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DOLFIN4200 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
- Le Brookfield US Listed Real Estate UCITS Fund (le « Fonds ») cherche a dégager de la performance par l’intermédiaire de plus values et du paiement des dividendes
- Le Fonds investit essentiellement dans des sociétés de placement immobilier Le Fonds investit essentiellement dans des sociétés de placement immobilier (REITs) et autres titres émis par des sociétés immobilières établies aux États-Unis. Une “REIT” est une société dont les revenus proviennent de la gestion et de la vente de biens immobiliers lui appartenant. Souvent, les REITs ou les entités apparentées à une REIT ne sont pas imposées sur le revenu distribué aux actionnaires.
- Le Fonds peut également investir dans des sociétés immobilières qui sont négociées en bourse et dont la moitié des revenus provient de la gestion, du développement, de la construction d’immeubles, d’une activité immobilière similaire ou de l’investissent au moins a moitié de leurs actifs dans l’immobilier.
- Le Fonds investit principalement dans des actions (titres qui représentent une participation dans une société).
- Le Fonds n’investit pas directement dans l’immobilier.
- Il se peut que le Fonds investisse dans des produits dérivés, tels que les contrats de change à terme, les contrats d’options, les contrats à terme standardisés et les swaps qui sont liés à la hausse ou à la baisse d’autres actifs.
- Il se peut que les produits dérivés soient utilisés à des fins d’investissement et pour une gestion de portefeuille efficace comme la réduction du risque ou des coûts ou pour générer des revenus ou plus- value supplémentaire pour le Fonds.
- Tout revenu généré par le Fonds pour cette catégorie d’actions sera réinvesti pour faire croître la valeur de votre investissement.
- Vous pouvez acheter et vendre des actions à Dublin pendant la plupart des jours ouvrés. Les exceptions sont décrites en détails dans le prospectus.
- Ce fonds est destiné aux investisseurs dont l’horizon d’investissement est de moyen à long terme.
- Pour obtenir des détails complets sur les objectifs et la politique d’investissement, veuillez consulter le prospectus. | # Objetivos y política de inversión
- El Brookfield US Listed Real Estate UCITS Fund (el «Fondo») busca obtener un rendimiento total, mediante el crecimiento del capital y de la renta corriente.
- El Fondo invierte principalmente en fondos de inversión inmobiliaria (REIT) y otros valores relacionados emitidos por empresas de bienes inmuebles est,adounidenses. Un REIT es una empresa que en general, obtiene sus ingresos de los bienes inmuebles que posee y de las ganancias de capital por la venta de dichos bienes. Los REIT y las entidades similares suelen no estar gravadas con el impuesto a los ingresos que se distribuyen a los accionistas.
- El Fondo también puede invertir en empresas de bienes inmuebles que se negocien en una bolsa y que obtengan la mitad de sus ingresos de la propiedad, el desarrollo, la construcción, la gestión u otra actividad similar de bienes inmuebles, o que inviertan al menos la mitad de sus activos en bienes inmuebles.
- El Fondo invierte principalmente en renta variable (valores que representan una participación accionaria en un negocio).
- El Fondo no invierte directamente en bienes inmuebles.
- El Fondo puede invertir en derivados, tales como contratos de divisas a plazos, opciones, futuros y permutas financieras, que estén vinculados a la subida y bajada de otros activos.
- Los derivados pueden utilizarse con fines de inversión y para una gestión eficiente de la cartera, como reducir riesgos o costes, o generar capital o ingresos adicionales para el Fondo.
- Todo ingreso que el Fondo genere para esta clase de acciones se reinvertirá, para aumentar el valor de su inversión.
- Se puede comprar y vender acciones en la mayoría de días que sean hábiles en Dublín. Las excepciones se describen con todo detalle en el folleto.
- La inversión en el Fondo puede ser adecuada para inversores con un horizonte de inversión de plazo medio a largo.
- Consulte el folleto para obtener la información detallada sobre los objetivos y la política de inversión. | # Objectifs et politique d’investissement
- Le Brookfield US Listed Real Estate UCITS Fund (le « Fonds ») cherche a dégager de la performance par l’intermédiaire de plus values et du paiement des dividendes
- Le Fonds investit essentiellement dans des sociétés de placement immobilier Le Fonds investit essentiellement dans des sociétés de placement immobilier (REITs) et autres titres émis par des sociétés immobilières établies aux États-Unis. Une “REIT” est une société dont les revenus proviennent de la gestion et de la vente de biens immobiliers lui appartenant. Souvent, les REITs ou les entités apparentées à une REIT ne sont pas imposées sur le revenu distribué aux actionnaires.
- Le Fonds peut également investir dans des sociétés immobilières qui sont négociées en bourse et dont la moitié des revenus provient de la gestion, du développement, de la construction d’immeubles, d’une activité immobilière similaire ou de l’investissent au moins a moitié de leurs actifs dans l’immobilier.
- Le Fonds investit principalement dans des actions (titres qui représentent une participation dans une société).
- Le Fonds n’investit pas directement dans l’immobilier.
- Il se peut que le Fonds investisse dans des produits dérivés, tels que les contrats de change à terme, les contrats d’options, les contrats à terme standardisés et les swaps qui sont liés à la hausse ou à la baisse d’autres actifs.
- Il se peut que les produits dérivés soient utilisés à des fins d’investissement et pour une gestion de portefeuille efficace comme la réduction du risque ou des coûts ou pour générer des revenus ou plus- value supplémentaire pour le Fonds.
- Tout revenu généré par le Fonds pour cette catégorie d’actions sera réinvesti pour faire croître la valeur de votre investissement.
- Vous pouvez acheter et vendre des actions à Dublin pendant la plupart des jours ouvrés. Les exceptions sont décrites en détails dans le prospectus.
- Ce fonds est destiné aux investisseurs dont l’horizon d’investissement est de moyen à long terme.
- Pour obtenir des détails complets sur les objectifs et la politique d’investissement, veuillez consulter le prospectus. | fr | es |
DOLFIN4201 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Foreign securities
- listed and registered in Paris: on the basis of the latest price.
- not registered in Paris: on the basis of the latest price available. | ## I titoli di altri paesi
- quotati e depositati a Parigi: sulla base dell'ultima quotazione.
- non depositati a Parigi: sulla base dell'ultima quotazione conosciuta. | ## Foreign securities
- listed and registered in Paris: on the basis of the latest price.
- not registered in Paris: on the basis of the latest price available. | en | it |
DOLFIN4202 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.03%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | | Gastos detraídos del Fondo cada año |
| --- |
| Gastos corrientes | 0,03%** |
| Gastos detraídos del Fondo en determinadas condiciones |
| Comisión de rentabilidad | Ninguna | | | Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.03%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | en | es |
DOLFIN4203 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
1 Man Asset Management (Ireland) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
1 This key investor information document describes one share class of one sub-fund of the Company. The assets and liabilities of each sub-fund are held with BNY Mellon Trust Company (Ireland) Limited and are legally segregated from the assets of other sub-funds of the Company.
1 Additional information related to the Fund is located in the prospectus which is produced in an official language of the jurisdictions in which the Fund is registered for public sale. The prospectus is available together with the most recent financial statements, information on other share classes and the latest prices of shares free of charge at www.man.com.
1 The Fund was authorised in 2015.
This share class was launched on 27 July 2016.
1 The past performance chart shows the annual performance, calculated in EUR, for each full calendar year since launch.
1 The performance in this table includes all fees and expenses, excluding any entry charges, and shows percentage year-on-year changes in Fund value.
1 Please be aware that past performance is not a reliable indicator of, or guide to, future performance.
1 The Fund is subject to taxation legislation in Ireland, which may have an impact on your personal tax position as an investor in the Fund.
1 You may switch shares in the Fund for shares in any other sub-fund of the Company. Further information and provisions are in the prospectus.
1 Details of Man Asset Management (Ireland) Limited's Remuneration Policy are available at www.man.com/gpam-remuneration-policy, including: (a) a description of how remuneration and benefits are calculated; and (b) the identity of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, at Man Asset Management (Ireland) Limited at 70 Sir John Rogerson's Quay, Dublin 2, Ireland.
The Fund and Man Asset Management (Ireland) Limited are authorised in Ireland and regulated by the Central Bank of Ireland.
This key investor information is accurate as at 01/12/2022. | # Información práctica
1 Man Asset Management (Ireland) Limited únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
1 Este documento de datos fundamentales para el inversor describe una clase de acciones de un subfondo de la Sociedad. Los activos y pasivos de cada subfondo se mantienen en BNY Mellon Trust Company (Ireland) Limited, y están segregados legalmente de los activos de otros subfondos de la Sociedad.
1 En el folleto se puede encontrar más información relativa al Fondo, en el idioma oficial de la jurisdicción en la que el Fondo esté registrado para la venta pública. El folleto, los últimos estados financieros, la información de otras clases de acciones y los últimos precios de las acciones están disponibles gratuitamente en www.man.com.
1 El Fondo fue autorizado en 2015.
Esta clase de acciones fue lanzada el 27 julio de 2016.
1 La tabla de rentabilidad histórica muestra la rentabilidad anual (calculada en EUR) de todos los años naturales completos que transcurrieron desde su lanzamiento.
1 Las rentabilidades de esta tabla incluyen todas las comisiones y gastos, a excepción de los gastos de entrada, e indican las variaciones porcentuales interanuales en el valor del Fondo.
1 Tenga en cuenta que la rentabilidad histórica no es un indicador ni una guía fiable de la rentabilidad futura.
1 El Fondo está sujeto a la legislación tributaria de Irlanda, lo que podría incidir en su situación tributaria personal como inversor en el Fondo.
1 Está permitido el canje de acciones del Fondo por acciones de otros subfondos de la Sociedad. En el folleto encontrará información e instrucciones adicionales al respecto.
1 La información sobre la Política de remuneración de Man Asset Management (Ireland) Limited está disponible en www.man.com/gpam-r emuneration-policy e incluye: (a) una descripción de cómo se calculan la remuneración y los beneficios; y (b) la identidad de las personas responsables de conceder la remuneración y los beneficios. Se puede obtener una copia impresa gratuita de esta información en Man Asset Management (Ireland) Limited en 70 Sir John Rogerson's Quay, Dublín 2, Irlanda.
El Fondo y Man Asset Management (Ireland) Limited están autorizados en Irlanda y están regulados por el Banco Central de Irlanda.
Los presentes datos fundamentales para el inversor son exactos a 01/12/2022. | # Practical information
1 Man Asset Management (Ireland) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
1 This key investor information document describes one share class of one sub-fund of the Company. The assets and liabilities of each sub-fund are held with BNY Mellon Trust Company (Ireland) Limited and are legally segregated from the assets of other sub-funds of the Company.
1 Additional information related to the Fund is located in the prospectus which is produced in an official language of the jurisdictions in which the Fund is registered for public sale. The prospectus is available together with the most recent financial statements, information on other share classes and the latest prices of shares free of charge at www.man.com.
1 The Fund was authorised in 2015.
This share class was launched on 27 July 2016.
1 The past performance chart shows the annual performance, calculated in EUR, for each full calendar year since launch.
1 The performance in this table includes all fees and expenses, excluding any entry charges, and shows percentage year-on-year changes in Fund value.
1 Please be aware that past performance is not a reliable indicator of, or guide to, future performance.
1 The Fund is subject to taxation legislation in Ireland, which may have an impact on your personal tax position as an investor in the Fund.
1 You may switch shares in the Fund for shares in any other sub-fund of the Company. Further information and provisions are in the prospectus.
1 Details of Man Asset Management (Ireland) Limited's Remuneration Policy are available at www.man.com/gpam-remuneration-policy, including: (a) a description of how remuneration and benefits are calculated; and (b) the identity of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, at Man Asset Management (Ireland) Limited at 70 Sir John Rogerson's Quay, Dublin 2, Ireland.
The Fund and Man Asset Management (Ireland) Limited are authorised in Ireland and regulated by the Central Bank of Ireland.
This key investor information is accurate as at 01/12/2022. | en | es |
DOLFIN4204 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# INFORMATIONS IMPORTANTES
Le présent document publicitaire contient ou peut contenir par référence des données concernant certains placements collectifs de capitaux («fonds») qui sont disponibles à la distribution uniquement dans les pays dans lesquels ils ont été enregistrés. Il est destiné à votre usage exclusif et n'est pas destiné à toute personne citoyenne ou résidente d'une juridiction dans laquelle la publication, la distribution ou l'utilisation des informations contenues dans le présent document seraient soumises à des restrictions. Il ne peut pas non plus être copié ou transféré.
Ce document est fourni à titre d'information uniquement et ne doit pas être considéré comme une offre ou une recommandation de souscrire, conserver ou vendre des parts ou actions de fonds, une stratégie d'investissement ou tout autre produit d'investissement. Avant d'investir dans un fonds ou d'adopter toute stratégie d'investissement, les investisseurs potentiels sont invités à prendre en compte toutes leurs caractéristiques ou objectifs et consulter les documents juridiques pertinents. Il est recommandé aux investisseurs potentiels de consulter préalablement des conseillers financiers, juridiques et fiscaux professionnels. Les informations contenues dans le présent document sont issues de sources jugées fiables. Toutefois, l'exactitude et l'exhaustivité des informations ne peuvent être garanties, et certains chiffres peuvent n'être que des estimations. En outre, toute opinion exprimée est susceptible d'être modifiée sans préavis. Aucune garantie n'est donnée quant à la réalisation des objectifs et cibles par le gérant du fonds.
Tout investissement comporte des risques, les rendements peuvent diminuer ou augmenter en raison des fluctuations des devises et les investisseurs peuvent perdre le montant de leur investissement initial. La performance historique ne représente pas un indicateur ou une garantie de performance future.
Cette communication est uniquement destinée à des contreparties éligibles et des investisseurs professionnels et ne doit pas être distribuée aux investisseurs de détail pour lesquels elle n'est pas adaptée.
Emis par: au Royaume-Uni: Mirabaud Asset Management Limited, qui est autorisée et réglementée par la Financial Conduct Authority. En Suisse: Mirabaud Asset Management (Suisse) SA, 29, boulevard Georges-Favon, 1204 Genève, en qualité de représentant en Suisse. Agent payeur en Suisse: Mirabaud & Cie SA, 29, boulevard Georges-Favon, 1204 Genève. En France: Mirabaud Asset Management (France) SAS, 13, avenue Hoche, 75008 Paris. Au Luxembourg, en Italie et en Espagne : Mirabaud Asset Management (Europe) SA, 6B, rue du Fort Niedergruenewald, 2226 Luxembourg. Le Prospectus, les Statuts, le Document d'information clé pour l'investisseur (DICI) ainsi que les rapports annuels et semestriels (selon le cas) relatifs aux fonds peuvent être obtenus sans frais auprès des entités susmentionnées et sur le site Internet: https://www.mirabaud-am.com/en/funds-list/. De plus amples informations sur la durabilité sont accessibles via le lien suivant: https://www.mirabaud-am.com/en/responsibly-sustainable. | # INFORMACIÓN IMPORTANTE
El presente documento publicitario contiene información o puede hacer referencia a datos en relación con determinados organismos de inversión colectiva («fondos») que solo están disponibles para su distribución en los países en los que se han registrado. Es para su uso exclusivo y no está dirigido a ninguna persona que sea ciudadano o residente de alguna jurisdicción en la que la publicación, distribución o uso de la información contenida en el mismo estén sujetos a restricciones. Tampoco está permitido su reproducción o distribución.
Este documento se proporciona únicamente con fines informativos y no debe interpretarse como una oferta ni como una recomendación para suscribir, conservar o ceder participaciones, acciones, productos o estrategias de inversión de fondos. Antes de invertir en cualquier fondo o seguir cualquier estrategia de inversión, los posibles inversores potenciales deben tener en cuenta todas sus características u objetivos, así como consultar los documentos legales pertinentes. Se recomienda a los posibles inversores que reciban previamente asesoramiento financiero, jurídico y fiscal profesional. Las fuentes de la información contenida en este documento se consideran fiables. Sin embargo, no se puede garantizar la exactitud ni la integridad de la información, y algunas cifras pueden ser solo estimaciones. Además, las opiniones expresadas están sujetas a cambios sin previo aviso. No hay garantía de que el gestor de carteras alcance los objetivos ni las metas.
Toda inversión conlleva riesgos, los rendimientos pueden disminuir o aumentar como consecuencia de las fluctuaciones monetarias, y los inversores pueden perder el importe de su inversión inicial. El rendimiento histórico no es indicativo ni garantía del rendimiento futuro.
Esta comunicación está destinada solo a contrapartes elegibles e inversores profesionales y no debe ser distribuida a inversores particulares para los que no es adecuada.
Emitido por: En el Reino Unido: Mirabaud Asset Management Limited, autorizada y regulada por la Autoridad de Conducta Financiera. En Suiza: Mirabaud Asset Management (Suisse) SA, 29, boulevard Georges-Favon, 1204 Ginebra, como representante en Suiza. Agente de pagos en Suiza: Mirabaud & Cie SA, 29, boulevard Georges-Favon, 1204 Ginebra. En Francia: Mirabaud Asset Management (France) SAS., 13, avenue Hoche, 75008 París. En Luxemburgo, en España y en Italia: Mirabaud Asset Management (Europe) SA, 6B, rue du Fort Niedergruenewald, 2226 Luxembourgo. Las entidades mencionadas anteriormente pueden facilitarle de forma gratuita el Folleto, los Estatutos, el Documento de datos fundamentales para el inversor (KIID) y los informes anuales y semestrales (según sea el caso) de los fondos y en el sitio web: https://www.mirabaud-am.com/en/funds-list/.Puede obtener más información sobre la sostenibilidad a través del siguiente enlace: https://www.mirabaud-am.com/en/responsibly-sustainable. | # INFORMATIONS IMPORTANTES
Le présent document publicitaire contient ou peut contenir par référence des données concernant certains placements collectifs de capitaux («fonds») qui sont disponibles à la distribution uniquement dans les pays dans lesquels ils ont été enregistrés. Il est destiné à votre usage exclusif et n'est pas destiné à toute personne citoyenne ou résidente d'une juridiction dans laquelle la publication, la distribution ou l'utilisation des informations contenues dans le présent document seraient soumises à des restrictions. Il ne peut pas non plus être copié ou transféré.
