titel leer zu verkaufen, was gleichzeitig zum Forced Selling auf die Kurse drückt. So können Leerverkäufe und Forced Selling simultan zu erhöhten Liquiditätsverlusten beitragen.
- Operationelles RisikoFalls es zu einer Nichterfüllung der Rückgabe der von einem Teilfonds entliehenen Wertpapiere durch die Entleiherin kommt, besteht das Risiko, dass die gestellten Sicherheiten zu einem geringeren Wert als dem der ursprünglich entliehenen Wertpapiere verkauft werden müssen. Zur Vermeidung eines solchen Verlustes werden Bewertungsabschläge (Haircuts) auf die Sicherheiten angewendet. Unabhängig davon kann es aufgrund unrichtiger Bewertung der Sicherheiten, negativer Marktentwicklung, Herabstufung der Bonitätsbewertung des zugehörigen Emittenten oder Illiquidität des Marktes, an dem die Sicherheiten gehandelt werden, zu einer negativen Beeinflussung durch die Verwendung der Sicherheiten kommen, was eine negative Wertentwicklung des Teilfonds verursachen kann.
Es besteht zudem das Risiko, dass die geliehenen
Wertpapiere nicht in der vorgegebenen Frist zurückgeben werden können. In diesem Fall ist die
Entleiherin gehalten, den dadurch entstandenen Schaden vollständig auszugleichen, der in jeglicher Art mit der Wiederbeschaffung der Titel zusammenfällt.
- | # Risk notice
- General informationThe net asset value of the units may rise or fall. When redeeming their units, unitholders may therefore receive less than they originally paid for them. There is no guarantee of a return on investment.
In addition to the general market risks that are associated with financial investments, there exists a counterparty risk and the currency and transfer risk inherent in investments abroad. Investment risk is reduced in that, in accordance with the investment policy, the investments ensure a reasonable distribution of risk.
- Interest-bearing investmentsInterest-bearing investments are also subject to risks. The prices of interest-bearing investments may both rise and fall against the original price. This depends, in particular, on the development of money and capital markets, or on the specific developments affecting the issuers in question. The credit risk associated with an investment in interest-bearing securities cannot be completely eliminated, even with careful selection.
Bonds or debt instruments involve a credit risk in relation to the issuer, for which the issuer’s credit rating can serve as a yardstick. The bonds or debt instruments of issuers with a lower rating are generally viewed as securities with a higher credit risk and greater likelihood of the issuer defaulting than the securities of issuers with a better rating. If an issuer of bonds or debt instruments gets into financial or economic difficulty, this may affect the value of the bonds or debt instruments (it may fall to zero) and the payments
made on these bonds or debt instruments (they may fall to zero).
- Risks associated with investments in CoCos Unlike convertible bonds and bonds-cum-warrants, with contingent convertible capital bonds conversion into shares or a full or partial write-down of the capital is mandatory if the issuer’s equity ratio falls below a certain threshold. Contingent convertible capital bonds are issued mainly by financial intermediaries, which may also result in exposure to sector-specific risks.
In compliance with the statement of the European Securities and Markets Authority (hereinafter "ESMA"), ESMA/2014/944 ("Potential Risks Associated with Investing in Contingent Convertible Instruments"), investors should note that Contingent Convertible Bonds (hereinafter referred to as "CoCos") may have specific risks such as:
- Threshold risks (trigger level risk): Thresholds are set differently; they determine how high the conversion risk is, depending on the difference between the equity and the threshold;
- Coupon cancellation: coupon payments may be cancelled by the issuer at any point and for any length of time;
- Capital structure inversion risk: In contrast to the traditional capital hierarchy, investors in CoCos can suffer a loss of capital even if this is not the case for shareholders;
- Maturity extension risk: CoCos are issued as instruments with an unlimited maturity and can only be called at pre-determined levels with the approval of the competent authority;
- Unknown risks:The structure of the instrument is innovative and untested;
- Return/valuation risk:The frequently attractive yield on CoCos attracts investors; however, this includes a complexity premium, amongst other things.
- Equity securities and participation rightsIt must also be emphasised that investments in equity securities and participation rights are also subject to risks. The prices of investments may both rise and fall against the original price. This depends, in particular, on the development of capital markets and national economies as a whole, as well as individual sectors in those economies, or on the specific developments affecting the issuers in question. The credit riskassociated with an investment in equity securities and participation rights cannot be completely eliminated, even with careful selection. The higher the weighting of equities in a sub-fund, the greater the potential price fluctuations and the possible overall success of the investment.
- Investments in MBS and ABS:Mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”) are debt instruments issued by the government of the United States and/or private companies and/or the agency sector.
The debt instruments are secured by a pool of assets (for MBS by mortgages, for ABS by various types of assets).
With an investment in MBS and ABS, the following risks are particularly associated with conventional bonds (non-exhaustive list):
- Higher counterparty, liquidity and interest rate risks,
- Reinvestment risk,
- Credit risks on underlying assets,
- Early repayment of principal.
- Investments in emerging markets and developing countriesEmerging markets are still at an early stage of their development and suffer from an increased risk of expropriation, confiscation, high inflation rates, prohibitive fiscal measures, nationalisation and social, political and economic uncertainty.
With an investment in the emerging markets, the following risks are particularly associated with conventional bonds (non-exhaustive list):
- Liquidity problems,
- Price fluctuations,
- Exchange rate fluctuations,
- Currency export controls,
- Purchase and sale restrictions.
- Investments in UCITS and other UCIs (target funds)Investors are advised that investments in target funds may incur the same costs at both sub-fund and target fund level. In addition, the value of the units in the target fund can be influenced by exchange rate fluctuations, foreign exchange transactions, tax regulations, etc., as well as economic and political risks. Investment in units of a target fund may also entail aliquidity risk if the units are not redeemable on a daily basis or are subject to restrictions.