Ce document est fourni à titre d'information uniquement et ne doit pas être considéré comme une offre ou une recommandation de souscrire, conserver ou vendre des parts ou actions de fonds, une stratégie d'investissement ou tout autre produit d'investissement. Avant d'investir dans un fonds ou d'adopter toute stratégie d'investissement, les investisseurs potentiels sont invités à prendre en compte toutes leurs caractéristiques ou objectifs et consulter les documents juridiques pertinents. Il est recommandé aux investisseurs potentiels de consulter préalablement des conseillers financiers, juridiques et fiscaux professionnels. Les informations contenues dans le présent document sont issues de sources jugées fiables. Toutefois, l'exactitude et l'exhaustivité des informations ne peuvent être garanties, et certains chiffres peuvent n'être que des estimations. En outre, toute opinion exprimée est susceptible d'être modifiée sans préavis. Aucune garantie n'est donnée quant à la réalisation des objectifs et cibles par le gérant du fonds.
Tout investissement comporte des risques, les rendements peuvent diminuer ou augmenter en raison des fluctuations des devises et les investisseurs peuvent perdre le montant de leur investissement initial. La performance historique ne représente pas un indicateur ou une garantie de performance future.
Cette communication est uniquement destinée à des contreparties éligibles et des investisseurs professionnels et ne doit pas être distribuée aux investisseurs de détail pour lesquels elle n'est pas adaptée.
Emis par: au Royaume-Uni: Mirabaud Asset Management Limited, qui est autorisée et réglementée par la Financial Conduct Authority. En Suisse: Mirabaud Asset Management (Suisse) SA, 29, boulevard Georges-Favon, 1204 Genève, en qualité de représentant en Suisse. Agent payeur en Suisse: Mirabaud & Cie SA, 29, boulevard Georges-Favon, 1204 Genève. En France: Mirabaud Asset Management (France) SAS, 13, avenue Hoche, 75008 Paris. Au Luxembourg, en Italie et en Espagne : Mirabaud Asset Management (Europe) SA, 6B, rue du Fort Niedergruenewald, 2226 Luxembourg. Le Prospectus, les Statuts, le Document d'information clé pour l'investisseur (DICI) ainsi que les rapports annuels et semestriels (selon le cas) relatifs aux fonds peuvent être obtenus sans frais auprès des entités susmentionnées et sur le site Internet: https://www.mirabaud-am.com/en/funds-list/. De plus amples informations sur la durabilité sont accessibles via le lien suivant: https://www.mirabaud-am.com/en/responsibly-sustainable. | fr | es |
DOLFIN4205 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The SICAV offers investments in a selection of securities and other eligible financial assets, with the aim of obtaining the highest possible value for the assets, combined with a high degree of liquidity. The choice of assets is not limited geographically, nor as to the type of securities or other eligible financial instruments, nor as to the currencies in which they are denominated, except for the applicable investment restrictions. The investment policy, and in particular the duration of the investments, is guided by the political, economic, financial and monetary situation at the time.
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### Investment Policy of the SICAV | La SICAV entend offrir à ses actionnaires des investissements dans une sélection de valeurs mobilières et d’autres actifs financiers éligibles en vue de réaliser une valorisation aussi élevée que possible de ses avoirs, combinée à un haut degré de liquidité. Le choix des avoirs ne sera limité ni sur le plan géographique, ni quant aux types de valeurs mobilières et d’autres actifs financiers éligibles, ni quant aux devises dans lesquelles ils seront exprimés, le tout sauf les restrictions d’investissement applicables. La politique d'investissement, et plus spécialement la durée des placements, s'orientera d'après les conjonctures politique, économique, financière et monétaire du moment.
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### Politique d’investissement de la SICAV | The SICAV offers investments in a selection of securities and other eligible financial assets, with the aim of obtaining the highest possible value for the assets, combined with a high degree of liquidity. The choice of assets is not limited geographically, nor as to the type of securities or other eligible financial instruments, nor as to the currencies in which they are denominated, except for the applicable investment restrictions. The investment policy, and in particular the duration of the investments, is guided by the political, economic, financial and monetary situation at the time.
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### Investment Policy of the SICAV | en | fr |
DOLFIN4206 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Position exposure to the underlying assets of FDIs, including embedded FDIs in transferable securities or money market instruments, when combined where relevant with positions resulting from direct investments, may not exceed the investment limits set out in the Central Bank Regulations/Central Bank Rules. (This provision does not apply in the case of index based FDIs provided the underlying index is one which meets with the criteria set out in the Central Bank Regulations/Central Bank Rules.)
- Each Fund may invest in FDIs dealt in over-the-counter (OTC) provided that the counterparties to over-the-counter transactions (OTCs) are institutions subject to prudential supervision and belonging to categories approved by the Central Bank.
- Investment in FDIs are subject to the conditions and limits laid down by the Central Bank. | - L’exposition des positions aux actifs sous-jacents des FDI, y compris des FDI incorporés en valeurs mobilières négociables ou en instruments du marché monétaire, lorsque combinés le cas échéant avec des positions résultant d’investissements directs, ne peut pas dépasser les limites d’investissement indiquées dans les Règlements/les Règles de la Banque centrale. (Cette disposition ne s’applique pas dans le cas d’un FDI indiciel, à condition que l’indice sous-jacent réponde aux critères énoncés dans les Règlements/les Règles de la Banque centrale).
- Chaque Compartiment peut investir dans des FDI négociés de gré à gré à condition que :- les contreparties aux transactions de gré à gré soient des établissements assujettis à un contrôle prudentiel et appartenant à des catégories autorisées par la Banque centrale.
- L’investissement dans des FDI est assujetti aux conditions et limites énoncées par la Banque centrale. | - Position exposure to the underlying assets of FDIs, including embedded FDIs in transferable securities or money market instruments, when combined where relevant with positions resulting from direct investments, may not exceed the investment limits set out in the Central Bank Regulations/Central Bank Rules. (This provision does not apply in the case of index based FDIs provided the underlying index is one which meets with the criteria set out in the Central Bank Regulations/Central Bank Rules.)
- Each Fund may invest in FDIs dealt in over-the-counter (OTC) provided that the counterparties to over-the-counter transactions (OTCs) are institutions subject to prudential supervision and belonging to categories approved by the Central Bank.
- Investment in FDIs are subject to the conditions and limits laid down by the Central Bank. | en | fr |
DOLFIN4207 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### The starting investment universe is the Emerging Markets equity markets. “mtx” is the sustainable equities team of the Invest- ment Manager.
While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in equities, equity-like transfera- ble securities, including real estate equities and closed-ended real estate investment trusts, participation certificates, depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Re- ceipts (EDRs), etc. issued by companies that are based in or conduct the majority of their business in an emerging market and that include environmental or social characteristics in their economic activities.
Emerging markets in connection with this Sub-Fund are all countries considered as such by the World Bank, the International Finance Corporation or the United Nations or that are included in the MSCI Emerging Markets Index or the MSCI Frontier Mar- kets (FM) Index. Irrespective of recognition by one of the abovementioned institutions, emerging markets also include: Brazil, Chile, China, Colombia, India, Indonesia, Malaysia, Mexico, Peru, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey, Hong Kong, Argentina, Uruguay, Venezuela, Singapore, Sri Lanka, Hungary, Egypt, the Czech Re- public, Romania, Israel. | #### Das Ausgangsanlageuniversum sind die Aktienmärkte von Schwellenländern. Das für nachhaltige Aktien zuständige Team des Anlagerverwalters ist «mtx».
Unter Beachtung des Grundsatzes der Risikostreuung wird das Vermögen des Teilfonds hauptsächlich in Aktien, aktienähnli- chen Wertpapieren, einschliesslich Immobilienaktien und geschlossenen Immobilienfonds, Partizipationszertifikaten, Depositary Receipts wie American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) und European Depositary Receipts (EDRs) usw. angelegt, die von Unternehmen begeben werden, die ihren Sitz in einem Schwellenland haben oder den überwie- genden Teil ihrer Geschäftstätigkeit dort ausüben und die ökologische oder soziale Merkmale in ihre wirtschaftlichen Aktivitäten einbeziehen.
Schwellenländer im Zusammenhang mit diesem Teilfonds sind alle Länder, die von der Weltbank, der International Finance Corporation oder den Vereinten Nationen als solche betrachtet werden oder im MSCI Emerging Markets Index oder im MSCI Frontier Markets (FM) Index enthalten sind. Ungeachtet der Anerkennung durch eine der oben genannten Institutionen zählen hierzu auch: Brasilien, Chile, China, Indien, Indonesien, Kolumbien, Malaysia, Mexiko, Peru, Philippinen, Polen, Russland, Süd- afrika, Südkorea, Taiwan, Thailand, Türkei, Hong Kong, Argentinien, Uruguay, Venezuela, Singapur, Sri Lanka, Ungarn, Ägyp- ten, Tschechien, Rumänien, Israel. | #### The starting investment universe is the Emerging Markets equity markets. “mtx” is the sustainable equities team of the Invest- ment Manager.
While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in equities, equity-like transfera- ble securities, including real estate equities and closed-ended real estate investment trusts, participation certificates, depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Re- ceipts (EDRs), etc. issued by companies that are based in or conduct the majority of their business in an emerging market and that include environmental or social characteristics in their economic activities.
Emerging markets in connection with this Sub-Fund are all countries considered as such by the World Bank, the International Finance Corporation or the United Nations or that are included in the MSCI Emerging Markets Index or the MSCI Frontier Mar- kets (FM) Index. Irrespective of recognition by one of the abovementioned institutions, emerging markets also include: Brazil, Chile, China, Colombia, India, Indonesia, Malaysia, Mexico, Peru, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey, Hong Kong, Argentina, Uruguay, Venezuela, Singapore, Sri Lanka, Hungary, Egypt, the Czech Re- public, Romania, Israel. | en | de |
DOLFIN4208 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in no more than 12 months, provided that the credit institution has its registered office in a Member State or, if the registered office of the credit institution is situated in a third country, provided that it is subject to prudential rules considered by the CSSF as equivalent to those laid down in EU law;
- financial derivative instruments, including equivalent cash-settled instruments, dealt in on an Eligible Market and/or financial derivative instruments dealt in over-the-counter (‘OTC derivatives’), provided that:
- the underlying consists of instruments covered by this section I 1., financial indices, interest rates, foreign exchange rates or currencies, in which the funds may invest according to their investment objective;
- the counterparties to OTC derivative transactions are institutions subject to prudential supervision, and belonging to the categories approved by the Luxembourg supervisory authority;
- the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Fund’s initiative;and/or | - Sichteinlagen oder kündbaren Einlagen mit einer Laufzeit von höchstens 12 Monaten bei Kreditinstituten, sofern das betreffende Kreditinstitut seinen Sitz in einem Mitgliedstaat hat, oder wenn das Kreditinstitut seinen Sitz in einem Drittstaat hat, sofern es Aufsichtsbestimmungen unterliegt, die nach Auffassung der CSSF denjenigen nach dem EU- Recht gleichwertig sind;
- derivativen Finanzinstrumenten, einschließlich gleichwertiger bar abgerechneter Instrumente, die an einem zulässigen Markt gehandelt werden, und/oder derivativen Finanzinstrumenten, die im Freiverkehr gehandelt werden („OTC-Derivaten“), sofern:
- es sich bei den Basiswerten um Instrumente im Sinne dieses Absatzes I. 1. oder um Finanzindizes, Zinssätze, Wechselkurse oder Währungen handelt, in die ein Teilfonds gemäß seiner Anlageziele investieren darf;
- die Gegenparteien bei Geschäften mit OTC-Derivaten einer Aufsicht unterliegende Institute der Kategorien sind, die von der Luxemburger Aufsichtsbehörde zugelassen wurden;
- die OTC-Derivate einer zuverlässigen und überprüfbaren Bewertung auf Tagesbasis unterliegen und jederzeit auf Initiative des Fonds zum angemessenen Zeitwert veräußert, liquidiert oder durch ein Gegengeschäft glattgestellt werden können;und/oder | - deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in no more than 12 months, provided that the credit institution has its registered office in a Member State or, if the registered office of the credit institution is situated in a third country, provided that it is subject to prudential rules considered by the CSSF as equivalent to those laid down in EU law;
- financial derivative instruments, including equivalent cash-settled instruments, dealt in on an Eligible Market and/or financial derivative instruments dealt in over-the-counter (‘OTC derivatives’), provided that:
- the underlying consists of instruments covered by this section I 1., financial indices, interest rates, foreign exchange rates or currencies, in which the funds may invest according to their investment objective;
- the counterparties to OTC derivative transactions are institutions subject to prudential supervision, and belonging to the categories approved by the Luxembourg supervisory authority;
- the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Fund’s initiative;and/or | en | de |
DOLFIN4209 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The fund may use trackers, listed index funds and exchange traded funds.
DEPOSITS AND CASH
The fund may use deposits in order to optimise its cash management and to manage the various subscription or redemption settlement dates of the underlying funds. These trades are made within the limit of 20% of the net assets. This type of transaction will be made on an exceptional basis.
The fund may hold cash on an ancillary basis, in particular in order to meet its redemption obligations in relation to investors.
Cash lending is prohibited.
CASH BORROWING
The fund may borrow cash, in particular to cover investment/disinvestments and subscriptions/redemptions. As the fund is not intended to be a structural borrower of cash, these loans will be temporary and limited to 10% of the fund’s net assets.
TEMPORARY PURCHASE AND SALE OF SECURITIES
For efficient portfolio management purposes, and without deviating from its investment objectives, the fund may allocate up to 20% of its net assets to temporary purchases/sales (securities financing transactions) of securities eligible for the fund (essentially equities and money market instruments). These trades are made to optimise the fund's income, invest its cash, adjust the portfolio to changes in the assets under management, or implement the strategies described above. The transactions consist of:
- Securities repurchase and reverse repurchase agreements,
- Securities lending/borrowing. | El fondo puede recurrir a trackers, instrumentos indexados que cotizan en bolsa y fondos cotizados (ETF).
DEPÓSITOS Y LIQUIDEZ
El fondo puede recurrir a los depósitos con el fin de optimizar la gestión de su tesorería y gestionar las diferentes fechas de valor de suscripción/reembolso de las IIC subyacentes. Estas operaciones se llevan a cabo dentro del límite del 20% del patrimonio neto. Se recurrirá a este tipo de operación de manera excepcional.
El fondo podrá mantener posiciones de liquidez a título accesorio, en particular para hacer frente a los reembolsos de participaciones por parte de los inversores.
Los préstamos en efectivo están prohibidos.
EMPRÉSTITOS EN EFECTIVO
El fondo puede tomar efectivo en préstamo, sobre todo con motivo de operaciones de inversión/desinversión o suscripción/reembolso. Puesto que el fondo no tiene como objetivo principal tomar prestado efectivo, dichos préstamos se realizarán de manera provisional y estarán limitados a un máximo del 10% del patrimonio neto del fondo.
ADQUISICIÓN Y CESIÓN TEMPORAL DE VALORES
Con el fin de lograr una gestión eficaz de la cartera y sin desviarse de sus objetivos de inversión, el fondo puede efectuar operaciones de adquisición y cesión temporal de valores (operaciones de financiación de títulos), en relación con los títulos financieros elegibles del fondo (esencialmente, acciones e instrumentos del mercado monetario), hasta el 20% de su patrimonio neto. El fondo recurre a estas operaciones con el propósito de optimizar sus ingresos, invertir su tesorería, ajustar la cartera en función de las variaciones de los activos gestionados o implementar las estrategias descritas con anterioridad. Estas transacciones comprenden:
- Operaciones con pacto de recompra y recompra inversa,
- Préstamo/empréstito de valores. | The fund may use trackers, listed index funds and exchange traded funds.
DEPOSITS AND CASH
The fund may use deposits in order to optimise its cash management and to manage the various subscription or redemption settlement dates of the underlying funds. These trades are made within the limit of 20% of the net assets. This type of transaction will be made on an exceptional basis.
The fund may hold cash on an ancillary basis, in particular in order to meet its redemption obligations in relation to investors.
Cash lending is prohibited.
CASH BORROWING
The fund may borrow cash, in particular to cover investment/disinvestments and subscriptions/redemptions. As the fund is not intended to be a structural borrower of cash, these loans will be temporary and limited to 10% of the fund’s net assets.
TEMPORARY PURCHASE AND SALE OF SECURITIES
For efficient portfolio management purposes, and without deviating from its investment objectives, the fund may allocate up to 20% of its net assets to temporary purchases/sales (securities financing transactions) of securities eligible for the fund (essentially equities and money market instruments). These trades are made to optimise the fund's income, invest its cash, adjust the portfolio to changes in the assets under management, or implement the strategies described above. The transactions consist of:
- Securities repurchase and reverse repurchase agreements,
- Securities lending/borrowing. | en | es |
DOLFIN4210 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Product Features
- Designed for investors looking to take advantage of the shift towards cloud computing.
- Designed to identify relevant companies who are positioned to benefit from the increased adoption of cloud computing technology.
- A wide range of environmental and social characteristics are assessed during the Index construction process, as set out in the Sub-Fund’s investment objective and policy. | ### Caratteristiche del prodotto
- Pensato per investitori che desiderano beneficiare del passaggio al cloud computing.
- Pensato per individuare aziende che sono posizionate per beneficiare dell'aumento dell'adozione di tecnologie cloud computing.
- Nel corso del processo di costruzione dell'Indice viene valutata tutta una serie di caratteristiche ambientali e sociali, come indicato nell'obiettivo e nella politica d'investimento del Comparto. | ### Product Features
- Designed for investors looking to take advantage of the shift towards cloud computing.
- Designed to identify relevant companies who are positioned to benefit from the increased adoption of cloud computing technology.
- A wide range of environmental and social characteristics are assessed during the Index construction process, as set out in the Sub-Fund’s investment objective and policy. | en | it |
DOLFIN4211 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- units in UCITS authorized according to Directive 2009/65/EC and/or other UCI within the meaning of clause 1, paragraph (2), clauses (a) and (b) of Directive 2009/65/EC, whether established in a Member State or not, provided that:
- such other UCI are authorized under laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in EU law, and that cooperation between authorities is sufficiently ensured;
- the level of protection guaranteed to unitholders in these other UCI is equivalent to that provided for unitholders of a UCITS and, in particular, that the rules on asset segregation, borrowing, lending and short-selling of transferable securities and money market instruments are equivalent to the requirements of Directive 2009/65/EC;
- the activities of these other UCI are reported in semi-annual and annual reports such that their assets, liabilities, income and activities over the reporting period may be evaluated;
- the proportion of assets that the UCITS or other UCI whose acquisition is contemplated, may invest overall, in accordance with their management rules or their documents of incorporation, in units in other UCITS or other UCI does not exceed 10%. | - participaciones en OICVM autorizados de acuerdo con la Directiva 2009/65/CE o cualquier otro OIC según su definición en la cláusula 1, párrafo (2), cláusulas (a) y (b) de la Directiva 2009/65/CE, constituido o no en un Estado miembro, a condición de que:
- dicho otro OIC esté autorizado en virtud de una legislación que garantice que está sujeto a una supervisión que la CSSF considere equivalente a la que establece el derecho de la UE, y que se asegura suficientemente la cooperación entre las autoridades;
- el nivel de protección garantizado a los partícipes de dichos otros OIC es equivalente al que obtienen los partícipes de un OICVM y, en particular, que las reglas de segregación de activos, empréstitos, préstamos y venta en corto de valores mobiliarios e instrumentos del mercado monetario sean equivalentes a los requisitos de la Directiva 2009/65/CE;
- las actividades de estos otros OIC se recogen en informes semestrales y anuales con objeto de facilitar la evaluación de sus activos, pasivos, ingresos y actividades en el periodo del informe;
- la proporción de activos que el OICVM u otros OIC cuya adquisición esté contemplada pueden invertir en total en participaciones en otro OICVM u otros OIC, de acuerdo con sus reglas de gestión o sus documentos de constitución, no sobrepase un 10%. | - units in UCITS authorized according to Directive 2009/65/EC and/or other UCI within the meaning of clause 1, paragraph (2), clauses (a) and (b) of Directive 2009/65/EC, whether established in a Member State or not, provided that:
- such other UCI are authorized under laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in EU law, and that cooperation between authorities is sufficiently ensured;
- the level of protection guaranteed to unitholders in these other UCI is equivalent to that provided for unitholders of a UCITS and, in particular, that the rules on asset segregation, borrowing, lending and short-selling of transferable securities and money market instruments are equivalent to the requirements of Directive 2009/65/EC;
- the activities of these other UCI are reported in semi-annual and annual reports such that their assets, liabilities, income and activities over the reporting period may be evaluated;
- the proportion of assets that the UCITS or other UCI whose acquisition is contemplated, may invest overall, in accordance with their management rules or their documents of incorporation, in units in other UCITS or other UCI does not exceed 10%. | en | es |
DOLFIN4212 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Such limits are subject to change from time to time.
Should the shareholding of a single foreign investor in a China A-Share listed company exceed the above restriction, the investor would be required to unwind its position on the excessive shareholding according to a last-in-first-out basis within a specific period. According to the PRC Securities Law, a shareholder of 5% or more of the total issued shares of a PRC listed company (a “Major Shareholder”) has to return any profits obtained from the purchase and sale of shares of such PRC listed company if both transactions occur within a six-month period. In the event of a Fund becoming a Major Shareholder of a PRC listed company, the profits that the Fund may derive from such investments may be limited, and the performance may be adversely affected.
Where a Fund may invest directly in China A-Shares through the Stock Connect Programs, in addition to the above risks, it is also subject to the following additional risks: | Diese Grenzwerte können von Zeit zu Zeit geändert werden.
Wenn der Aktienbesitz eines einzelnen ausländischen Anlegers an einem als China A-Aktie notierten Unternehmen die obigen Grenzen überschreitet, wird der Anleger aufgefordert, die überschüssige Position seines Anteilsbesitzes nach dem Last-In-First-Out-Verfahren innerhalb eines bestimmten Zeitraums abzuwickeln. Gemäß dem Wertpapiergesetz der VRC muss ein Aktionär, der 5 % oder mehr der gesamten Aktien eines in der VCR notierten Unternehmens hält (ein „Großaktionär“), die durch den Kauf oder Verkauf von Aktien dieses Unternehmen erzielten Gewinne zurückzahlen, falls beide Transaktionen innerhalb von sechs Monaten stattgefunden haben. Wenn ein Fonds zu einem Großaktionär an einem in der VRC notierten Unternehmen wird, können die durch diese Investition erzielten Gewinne begrenzt werden, was die Performance beeinträchtigen kann.
Wenn ein Fonds über die Stock Connect-Programme direkt in chinesische A-Aktien investieren kann, unterliegt er – neben den oben beschriebenen Risiken – den folgenden zusätzlichen Risiken: | Such limits are subject to change from time to time.
Should the shareholding of a single foreign investor in a China A-Share listed company exceed the above restriction, the investor would be required to unwind its position on the excessive shareholding according to a last-in-first-out basis within a specific period. According to the PRC Securities Law, a shareholder of 5% or more of the total issued shares of a PRC listed company (a “Major Shareholder”) has to return any profits obtained from the purchase and sale of shares of such PRC listed company if both transactions occur within a six-month period. In the event of a Fund becoming a Major Shareholder of a PRC listed company, the profits that the Fund may derive from such investments may be limited, and the performance may be adversely affected.
Where a Fund may invest directly in China A-Shares through the Stock Connect Programs, in addition to the above risks, it is also subject to the following additional risks: | en | de |
DOLFIN4213 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Largest issuers (excluding government bonds and CDS indices, %)
Bank of America 1,6
Goldman Sachs 1,7
Wells Fargo & Company 1,5
Lloyds Banking Group 1,6
Citigroup 1,5
Informa 1,5
General Electric 1,4
Morgan Stanley 1,4
Royal Bank of Canada 1,4
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The above risk and reward indicator is based on historical data and may not be a reliable indication of the future risk profile of this share class. This Share Class is categorised in risk class 2 because its Net Asset Value has shown low rises and falls in value historically. | # Maggiori emittenti (esclusi titoli di Stato e indici CDS, %)
Bank of America 1,6
Goldman Sachs 1,7
Wells Fargo & Company 1,5
Lloyds Banking Group 1,6
Citigroup 1,5
Informa 1,5
General Electric 1,4
Morgan Stanley 1,4
Royal Bank of Canada 1,4
Il summenzionato indicatore di rischio e di rendimento si basa su dati storici e pertanto potrebbe non costituire un’indicazione affidabile circa il profilo di rischio futuro di questa classe di azioni. Questa Classe di azioni è classificata nella categoria di rischio 2 in quanto il suo Valore patrimoniale netto ha dimostrato storicamente aumenti e diminuzioni di valore contenuti. | # Largest issuers (excluding government bonds and CDS indices, %)
Bank of America 1,6
Goldman Sachs 1,7
Wells Fargo & Company 1,5
Lloyds Banking Group 1,6
Citigroup 1,5
Informa 1,5
General Electric 1,4
Morgan Stanley 1,4
Royal Bank of Canada 1,4
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The above risk and reward indicator is based on historical data and may not be a reliable indication of the future risk profile of this share class. This Share Class is categorised in risk class 2 because its Net Asset Value has shown low rises and falls in value historically. | en | it |
DOLFIN4214 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment Policy
In order to seek to achieve the investment objective, the Fund will adopt a Direct Investment Policy. There is no assurance that the investment objective of the Fund will actually be achieved.
The Fund will aim to replicate or track, before fees and expenses, the performance of the Reference Index by holding a portfolio of equity securities that comprises all, or a substantial number of, the securities comprised in the Reference Index (the “Underlying Securities”). The Fund is managed according to a passive approach and is a Full Replication Fund (as described in the Prospectus under the heading "Direct Investment Funds following a passive approach").
The Underlying Securities are listed or traded on markets and exchanges which are set out at Appendix I of the Prospectus, with the Underlying Securities being bought by the Fund from any broker or counterparty who trades on the markets and exchanges listed at Appendix I of the Prospectus.
As further described in the 'Efficient Portfolio Management and Financial Derivative Instruments' section below and in the Prospectus, the Fund may also invest in securities which are not constituents of the Reference Index and/or financial derivative instruments (“FDIs”) related to a constituent or constituents of the Reference Index, for efficient portfolio management purposes, where such securities and/or FDIs would achieve a risk and return profile similar to that of the Reference Index, a constituent of the Reference Index or a sub-set of constituents of the Reference Index.
The Fund may invest in ancillary liquid assets which will include secured and/or unsecured deposits and/or units or shares of other UCITS or other collective investment schemes which pursue a money market or cash strategy or which are related to the Reference Index or constituents of the Reference Index.
The investments and liquid assets the Fund may hold on an ancillary basis will, together with any fees and expenses, be valued by the Administrator on each Valuation Day in order to determine the Net Asset Value of the Fund in accordance with the rules set out in the main part of the Prospectus.
The value of each Share Class is linked to the Reference Index, the performance of which may rise or fall. The value of each Currency Hedged Share Class is linked to the Reference Index (and to the relevant hedging arrangement as described under "Share Class Currency Hedging Methodology"), the performance of which may rise or fall. Hence, investors should note that the value of their investment could fall as well as rise and they should accept that there is no guarantee that they will recover their initial investment.
The Fund will have no Final Repurchase Date. However, the Directors may decide to terminate the Fund in accordance with the terms set out in the Prospectus and/or the Articles of Association. | # Anlagepolitik
Um das Anlageziel zu erreichen, verfolgt der Fonds eine direkte Anlagepolitik. Es kann keine Zusicherung dahingehend gegeben werden, dass das Anlageziel des Fonds tatsächlich erreicht wird.
Der Fonds zielt darauf ab, die Wertentwicklung des Referenzindex, vor Gebühren und Aufwendungen, durch ein Portfolio von Dividendenpapieren, das alle oder eine erhebliche Anzahl der im Referenzindex enthaltenen Wertpapiere (die „Basiswertpapiere“) umfasst, nachzuvollziehen oder abzubilden. Der Fonds wird nach einem passiven Ansatz verwaltet, und er ist ein Fonds mit Vollständiger Replikation (wie im Prospekt unter der Überschrift „Fonds mit Direkter Anlagepolitik und passivem Ansatz“ beschrieben.
Die Basiswertpapiere sind an den in Anhang I des Prospekts angegebenen Märkten oder Börsen notiert oder werden an diesen gehandelt und der Fonds erwirbt die Basiswertpapiere von einem Broker oder einem Kontrahenten, der an den in Anhang I des Prospekts angegebenen Märkten oder Börsen handelt.
Wie im nachstehenden Abschnitt „Effizientes Portfoliomanagement und derivative Finanzinstrumente“ und im Prospekt näher beschrieben, kann der Fonds zu Zwecken eines effizienten Portfoliomanagements auch in Wertpapiere, bei denen es sich nicht um Bestandteile des Referenzindex handelt, und/oder auf einen Bestandteil oder Bestandteile des Referenzindex bezogene derivative Finanzinstrumente (Financial Derivative Instruments, FDI) investieren, wenn diese Wertpapiere und/oder FDI ein dem Referenzindex, einem Bestandteil des Referenzindex oder einer Untergruppe von Bestandteilen des Referenzindex vergleichbares Risiko- und Renditeprofil haben.
Der Fonds kann Anlagen in zusätzliche liquide Vermögenswerte tätigen, zu denen besicherte und/oder unbesicherte Einlagen und/oder Anteile anderer OGAW bzw. anderer Organismen für gemeinsame Anlagen zählen, die eine Geldmarkt- oder Barmittelstrategie verfolgen oder die sich auf den Referenzindex oder Bestandteile des Referenzindex beziehen.
Diese Anlagen und liquiden Vermögenswerte, die der Fonds daneben halten darf, werden zusammen mit etwaigen Gebühren und Aufwendungen gemäß den Bestimmungen im Hauptteil des Prospekts zur Ermittlung des Nettoinventarwerts des Fonds an jedem Bewertungstag von der Verwaltungsstelle bewertet.
Der Wert jeder Anteilsklasse ist an den Referenzindex gekoppelt, dessen Wertentwicklung positiv oder negativ verlaufen kann. Der Wert jeder Anteilsklasse mit Währungsabsicherung ist an den Referenzindex gekoppelt (und an die entsprechenden Absicherungsmaßnahmen, wie unter „Währungsabsicherungsmethode von Anteilsklassen“ beschrieben), dessen Wertentwicklung positiv oder negativ verlaufen kann. Daher sollten Anleger beachten, dass der Wert ihrer Anlage sowohl steigen als auch fallen kann und es keine Garantie dafür gibt, dass sie ihr investiertes Kapital zurückerhalten.
Der Fonds hat keinen letzten Rückkauftag. Allerdings kann der Verwaltungsrat beschließen, den Fonds gemäß den im Prospekt aufgeführten Bedingungen und/oder der Satzung zu beenden. | # Investment Policy
In order to seek to achieve the investment objective, the Fund will adopt a Direct Investment Policy. There is no assurance that the investment objective of the Fund will actually be achieved.
The Fund will aim to replicate or track, before fees and expenses, the performance of the Reference Index by holding a portfolio of equity securities that comprises all, or a substantial number of, the securities comprised in the Reference Index (the “Underlying Securities”). The Fund is managed according to a passive approach and is a Full Replication Fund (as described in the Prospectus under the heading "Direct Investment Funds following a passive approach").
The Underlying Securities are listed or traded on markets and exchanges which are set out at Appendix I of the Prospectus, with the Underlying Securities being bought by the Fund from any broker or counterparty who trades on the markets and exchanges listed at Appendix I of the Prospectus.
As further described in the 'Efficient Portfolio Management and Financial Derivative Instruments' section below and in the Prospectus, the Fund may also invest in securities which are not constituents of the Reference Index and/or financial derivative instruments (“FDIs”) related to a constituent or constituents of the Reference Index, for efficient portfolio management purposes, where such securities and/or FDIs would achieve a risk and return profile similar to that of the Reference Index, a constituent of the Reference Index or a sub-set of constituents of the Reference Index.
The Fund may invest in ancillary liquid assets which will include secured and/or unsecured deposits and/or units or shares of other UCITS or other collective investment schemes which pursue a money market or cash strategy or which are related to the Reference Index or constituents of the Reference Index.
The investments and liquid assets the Fund may hold on an ancillary basis will, together with any fees and expenses, be valued by the Administrator on each Valuation Day in order to determine the Net Asset Value of the Fund in accordance with the rules set out in the main part of the Prospectus.
The value of each Share Class is linked to the Reference Index, the performance of which may rise or fall. The value of each Currency Hedged Share Class is linked to the Reference Index (and to the relevant hedging arrangement as described under "Share Class Currency Hedging Methodology"), the performance of which may rise or fall. Hence, investors should note that the value of their investment could fall as well as rise and they should accept that there is no guarantee that they will recover their initial investment.
The Fund will have no Final Repurchase Date. However, the Directors may decide to terminate the Fund in accordance with the terms set out in the Prospectus and/or the Articles of Association. | en | de |
DOLFIN4215 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Autres informations pertinentes
### Gestionnaire d’investissement : Morgan Stanley Investment Management Limited, 25 Cabot Square, London, E14 4QA, United Kingdom.
Performances passées : Les informations sur les performances passées de ce produit sont disponibles sur www.morganstanley.com/im et directement via ce lien (https://api.kneip.com/v1/documentdata/permalinks/KPP_LU0266118651_fr_FR.pdf).
### Ce diagramme affiche la performance du fonds en pourcentage de perte ou de gain par an au cours des 10 dernières années.
Scénarios de performance : Les scénarios de performance précédents pour ce produit sont disponibles sur www.morganstanley.com/im et directement via ce lien (https://api.kneip.com/v1/documentdata/permalinks/KMS_LU0266118651_fr_FR.csv). | # Otros datos de interés
### Gestor de inversiones: Morgan Stanley Investment Management Limited, 25 Cabot Square, London, E14 4QA, United Kingdom.
Rentabilidad histórica: La información sobre la rentabilidad histórica de este producto se puede encontrar en www.morganstanley.com/im, así como directamente a través de este enlace (https://api.kneip.com/v1/documentdata/permalinks/KPP_LU0266118651_es_ES.pdf).
### Este diagrama muestra la rentabilidad del fondo como pérdida o ganancia porcentual anual durante los últimos 10 años.
Escenarios de rentabilidad: Los escenarios de rentabilidad anterior de este producto se pueden encontrar en www.morganstanley.com/im, así como directamente a través de este enlace (https://api.kneip.com/v1/documentdata/permalinks/KMS_LU0266118651_es_ES.csv). | # Autres informations pertinentes
### Gestionnaire d’investissement : Morgan Stanley Investment Management Limited, 25 Cabot Square, London, E14 4QA, United Kingdom.
Performances passées : Les informations sur les performances passées de ce produit sont disponibles sur www.morganstanley.com/im et directement via ce lien (https://api.kneip.com/v1/documentdata/permalinks/KPP_LU0266118651_fr_FR.pdf).
### Ce diagramme affiche la performance du fonds en pourcentage de perte ou de gain par an au cours des 10 dernières années.