- Derivative financial instrumentsDerivatives may be traded on a stock exchange (exchange-traded derivatives) or over the counter (OTC derivatives). With regard to exchange-traded derivatives, the stock exchange itself is one of the parties. Derivatives are settled via a clearing house. OTC derivatives, on the other hand, are entered into directly between two parties – without a stock exchange. The Fund takes up additional risk positions by using derivatives in the pursuit of its investment objective. Derivatives are rights or obligations, the valuations of which are derived mainly from the price, price fluctuations and expected price of an underlying instrument. Investments in derivatives are subject to general market risk, management risk, credit risk and liquidity risk. However, because of the specific structuring of derivative financial instruments, the nature of the risk in question may be different and may in some cases be greater than the risks associated with investments in the underlying instruments. The use of derivatives therefore not only requires an understanding of the underlying instrument, but also a sound knowledge of the derivatives themselves.
Exposure on the futures and options market and to
swaps and foreign exchange is associated with investment risks and transaction costs to which the Fund would not be subject had it not applied such strategies. These risks include among others:
- The risk that the Management Company’s forecasts about future trends in interest rates, securities prices and the foreign currency markets prove in retrospect to be incorrect;
- The imperfect correlation between the prices of futures and options contracts, on the one hand, and movements in the prices of the securities or currencies they are intended to hedge, on the other, means that a complete hedge may not be possible in some circumstances;
- The potential absence of a liquid secondary market for a specific instrument at a given point in time may mean that a derivative position cannot, under certain circumstances, be neutralised (closed out) at a profit, even though this would make sense from an investment policy perspective;
- The risk of not being able to sell the securities underlying the derivative instruments at a favourable time or having to buy or sell them at an unfavourable time;
- The use of derivatives may potentially result in a loss which may be impossible to predict and which may even exceed margin payments;
- The risk of insolvency or payment default on the part of a counterparty.
- Risks associated with securities lending
- Counterparty riskSecurities lending involves counterparty risk, i.e. the risk that the loaned securities are not returned or not returned in a timely manner. The principal is required to have a very high credit rating. A very high credit rating means at least a AA rating and refers to the long-term rating of recognised rating agencies; the median of the long-term ratings of the rating agencies is applied.
Counterparties belonging to the same group as the Management Company, and with which the latter conducts securities lending transactions, perform their activities under these transactions with the standard of care customary in commercial transactions. Investors should nevertheless be aware that the Management Company may be exposed to conflicts of interest with the interests of counterparties of the same group.
- Risk of price changesThe risk is that in the period between the receipt of the collateral in the event the securities lent by the sub-fund are not returned by the borrower and the recovery of the securities, the markets change to the detriment of the Fund and the value of the collateral provided is reduced to a value lower than that of the securities originally borrowed.
To avoid such a loss, haircuts are applied to the collateral. There are also restrictions on the accepted collateral.
- Liquidity riskThe Fund bears the risk of a negative impact on performance when lent securities offer the borrower additional opportunities for short positions. There is a risk that losses could be suffered (especially if an issuer is downgraded and securities have to be sold because of their rating (forced selling)).
Securities lending makes it possible to sell securities short, which also puts pressure on prices at the same time as the forced selling. For example, short selling and forced selling can simultaneously contribute to increased liquidity losses.
- Operational riskIf a borrower fails to return securities borrowed from a sub-fund, there is a risk that the collateral provided will have to be sold at a lower value than that of the securities originally borrowed. To avoid such a loss, haircuts are applied to the collateral. Regardless of these risks, various factors (e.g. the incorrect valuation of collateral, negative market performance, a credit downgrade of the issuer, or the illiquidity of the market on which the collateral is traded) may result in the use of collateral having a negative impact, which in turn can lead to a negative performance by the sub-fund.
There is also a risk that the borrowed securities cannot be returned within the given deadline. In this case, the borrower is obliged to compensate in full for any losses suffered as a result of the recovery of the security.
- | en | de |
DOLFIN2788 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Charges taken from the Fund over a year
One-off charges taken before or after you invest
- The ongoing charges figure is based on expenses for the twelve months ended December 2021. This figure may vary from year to year. It excludes portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. | Frais prélevés par le Fonds sur une année
Frais ponctuels prélevés avant ou après la souscription de votre investissement
- Le montant des frais courants est basé sur les frais des douze mois clôturés en décembre 2021. Ce chiffre peut varier d’une année sur l’autre. Il ne tient pas compte des coûts de transaction du portefeuille, à l’exception des frais d’entrée/sortie payés par le Fonds lors de l’achat ou de la vente de parts dans un autre organisme de placement collectif. | Charges taken from the Fund over a year
One-off charges taken before or after you invest
- The ongoing charges figure is based on expenses for the twelve months ended December 2021. This figure may vary from year to year. It excludes portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. | en | fr |
DOLFIN2789 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
1
Lombard Odier Funds (“LO Funds”) is a variable capital investment company (SICAV) incorporated in Luxembourg as an Undertaking for Collective Investments in Transferable Securities (UCITS) subject to Luxembourg laws. Fallen Angels Recovery is a Sub-Fund of LO Funds. /
2
The ongoing charges figure is estimated and is currently based on the Total Expense Ratio (‘TER’). This figure may vary periodically. /
3
The Sub-Fund is not appropriate for Belgian retail investors unless the investment subscription is more than EUR 250,000.
This marketing document is for retail investors located in the countries listed on Section – Key Facts. It is not appropriate for Belgian retail investors unless the investment subscription is more than EUR 250,000. It is not appropriate for retail investors in Singapore or any US person. | 1
Lombard Odier Funds (« LO Funds ») est une société d’investissement à capital variable (SICAV) enregistrée au Luxembourg en tant qu’organisme de placement collectif en valeurs mobilières (OPCVM) de droit luxembourgeois. Fallen Angels Recovery est un Compartiment de LO Funds. /
2
Le montant des frais courants est estimé et est actuellement basé sur le Total Expense Ratio (« TER »). Ce chiffre peut varier périodiquement. /
3
Le Compartiment ne convient pas aux investisseurs belges, sauf si la souscription de l’investissement est supérieure à EUR 250’000.