Scénarios de performance : Les scénarios de performance précédents pour ce produit sont disponibles sur www.morganstanley.com/im et directement via ce lien (https://api.kneip.com/v1/documentdata/permalinks/KMS_LU0266118651_fr_FR.csv). | fr | es |
DOLFIN4216 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Brexit
On 31 January 2020, the UK formally withdrew from the EU and entered into a transition period which expired on 31 December 2020. The impact of these events on the Funds is difficult to predict, but the process to implement the political, economic and regulatory framework between the UK and the EU may have detrimental implications for the ability of a Fund to fulfil their respective investment objectives and the value of certain of a Fund's assets, and may increase a Fund's costs. This may be due to various factors, including (but not limited to) the following:
- Increased uncertainty and volatility in the UK and EU markets;
- Fluctuations in the market value of sterling and of UK and EU assets;
- Fluctuations in exchange rates between sterling, the Euro and other currencies;
- Fluctuations in interest rates in UK, EU and other markets;
- Increased illiquidity of investments located or listed within the UK or the EU;
- Changes in the willingness of counterparties to enter into transactions, or the price at which and terms on which they are prepared to transact; and/or
- Changes in legal and regulatory regimes to which the Funds, and/or certain of a Fund's assets, are or become subject. | # Brexit
Le 31 janvier 2020, le Royaume-Uni s’est formellement retiré de l'UE et a entamé une période de transition qui a expiré le 31 décembre 2020. Les conséquences de ces événements sur les Compartiments sont difficiles à prévoir, mais le processus de mise en place du cadre politique, économique et réglementaire entre le Royaume-Uni et l'UE pourrait porter atteinte à la capacité de certains Compartiments de réaliser leurs objectifs d'investissement respectifs et à la valeur de certains actifs des Compartiments, et pourrait accroître les coûts de certains Compartiments. Ceci pourrait être dû à différents facteurs, y compris (mais sans s'y limiter) ceux qui suivent :
- Incertitude et volatilité accrues sur les marchés du Royaume-Uni et de l'UE ;
- Fluctuations de la valeur de marché de la livre sterling ainsi que des actifs du Royaume-Uni et de l'UE ;
- Fluctuations des taux de change entre la livre sterling, l'euro et d'autres devises ;
- Fluctuations des taux d'intérêt au Royaume-Uni, dans l'UE et sur d'autres marchés ;
- Illiquidité accrue des investissements situés ou cotés au sein du Royaume-Uni ou de l'UE ;
- Changements dans la volonté des contreparties de conclure des transactions ou du prix auquel et des conditions selon lesquelles elles sont prêtes à conclure des transactions ; et/ou
- Changements des régimes juridiques et réglementaires auxquels les Compartiments et/ou certains actifs de Compartiments sont ou deviendront soumis. | # Brexit
On 31 January 2020, the UK formally withdrew from the EU and entered into a transition period which expired on 31 December 2020. The impact of these events on the Funds is difficult to predict, but the process to implement the political, economic and regulatory framework between the UK and the EU may have detrimental implications for the ability of a Fund to fulfil their respective investment objectives and the value of certain of a Fund's assets, and may increase a Fund's costs. This may be due to various factors, including (but not limited to) the following:
- Increased uncertainty and volatility in the UK and EU markets;
- Fluctuations in the market value of sterling and of UK and EU assets;
- Fluctuations in exchange rates between sterling, the Euro and other currencies;
- Fluctuations in interest rates in UK, EU and other markets;
- Increased illiquidity of investments located or listed within the UK or the EU;
- Changes in the willingness of counterparties to enter into transactions, or the price at which and terms on which they are prepared to transact; and/or
- Changes in legal and regulatory regimes to which the Funds, and/or certain of a Fund's assets, are or become subject. | en | fr |
DOLFIN4217 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The UCITS Regulations require that any transaction carried out with the Company by a Promoter, Manager, Depositary, Investment Manager and/or associate of these (“connected persons”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the shareholders.
The Board of Directors of the Company are satisfied that there are arrangements (evidenced by written procedures) in place to ensure that the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations are applied to all transactions with connected persons, and are satisfied that transactions with connected persons entered into during the period complied with the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations.
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# Segregated liability of Funds | En vertu de la Réglementation sur les OPCVM, toutes les opérations effectuées avec la Société par un promoteur, par la Société de gestion, par le Dépositaire, par le Gestionnaire d’investissement et/ou par leurs associés (« parties liées ») doivent être effectuées comme si elles étaient négociées dans des conditions normales de concurrence. Les opérations doivent se faire dans l’intérêt des actionnaires.
Le Conseil d'administration de la Société estime que des accords appropriés (matérialisés par des procédures écrites) ont été mis en place pour assurer que les obligations stipulées dans la règle 43(1) des Directives de la Banque centrale sur les OPCVM sont appliquées à toutes les opérations avec des parties liées, et estiment que les opérations effectuées avec des parties liées durant la période sont conformes aux obligations stipulées dans la règle 43(1) des Directives de la Banque centrale sur les OPCVM.
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# Responsabilité séparée des Fonds | The UCITS Regulations require that any transaction carried out with the Company by a Promoter, Manager, Depositary, Investment Manager and/or associate of these (“connected persons”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the shareholders.
The Board of Directors of the Company are satisfied that there are arrangements (evidenced by written procedures) in place to ensure that the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations are applied to all transactions with connected persons, and are satisfied that transactions with connected persons entered into during the period complied with the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations.
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# Segregated liability of Funds | en | fr |
DOLFIN4218 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests at least 80% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The fixed income securities may be issued by: the United States (US) government and its agencies, non-US governments and government agencies and companies and supranationals (e.g. the International Bank for Reconstruction and Development) domiciled inside or outside of the US.
At least 80% of the Fund’s total assets will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.
At least 70% of the Fund’s total assets will be invested in securities that are denominated in US Dollars.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the Bloomberg US Aggregate Bond Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities.
However, the geographical scope and credit rating requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Sterling. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$100,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo.
El Fondo invierte a escala mundial al menos el 80% de sus activos totales en valores de renta fija. Entre estos están los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
Los valores de renta fija podrán ser emitidos por el gobierno de Estados Unidos, por sus agencias, por gobiernos y agencias gubernamentales no estadounidenses, y por empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Desarrollo) domiciliados dentro o fuera de Estados Unidos.
Al menos el 80% de los activos totales del Fondo tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de la adquisición. Las inversiones restantes podrían tener una calificación de solvencia relativamente baja, o carecer de calificación.
Al menos el 70% del activo total del Fondo se invertirá en valores denominados en dólares estadounidenses.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al Bloomberg US Aggregate Bond Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su poder discrecional para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, el ámbito geográfico y los requisitos de calificación de solvencia del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en libras esterlinas. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 100 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests at least 80% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The fixed income securities may be issued by: the United States (US) government and its agencies, non-US governments and government agencies and companies and supranationals (e.g. the International Bank for Reconstruction and Development) domiciled inside or outside of the US.
At least 80% of the Fund’s total assets will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.
At least 70% of the Fund’s total assets will be invested in securities that are denominated in US Dollars.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the Bloomberg US Aggregate Bond Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities.
However, the geographical scope and credit rating requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Sterling. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$100,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN4219 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | Nous ne facturons pas de coût d’entrée pour ce produit. | Jusqu’à 0 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | |
| Coûts récurrents prélevés chaque année | |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,08 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l’année dernière. | 108 EUR |
| Coûts de transaction | 0,23 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 23 EUR |
| Coûts accessoires prélevés sous certaines conditions spécifiques | |
| Commissions liées aux résultats et commission d’intéressement | Il n’y a pas de commission de performance pour ce produit. | | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | No cobramos una comisión de entrada para este producto. | Hasta 0 EUR |
| Costes de salida | No cobramos una comisión de salida para este producto. | |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,08 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 108 EUR |
| Costes de operación | 0,23 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 23 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento y participación en cuenta | No hay comisión de rendimiento para este producto. | | | | Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | Nous ne facturons pas de coût d’entrée pour ce produit. | Jusqu’à 0 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | |
| Coûts récurrents prélevés chaque année | |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,08 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l’année dernière. | 108 EUR |
| Coûts de transaction | 0,23 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 23 EUR |
| Coûts accessoires prélevés sous certaines conditions spécifiques | |
| Commissions liées aux résultats et commission d’intéressement | Il n’y a pas de commission de performance pour ce produit. | | | fr | es |
DOLFIN4220 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund aims to provide an annual return on investment (generated through an increase in the value of the securities held by the Sub-Fund and/or income received from those securities) of approximately 2% gross of all fees/expenses above the annual return of the Index over a rolling five-year basis.
The Sub-Fund is actively managed through the use of proprietary quantitative stock-selection models that analyse financial and non-financial data of companies whose equity securities are listed on the Shanghai and Shenzhen exchanges. The models are used to derive insights into the valuation, quality and momentum of each company by comparing balance sheets, income statements, historic earnings data and information and how these may change in the future together with investor sentiment to such companies as it changes over time (characteristics known as ‘Factors’). The Manager also considers available Environmental, Social and Governance (“ESG”) information – such as data on emissions, corporate behaviour and diversity – relevant to the companies within the investment universe as part of the portfolio construction process. The Manager seeks to invest in securities issued by companies which, in its opinion, have an attractive ESG and risk vs return profile.
The specific weight allocated to a security identified as an attractive investment opportunity is determined by a quantitative investment process that seeks to capture the desired exposure to those Factors which in the opinion of the Manager are most relevant to the market in which the Sub-Fund invests and are expected to enable the Sub-Fund to achieve its investment objective. In constructing the Sub-Fund's portfolio, the Manager will reference the Index which means that, while the Manager has discretion to select the investments for the Sub-Fund, the Sub-Fund's divergence from the Index is controlled. In controlling the Sub-Fund’s divergence from the Index the Manager may consider and apply limits to, among other things, the divergence of the Sub-Fund's exposure to certain industries, sectors and securities from the equivalent Index exposures. Any such limits may vary over time depending upon the Manager's view of market conditions and opportunities. The resulting portfolio of securities is expected to demonstrate similar levels of volatility to that of the Index. The Manager’s quantitative investment process continuously assesses and evaluates the securities in the Sub-Fund's portfolio and the level of the risk and desired exposure to the relevant Factors each security contributes.
The Index captures large and mid-cap representation across China securities listed on the Shanghai and Shenzhen exchanges. The index covers only those securities that are accessible through "Stock Connect". The index is designed for international investors and is calculated using China A Stock Connect listings based on the offshore RMB exchange rate (CNH).
It is anticipated that the Net Asset Value of the Sub-Fund will exhibit high volatility due to the nature of its investment policy. Investments in emerging markets are often more volatile than developed markets and this may have a negative impact on the performance of the Sub-Fund. Although the Sub-Fund aims to deliver a positive total return over the Investment Horizon, there is no guarantee that this will be achieved over this time period, or any time period. The Fund’s capital is at risk meaning that the Sub-Fund could suffer a decrease in value and the value of your investment would decrease as a result.
An investment in this Sub-Fund should not constitute a substantial portion of an investment portfolio and may not be appropriate for all investors.
- Business Day/Dealing Day DefinitionBusiness Day: a day normally treated as a business day in Dublin, New York, London, Hong Kong and Singapore provided always that (i) the stock exchanges in Shanghai and Shenzhen are open for business and (ii) Stock Connect is open for Northbound trading on such day. | El Subfondo pretende proporcionar un rendimiento anual de la inversión (generado por el aumento del valor de los títulos incluidos en la cartera del Subfondo o de los ingresos recibidos de dichos valores) de aproximadamente el 2% bruto sin descontar todas las comisiones o gastos que supere la rentabilidad anual del Índice durante cinco años consecutivos.
El Subfondo se gestiona de forma activa mediante modelos propios de selección cuantitativa de valores que analizan los datos tanto financieros como no financieros de las empresas cuyos títulos de renta variable cotizan en las bolsas de Shanghái y Shenzhen. Los modelos se utilizan para obtener información sobre la valoración, la calidad y el dinamismo de cada empresa mediante la comparación de los balances, las cuentas de resultados, la información y los datos sobre beneficios históricos, así como para determinar cómo pueden cambiar en el futuro en consonancia con el sentimiento inversor hacia dichas empresas a medida que va cambiando con el tiempo (características que se conocen como “Factores”). Asimismo, la Sociedad gestora tiene en cuenta la información ambiental, social y de gobierno corporativo (“ASG”) disponible —como datos sobre emisiones, comportamiento corporativo y diversidad— relevante para las empresas incluidas en el universo de inversión como parte del proceso de elaboración de la cartera. La Sociedad gestora trata de invertir en valores emitidos por empresas que conforme a su criterio, cuentan con un perfil atractivo de ASG y riesgo con respecto a su rentabilidad.
La ponderación específica asignada a un valor que se considera una oportunidad inversión atractiva se determina mediante un proceso de inversión cuantitativo que pretende captar la exposición deseada a aquellos Factores que, conforme al criterio de la Sociedad gestora, son más relevantes para el mercado en el que invierte el Subfondo y que se prevé que permitan que este logre su objetivo de inversión. Para construir la cartera del Subfondo, la Sociedad gestora tomará como referencia el índice, lo que significa que, pese a que esta tiene potestad para seleccionar las inversiones del Subfondo, la divergencia de este con respecto al índice está controlada. Puede que la Sociedad gestora considere y aplique límites a la divergencia de la exposición del Subfondo a determinadas industrias, sectores y valores con respecto a las exposiciones equivalentes del Índice, con el fin de controlar la divergencia del Subfondo con respecto a este. Cualquier límite de este tipo podrá variar con el tiempo en función del punto de vista de la Sociedad gestora sobre las condiciones y oportunidades del mercado. Se prevé que en la cartera de valores resultante muestre unos niveles de volatilidad similares a los del Índice. El proceso de inversión cuantitativa de la Sociedad gestora analiza y evalúa constantemente los valores incluidos en la cartera del Subfondo y el nivel de riesgo y la exposición deseados a los Factores relevantes a los que contribuye cada valor.
El Índice capta una representación de gran y mediana capitalización de los valores chinos que cotizan en las bolsas de Shanghái y Shenzhen. Este índice únicamente incluye aquellos valores a los que puede accederse a través de "Stock Connect". El índice ha sido diseñado para los inversores internacionales y se calcula mediante las cotizaciones en Stock Connect de acciones A chinas con arreglo al tipo de cambio del RMB offshore (CNH).
Se prevé que el Valor Liquidativo del Subfondo muestre una alta volatilidad debido a la naturaleza de su política de inversión. Con frecuencia, las inversiones en mercados emergentes muestran una mayor volatilidad que las de los mercados desarrollados, lo cual puede incidir negativamente en la rentabilidad del Subfondo. Pese a que el Subfondo pretende obtener una rentabilidad total positiva durante el Horizonte de inversión, no existen garantías de que vaya conseguirse ni durante este período ni durante ningún otro. El capital del Fondo se ve expuesto al riesgo, lo que significa que el Subfondo podría haber reducido su valor y su inversión también se vería reducida como consecuencia.
Una inversión en este Fondo no debe constituir una parte considerable de una cartera de inversión y quizás no resulte adecuada para todos los inversores.
- Definición de Día Hábil/Día de NegociaciónDía hábil: un día normalmente considerado hábil en Dublín, Nueva York, Londres, Hong Kong y Singapur, siempre y cuando (i) las Bolsas de Shanghái y Shenzhen estén abiertas a la negociación y (ii) Stock Connect esté abierta a la negociación Northbound (en dirección norte) ese día. | The Sub-Fund aims to provide an annual return on investment (generated through an increase in the value of the securities held by the Sub-Fund and/or income received from those securities) of approximately 2% gross of all fees/expenses above the annual return of the Index over a rolling five-year basis.
The Sub-Fund is actively managed through the use of proprietary quantitative stock-selection models that analyse financial and non-financial data of companies whose equity securities are listed on the Shanghai and Shenzhen exchanges. The models are used to derive insights into the valuation, quality and momentum of each company by comparing balance sheets, income statements, historic earnings data and information and how these may change in the future together with investor sentiment to such companies as it changes over time (characteristics known as ‘Factors’). The Manager also considers available Environmental, Social and Governance (“ESG”) information – such as data on emissions, corporate behaviour and diversity – relevant to the companies within the investment universe as part of the portfolio construction process. The Manager seeks to invest in securities issued by companies which, in its opinion, have an attractive ESG and risk vs return profile.
The specific weight allocated to a security identified as an attractive investment opportunity is determined by a quantitative investment process that seeks to capture the desired exposure to those Factors which in the opinion of the Manager are most relevant to the market in which the Sub-Fund invests and are expected to enable the Sub-Fund to achieve its investment objective. In constructing the Sub-Fund's portfolio, the Manager will reference the Index which means that, while the Manager has discretion to select the investments for the Sub-Fund, the Sub-Fund's divergence from the Index is controlled. In controlling the Sub-Fund’s divergence from the Index the Manager may consider and apply limits to, among other things, the divergence of the Sub-Fund's exposure to certain industries, sectors and securities from the equivalent Index exposures. Any such limits may vary over time depending upon the Manager's view of market conditions and opportunities. The resulting portfolio of securities is expected to demonstrate similar levels of volatility to that of the Index. The Manager’s quantitative investment process continuously assesses and evaluates the securities in the Sub-Fund's portfolio and the level of the risk and desired exposure to the relevant Factors each security contributes.
The Index captures large and mid-cap representation across China securities listed on the Shanghai and Shenzhen exchanges. The index covers only those securities that are accessible through "Stock Connect". The index is designed for international investors and is calculated using China A Stock Connect listings based on the offshore RMB exchange rate (CNH).
It is anticipated that the Net Asset Value of the Sub-Fund will exhibit high volatility due to the nature of its investment policy. Investments in emerging markets are often more volatile than developed markets and this may have a negative impact on the performance of the Sub-Fund. Although the Sub-Fund aims to deliver a positive total return over the Investment Horizon, there is no guarantee that this will be achieved over this time period, or any time period. The Fund’s capital is at risk meaning that the Sub-Fund could suffer a decrease in value and the value of your investment would decrease as a result.
An investment in this Sub-Fund should not constitute a substantial portion of an investment portfolio and may not be appropriate for all investors.
- Business Day/Dealing Day DefinitionBusiness Day: a day normally treated as a business day in Dublin, New York, London, Hong Kong and Singapore provided always that (i) the stock exchanges in Shanghai and Shenzhen are open for business and (ii) Stock Connect is open for Northbound trading on such day. | en | es |
DOLFIN4221 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Based on the aforementioned, the Depositary confirms that no potential conflict of interests has been identified.
The current conflicts of interest policy is available from the Depositary on request or via the following link: https://www.rbcits.com/AboutUs/CorporateGovernance/p_InformationOnConflictsOfInterestPolicy.aspx
The Depositary is entitled to remuneration at the customary rates. This will be paid by the Management Company out of the all-in fee that is due to it and charged to the Fund. | Auf Grundlage des oben genannten bestätigt die Verwahrstelle, dass kein potentieller Interessenkonflikt ermittelt werden konnte.
Die aktuelle Interessenkonfliktpolitik ist auf Anfrage bei der Verwahrstelle oder über folgenden Weblink erhältlich: https://www.rbcits.com/AboutUs/CorporateGovernance/p_InformationOnConflictsOfInterestPolicy.aspx
Die Verwahrstelle hat Anspruch auf eine Entschädigung nach den üblichen Ansätzen. Diese wird von der Verwaltungsgesellschaft aus der ihr zustehenden und zulasten des Fonds gehenden pauschalen Verwaltungskommission bezahlt. | Based on the aforementioned, the Depositary confirms that no potential conflict of interests has been identified.
The current conflicts of interest policy is available from the Depositary on request or via the following link: https://www.rbcits.com/AboutUs/CorporateGovernance/p_InformationOnConflictsOfInterestPolicy.aspx
The Depositary is entitled to remuneration at the customary rates. This will be paid by the Management Company out of the all-in fee that is due to it and charged to the Fund. | en | de |
DOLFIN4222 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Swing Pricing Mechanism
A Sub-Fund may suffer a reduction in value, known as “dilution” when trading the underlying investments as a result of net inflows or net outflows of the respective Sub-Fund. This can be due to a number factors, including but not limited to bid/offer spreads and transaction costs of underlying securities, taxation, fiscal and other applicable trading charges, subscription and redemptions fees of underlying funds (if applicable), the prevailing liquidity and the size of the transaction in the markets in which the Sub-Funds invest in. In order to counter this effect and to protect Shareholders’ interests the Management Company may adopt a swing pricing mechanism as part of its valuation policy. This means that in certain circumstances the Management Company may make adjustments to the net asset value per Share to counter the impact of dealing and other costs on occasions when these are deemed to be significant.
If on any Valuation Day, the aggregate net investor(s) transactions in a Sub-Fund exceed a pre-determined threshold, the net asset value per Share may be adjusted upwards or downwards to reflect the costs attributable to the net inflows and net outflows respectively. Typically, such adjustments will increase the net asset value per Share when there are net subscriptions into the Sub- Fund and decrease the net asset value per Share when there are net redemptions out of the Sub-Fund. The Management Company is responsible for setting the threshold, which will be a percentage of the net assets of the respective Sub-Fund. The threshold is based on objective criteria such as the size of a Sub-Fund and the dealing costs for a Sub-Fund, and may be revised from time to time.
The swing pricing mechanism may be applied across all Sub-Funds of the Fund. The percentage by which the net asset value is adjusted (the “Swing Factor”) will be set by the Board of Directors and subsequently reviewed on a periodic basis to reflect an approximation of current dealing and other costs. The Swing Factor may vary from Sub-Fund to Sub-Fund due to different transaction costs in certain jurisdictions on the sell and the buy side, but will not under normal circumstances exceed 2% of the original net asset value per Share. In exceptional circumstances the Board of Directors reserve the right to increase the Swing Factor to a maximum of 5% of the original net asset value per Share. Whenever the Board of Directors exercises such right to increase the Swing Factor, the relevant notice shall be made available online at www.bluebay.com.
The net asset value per Share of each Share Class in a Sub-Fund will be calculated separately but any adjustment will be made on Sub- Fund level and in percentage terms, equally affecting the net asset value per Share of each Share Class. If swing pricing is applied to a Sub-Fund on a particular Valuation Day, the net asset value adjustment will be applicable to all transactions placed on that day.
For the avoidance of doubt, any applicable performance fee will be charged on the basis of an unswung net asset value per Share. Investors are advised that the volatility of the Sub-Fund’s net asset value might not reflect the true portfolio performance as a
consequence of the application of swing pricing. | ## Swing-Pricing-Mechanismus
Ein Teilfonds kann beim Handel der zugrunde liegenden Anlagen infolge von Nettozuflüssen oder Nettoabflüssen des jeweiligen Teilfonds einen als „Verwässerung“ bezeichneten Wertverlust erleiden. Dieser entsteht aufgrund einer Reihe von Faktoren, insbesondere der Spreads zwischen Kauf- und Verkaufspreisen und der Transaktionsgebühren der Basiswerte, der Besteuerung, der Finanz- und sonstigen anwendbaren Handelsabgaben, (gegebenenfalls) Zeichnungs- und Rücknahmegebühren der zugrunde liegenden Fonds, der vorherrschenden Liquidität und des Transaktionsvolumens in den Märkten, in denen der Teilfonds investiert. Um diesem Effekt entgegenzuwirken und die Interessen der Anteilinhaber zu schützen, kann die Verwaltungsgesellschaft im Rahmen ihrer Bewertungspolitik einen Swing-Pricing-Mechanismus einsetzen. Dies bedeutet, dass die Verwaltungsgesellschaft unter bestimmten Umständen Anpassungen am Nettoinventarwert je Anteil vornehmen kann, um die Auswirkungen von Handels- und anderen Kosten auszugleichen, wenn diese als wesentlich erachtet werden.
Falls an einem Bewertungstag die Gesamtheit der Netto-Anlegertransaktionen in einem Teilfonds einen vorab festgelegten Schwellenwert übersteigt, kann der Nettoinventarwert je Anteil nach oben oder unten korrigiert werden, um die Kosten widerzuspiegeln, die den Nettozuflüssen bzw. -abflüssen zuzuschreiben sind. In der Regel erhöhen solche Anpassungen den Nettoinventarwert je Anteil, wenn Nettozeichnungen von Anteilen des Teilfonds vorliegen, und sie reduzieren den Nettoinventarwert je Anteil, wenn Nettorücknahmen von Anteilen des Teilfonds vorliegen. Die Verwaltungsgesellschaft ist dafür verantwortlich, den Schwellenwert festzulegen, bei dem es sich um einen Prozentsatz des Nettovermögens des jeweiligen Teilfonds handelt. Der Schwellenwert basiert auf objektiven Kriterien, wie der Größe eines Teilfonds und den Handelskosten für einen Teilfonds, und kann von Zeit zu Zeit geändert werden.
Der Swing-Pricing-Mechanismus kann für alle Teilfonds des Fonds angewandt werden. Der Prozentsatz, um den der Nettoinventarwert angepasst wird, wird vom Verwaltungsrat festgelegt und anschließend regelmäßig überprüft, um eine Annäherung an die aktuellen Handels- und anderen Kosten wiederzugeben. Die Höhe der Anpassung kann aufgrund von unterschiedlichen Transaktionskosten in bestimmten Ländern auf der Verkaufs- und Kaufseite von Teilfonds zu Teilfonds verschieden sein, darf jedoch 2 % des ursprünglichen Nettoinventarwerts je Anteil nicht übersteigen. Der Verwaltungsrat behält sich das Recht vor, den Swing- Faktor unter außergewöhnlichen Umständen auf maximal 5 % des ursprünglichen Nettoinventarwerts je Anteil zu erhöhen. Jedes Mal, wenn der Verwaltungsrat dieses Recht zur Anhebung des Swing-Faktors ausübt, wird die entsprechende Mitteilung online unter www.bluebay.com veröffentlicht.
Der Nettoinventarwert je Anteil jeder Anteilsklasse eines Teilfonds wird separat berechnet, jedoch werden alle Anpassungen auf Teilfondsebene und als Prozentsatz vorgenommen, sodass sie sich gleichermaßen auf den Nettoinventarwert je Anteil jeder Anteilsklasse auswirken. Wenn das Swing Pricing an einem bestimmten Bewertungstag auf einen Teilfonds angewendet wird, ist die Anpassung des Nettoinventarwerts auf alle Transaktionen anwendbar, die an diesem Tag platziert werden.
Vorsorglich wird darauf hingewiesen, dass die erhobenen Performancegebühr auf Grundlage eines nicht gemäß dem Swing Pricing berechneten Nettoinventarwert je Anteil berechnet wird.
Die Anleger werden darauf hingewiesen, dass die Volatilität des Nettoinventarwerts des Teilfonds infolge der Anwendung des Swing Pricing möglicherweise nicht die tatsächliche Portfolio-Performance widerspiegelt. | ## Swing Pricing Mechanism
A Sub-Fund may suffer a reduction in value, known as “dilution” when trading the underlying investments as a result of net inflows or net outflows of the respective Sub-Fund. This can be due to a number factors, including but not limited to bid/offer spreads and transaction costs of underlying securities, taxation, fiscal and other applicable trading charges, subscription and redemptions fees of underlying funds (if applicable), the prevailing liquidity and the size of the transaction in the markets in which the Sub-Funds invest in. In order to counter this effect and to protect Shareholders’ interests the Management Company may adopt a swing pricing mechanism as part of its valuation policy. This means that in certain circumstances the Management Company may make adjustments to the net asset value per Share to counter the impact of dealing and other costs on occasions when these are deemed to be significant.
If on any Valuation Day, the aggregate net investor(s) transactions in a Sub-Fund exceed a pre-determined threshold, the net asset value per Share may be adjusted upwards or downwards to reflect the costs attributable to the net inflows and net outflows respectively. Typically, such adjustments will increase the net asset value per Share when there are net subscriptions into the Sub- Fund and decrease the net asset value per Share when there are net redemptions out of the Sub-Fund. The Management Company is responsible for setting the threshold, which will be a percentage of the net assets of the respective Sub-Fund. The threshold is based on objective criteria such as the size of a Sub-Fund and the dealing costs for a Sub-Fund, and may be revised from time to time.
The swing pricing mechanism may be applied across all Sub-Funds of the Fund. The percentage by which the net asset value is adjusted (the “Swing Factor”) will be set by the Board of Directors and subsequently reviewed on a periodic basis to reflect an approximation of current dealing and other costs. The Swing Factor may vary from Sub-Fund to Sub-Fund due to different transaction costs in certain jurisdictions on the sell and the buy side, but will not under normal circumstances exceed 2% of the original net asset value per Share. In exceptional circumstances the Board of Directors reserve the right to increase the Swing Factor to a maximum of 5% of the original net asset value per Share. Whenever the Board of Directors exercises such right to increase the Swing Factor, the relevant notice shall be made available online at www.bluebay.com.
The net asset value per Share of each Share Class in a Sub-Fund will be calculated separately but any adjustment will be made on Sub- Fund level and in percentage terms, equally affecting the net asset value per Share of each Share Class. If swing pricing is applied to a Sub-Fund on a particular Valuation Day, the net asset value adjustment will be applicable to all transactions placed on that day.
For the avoidance of doubt, any applicable performance fee will be charged on the basis of an unswung net asset value per Share. Investors are advised that the volatility of the Sub-Fund’s net asset value might not reflect the true portfolio performance as a
consequence of the application of swing pricing. | en | de |
DOLFIN4223 | 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 |
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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.
des taux d’intérêt est forte.
Ce fonds est considéré comme un fonds à gestion active par rapport à l’Indice de référence, du fait qu’il utilise ce dernier pour mesurer la duration, calculer son exposition globale à l’aide de la méthode de la VàR relative et à des fins de comparaison de la performance. Certains des titres du fonds peuvent être des composantes de l’Indice de référence et être assortis de pondérations identiques à celles utilisées par ce dernier. Toutefois, l’Indice de référence n’est pas utilisé pour définir la composition du portefeuille du fonds, il ne sert pas non plus d’objectif de performance et le fonds peut être totalement investi dans des titres qui ne sont pas des composantes de l’Indice de référence. Les titres seront de qualité « investment grade » ou « non-investment grade ». Les titres de qualité non-investment grade sont considérés comme plus risqués, mais produisent d’ordinaire un niveau de revenu supérieur.
Le fonds peut investir largement dans les marchés émergents qui, en termes d’investissement, sont les marchés d’économies encore en développement. Le fonds peut investir dans des instruments dérivés (tels que les contrats à terme standardisés, les options et les swaps) au lieu d’investir directement dans les titres sous-jacents. Le rendement des instruments dérivés est lié aux variations des cours des actifs sous- jacents.
Les actifs détenus par le fonds seront principalement libellés en dollars américains, mais peuvent être exprimés dans une grande variété de devises. L’exposition de change hors USD est limitée à 20 % du total des actifs. Le conseiller en investissement peut avoir recours à des opérations de change et instruments dérivés y afférents pour couvrir ou mettre en place des positions de change.
Jour de négociation Les Actions du fonds peuvent généralement être rachetées quotidiennement. Veuillez consulter la section du prospectus intitulée « Comment obtenir le rachat des actions ».
Politique de distribution Cette catégorie d’actions ne verse pas de distributions. Tout revenu d’investissement généré sera réinvesti.
Investisseurs de détail visés
Les investisseurs types du Fonds sont généralement des investisseurs désireux d’optimiser leur rendement courant en combinant revenu et croissance du capital et de construire une exposition diversifiée aux marchés du revenu fixe mondiaux. Ce sont par ailleurs des investisseurs prêts à accepter la volatilité et les risques associés à ces marchés, notamment aux marchés émergents et au marché des titres de qualité non-investment grade, et visant un horizon d’investissement de moyen à long terme.
Cette classification est susceptible de modifications.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Dans certains cas, les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra, le cas échéant, du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques non couverts par l’indicateur de risque comprennent le Risque de crédit et de défaut, le Risque de taux d’intérêt et le Risque lié aux marchés émergents. Veuillez vous reporter au prospectus du fonds pour obtenir la liste complète des risques encourus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
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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.
sensibilidad a las variaciones de los tipos de interés.
Se considera que el fondo se gestiona de forma activa por referencia al Valor de referencia por el hecho de que se utiliza para medir la duración, calcular la exposición global del fondo aplicando la metodología del valor en riesgo (VaR) relativo y para realizar comparaciones de rentabilidad. Determinados valores en cartera del fondo pueden ser componentes del Valor de referencia o tener ponderaciones similares. Sin embargo, el Valor de referencia no se utiliza para definir la composición de la cartera del fondo ni un objetivo de rentabilidad, y el fondo podrá estar totalmente invertido en valores que no forman parte del Valor de referencia. Los valores podrán ser títulos tanto con «grado de inversión» como «sin grado de inversión». Se considera que los valores «sin grado de inversión» son inversiones más arriesgadas, pero habitualmente generan ingresos más elevados.
El fondo puede invertir considerablemente en mercados emergentes, que, en términos de inversión, son aquellas economías que todavía están en desarrollo. El fondo puede invertir en instrumentos derivados (tales como futuros, opciones y permutas financieras), en vez de hacerlo directamente en los valores subyacentes. El rendimiento de los derivados está ligado a los movimientos de los activos subyacentes.
Los activos en cartera del fondo estarán denominados fundamentalmente en dólares estadounidenses, pero pueden estar denominados en una amplia variedad de divisas. La exposición a divisas distintas del USD está limitada al 20% de los activos totales. El asesor de inversiones puede usar divisas e instrumentos derivados relacionados para cubrir o abrir posiciones en divisas.
Día de negociación Las acciones del fondo pueden reembolsarse normalmente a diario. Remítase a la sección del folleto titulada «How to Redeem Shares» (Cómo reembolsar las acciones).
Política de distribución Esta clase de acciones no hace distribuciones. Las rentas generadas por la inversión se reinvertirán.
Inversor minorista al que va dirigido
El inversor tipo del Fondo será aquel que trate de maximizar el rendimiento corriente mediante una combinación de ingresos y crecimiento del capital, que también busca una exposición diversificada a los mercados mundiales de renta fija, que está dispuesto a aceptar los riesgos y la volatilidad asociados con la inversión en este tipo de mercados, entre ellos los mercados emergentes y los valores sin grado de inversión, con un horizonte de inversión de medio a largo plazo.
Esta clasificación está sujeta a cambios con el tiempo.
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que 2 significa un riesgo bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como baja y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión como «muy improbable».
Tenga presente el riesgo de cambio. En algunas circunstancias usted puede recibir pagos en una moneda diferente, por lo que su rentabilidad final podrá depender del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Otros riesgos no reflejados en el indicador de riesgo son, por ejemplo, el riesgo de crédito y de impago, el riesgo de tipos de interés y el riesgo de mercados emergentes. Si desea obtener una lista completa de los riesgos, consulte el folleto del fondo.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # 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.
des taux d’intérêt est forte.
Ce fonds est considéré comme un fonds à gestion active par rapport à l’Indice de référence, du fait qu’il utilise ce dernier pour mesurer la duration, calculer son exposition globale à l’aide de la méthode de la VàR relative et à des fins de comparaison de la performance. Certains des titres du fonds peuvent être des composantes de l’Indice de référence et être assortis de pondérations identiques à celles utilisées par ce dernier. Toutefois, l’Indice de référence n’est pas utilisé pour définir la composition du portefeuille du fonds, il ne sert pas non plus d’objectif de performance et le fonds peut être totalement investi dans des titres qui ne sont pas des composantes de l’Indice de référence. Les titres seront de qualité « investment grade » ou « non-investment grade ». Les titres de qualité non-investment grade sont considérés comme plus risqués, mais produisent d’ordinaire un niveau de revenu supérieur.
Le fonds peut investir largement dans les marchés émergents qui, en termes d’investissement, sont les marchés d’économies encore en développement. Le fonds peut investir dans des instruments dérivés (tels que les contrats à terme standardisés, les options et les swaps) au lieu d’investir directement dans les titres sous-jacents. Le rendement des instruments dérivés est lié aux variations des cours des actifs sous- jacents.
Les actifs détenus par le fonds seront principalement libellés en dollars américains, mais peuvent être exprimés dans une grande variété de devises. L’exposition de change hors USD est limitée à 20 % du total des actifs. Le conseiller en investissement peut avoir recours à des opérations de change et instruments dérivés y afférents pour couvrir ou mettre en place des positions de change.
Jour de négociation Les Actions du fonds peuvent généralement être rachetées quotidiennement. Veuillez consulter la section du prospectus intitulée « Comment obtenir le rachat des actions ».
Politique de distribution Cette catégorie d’actions ne verse pas de distributions. Tout revenu d’investissement généré sera réinvesti.
Investisseurs de détail visés
Les investisseurs types du Fonds sont généralement des investisseurs désireux d’optimiser leur rendement courant en combinant revenu et croissance du capital et de construire une exposition diversifiée aux marchés du revenu fixe mondiaux. Ce sont par ailleurs des investisseurs prêts à accepter la volatilité et les risques associés à ces marchés, notamment aux marchés émergents et au marché des titres de qualité non-investment grade, et visant un horizon d’investissement de moyen à long terme.