Le présent document commercial est destiné aux investisseurs particuliers des pays énumérés dans la Section « Données clés ». Il ne convient pas aux investisseurs belges, sauf si la souscription de l’investissement est supérieure à EUR 250’000. Il ne convient pas aux investisseurs particuliers de Singapour ni aux ressortissants des Etats-Unis. | 1
Lombard Odier Funds (“LO Funds”) is a variable capital investment company (SICAV) incorporated in Luxembourg as an Undertaking for Collective Investments in Transferable Securities (UCITS) subject to Luxembourg laws. Fallen Angels Recovery is a Sub-Fund of LO Funds. /
2
The ongoing charges figure is estimated and is currently based on the Total Expense Ratio (‘TER’). This figure may vary periodically. /
3
The Sub-Fund is not appropriate for Belgian retail investors unless the investment subscription is more than EUR 250,000.
This marketing document is for retail investors located in the countries listed on Section – Key Facts. It is not appropriate for Belgian retail investors unless the investment subscription is more than EUR 250,000. It is not appropriate for retail investors in Singapore or any US person. | en | fr |
DOLFIN2790 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The
The fund promotes environmental and social characteristics or a combination of these characteristics without pursuing an explicit ESG and/or sustainable investment strategy. The currency of the fund is EUR. The fund distributes annually. You may request the redemption of shares generally on a daily basis. The Company may, however, suspend or restrict the redemption if extraordinary circumstances appear to make this necessary, taking into account the interests of the investors.
fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The risk of a payment default may also fluctuate among issuers. The fund invests in financial instruments that are basically sufficiently liquid but which may be illiquid under certain circumstances. This means that regular trade may be temporarily disrupted or impossible. The fund invests in contingent convertible bonds. Compared to traditional bonds, this type of bond may be more likely to result in partial or complete loss of value. An investment in this special type of bond may result in substantial losses for the portfolio due to certain trigger events. Bonds of this type can also be converted into equities of the issuing company, which may also suffer a loss in value.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 4, dado que su precio por acción fluctúa y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser relativamente elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo invierte en bonos cuyo valor depende de que el
características medioambientales y sociales, o una combinación de ambas, pero no persigue con ello una estrategia de inversión orientada explícitamente a cuestiones ESG o a la sostenibilidad. La moneda del fondo es EUR. El fondo reparte dividendos anual. Por lo general, puede solicitar el reembolso de sus acciones diariamente. La sociedad podrá, no obstante, suspender o limitar el reembolso cuando, por circunstancias extraordinarias, la suspensión o restricción resulte indispensable en atención a los intereses de los inversores.
emisor esté en condiciones de efectuar pagos. El riesgo de impago también puede estar sujeto a fluctuaciones en los emisores. El fondo invierte en instrumentos financieros que, en principio, cuentan con una liquidez suficiente pero que, en determinadas circunstancias, pueden volverse ilíquidos. Es decir, es posible que la negociación ordinaria se vea afectada de forma transitoria o resulte irrealizable. El fondo invierte en bonos convertibles contingentes. Este tipo de bonos conlleva una mayor probabilidad de devaluación total o parcial que los bonos clásicos. La inversión en esta clase especial de bonos puede producir pérdidas considerables en la cartera como consecuencia de determinados eventos desencadenantes. Las inversiones de este tipo también pueden convertirse en acciones de la empresa emisora, que pueden sufrir igualmente retrocesos en su valor.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The
The fund promotes environmental and social characteristics or a combination of these characteristics without pursuing an explicit ESG and/or sustainable investment strategy. The currency of the fund is EUR. The fund distributes annually. You may request the redemption of shares generally on a daily basis. The Company may, however, suspend or restrict the redemption if extraordinary circumstances appear to make this necessary, taking into account the interests of the investors.
fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The risk of a payment default may also fluctuate among issuers. The fund invests in financial instruments that are basically sufficiently liquid but which may be illiquid under certain circumstances. This means that regular trade may be temporarily disrupted or impossible. The fund invests in contingent convertible bonds. Compared to traditional bonds, this type of bond may be more likely to result in partial or complete loss of value. An investment in this special type of bond may result in substantial losses for the portfolio due to certain trigger events. Bonds of this type can also be converted into equities of the issuing company, which may also suffer a loss in value.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN2791 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations clés pour l'investisseur
Ce document fournit des informations essentielles aux investisseurs de ce fonds. Il ne s'agit pas d'un document promotionnel. Les informations qu'il contient vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste un investissement dans ce Fonds et quels risques y sont associés. Il vous est conseillé de le lire pour décider en connaissance de cause d'investir ou non.
| Asia Total Return Bond Fund (le « Fonds ») |
| --- |
| (anciennement Asia Strategic Income Fund) |
| un compartiment de Matthews Asia Funds (la « Société ») |
| I Accumulation USD (la « Catégorie ») ISIN LU1061983224 Société de gestion : Carne Global Fund Managers (Luxembourg) S.A. (la « Société de gestion ») | | # Datos fundamentales para el inversor
El presente documento recoge los datos fundamentales sobre este fondo que el inversor debe conocer. No se trata de material de promoción comercial. La ley exige que se facilite esta información para ayudarle a comprender la naturaleza del fondo y los riesgos que comporta invertir en él. Es aconsejable que lea el documento para poder tomar una decisión fundada sobre la conveniencia o no de invertir en él.
| Asia Total Return Bond Fund (el «Fondo») |
| --- |
| (anteriormente denominado Asia Strategic Income Fund) |
| un subfondo de Matthews Asia Funds (la «Sociedad») |
| I Accumulation USD (la «Clase») ISIN LU1061983224 Sociedad de gestión: Carne Global Fund Managers (Luxembourg) S.A. (la "Sociedad de gestión") | | # Informations clés pour l'investisseur
Ce document fournit des informations essentielles aux investisseurs de ce fonds. Il ne s'agit pas d'un document promotionnel. Les informations qu'il contient vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste un investissement dans ce Fonds et quels risques y sont associés. Il vous est conseillé de le lire pour décider en connaissance de cause d'investir ou non.
| Asia Total Return Bond Fund (le « Fonds ») |
| --- |
| (anciennement Asia Strategic Income Fund) |
| un compartiment de Matthews Asia Funds (la « Société ») |
| I Accumulation USD (la « Catégorie ») ISIN LU1061983224 Société de gestion : Carne Global Fund Managers (Luxembourg) S.A. (la « Société de gestion ») | | fr | es |
DOLFIN2792 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Sub-Fund will provide exposure to these Strategies, through long and/or synthetic short positions, either by holding the underlying components directly or through synthetic positions. More precisely, the Sub-Fund is expected to obtain exposure to Asset Classes (i) primarily by using a wide range of financial derivative instruments,
(ii) by investing directly in equities of all market capitalization or bonds (including corporate or sovereign debt, of any credit rating, maturity or duration), and/or (iii) investing through others UCIs/UCITS (including exchange-traded funds).
The Sub-Fund excludes investments and/or exposure through financial instruments issued by companies identified as involved in production of tobacco and exploitation of coal mining. Amongst the criteria used for making its investment decision, the investment manager also considers Environmental, Social and Governance (ESG) factors including AXA IM proprietary ESG Framework in its investment analysis. | Der Teilfonds geht ein Engagement in diesen Strategien ein, anhand Long- und/oder synthetischer Short-Positionen – entweder durch ein direktes Halten der zugrunde liegenden Komponenten oder durch synthetische Positionen. Genauer gesagt wird erwartet, dass der Teilfonds ein Engagement in Vermögensklassen eingeht, (i) indem er vorwiegend eine breite Palette finanzieller Derivate verwendet,
(ii) indem er direkt in Aktien jeder Marktkapitalisierung oder Anleihen investiert (einschließlich Unternehmensanliehen oder staatlicher Schuldverschreibungen, unabhängig von Rating, Fälligkeit oder Laufzeit) und/oder (iii) indem er mittels anderer OGA/OGAW (einschließlich börsengehandelter Fonds) investiert.
Der Teilfonds schließt Anlagen und/oder Engagement durch Finanzinstrumente aus, die von Unternehmen begeben werden, die in die Herstellung von Tabakprodukten und in den Abbau von Kohle involviert sind. Der Anlageverwalter berücksichtigt bei seiner Anlageanalyse neben den Kriterien zum Treffen der Anlageentscheidungen auch die Faktoren in Bezug auf Umwelt, Gesellschaft und Unternehmensführung (ESG), einschließlich des eigenen ESG-Rahmenwerks von AXA IM. | The Sub-Fund will provide exposure to these Strategies, through long and/or synthetic short positions, either by holding the underlying components directly or through synthetic positions. More precisely, the Sub-Fund is expected to obtain exposure to Asset Classes (i) primarily by using a wide range of financial derivative instruments,
(ii) by investing directly in equities of all market capitalization or bonds (including corporate or sovereign debt, of any credit rating, maturity or duration), and/or (iii) investing through others UCIs/UCITS (including exchange-traded funds).
The Sub-Fund excludes investments and/or exposure through financial instruments issued by companies identified as involved in production of tobacco and exploitation of coal mining. Amongst the criteria used for making its investment decision, the investment manager also considers Environmental, Social and Governance (ESG) factors including AXA IM proprietary ESG Framework in its investment analysis. | en | de |
DOLFIN2793 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Fund Statistics 2)
3 years 5 years
Annualised volatility in % 19,07 17,28
- The calculation of the risk indicator is based on the CESR/10-673 Guidelines. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the Fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either, 7 is the highest risk.
- Historical performance indications and financial market scenarios are no reliable indicator for current or future performance.
- For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus.
1 / 2 | # Fondsstatistik 2)
3 Jahre 5 Jahre
Annualisierte Volatilität in % 19,07 17,28
- Die Berechnung des Risikoindikators basiert auf den Leitlinien CESR/10-673. Der Risikoindikator basiert auf historischen und teilweise auf simulierten Daten; er kann nicht für die Prognose zukünftiger Entwicklungen verwendet werden. Die Klassifizierung des Fonds kann sich in Zukunft ändern und stellt keine Garantie dar. Zudem entspricht eine Klassifizierung in Kategorie 1 keiner risikolosen Anlage; Kategorie 7 entspricht dem höchsten Risiko.
- Historische Performanceangaben und Finanzmarktszenarien sind keine verlässlichen Indikatoren für aktuelle oder zukünftige Ergebnisse. Bei den Performanceangaben sind die bei Ausgabe und Rücknahme von Fondsanteilen erhobenen Gebühren und Kosten nicht berücksichtigt.
- Weitere Einzelheiten sind dem entsprechenden Abschnitt «Nettovermögenswert» im Fondsprospekt zu entnehmen. | # Fund Statistics 2)
3 years 5 years
Annualised volatility in % 19,07 17,28
- The calculation of the risk indicator is based on the CESR/10-673 Guidelines. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the Fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either, 7 is the highest risk.
- Historical performance indications and financial market scenarios are no reliable indicator for current or future performance.
- For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus.
1 / 2 | en | de |
DOLFIN2794 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Information for shareholders
The Management Company publishes information, in particular notices to shareholders, on its website (www.ethenea.com). In addition, notices will be published in the Grand Duchy of Luxembourg in the “RESA” and in the “Tageblatt”, where required by law, and also, if required, in another daily newspaper that has sufficient circulation.
The following documents are available for inspection free of charge during normal business hours on working days in Luxembourg (apart from Saturdays) at the registered office of the Management Company:
- Articles of Association of the Investment Company;
- Articles of Association of the Management Company;
- Management Agreement;
- Fund Management Contract;
- Depositary Agreement;
- Agreement on the transfer of the functions of Central Administration Agent, Registrar and Transfer Agent and paying agent. | # Informazioni agli azionisti
Le informazioni, e in particolare le comunicazioni agli azionisti, sono pubblicate dalla Società di gestione sul suo sito Internet www.ethenea.com. Inoltre, nei casi previsti dalla legge per il Granducato di Lussemburgo, gli avvisi sono pubblicati anche su “RESA” e sul “Tageblatt” e, se necessario, su un altro quotidiano con sufficiente diffusione.