Cette classification est susceptible de modifications.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Dans certains cas, les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra, le cas échéant, du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques non couverts par l’indicateur de risque comprennent le Risque de crédit et de défaut, le Risque de taux d’intérêt et le Risque lié aux marchés émergents. Veuillez vous reporter au prospectus du fonds pour obtenir la liste complète des risques encourus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN4224 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund’s sustainable investments aim not to cause significant harm to any environmental or social objective, by:
- avoiding investments in issuers that violate minimum social safeguards; and
- by the Fund excluding issuers which breach thresholds set by the Investment Advisers relating to the principal adverse impact (“PAI”) indicators which the Investment Adviser is required to consider by the EU Sustainable Finance Disclosure Regulation (“SFDR”) rules, and which are relevant to the investment. | Die nachhaltigen Investitionen des Fonds zielen darauf ab, kein ökologisches oder soziales Ziel wesentlich zu beeinträchtigen,
- indem Anlagen in Emittenten vermieden werden, die den sozialen Mindestschutz nicht gewähren; und
- Ausschluss von Emittenten durch den Fonds, die die vom Anlageberater in Bezug auf die negativen Nachhaltigkeitsindikatoren („PAI“) festgelegten Schwellenwerte verletzen, die der Anlageberater gemäß der Verordnung der EU übernachhaltigkeitsbezogene Offenlegungsverpflichtungen im Finanzdienstleistungssektor („SFDR“) berücksichtigen muss und die für die Investition relevant sind. | The Fund’s sustainable investments aim not to cause significant harm to any environmental or social objective, by:
- avoiding investments in issuers that violate minimum social safeguards; and
- by the Fund excluding issuers which breach thresholds set by the Investment Advisers relating to the principal adverse impact (“PAI”) indicators which the Investment Adviser is required to consider by the EU Sustainable Finance Disclosure Regulation (“SFDR”) rules, and which are relevant to the investment. | en | de |
DOLFIN4225 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Combien de temps dois-je le conserver, et puis-je retirer de l’argent de façon anticipée?
### Période de détention recommandée: 5 années
Ce Fonds doit être considéré comme un investissement à moyen ou long terme. Cela signifie 5 ans ou plus. Le risque du Fonds peut être très différent si vous optez pour une sortie avant échéance. Des frais peuvent être appliqués à la sortie pendant la durée du Fonds. Veuillez vous reporter au tableau « Composition des coûts » pour plus de détails sur les frais applicables. Vous pouvez vendre vos actions du Fonds lors de n'importe quel Jour de négociation, tel que défini dans le Prospectus, selon l'une des méthodes y figurant. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
### Período de mantenimiento recomendado: 5 años
Este Fondo debe considerarse una inversión de medio a largo plazo. Es decir, 5 años o más. El riesgo del Fondo puede variar en caso de salida anticipada. Pueden aplicársele comisiones por salir durante el plazo del Fondo. Consulte el cuadro «Composición de los costes» para conocer los detalles de las comisiones aplicables. Puede vender sus acciones del Fondo en cualquier Día de negociación, tal y como se define en el Folleto, siguiendo uno de los métodos que se describen en el Folleto. | # Combien de temps dois-je le conserver, et puis-je retirer de l’argent de façon anticipée?
### Période de détention recommandée: 5 années
Ce Fonds doit être considéré comme un investissement à moyen ou long terme. Cela signifie 5 ans ou plus. Le risque du Fonds peut être très différent si vous optez pour une sortie avant échéance. Des frais peuvent être appliqués à la sortie pendant la durée du Fonds. Veuillez vous reporter au tableau « Composition des coûts » pour plus de détails sur les frais applicables. Vous pouvez vendre vos actions du Fonds lors de n'importe quel Jour de négociation, tel que défini dans le Prospectus, selon l'une des méthodes y figurant. | fr | es |
DOLFIN4226 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Any Sub-fund authorized by its investment policy to invest in units of UCITS and/or other UCIs may invest in Shares of one or more other Sub-funds, according to the terms and conditions laid down by the Law and set out in paragraph 13., 6., c) of the Prospectus.
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# List of the Sub-funds | Alle Teilfonds, deren Anlagepolitik Anlagen in Anteile von OGAW und/oder anderen OGA zulässt, können unter Einhaltung der gesetzlichen Bestimmungen und der Bedingungen von Absatz 13.6.c) des Prospekts in Anteile eines oder mehrerer anderer Teilfonds investieren.
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# Liste der Teilfonds | Any Sub-fund authorized by its investment policy to invest in units of UCITS and/or other UCIs may invest in Shares of one or more other Sub-funds, according to the terms and conditions laid down by the Law and set out in paragraph 13., 6., c) of the Prospectus.
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# List of the Sub-funds | en | de |
DOLFIN4227 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# The board of directors may decide to proceed with a merger of any Sub-fund, either as receiving or absorbed Sub-Fund, with:
- another existing Sub-fund within the Company or another sub-fund within the New UCITS (the “New Sub-fund”); or
- a New UCITS,and, as appropriate, to redesignate the shares of the Sub-Fund concerned as shares of the New UCITS, or of the New Sub-Fund as applicable. | # Il Consiglio di Amministrazione può decidere di procedere alla fusione di qualsiasi Comparto, in veste di Comparto incorporante o incorporato, con:
- un altro Comparto esistente all’interno della Società o un altro comparto di un Nuovo OICVM (il“Nuovo Comparto”); o
- un Nuovo OICVM,e rinominare le Azioni del Comparto interessato come Azioni del Nuovo OICVM o del Nuovo Comparto, a seconda dei casi. | # The board of directors may decide to proceed with a merger of any Sub-fund, either as receiving or absorbed Sub-Fund, with:
- another existing Sub-fund within the Company or another sub-fund within the New UCITS (the “New Sub-fund”); or
- a New UCITS,and, as appropriate, to redesignate the shares of the Sub-Fund concerned as shares of the New UCITS, or of the New Sub-Fund as applicable. | en | it |
DOLFIN4228 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Where the Shares are listed, the exchanges on which those Shares are listed take no responsibility for the contents of this document, make no representations as to its accuracy or completeness and expressly disclaim any liability whatsoever for any kind of loss arising from or in reliance upon any part of the contents of this document.
This Prospectus includes particulars given in compliance with the listing regulations of the exchanges on which the Shares are listed for the purpose of giving information with regard to the Company. The directors of the Company collectively and individually accept full responsibility for the accuracy of the information contained in this Prospectus and confirm, having made all reasonable inquiries, that to the best of their knowledge and belief there are no other facts the omission of which would make any statement herein misleading.
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# UNITED KINGDOM EXIT FROM THE EUROPEAN UNION | Bei notierten Aktien übernehmen die Börsen, an denen die Aktien notiert sind, keine Haftung für den Inhalt dieses Dokuments, geben keine Zusicherungen bezüglich seiner Richtigkeit oder Vollständigkeit und schließen ausdrücklich jegliche Haftung für sämtliche Verluste aus, die durch oder im Vertrauen auf einen Teil des Inhalts dieses Dokuments entstehen.
Dieser Prospekt enthält Angaben in Übereinstimmung mit den Notierungsvorschriften der Börsen, an denen die Anteile notiert sind, mit dem Zweck, Informationen über die Gesellschaft zu erteilen. Die Verwaltungsratsmitglieder der Gesellschaft übernehmen gemeinsam und einzeln die volle Verantwortung für die Richtigkeit und Genauigkeit der in diesem Prospekt enthaltenen Informationen und bestätigen, dass es nach ihrer sorgfältigen Kontrolle nach ihrem bestem Wissen und Gewissen keine weiteren Tatsachen gibt, deren Nichterwähnung hier enthaltene Aussagen irreführend machen würde.
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# AUSTRITT DES VEREINIGTEN KÖNIGREICHS AUS DER EUROPÄISCHEN UNION | Where the Shares are listed, the exchanges on which those Shares are listed take no responsibility for the contents of this document, make no representations as to its accuracy or completeness and expressly disclaim any liability whatsoever for any kind of loss arising from or in reliance upon any part of the contents of this document.
This Prospectus includes particulars given in compliance with the listing regulations of the exchanges on which the Shares are listed for the purpose of giving information with regard to the Company. The directors of the Company collectively and individually accept full responsibility for the accuracy of the information contained in this Prospectus and confirm, having made all reasonable inquiries, that to the best of their knowledge and belief there are no other facts the omission of which would make any statement herein misleading.
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# UNITED KINGDOM EXIT FROM THE EUROPEAN UNION | en | de |
DOLFIN4229 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 Exemple d’investissement : 10 000 GBP Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans (PDR) |
| --- | --- | --- |
| Minimum | Vous pourriez perdre tout ou partie de votre investissement |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 7 254 GBP | 4 192 GBP |
| Rendement annuel moyen | -27,46 % | -15,96 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 289 GBP | 6 411 GBP |
| Rendement annuel moyen | -27,11 % | -8,51 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 413 GBP | 14 427 GBP |
| Rendement annuel moyen | 4,13 % | 7,61 % |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 14 445 GBP | 17 568 GBP |
| Rendement annuel moyen | 44,45 % | 11,93 % | | | Período de mantenimiento recomendado: 5 Ejemplo de inversión: 10 000 GBP Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Mínimo | Podría perder parte o la totalidad de su inversión |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 7.254 GBP | 4.192 GBP |
| Rendimiento medio cada año | -27,46 % | -15,96 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7.289 GBP | 6.411 GBP |
| Rendimiento medio cada año | -27,11 % | -8,51 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10.413 GBP | 14.427 GBP |
| Rendimiento medio cada año | 4,13 % | 7,61 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 14.445 GBP | 17.568 GBP |
| Rendimiento medio cada año | 44,45 % | 11,93 % | | | Période de détention recommandée : 5 Exemple d’investissement : 10 000 GBP Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans (PDR) |
| --- | --- | --- |
| Minimum | Vous pourriez perdre tout ou partie de votre investissement |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 7 254 GBP | 4 192 GBP |
| Rendement annuel moyen | -27,46 % | -15,96 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 289 GBP | 6 411 GBP |
| Rendement annuel moyen | -27,11 % | -8,51 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 413 GBP | 14 427 GBP |
| Rendement annuel moyen | 4,13 % | 7,61 % |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 14 445 GBP | 17 568 GBP |
| Rendement annuel moyen | 44,45 % | 11,93 % | | fr | es |
DOLFIN4230 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Profil de l'investisseur
Ce Compartiment peut convenir aux investisseurs qui recherchent une croissance du capital via une exposition aux actions essentiellement et qui sont prêts à supporter les risques accrus liés à ce type d'investissement. Le Compartiment s'inscrit dans une optique de long terme et les investisseurs doivent disposer d'un horizon d'investissement de trois à cinq ans minimum.
Il est important que les investisseurs comprennent les risques associés à un investissement dans le Compartiment, et en particulier le risque de perte totale du capital investi, et dès lors qu'ils évaluent les risques et objectifs du Compartiment au regard de leur propre tolérance au risque et objectif d'investissement. Un Compartiment ne saurait constituer à lui seul un plan d'investissement complet. | ##### Perfil del inversor
Este Subfondo podrá ser adecuado para inversores que busquen el crecimiento del capital principalmente mediante la exposición a renta variable y que estén dispuestos a asumir el nivel de riesgo más elevado asociado a dicha exposición. El Subfondo ha sido concebido para una inversión a largo plazo y los inversores deberán tener un horizonte mínimo de inversión de tres a cinco años.
Los inversores deben entender los riesgos inherentes a la inversión, incluido el riesgo de pérdida total del capital invertido, así como evaluar el objetivo y los riesgos del Subfondo en cuanto a si son compatibles con sus propios objetivos de inversión y tolerancias al riesgo. Ningún Subfondo está destinado a ser un plan de inversión completo. | ##### Profil de l'investisseur
Ce Compartiment peut convenir aux investisseurs qui recherchent une croissance du capital via une exposition aux actions essentiellement et qui sont prêts à supporter les risques accrus liés à ce type d'investissement. Le Compartiment s'inscrit dans une optique de long terme et les investisseurs doivent disposer d'un horizon d'investissement de trois à cinq ans minimum.
Il est important que les investisseurs comprennent les risques associés à un investissement dans le Compartiment, et en particulier le risque de perte totale du capital investi, et dès lors qu'ils évaluent les risques et objectifs du Compartiment au regard de leur propre tolérance au risque et objectif d'investissement. Un Compartiment ne saurait constituer à lui seul un plan d'investissement complet. | fr | es |
DOLFIN4231 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Custodian has not made the Company aware of any conflicts of interest that arise as a result of doing so.
Potential conflicts of interest may occur if the Custodian delegates individual custodian tasks or the sub-custodian function to another outsourcing company. If this other outsourcing company is a com- pany affiliated with the Company or the Custodian (e.g. Group parent company), potential conflicts of interest may occur in the cooperation between this outsourcing company and the Company or Custo- dian (e.g. the Company or the Custodian may prefer to assign a company it is affiliated with over other similar providers when it comes to allocating custodian tasks or choosing the sub-custodian).
The Company and Custodian have taken appropriate and effective measures (e.g. policies and organi- sational measures) in order either to completely avoid potential conflicts of interest or, in cases where this is not possible, to rule out potential harm to the interests of the investors. Compliance with these measures is monitored by an independent compliance function.
The Company has received the above information from the Custodian. The Company has checked this information for plausibility. However, it has to rely on the information provided by the Custodian and cannot verify its accuracy and completeness in detail. The sub-custodians listed in Part D may change at any time. In principle, not all of these sub-custodians are used for the Fund. | Der Gesellschaft wurden von der Verwahrstelle keine sich hieraus ergebenden Interessenkonflikte be- kanntgegeben.
Potenzielle Interessenkonflikte können sich ergeben, wenn die Verwahrstelle einzelne Verwahraufga- ben bzw. die Unterverwahrung an ein weiteres Auslagerungsunternehmen überträgt. Sollte es sich bei diesem weiteren Auslagerungsunternehmen um ein mit der Gesellschaft oder der Verwahrstelle ver- bundenes Unternehmen (z.B. Konzernmutter) handeln, so könnten sich hieraus im Zusammenspiel zwi- schen diesem Auslagerungsunternehmen und der Gesellschaft bzw. der Verwahrstelle potenzielle Inte- ressenkonflikte ergeben (z.B. könnte die Gesellschaft bzw. die Verwahrstelle ein mit ihr verbundenes Unternehmen bei der Vergabe Verwahraufgaben oder bei der Wahl des Unterverwahrers gegenüber gleichwertigen anderen Anbietern bevorzugt werden).
Die Gesellschaft und Verwahrstelle verfügen über angemessene und wirksame Maßnahmen (z.B. Poli- cies und organisatorische Maßnahmen), um potenzielle Interessenkonflikte entweder ganz zu vermei- den oder in den Fällen, in denen dies nicht möglich ist, eine potenzielle Schädigung der Interessen der Anleger auszuschließen. Die Einhaltung dieser Maßnahmen wird von einer unabhängigen Compliance Funktion überwacht.
Die oben genannten Informationen hat die Gesellschaft von der Verwahrstelle mitgeteilt bekommen. Die Gesellschaft hat die Informationen auf Plausibilität geprüft. Sie ist jedoch auf Zulieferung der In- formation durch die Verwahrstelle angewiesen und kann die Richtigkeit und Vollständigkeit im Einzel- nen nicht überprüfen. Die Liste der in Abschnitt D genannten Unterverwahrer kann sich allerdings je- derzeit ändern. Im Regelfall werden auch nicht sämtliche dieser Unterverwahrer für den Fonds genutzt. | The Custodian has not made the Company aware of any conflicts of interest that arise as a result of doing so.
Potential conflicts of interest may occur if the Custodian delegates individual custodian tasks or the sub-custodian function to another outsourcing company. If this other outsourcing company is a com- pany affiliated with the Company or the Custodian (e.g. Group parent company), potential conflicts of interest may occur in the cooperation between this outsourcing company and the Company or Custo- dian (e.g. the Company or the Custodian may prefer to assign a company it is affiliated with over other similar providers when it comes to allocating custodian tasks or choosing the sub-custodian).
The Company and Custodian have taken appropriate and effective measures (e.g. policies and organi- sational measures) in order either to completely avoid potential conflicts of interest or, in cases where this is not possible, to rule out potential harm to the interests of the investors. Compliance with these measures is monitored by an independent compliance function.
The Company has received the above information from the Custodian. The Company has checked this information for plausibility. However, it has to rely on the information provided by the Custodian and cannot verify its accuracy and completeness in detail. The sub-custodians listed in Part D may change at any time. In principle, not all of these sub-custodians are used for the Fund. | en | de |
DOLFIN4232 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Investment manager’s report for the financial year ended 31 July 2022
The Sub-Fund's investment objective is to provide Shareholders with long term exposure to the performance of a Portfolio Basket with 80% of the highest NAV being protected as minimum exit Net Asset Value.
The Portfolio Basket is composed of exposures to fixed income, equities, commodities, foreign exchange and volatility strategies as determined by Swiss Life (the Sub-Investment Manager) and to an effective overnight interest rate for the Swiss Francs. The allocation between the portfolio and the exposure to the interest rate return is rebalanced following a volatility target strategy. The volatility budget of the Portfolio Basket is 5% over the term of the investment. 80% of the highest Net Asset Value per share is protected as minimum Exit Net Asset Value via the purchase of a put option. | # Rapport du Gestionnaire d’investissement pour l’exercice clos le 31 juillet 2022
L’objectif d’investissement du Compartiment est de fournir aux Actionnaires une exposition à long terme à la performance d’un Panier de portefeuilles, 80 % de la VL la plus élevée étant protégés en tant que Valeur Liquidative minimale de sortie.
Le Panier de portefeuille est composé d’expositions à des stratégies axées sur les titres à revenu fixe, actions, matières premières, devises et la volatilité déterminées par Swiss Life (le Gestionnaire d’investissement par délégation) et à un taux d’intérêt au jour le jour effectif pour le franc suisse. La répartition entre le portefeuille et l’exposition au rendement des taux d’intérêt est rééquilibrée selon une stratégie axée sur un objectif de volatilité. L’objectif de volatilité du Panier de portefeuilles est de 5 % sur la durée de l’investissement. 80 % de la Valeur Liquidative par action la plus élevée sont protégés en tant que Valeur Liquidative minimale de sortie par l’acquisition d’une option de vente. | # Investment manager’s report for the financial year ended 31 July 2022
The Sub-Fund's investment objective is to provide Shareholders with long term exposure to the performance of a Portfolio Basket with 80% of the highest NAV being protected as minimum exit Net Asset Value.
The Portfolio Basket is composed of exposures to fixed income, equities, commodities, foreign exchange and volatility strategies as determined by Swiss Life (the Sub-Investment Manager) and to an effective overnight interest rate for the Swiss Francs. The allocation between the portfolio and the exposure to the interest rate return is rebalanced following a volatility target strategy. The volatility budget of the Portfolio Basket is 5% over the term of the investment. 80% of the highest Net Asset Value per share is protected as minimum Exit Net Asset Value via the purchase of a put option. | en | fr |
DOLFIN4233 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Capital Group EUR Balanced Growth and Income Portfolio (LUX)
| Launch Date | 16 October 2020 | |
| --- | --- | --- |
| Investment Objective | The Fund seeks a combination of long-term growth of capital and current income in EUR, with a secondary objective of capital preservation. It aims to achieve this primarily through a balanced exposure to growth- and income-oriented Equity securities, and fixed-income securities by investing up to 100% of its assets in other Funds of the Company (the “Underlying Funds”) in accordance with Annex I “General Investment Guidelines and Restrictions”. In pursuing its investment objective, the Fund will have a balanced exposure to Equity and fixed-income securities. Some of the Underlying Funds may use, whether for hedging and/or efficient portfolio management purposes, certain type of derivatives including interest rate swaps, forward contracts, CDX, CDS, futures and options on futures as described in more detail in the main part of the Prospectus under the “Risk Warnings” section and in Annex 1. The Fund may, from time to time, also invest up to 10% in other UCITS and/or other UCIs as well as directly in Equity and fixed-income securities. |
| Investment exposure risks | - This Fund is a Fund of Funds and therefore will be subject to the risks associated with the Underlying Funds in which it invests.
- Equity, Bonds, Emerging Markets, High Yield Bonds, ABS/MBS, OTC Markets, derivative instruments
|
| Profile of the typical investor | The Fund is particularly suitable for investors seeking exposure through a Fund of Funds structure and long-term capital growth and income through balanced investments in global Equities and fixed-income securities. |
| Eligible Investment Countries | Any country | |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA | |
| Base Currency | EUR | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which Underlying Fund(s) representing a meaningful portion of Fund’s portfolio are not in a position to value their assets due to the closure of the markets on which they invest a substantial part of their assets. A list of such dates is available on capitalgroup.com/international. |
| Swing pricing | Swing pricing adjustment will not be applied to the Net Asset Value of this Fund as described in more detail in the main part of the Prospectus under the “Net Asset Value” section. |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Cut-Off Time | 9:30am Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges1 | Fund Administration Fee2 Depositary and Custody Fees3 | 0.15% maximum 0.06% maximum |
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | # Capital Group EUR Balanced Growth and Income Portfolio (LUX)
| Auflegungsdatum | 16. Oktober 2020 | |
| --- | --- | --- |
| Anlageziel | Der Fonds strebt eine Kombination aus langfristigem Kapitalwachstum und laufendem Einkommen in EUR an, mit dem sekundären Ziel des Kapitalerhalts. Er will dies vor allem durch ein ausgeglichenes Engagement in wachstums- und einkommensorientierte Eigenkapitalinstrumente und festverzinsliche Wertpapiere erzielen, indem er im Einklang mit Anhang I „Allgemeine Anlageleitlinien und Beschränkungen“ bis zu 100 % seiner Vermögenswerte in andere Fonds der Gesellschaft (die „zugrunde liegenden Fonds“) anlegt. Um sein Anlageziel zu erreichen, wird der Fonds ein ausgeglichenes Engagement in Aktien und festverzinslichen Wertpapiere haben. Bestimmte zugrunde liegende Fonds können zu Absicherungszwecken und/oder für ein effizientes Portfoliomanagement bestimmte Derivate wie Zinsswaps, Terminkontrakte, CDX, CDS, Termingeschäfte und Optionen auf Termingeschäfte einsetzen, so wie im Hauptteil des Verkaufsprospekts unter „Risikohinweise“ und in Anhang 1 genauer beschrieben. Der Fonds kann gegebenenfalls auch bis zu 10 % in andere OGAW und/oder andere OGA sowie direkt in Aktien und festverzinsliche Wertpapiere anlegen. |
| Anlagerisiken | - Bei diesem Fonds handelt es sich um einen Dachfonds und er unterliegt somit den Risiken im Zusammenhang mit den zugrunde liegenden Fonds, in die er investiert.
- Aktien, Anleihen, Schwellenmärkte, Hochverzinsliche Anleihen, ABS/MBS, OTC-Märkte, derivative Instrumente
|
| Profil des typischen Anlegers | Der Fonds eignet sich besonders für Anleger, die ein Engagement über eine Dachfondsstruktur und langfristiges Kapitalwachstum und Einkommen durch ausgeglichene Anlagen in globale Aktien und festverzinsliche Wertpapiere anstreben. |
| Qualifizierte Anlageländer | Alle Länder | |
| Anlageberater | CRMC | |
| Stellvertretender Anlageberater | CISA | |
| Basiswährung | EUR | |
| Bewertungstag | Jeder Geschäftstag, mit Ausnahme von Tagen (festgelegt durch den Verwaltungsrat oder die Verwaltungsgesellschaft nach eigenem Ermessen), an denen ein zugrunde liegender Fonds oder mehrere zugrunde liegende Fonds, der/die für einen erheblichen Teil des Portfolios des Fonds steht/stehen, nicht in der Lage sind, ihre Vermögenswerte zu bewerten, da die Märkte, an denen sie einen wesentlichen Anteil ihrer Vermögenswerte anlegen, geschlossen sind. Eine Liste dieser Daten ist erhältlich unter capitalgroup.com/international. |
| Swing-Pricing | Swing-Pricing-Apassungen werden für den Nettoinventarwert dieses Fonds nicht angewendet, so wie im Hauptteil des Verkaufsprospekts unter „Nettoinventarwert“ genauer beschrieben. |
| Methode zur Berechnung des Risikos | Die angewandte Methode zur Berechnung des Gesamtrisikos, das sich aus der Nutzung von derivativen Finanzinstrumenten ergibt, ist der Commitment-Ansatz gemäß dem CSSF-Rundschreiben 11/512. |
| Handelsschluss | 9:30 Luxemburger Zeit an jedem Bewertungstag | |
| Ende des Geschäftsjahres | 31. Dezember in jedem Jahr | |
| Gebühren und Aufwendungen1 | Fondsverwaltungsgebühr2 Verwahrungs- und Depotgebühren3 | 0,15 % Maximum 0,06 % Maximum |
- Fondsverwaltungs-, Verwahrungs- und Depotgebühren, die in die Total Expense Ratio (TER), die je nach Fonds und Anteilsklasse unterschiedlich ausfällt, einbezogen werden, können teilweise von der Verwaltungsgesellschaft der jeweiligen Anteilsklasse zugerechnet werden. Weitere Angaben entnehmen Sie bitte den jeweiligen KIID und dem Jahresbericht der Gesellschaft.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds, bis zum angegebenen Maximum.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds und der Länderaufschlüsselung im Portfolio, bis zum angegebenen Maximum. | # Capital Group EUR Balanced Growth and Income Portfolio (LUX)
| Launch Date | 16 October 2020 | |
| --- | --- | --- |
| Investment Objective | The Fund seeks a combination of long-term growth of capital and current income in EUR, with a secondary objective of capital preservation. It aims to achieve this primarily through a balanced exposure to growth- and income-oriented Equity securities, and fixed-income securities by investing up to 100% of its assets in other Funds of the Company (the “Underlying Funds”) in accordance with Annex I “General Investment Guidelines and Restrictions”. In pursuing its investment objective, the Fund will have a balanced exposure to Equity and fixed-income securities. Some of the Underlying Funds may use, whether for hedging and/or efficient portfolio management purposes, certain type of derivatives including interest rate swaps, forward contracts, CDX, CDS, futures and options on futures as described in more detail in the main part of the Prospectus under the “Risk Warnings” section and in Annex 1. The Fund may, from time to time, also invest up to 10% in other UCITS and/or other UCIs as well as directly in Equity and fixed-income securities. |
| Investment exposure risks | - This Fund is a Fund of Funds and therefore will be subject to the risks associated with the Underlying Funds in which it invests.
- Equity, Bonds, Emerging Markets, High Yield Bonds, ABS/MBS, OTC Markets, derivative instruments
|
| Profile of the typical investor | The Fund is particularly suitable for investors seeking exposure through a Fund of Funds structure and long-term capital growth and income through balanced investments in global Equities and fixed-income securities. |
| Eligible Investment Countries | Any country | |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA | |
| Base Currency | EUR | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which Underlying Fund(s) representing a meaningful portion of Fund’s portfolio are not in a position to value their assets due to the closure of the markets on which they invest a substantial part of their assets. A list of such dates is available on capitalgroup.com/international. |
| Swing pricing | Swing pricing adjustment will not be applied to the Net Asset Value of this Fund as described in more detail in the main part of the Prospectus under the “Net Asset Value” section. |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Cut-Off Time | 9:30am Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges1 | Fund Administration Fee2 Depositary and Custody Fees3 | 0.15% maximum 0.06% maximum |
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | en | de |
DOLFIN4234 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 208 EUR | 1 225 EUR |
| Annual cost impact (*) | 2.1% | 2.1% each year | | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- |
| Costes totales | 208 EUR | 1 225 EUR |
| Incidencia anual de los costes (*) | 2.1% | 2.1% cada año | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 208 EUR | 1 225 EUR |
| Annual cost impact (*) | 2.1% | 2.1% each year | | en | es |
DOLFIN4235 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs | If you exit after 1 year |
| --- | --- |
| Entry costs | This is the maximum that might be taken out of your money before it is invested and is typically charged only in exceptional circumstances. | 5.0% |
| Exit costs | This is the maximum that might be taken out of your money before proceeds of your investment are paid out and is typically charged only in exceptional circumstances. | 2.0% |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | This is an estimate based on actual costs over the last year. | 0.9% |
| Transaction costs | The figure shown is a percentage 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. | 0.0% |
| Incidental costs |
| Performance Fees | There is no performance fee for this product. | 0.0 | | | Costi una tantum | In caso di uscita dopo 1 anno |
| --- | --- |
| Costi di ingresso | Percentuale massima che può essere prelevata dal capitale prima che venga investito, applicata in genere solo in circostanze eccezionali. | 5,0% |
| Costi di uscita | Percentuale massima che può essere prelevata dal capitale prima che venga versato all'investitore il ricavato dell'investimento, applicata in genere solo in circostanze eccezionali. | 2,0% |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | Si tratta di una stima basata sui costi effettivi dell’ultimo anno. | 0,9% |
| Costi di transazione | Il dato indicato rappresenta una percentuale del valore del proprio investimento annuo. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto. | 0,0% |
| Oneri accessori |
| Commissione di performance | Non sono previste commissioni di performance per questo prodotto. | 0.0 | | | One-off costs | If you exit after 1 year |
| --- | --- |
| Entry costs | This is the maximum that might be taken out of your money before it is invested and is typically charged only in exceptional circumstances. | 5.0% |
| Exit costs | This is the maximum that might be taken out of your money before proceeds of your investment are paid out and is typically charged only in exceptional circumstances. | 2.0% |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | This is an estimate based on actual costs over the last year. | 0.9% |
| Transaction costs | The figure shown is a percentage 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. | 0.0% |
| Incidental costs |
| Performance Fees | There is no performance fee for this product. | 0.0 | | en | it |
DOLFIN4236 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
If payment in full in respect of the issue of Shares has not been received by the relevant time on the relevant Settlement Date, or in the event of non-clearance of funds, the allotment of Shares made in respect of such application may, at the discretion of the Administrator, be cancelled, or, alternatively, the Administrator shall be entitled to charge the applicant interest together with an administration fee. In addition the Directors will have the right to sell all or part of the applicant's holdings of Shares in the Fund or any other Fund of the ICAV in order to meet those charges.
While dealing deadlines and settlement dates are the same for all Shareholders if investors are dealing via the Distributor, a sub-distributor or an entity appointed directly or indirectly by the Manager in order to facilitate subscriptions (the "Agent") they should contact the Distributor, sub-distributor or Agent directly for full payment instructions.
- Form of Shares and Confirmation of OwnershipConfirmation of each purchase of Shares, by way of contract note, will normally be sent to Shareholders within 48 hours of the purchase being made. Shares shall be issued in registered form only and title to Shares will be evidenced by written confirmation of entry of the investor’s name on the ICAV’s register of Shareholders and no certificates will be issued.
- In Specie SubscriptionsThe responsible person may, at their discretion, accept payment for Shares in a Fund by a transfer in specie of assets, the nature of which must comply with the investment objective, policy and restrictions of the relevant Fund and the value of which shall be determined by the responsible person or their delegate, in accordance with the Instrument of Incorporation and the valuation principles governing the ICAV. Any prospective investor wishing to subscribe for Shares by a transfer in specie of assets will be required to comply with any administrative and other arrangements for the transfer specified by the ICAV, the Depositary or the Administrator. Any in specie transfer will be at the specific investor’s risk and the costs of such a transfer will be borne by the specific investor. Shares will not be issued until the investments have been vested or arrangements are made to vest the investments with the Depositary or its sub- custodian to the Depositary’s satisfaction and the number of Shares to be issued will not exceed the amount that would be issued if the cash equivalent of the investments had been invested and the Depositary is satisfied that the terms of such exchange shall not be such as are likely to result in any material prejudice to the existing Shareholders.
- Minimum Initial and Additional Investment Amount and Minimum Shareholding RequirementsThe Minimum Initial Investment Amount, the Minimum Additional Investment Amount and the Minimum Shareholding of Shares of each Class of a Fund may vary and are set out in the Supplement for the relevant Fund. The Directors reserve the right from time to time to waive any requirements relating to the Minimum Initial Investment Amount, the Minimum Additional Investment Amount and the Minimum Shareholding as and when they determine at their reasonable discretion.
- Restrictions on SubscriptionsThe Directors may, in their sole discretion, reject any application in whole or in part without giving any reason for such rejection in which event the subscription monies or any balance thereof will, subject to applicable law, be returned without interest, expenses or compensation to the applicant by transfer to the applicant’s designated account or by post at the applicant’scost and risk. For the avoidance of doubt, no interest will be payable on such amount before its return to the applicant. | Laddove il pagamento a saldo dell'emissione di Azioni non pervenga entro l'orario previsto per la Data di regolamento, o in caso di mancata liberazione dei fondi, le assegnazioni di Azioni effettuate in relazione alle suddette richieste di sottoscrizione potranno, secondo la discrezione dell'Agente amministrativo, essere annullate o, in alternativa, l'Agente amministrativo avrà la facoltà di addebitare al richiedente gli interessi congiuntamente a una commissione di amministrazione. Al fine di far fronte ai suddetti oneri, gli Amministratori avranno inoltre la facoltà di vendere tutte o parte delle partecipazioni del richiedente in Azioni del Fondo o di qualunque altro Fondo della ICAV.
Benché i termini ultimi di negoziazione e le date di regolamento siano identici per tutti gli Azionisti, se gli investitori operano tramite un Distributore, un subdistributore o un'entità nominata direttamente o indirettamente dal Gestore allo scopo di agevolare le sottoscrizioni ("Agente"), per le istruzioni dettagliate sul pagamento sono invitati a contattare direttamente il Distributore, il subdistributore o l'Agente.
- Forma delle Azioni e Conferma di proprietàLa conferma di ciascun acquisto di Azioni sarà di norma trasmessa agli Azionisti mediante lettera di conferma entro 48 ore dall'acquisto effettuato. Le Azioni saranno emesse esclusivamente sotto forma di azioni al portatore e la titolarità delle stesse sarà comprovata da una conferma scritta dell'inserimento del nominativo dell'investitore all'interno del registro degli Azionisti della ICAV, mentre non sarà rilasciato alcun certificato.
- Sottoscrizioni in contantiSecondo la propria discrezione, il soggetto responsabile potrà accettare pagamenti relativi alle Azioni di un Fondo mediante il trasferimento in contanti di attività, la cui natura dovrà essere conforme all'obiettivo, alla politica e alle limitazioni all'investimento del Fondo interessato e il cui valore sarà determinato dal soggetto responsabile o dal relativo delegato inconformità all'Atto costitutivo e ai principi di valutazione che disciplinano la ICAV. Tutti i potenziali investitori che intendano sottoscrivere Azioni mediante un trasferimento in contanti di attività saranno tenuti a rispettare eventuali disposizioni amministrative e di altra natura in materia di trasferimento specificate dalla ICAV, dalla Banca depositaria e dall'Agente amministrativo. Tutti i trasferimenti in contanti avverranno a rischio e a carico degli investitori interessati. Le Azioni non saranno emesse fino a quando gli investimenti non siano stati effettuati o non siano stati predisposti accordi di conferimento degli investimenti alla Banca depositaria o ai relativi sub-depositari secondo quanto ritenuto opportuno dalla Banca depositaria stessa, e il numero di Azioni da emettere non supererà l'importo che sarebbe stato emesso laddove l'equivalente in contanti degli investimenti fosse stato investito e la Banca depositaria avesse ritenuto i termini del suddetto scambio tali da non arrecare pregiudizio agli Azionisti esistenti.
- Importo minimo di investimento iniziale e aggiuntivo e Requisiti di partecipazione minimaL'Importo minimo di investimento iniziale, l'Importo minimo di investimento aggiuntivo e la Partecipazione minima in Azioni di ciascuna Classe di un Fondo possono variare e sono riportati all'interno dei Supplementi relativi a ciascun Fondo interessato. Gli Amministratori si riservano di volta in volta la facoltà di non applicare eventuali requisiti relativi all'Importo minimo di investimento iniziale, all'Importo minimo di investimento aggiuntivo e alla Partecipazione minima quando e secondo le modalità da loro definite secondo la propria descrizione.
- Limitazioni alle sottoscrizioniSecondo la propria esclusiva discrezione, gli Amministratori potrebbero respingere totalmente o parzialmente qualunque richiesta di sottoscrizione senza fornire alcuna giustificazione in merito e in tal caso, ai sensi del diritto applicabile, i proventi della sottoscrizione o eventuali saldi degli stessi saranno restituiti al netto degli interessi, delle spese o dei compensi al richiedente mediante trasferimento sul conto corrente specificato dallo stesso o per posta a rischio e a spese del richiedente. Per maggiore chiarezza, sui suddetti importi non saranno dovuti interessi prima della relativa restituzione al richiedente. | If payment in full in respect of the issue of Shares has not been received by the relevant time on the relevant Settlement Date, or in the event of non-clearance of funds, the allotment of Shares made in respect of such application may, at the discretion of the Administrator, be cancelled, or, alternatively, the Administrator shall be entitled to charge the applicant interest together with an administration fee. In addition the Directors will have the right to sell all or part of the applicant's holdings of Shares in the Fund or any other Fund of the ICAV in order to meet those charges.