I documenti di seguito elencati sono gratuitamente a disposizione per consultazione durante i normali orari di apertura in Lussemburgo (escluso il sabato) presso la sede della Società di gestione:
- statuto della Società di investimento;
- statuto della Società di gestione;
- contratto di gestione;
- contratto di gestione del Fondo;
- contratto di Depositario;
- contratto relativo all'assunzione delle funzioni di Amministrazione centrale, Agente per il registro e il trasferimento e Agente di pagamento. | # Information for shareholders
The Management Company publishes information, in particular notices to shareholders, on its website (www.ethenea.com). In addition, notices will be published in the Grand Duchy of Luxembourg in the “RESA” and in the “Tageblatt”, where required by law, and also, if required, in another daily newspaper that has sufficient circulation.
The following documents are available for inspection free of charge during normal business hours on working days in Luxembourg (apart from Saturdays) at the registered office of the Management Company:
- Articles of Association of the Investment Company;
- Articles of Association of the Management Company;
- Management Agreement;
- Fund Management Contract;
- Depositary Agreement;
- Agreement on the transfer of the functions of Central Administration Agent, Registrar and Transfer Agent and paying agent. | en | it |
DOLFIN2795 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in the Euro investment grade and high yield market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- sector allocation
- geographical allocation
- credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield)
- issuer selection
- instrument selection The Sub-Fund invests:
- at least two thirds of its total assets in Euro denominated corporate and government bonds issued in OECD countries, with 30% maximum of its total assets rated between BB+ and B- by Standard & Poor’s or equivalent rating by Moody’s or Fitch (the arithmetic average of available ratings from Standard & Poor's, Moody's and Fitch will be considered). In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered), securities will be sold within 6 months
- up to one third of its total assets in money market instruments
- up to one quarter of its total assets in convertible securities
- up to one tenth of its total assets in equity and equity related instrumentsThe Sub-Fund will not invest in securities rated CCC+ or below by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered). | ## Política de inversión
Este Subfondo está gestionado activamente con el fin de captar oportunidades en el mercado de primera calidad crediticia (investment grade) y de alto rendimiento (high yield) en euros. Las siguientes decisiones de inversión se toman tras un análisis microeconómico y macroeconómico exhaustivo del mercado:
- distribución sectorial
- distribución geográfica
- posicionamiento en la curva de crédito (la curva de crédito ilustra la relación entre el plazo de la inversión y el rendimiento crediticio)
- selección de emisores
- selección de instrumentos El Subfondo invierte:
- como mínimo dos tercios de sus activos totales en bonos públicos ycorporativos, denominados en euros, emitidos en países pertenecientes a la OCDE, con un máximo del 30% de sus activos totales calificados entre BB+ y B- según Standard & Poor’s o calificación equivalente según Moody’s o Fitch (se considerará la media aritmética de las calificaciones disponibles de Standard & Poor’s, Moody’s y Fitch). En caso de rebaja de la calificación crediticia por debajo de B- según Standard & Poor’s o calificación equivalente según Moody’s o Fitch (se considerará la calificación más reducida), los títulos se venderán dentro de un plazo de 6 meses.
- hasta un tercio de sus activos totales, en instrumentos del mercado monetario
- hasta una cuarta parte de sus activos totales en títulos convertibles
- hasta la décima parte de sus activos totales, en valores de renta variable e instrumentos relacionados con la renta variableEl Subfondo no invertirá en títulos con calificación CCC+ o inferior según Standard & Poor’s o calificación equivalente según Moody’s o Fitch (se considerará la calificación más reducida). | ## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in the Euro investment grade and high yield market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- sector allocation
- geographical allocation
- credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield)
- issuer selection
- instrument selection The Sub-Fund invests:
- at least two thirds of its total assets in Euro denominated corporate and government bonds issued in OECD countries, with 30% maximum of its total assets rated between BB+ and B- by Standard & Poor’s or equivalent rating by Moody’s or Fitch (the arithmetic average of available ratings from Standard & Poor's, Moody's and Fitch will be considered). In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered), securities will be sold within 6 months
- up to one third of its total assets in money market instruments
- up to one quarter of its total assets in convertible securities
- up to one tenth of its total assets in equity and equity related instrumentsThe Sub-Fund will not invest in securities rated CCC+ or below by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered). | en | es |
DOLFIN2796 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 1 out of 7, which is the lowest risk class. This rates the potential losses from future performance at a very low level, and poor market conditions are very unlikely to impact our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | #### El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la categoría 1 de 7, es decir, la clase de riesgo más baja. Esto clasifica las posibles pérdidas de rentabilidad futura a un nivel muy bajo e indica que las malas condiciones del mercado muy improbablemente incidan en nuestra capacidad para pagarle.
Tenga presente el riesgo de cambio. Su moneda local puede diferir de la moneda del producto. Usted recibirá los pagos en una moneda diferente de su moneda local, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente. | #### The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 1 out of 7, which is the lowest risk class. This rates the potential losses from future performance at a very low level, and poor market conditions are very unlikely to impact our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | en | es |
DOLFIN2797 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Transparency regarding the promotion of environmental or social characteristics and sustainable investments
BNP Paribas Asset Management’s approach
On its website, BNP Paribas Asset Management provides investors with its policy on the integration of sustainability risks in its investment decision-making process, in accordance with Article 3 of Regulation 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (SFDR).
In addition, BNP Paribas Asset Management will provide investors and the public with a document outlining its policy for incorporating environmental, social and governance criteria into its investment strategy, the resources put towards energy and ecological transition, and its strategy for implementing this policy. These elements of disclosure must be included in the transparency of information required in relation to adverse sustainability impacts and must be published on the management company's website in accordance with Article 4 of the SFDR.
The SFDR sets rules on transparency and sustainability-related disclosures. Alongside the SFDR, Regulation 2020/852 of the European Parliament and of the Council of 18 June 2020, on the establishment of a framework to facilitate sustainable investment and amending the SFDR (Taxonomy Regulation) is intended to establish criteria for determining whether an economic activity qualifies as environmentally sustainable. European taxonomy is a classification system for listing environmentally sustainable activities. Economic activities that are not recognised by the Taxonomy Regulation are not necessarily damaging to the environment, nor unsustainable. Furthermore, other activities that may make a substantial contribution to environmental and social objectives are not necessarily part of the Taxonomy Regulation as yet.
For BNP Paribas Asset Management, responsible investment is built on six pillars. The first four pillars help improve our management practices, including developing new investment ideas, optimising our portfolio composition, managing risk, and influencing the companies and various markets in which we invest. | ### Trasparenza della promozione delle caratteristiche ambientali o sociali e degli investimenti sostenibili
L'approcciodiBNPParibasAssetManagement
Sul sito web di BNP Paribas Asset Management è disponibile la sua politica sull'integrazione dei rischi di sostenibilità all'interno del processo decisionale relativo agli investimenti, in conformità all'Articolo 3 del Regolamento 2019/2088 del Parlamento europeo e del Consiglio del 27 novembre 2019 relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari (SFDR).
Inoltre, BNP Paribas Asset Management fornirà agli investitori e al pubblico in generale un documento in cui riporta la sua politica di integrazione dei criteri ambientali, sociali e di governance nella sua strategia d'investimento, le risorse destinate alla transizione energetica ed ecologica e la strategia con cui intende implementare tale politica. Queste informazioni devono essere incluse nella divulgazione relativa agli effetti negativi per la sostenibilità e devono essere pubblicate sul sito web della società di gestione in conformità all'Articolo 4 dell'SFDR.
L'SFDR stabilisce delle regole in materia di trasparenza e informativa sulle questioni legate alla sostenibilità. In parallelo all'SFDR, il Regolamento 2020/852 del Parlamento europeo e del Consiglio del 18 giugno 2020, relativo all'istituzione di un quadro che favorisce gli investimenti sostenibili e recante modifica dell'SFDR (Regolamento Tassonomia) intende fissare dei criteri per stabilire se un'attività economica possa esser considerata ecosostenibile. La tassonomia europea è un sistema di classificazione che serve a elencare le attività ecosostenibili. Le attività economiche non riconosciute dal Regolamento Tassonomia non sono necessariamente dannose per l'ambiente o insostenibili. Inoltre, altre attività in grado di fornire un contributo significativo agli obiettivi ambientali e sociali potrebbero non fare ancora parte del Regolamento Tassonomia.
Per BNP Paribas Asset Management, l'investimento responsabile poggia su sei pilastri. I primi quattro pilastri aiutano a migliorare le nostre prassi di gestione, ad esempio sviluppando nuove idee d'investimento, ottimizzando la composizione dei nostri portafogli, gestendo il rischio e influenzando le aziende e i mercati in cui investiamo. | ### Transparency regarding the promotion of environmental or social characteristics and sustainable investments
BNP Paribas Asset Management’s approach
On its website, BNP Paribas Asset Management provides investors with its policy on the integration of sustainability risks in its investment decision-making process, in accordance with Article 3 of Regulation 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (SFDR).
In addition, BNP Paribas Asset Management will provide investors and the public with a document outlining its policy for incorporating environmental, social and governance criteria into its investment strategy, the resources put towards energy and ecological transition, and its strategy for implementing this policy. These elements of disclosure must be included in the transparency of information required in relation to adverse sustainability impacts and must be published on the management company's website in accordance with Article 4 of the SFDR.
The SFDR sets rules on transparency and sustainability-related disclosures. Alongside the SFDR, Regulation 2020/852 of the European Parliament and of the Council of 18 June 2020, on the establishment of a framework to facilitate sustainable investment and amending the SFDR (Taxonomy Regulation) is intended to establish criteria for determining whether an economic activity qualifies as environmentally sustainable. European taxonomy is a classification system for listing environmentally sustainable activities. Economic activities that are not recognised by the Taxonomy Regulation are not necessarily damaging to the environment, nor unsustainable. Furthermore, other activities that may make a substantial contribution to environmental and social objectives are not necessarily part of the Taxonomy Regulation as yet.
For BNP Paribas Asset Management, responsible investment is built on six pillars. The first four pillars help improve our management practices, including developing new investment ideas, optimising our portfolio composition, managing risk, and influencing the companies and various markets in which we invest. | en | it |
DOLFIN2798 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
-
# Impact on the absorbing sub-funds
- The restructuring has no impact on the shareholders of the absorbing sub-funds, as these are new sub-funds to be launched by the merger and, in terms of investment policy, fees, calculation of the net asset value and rules applicable to subscriptions and redemptions, they have the same characteristics as the sub-funds to be absorbed.
- Following the merger transactions, the shareholders of each sub-fund to be absorbed will become shareholders of the corresponding absorbing sub-fund, unless they have requested redemption of their shares. | -
# Incidence sur les compartiments absorbants
- La restructuration n’a pas d’impact sur les actionnaires des compartiments absorbants, s’agissant de nouveaux compartiments à lancer par le fait de la fusion et poursuivant en termes de politique d’investissement, de frais, de calcul de valeur d’inventaire ou de règles applicables aux souscriptions et rachats, des mêmes caractéristiques que les compartiments à absorber.
- Suite aux opérations de fusions, les actionnaires de chaque compartiment à absorber deviendront les actionnaires du compartiment absorbant correspondant, sauf s’ils ont demandé le remboursement de leurs actions. | -
# Impact on the absorbing sub-funds
- The restructuring has no impact on the shareholders of the absorbing sub-funds, as these are new sub-funds to be launched by the merger and, in terms of investment policy, fees, calculation of the net asset value and rules applicable to subscriptions and redemptions, they have the same characteristics as the sub-funds to be absorbed.
- Following the merger transactions, the shareholders of each sub-fund to be absorbed will become shareholders of the corresponding absorbing sub-fund, unless they have requested redemption of their shares. | en | fr |
DOLFIN2799 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Collateral Received in respect of Reverse Repurchase Agreements
Assets received from counterparties in Reverse Repurchase Agreements constitute collateral.
The Fund will only enter into transactions with counterparties which the Management Company believes to be creditworthy. The credit analysis of the counterparties is tailored to the intended activity and may include, but not limited to, a review of the management, liquidity, profitability, corporate structure, regulatory framework in the relevant jurisdiction, capital adequacy, and asset quality. Approved counterparties will typically have a public rating of A- or above. While there are no predetermined legal status or geographical criteria applied in the selection of the counterparties, these elements are typically taken into account in the selection process. The counterparty does not have discretion over the composition or management of a Sub-Fund’s portfolio. Counterparty approval is not required in relation to any investment decision made by a Sub-Fund.
Collateral will be acceptable if it is in the form of eligible Money Market Instruments and liquid transferable securities or other money market instruments, as per the provisions of I) D) b) "General Investment Rules", "Appendix II – Investment Restrictions and Powers" and "Appendix VI – Collateral" and has received a favourable credit quality assessment pursuant to the Management Company’s Internal Credit Procedures. Given the high quality nature of the counterparties to the Reverse Repurchase Agreements, collateral is viewed as a secondary source of repayment.
Collateral may be offset against gross counterparty exposure. In offsetting collateral its value is reduced by a percentage (a "haircut") which provides, inter alia, for short term fluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed the limits per counterparty as set out in section III.) a) iv)) of "Appendix II – Investment Restrictions and Powers". Collateral received is not sold, reinvested or pledged.
Collateral should be sufficiently diversified in terms of country, markets and issuers. The criterion of sufficient diversification with respect to issuer concentration is considered to be respected if a Sub-Fund receives from a counterparty of efficient portfolio management a basket of collateral with a maximum exposure to a given issuer of 15% of the Sub-Fund’s net asset value except where those assets take the form of Money Market Instruments that fulfil the requirements of III) a) vii) "General Investment Rules", "Appendix II – Investment Restrictions and Powers". When a Sub- Fund is exposed to different counterparties, the different baskets of collateral should be aggregated to calculate the 15% limit of exposure to a single issuer. By way of derogation from this sub- paragraph and under the conditions set forth by the MMF Regulation a Sub-Fund may be fully collateralised in liquid transferable securities and money market instruments as per the provisions of I) D) b) "General Investment Rules", "Appendix II – Investment Restrictions and Powers". Such a Sub-Fund should receive securities from at least six different issues, but securities from any single issue should not account for more than 30% of the Sub-Fund’s assets. Please see "Appendix VI – Collateral" for further details of the Sub-Funds which may take advantage of this derogation.
Where there is a title transfer, collateral received will be held by the Depositary (or sub-custodian on the behalf of the Depositary) on behalf of the relevant Sub-Fund in accordance with the Depositary’s safekeeping duties under the Depositary Agreement. For other types of collateral arrangements, the collateral can be held by a third party custodian that is subject to prudential supervision by its regulator and is unrelated to the provider of the collateral. With respect to Reverse Repurchase Agreements denominated in US dollar, the collateral is held by JPMCB, The Bank of New York Mellon or by State Street Bank and Trust Company, each in their capacity as collateral manager and acting as a third-party custodian. JPMCB and The Bank of New York Mellon are subject to prudential supervision by their respective regulators and are unrelated to the provider of the collateral.
Collateral will be valued on each Valuation Day, using last available market prices and taking into account appropriate discounts determined for each asset class based on the haircut policy as set out in "Appendix VI – Collateral". The collateral will be marked to market daily and may be subject to daily variation margin requirements. No review of the applicable haircut levels as disclosed in "Appendix VI – Collateral" is undertaken in the context of the valuation of collateral. | # Garantías recibidas en relación con Contratos con pacto de recompra inversa
Los activos recibidos por parte de las contrapartes de contratos con pacto de recompra inversa constituyen garantía.
El Fondo solamente celebrará operaciones con contrapartes que la Sociedad gestora considere solventes. El análisis de crédito de las contrapartes se adaptará en función de la actividad deseada y podrá incluir, entre otros elementos, una evaluación de la cúpula directiva, la liquidez, la rentabilidad, la estructura corporativa, el marco regulador en la jurisdicción correspondiente, la adecuación del capital y la calidad de los activos. Las contrapartes aprobadas contarán, por lo general, con una calificación pública de A- o superior. Si bien no se aplican criterios prestablecidos sobre la condición jurídica o la localización geográfica en el proceso de selección de contrapartes, estos elementos se suelen tener en cuenta en dicho proceso. La contraparte no tiene poder alguno en relación con la composición o la gestión de la cartera de un Subfondo. No se requiere la aprobación de la contraparte para ninguna decisión de inversión adoptada por un Subfondo.
Se aceptarán garantías en forma de instrumentos del mercado monetario admisibles y de valores mobiliarios líquidos u otros instrumentos del mercado monetario, conforme a lo dispuesto en los apartados I) D) b) «Normas generales de inversión», el Anexo II «Restricciones y facultades de inversión» y el Anexo VI «Garantías», y que hayan recibido una evaluación de la calidad crediticia favorable con arreglo a los Procedimientos internos de crédito establecidos por la Sociedad gestora. Dada la alta calidad de las contrapartes de los contratos con pacto de recompra inversa, las garantías se consideran una fuente secundaria de reembolso.
La garantía podrá emplearse para contrarrestar la exposición bruta al riesgo de contraparte. Al emplear la garantía con estos fines, se produce una reducción de su valor en un porcentaje (haircut) que tiene en cuenta, entre otros elementos, las fluctuaciones a corto plazo del valor de la exposición y de la garantía. Los niveles de garantía se mantienen con el fin de garantizar que la exposición neta al riesgo de contraparte no supere los límites por contraparte establecidos en el apartado punto III.) a) iv) del Anexo II «Restricciones y facultades de inversión». La garantía recibida no se venderá, reinvertirá o pignorará.
Las garantías deberán estar suficientemente diversificadas por países, mercados y emisores. Se entenderá que se ha respetado el criterio de la diversificación suficiente con respecto a la concentración de emisores si un Subfondo recibe de una contraparte de transacciones para la gestión eficiente de la cartera una cesta de garantías con una exposición máxima a un emisor dado del 15% del patrimonio neto del Subfondo, excepto cuando dichos activos adopten la forma de instrumentos del mercado monetario que cumplan los requisitos del apartado III) a) vii) «Normas generales de inversión», del Anexo II «Restricciones y facultades de inversión». Cuando un Subfondo tenga exposición a varias contrapartes, las distintas cestas de garantías deberán sumarse para calcular el límite del 15% de exposición a un emisor. Como excepción a lo previsto en este apartado y con arreglo a lo dispuesto en el Reglamento sobre FMM, un Subfondo podrá tener su exposición plenamente garantizada mediante valores mobiliarios líquidos e instrumentos del mercado monetario de conformidad con las disposiciones del apartado I) D) b) «Normas generales de inversión», del Anexo II «Restricciones y facultades de inversión». En ese caso, el Subfondo debería recibir valores de un mínimo de seis emisiones distintas, si bien los valores de un mismo emisor no podrán representar más del 30% del patrimonio del Subfondo. Véase el Anexo VI «Garantías», que ofrece información adicional sobre los Subfondos que pueden acogerse a esta excepción.
Cuando se realice una transferencia de títulos, el Depositario (o una entidad de subcustodia en nombre del Depositario) conservará la garantía recibida en representación del correspondiente Subfondo de conformidad con las obligaciones de salvaguarda del Depositario que se establecen en el Contrato de Depositario. En el caso de otros tipos de contratos de garantía, la garantía podrá ser custodiada por un depositario tercero, sujeto a supervisión prudencial por parte de su regulador y sin vínculo alguno con el proveedor de la garantía. Con respecto a los contratos con pacto de recompra inversa denominados en dólares estadounidenses, la garantía recibida se mantendrá bajo la custodia de JPMCB, The Bank of New York Mellon o State Street Bank and Trust Company, en sus respectivas calidades de gestores de garantías y actuando como depositarios terceros. JPMCB y The Bank of New York Mellon están sujetos a supervisión prudencial por parte de sus respectivos reguladores y no presentan vínculo alguno con el proveedor de la garantía.
Las garantías se valorarán cada Día de valoración, en función de los últimos precios de mercado disponibles y teniendo en cuenta los descuentos pertinentes determinados para cada clase de activos sobre la base de la política de reducción de valor (haircut) que se describe en el Anexo VI
«Garantías». Dichas garantías se ajustarán cada día al valor del mercado (marked-to-market) y podrán verse sujetas a la variación diaria de los requerimientos de márgenes. No se llevará a cabo revisión alguna de los niveles de reducción de valor (haircut) aplicables que figuran en el Anexo VI
«Garantías» en el marco de la valoración de las garantías. | # Collateral Received in respect of Reverse Repurchase Agreements
Assets received from counterparties in Reverse Repurchase Agreements constitute collateral.
The Fund will only enter into transactions with counterparties which the Management Company believes to be creditworthy. The credit analysis of the counterparties is tailored to the intended activity and may include, but not limited to, a review of the management, liquidity, profitability, corporate structure, regulatory framework in the relevant jurisdiction, capital adequacy, and asset quality. Approved counterparties will typically have a public rating of A- or above. While there are no predetermined legal status or geographical criteria applied in the selection of the counterparties, these elements are typically taken into account in the selection process. The counterparty does not have discretion over the composition or management of a Sub-Fund’s portfolio. Counterparty approval is not required in relation to any investment decision made by a Sub-Fund.
Collateral will be acceptable if it is in the form of eligible Money Market Instruments and liquid transferable securities or other money market instruments, as per the provisions of I) D) b) "General Investment Rules", "Appendix II – Investment Restrictions and Powers" and "Appendix VI – Collateral" and has received a favourable credit quality assessment pursuant to the Management Company’s Internal Credit Procedures. Given the high quality nature of the counterparties to the Reverse Repurchase Agreements, collateral is viewed as a secondary source of repayment.
Collateral may be offset against gross counterparty exposure. In offsetting collateral its value is reduced by a percentage (a "haircut") which provides, inter alia, for short term fluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed the limits per counterparty as set out in section III.) a) iv)) of "Appendix II – Investment Restrictions and Powers". Collateral received is not sold, reinvested or pledged.
Collateral should be sufficiently diversified in terms of country, markets and issuers. The criterion of sufficient diversification with respect to issuer concentration is considered to be respected if a Sub-Fund receives from a counterparty of efficient portfolio management a basket of collateral with a maximum exposure to a given issuer of 15% of the Sub-Fund’s net asset value except where those assets take the form of Money Market Instruments that fulfil the requirements of III) a) vii) "General Investment Rules", "Appendix II – Investment Restrictions and Powers". When a Sub- Fund is exposed to different counterparties, the different baskets of collateral should be aggregated to calculate the 15% limit of exposure to a single issuer. By way of derogation from this sub- paragraph and under the conditions set forth by the MMF Regulation a Sub-Fund may be fully collateralised in liquid transferable securities and money market instruments as per the provisions of I) D) b) "General Investment Rules", "Appendix II – Investment Restrictions and Powers". Such a Sub-Fund should receive securities from at least six different issues, but securities from any single issue should not account for more than 30% of the Sub-Fund’s assets. Please see "Appendix VI – Collateral" for further details of the Sub-Funds which may take advantage of this derogation.
Where there is a title transfer, collateral received will be held by the Depositary (or sub-custodian on the behalf of the Depositary) on behalf of the relevant Sub-Fund in accordance with the Depositary’s safekeeping duties under the Depositary Agreement. For other types of collateral arrangements, the collateral can be held by a third party custodian that is subject to prudential supervision by its regulator and is unrelated to the provider of the collateral. With respect to Reverse Repurchase Agreements denominated in US dollar, the collateral is held by JPMCB, The Bank of New York Mellon or by State Street Bank and Trust Company, each in their capacity as collateral manager and acting as a third-party custodian. JPMCB and The Bank of New York Mellon are subject to prudential supervision by their respective regulators and are unrelated to the provider of the collateral.
Collateral will be valued on each Valuation Day, using last available market prices and taking into account appropriate discounts determined for each asset class based on the haircut policy as set out in "Appendix VI – Collateral". The collateral will be marked to market daily and may be subject to daily variation margin requirements. No review of the applicable haircut levels as disclosed in "Appendix VI – Collateral" is undertaken in the context of the valuation of collateral. | en | es |
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