While dealing deadlines and settlement dates are the same for all Shareholders if investors are dealing via the Distributor, a sub-distributor or an entity appointed directly or indirectly by the Manager in order to facilitate subscriptions (the "Agent") they should contact the Distributor, sub-distributor or Agent directly for full payment instructions.
- Form of Shares and Confirmation of OwnershipConfirmation of each purchase of Shares, by way of contract note, will normally be sent to Shareholders within 48 hours of the purchase being made. Shares shall be issued in registered form only and title to Shares will be evidenced by written confirmation of entry of the investor’s name on the ICAV’s register of Shareholders and no certificates will be issued.
- In Specie SubscriptionsThe responsible person may, at their discretion, accept payment for Shares in a Fund by a transfer in specie of assets, the nature of which must comply with the investment objective, policy and restrictions of the relevant Fund and the value of which shall be determined by the responsible person or their delegate, in accordance with the Instrument of Incorporation and the valuation principles governing the ICAV. Any prospective investor wishing to subscribe for Shares by a transfer in specie of assets will be required to comply with any administrative and other arrangements for the transfer specified by the ICAV, the Depositary or the Administrator. Any in specie transfer will be at the specific investor’s risk and the costs of such a transfer will be borne by the specific investor. Shares will not be issued until the investments have been vested or arrangements are made to vest the investments with the Depositary or its sub- custodian to the Depositary’s satisfaction and the number of Shares to be issued will not exceed the amount that would be issued if the cash equivalent of the investments had been invested and the Depositary is satisfied that the terms of such exchange shall not be such as are likely to result in any material prejudice to the existing Shareholders.
- Minimum Initial and Additional Investment Amount and Minimum Shareholding RequirementsThe Minimum Initial Investment Amount, the Minimum Additional Investment Amount and the Minimum Shareholding of Shares of each Class of a Fund may vary and are set out in the Supplement for the relevant Fund. The Directors reserve the right from time to time to waive any requirements relating to the Minimum Initial Investment Amount, the Minimum Additional Investment Amount and the Minimum Shareholding as and when they determine at their reasonable discretion.
- Restrictions on SubscriptionsThe Directors may, in their sole discretion, reject any application in whole or in part without giving any reason for such rejection in which event the subscription monies or any balance thereof will, subject to applicable law, be returned without interest, expenses or compensation to the applicant by transfer to the applicant’s designated account or by post at the applicant’scost and risk. For the avoidance of doubt, no interest will be payable on such amount before its return to the applicant. | en | it |
DOLFIN4237 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 Example Investment: 10,000 EUR Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 5,919 EUR | 4,279 EUR |
| Average return each year | -40.81% | -15.62% |
| Unfavourable scenario | What you might get back after costs | 7,101 EUR | 6,937 EUR |
| Average return each year | -28.99% | -7.05% |
| Moderate scenario | What you might get back after costs | 11,447 EUR | 20,802 EUR |
| Average return each year | 14.47% | 15.78% |
| Favourable scenario | What you might get back after costs | 15,065 EUR | 26,642 EUR |
| Average return each year | 50.65% | 21.65% | | | Período de mantenimiento recomendado: 5 Ejemplo de inversión: 10 000 EUR Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Mínimo | Podría perder parte o la totalidad de su inversión |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 5.919 EUR | 4.279 EUR |
| Rendimiento medio cada año | -40,81 % | -15,62 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7.101 EUR | 6.937 EUR |
| Rendimiento medio cada año | -28,99 % | -7,05 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 11.447 EUR | 20.802 EUR |
| Rendimiento medio cada año | 14,47 % | 15,78 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 15.065 EUR | 26.642 EUR |
| Rendimiento medio cada año | 50,65 % | 21,65 % | | | Recommended holding period: 5 Example Investment: 10,000 EUR Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 5,919 EUR | 4,279 EUR |
| Average return each year | -40.81% | -15.62% |
| Unfavourable scenario | What you might get back after costs | 7,101 EUR | 6,937 EUR |
| Average return each year | -28.99% | -7.05% |
| Moderate scenario | What you might get back after costs | 11,447 EUR | 20,802 EUR |
| Average return each year | 14.47% | 15.78% |
| Favourable scenario | What you might get back after costs | 15,065 EUR | 26,642 EUR |
| Average return each year | 50.65% | 21.65% | | en | es |
DOLFIN4238 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Reuse of the SICAV’s assets by the Depositary
Under the Depositary Agreement, the Depositary has agreed that it, and any person to whom it delegates custody functions, may not reuse any of the SICAV’s assets for their own account.
SICAV’s assets may be reused for the account of the SICAV where:
- The reuse of the SICAV’s assets is carried out for the account of the SICAV;
- The Depositary is instructed by the SICAV or the Management Company on behalf of the SICAV to reuse the SICAV’s assets;
- The reuse of the assets is for the benefit of the SICAV and the Shareholders;
- The transaction is covered by high quality and liquid collateral received by the SICAV under a title transfer arrangement;
- The market value of which shall, at all times, amount to at least the market value of the reused assets plus a premium. | Wiederverwendung der Vermögenswerte der SICAV durch die Depotbank
Gemäß dem Depotbankvertrag hat die Depotbank zugestimmt, dass weder sie selbst noch eine andere Person, an die sie ihre Verwahrungsfunktionen delegiert hat, die Vermögenswerte der SICAV für eigene Rechnung wiederverwenden darf.
Die Vermögenswerte der SICAV dürfen unter folgenden Umständen für Rechnung der SICAV wiederverwendet werden:
- Die Wiederverwendung der Vermögenswerte der SICAV erfolgt für Rechnung der SICAV;
- Die Depotbank erhält von der SICAV oder der Verwaltungsgesellschaftim Namen der SICAV die Anweisung zur Wiederverwendung der Vermögenswerte der SICAV;
- Die Wiederverwendung der Vermögenswerte der SICAV erfolgtzugunsten der SICAV und der Anteilinhaber;
- Die Transaktion ist durch hochwertige und liquide Sicherheitengedeckt, die im Rahmen einer Rechtsübertragung an die SICAV übertragen werden;
- Der Marktwert der Sicherheiten muss stets mindestens dem Marktwertder wiederverwendeten Vermögenswerte entsprechen, zuzüglich eines Aufschlags. | Reuse of the SICAV’s assets by the Depositary
Under the Depositary Agreement, the Depositary has agreed that it, and any person to whom it delegates custody functions, may not reuse any of the SICAV’s assets for their own account.
SICAV’s assets may be reused for the account of the SICAV where:
- The reuse of the SICAV’s assets is carried out for the account of the SICAV;
- The Depositary is instructed by the SICAV or the Management Company on behalf of the SICAV to reuse the SICAV’s assets;
- The reuse of the assets is for the benefit of the SICAV and the Shareholders;
- The transaction is covered by high quality and liquid collateral received by the SICAV under a title transfer arrangement;
- The market value of which shall, at all times, amount to at least the market value of the reused assets plus a premium. | en | de |
DOLFIN4239 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Share classes denominated “Hedged”
Any Sub-Fund can issue any Share Class in currency hedged form, meaning that the hedged version of the Share Class is denominated in a currency that is different from the Sub-Fund’s Reference Currency, and is hedged to that currency (with the exception of BR Share Classes that offer currency exposure to the BRL). The currency risk between the Sub-Fund’s Net Asset Value and the currency of the hedged Share Class will be hedged at least at 95%. Hedged Share Classes are designated with a “Hedged”.
All costs specifically associated with offering each hedged Share Class such as currency hedging and foreign exchange costs will be charged to that Share Class.
If investors invest in a hedged Share Class, they could experience losses from currency exchange fluctuations to the extent that the Share Class’ hedging is incomplete, and they will give up any potential gains from currency exchange fluctuations to the extent that hedging is effective.
- Seed Money from AXA GroupShares of a Sub-Fund may be held either by a French fund in which AXA Investment Managers is a majority shareholder (hereinafter the “AXA IM Fund”) or by companies which are part of the AXA group of companies or by investment funds which are managed by investment management companies in which AXA IM group directly or indirectly holds a shareholding (“AXA IM Group Managed Funds”) for the purposes of building a track record or a specific marketing action on the Sub-Fund. | ## Classes d'actions libellées « Hedged »
Tout Compartiment peut émettre une Classe d'Actions couverte contre le risque de change dont les Actions sont libellées dans une devise différente de la Devise de référence du Compartiment et qui est couverte par rapport à cette devise (à l'exception des Classes d'Actions BR qui offrent une exposition au BRL). Le risque de change entre la Valeur nette d'inventaire du Compartiment et la devise de la Classe d’Actions couverte sera couvert à hauteur d’au moins 95%. Les Classes d'Actions couvertes sont désignées par le terme « Hedged ».
Tous les coûts associés spécifiquement à l’offre d’une Classe d'Actions couverte (tels que les coûts de couverture de change et d’opérations de change) seront supportés par cette Classe d'Actions.
Les investisseurs d’une Classe d'Actions couverte sont informés qu’ils peuvent subir des pertes dues aux fluctuations de change dans la mesure où la couverture de la Classe d'Actions est incomplète et qu’ils renonceront aux gains pouvant être générés par les fluctuations de change lorsque cette couverture existe.
- Capital d’amorçage du Groupe AXALes Actions d’un Compartiment peuvent être détenues par un fonds français dont AXA Investment Managers est un actionnaire majoritaire (ci-après le « Fonds AXA IM »), par des sociétés qui font partie du groupe de sociétés AXA ou par des fonds de placement qui sont gérés par des sociétés de gestion dans lesquelles le groupe AXA IM détient une participation directe ou indirecte (les « Fonds gérés par le Groupe AXA IM ») aux fins d’établissement d’un historique de performance ou de commercialisation du Compartiment. | ## Share classes denominated “Hedged”
Any Sub-Fund can issue any Share Class in currency hedged form, meaning that the hedged version of the Share Class is denominated in a currency that is different from the Sub-Fund’s Reference Currency, and is hedged to that currency (with the exception of BR Share Classes that offer currency exposure to the BRL). The currency risk between the Sub-Fund’s Net Asset Value and the currency of the hedged Share Class will be hedged at least at 95%. Hedged Share Classes are designated with a “Hedged”.
All costs specifically associated with offering each hedged Share Class such as currency hedging and foreign exchange costs will be charged to that Share Class.
If investors invest in a hedged Share Class, they could experience losses from currency exchange fluctuations to the extent that the Share Class’ hedging is incomplete, and they will give up any potential gains from currency exchange fluctuations to the extent that hedging is effective.
- Seed Money from AXA GroupShares of a Sub-Fund may be held either by a French fund in which AXA Investment Managers is a majority shareholder (hereinafter the “AXA IM Fund”) or by companies which are part of the AXA group of companies or by investment funds which are managed by investment management companies in which AXA IM group directly or indirectly holds a shareholding (“AXA IM Group Managed Funds”) for the purposes of building a track record or a specific marketing action on the Sub-Fund. | en | fr |
DOLFIN4240 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Threadneedle (Lux) - Global Corporate Bond
### STATEMENT OF NET ASSET VALUE PER SHARE
September 30, 2022 March 31, 2022 March 31, 2021
| Class AEC | 8.4402 1 | 9.8883 1 | 10.7710 1 |
| --- | --- | --- | --- |
| Class AEH | 9.8170 1 | 11.3032 1 | 12.0116 1 |
| Class AKH | 98.8728 2 | 113.5556 2 | 120.4075 2 |
| Class ANH | 8.8506 3 | 10.1321 3 | 10.6766 3 |
| Class AU | 11.2887 | 12.8471 | 13.5238 |
| Class AUP | 9.8021 | 11.3413 | 12.2255 |
| Class DEC | 7.6407 1 | 8.9807 1 | 9.8546 1 |
| Class DEH | 9.3241 1 | 10.7729 1 | 11.5352 1 |
| Class DU | 9.7617 | 11.1512 | 11.8269 |
| Class DUP | 8.6428 | 10.0429 | 10.9155 |
| Class IEC | 8.3071 1 | 9.7281 1 | 10.5732 1 |
| Class IEH | 10.0996 1 | 11.6146 1 | 12.3172 1 |
| Class IEP | 10.9096 1 | 11.0997 1 | 11.3003 1 |
| Class IGC | 8.6217 4 | 10.0201 4 | 10.8060 4 |
| Class IGH | 10.8697 4 | 12.4075 4 | 13.0594 4 |
| Class IKH | 101.7130 2 | 116.6619 2 | 123.3018 2 |
| Class INH | 8.9336 3 | 10.2127 3 | 10.7232 3 |
| Class IU | 11.6069 | 13.1938 | 13.8609 |
| Class IUP | 9.1119 | 10.5391 | 11.3406 |
| Class NEC | 8.3930 1 | 9.8160 1 | 10.6452 1 |
| Class NEH | 9.1951 1 | 10.5687 1 | 11.1857 1 |
| Class NGC | 8.4590 4 | 9.8219 4 | 10.5683 4 |
| Class NGH | 9.5984 4 | 10.9467 4 | 11.4987 4 |
| Class NU | 10.1142 | 11.4874 | 12.0441 |
| Class NUP | 9.1987 | 10.6244 | 11.4076 |
| Class XEH | 8.1294 1 | 9.3311 1 | 9.8476 1 |
| Class XFH | 8.0922 5 | 9.2943 5 | 9.8342 5 |
| Class XGH | 9.4925 4 | 10.8105 4 | 11.3216 4 |
| Class XU | 8.3465 | 9.4664 | 9.8938 |
| Class ZEH | 9.2662 1 | 10.6577 1 | 11.2951 1 |
| Class ZFH | 8.0051 5 | 9.2148 5 | 9.8121 5 |
| Class ZGH | 10.8372 4 | 12.3692 4 | 13.0122 4 |
| Class ZU | 11.5881 | 13.1713 | 13.8304 |
1
Class is denominated in EUR. The base currency of the Portfolio is USD.
2
Class is denominated in SEK. The base currency of the Portfolio is USD.
3
Class is denominated in NOK. The base currency of the Portfolio is USD.
4
Class is denominated in GBP. The base currency of the Portfolio is USD.
5
Class is denominated in CHF. The base currency of the Portfolio is USD.
| STATEMENT OF NET ASSETS as at September 30, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the accounting period from April 1, 2022 to September 30, 2022 2022 Notes EUR Net assets at the beginning of the period 127,675,204 Income Interest on bonds, net 2 864,299 Bank interest 2 484 Interest income on swaps 60,522 Interest income on futures contracts 679 Other income 10 Total income 925,994 Expenses Asset management fees 5 (173,143 Bank interest 2 (9,743 Interest expense on swaps (155,801 Operating expenses 3, 5 (63,721 Total expenses (402,408 Net income from investments 523,586 Net realised (loss) on sales of investments (3,602,120 Net realised (loss) on swaps (86,982 Net realised (loss) on forward currency exchange contracts (1,271,699 Net realised gain on futures contracts 1,654,912 Net realised gain on foreign exchange 40,910 Net realised (loss) (3,264,979 Change in net unrealised (loss) on investments (9,691,152 Change in net unrealised gain on swaps 597,178 Change in net unrealised (loss) on forward currency exchange contracts (51,856 Change in net unrealised (loss) on futures contracts (346,166 Net change in unrealised (loss) (9,491,996 Net (decrease) in net assets as a result of operations (12,233,389 Movements in capital Subscriptions of shares 7,157,716 Redemptions of shares (27,873,638 Dividends 7 (6 Total movements in capital (20,715,928 Net assets at the end of the period 94,725,887 |
| --- | --- | --- | --- |
| | Notes | 2022 EUR |
| Assets Investment portfolio at market value Cash at bank Receivable for investments sold Subscriptions receivable Interest receivable on swaps Interest and dividends receivable, net Net unrealised gain on swaps Net unrealised gain on futures contracts | 2 2 2 2, 10 2, 11 | 92,850,205 717,923 773,248 102,132 10,047 712,326 242,331 427,927 |
| Total assets | | 95,836,139 |
| Liabilities Payable for investments purchased Redemptions payable Interest payable on swaps Net unrealised (loss) on forward currency exchange contracts Asset management fees payable Other liabilities | 2 2, 9 5 | (831,059) (28,903) (14,697) (131,779) (26,528) (77,286) |
| Total liabilities | | (1,110,252) |
| Total net assets | | 94,725,887 |
| NUMBER OF SHARES OUTSTANDING Class AE 96,047.592 Class ANH 825.000 Class IE 3,122,310.969 Class IEP 85.000 Class INH 817.000 Class XE 84.000 Class XFH 92.000 Class XGH 72.000 Class XUH 100.000 Class ZE 4,111.196 Class ZFH 92.000 Class 1E 5,944,350.103 Class 1G 139,061.087 Class 2E 2,144,289.301 Class 2G 69.000 Class 3G 474,996.770 Class 4E 254,218.937 Class 4G 3,182,976.410 Class 8E 376,518.119 Class 8G 118,420.207 Class 9G 70.000 |
| TOTAL NET ASSET VALUE September 30, 2022 March 31, 2022 March 31, 2021 EUR 94,725,887 127,675,204 157,999,564 |
| | | | # Threadneedle (Lux) - Global Corporate Bond
### AUFSTELLUNG DES NETTOINVENTARWERTS JE ANTEIL
30. September 2022 31. März 2022 31. März 2021
| Klasse AEC | 8,4402 1 | 9,8883 1 | 10,7710 1 |
| --- | --- | --- | --- |
| Klasse AEH | 9,8170 1 | 11,3032 1 | 12,0116 1 |
| Klasse AKH | 98,8728 2 | 113,5556 2 | 120,4075 2 |
| Klasse ANH | 8,8506 3 | 10,1321 3 | 10,6766 3 |
| Klasse AU | 11,2887 | 12,8471 | 13,5238 |
| Klasse AUP | 9,8021 | 11,3413 | 12,2255 |
| Klasse DEC | 7,6407 1 | 8,9807 1 | 9,8546 1 |
| Klasse DEH | 9,3241 1 | 10,7729 1 | 11,5352 1 |
| Klasse DU | 9,7617 | 11,1512 | 11,8269 |
| Klasse DUP | 8,6428 | 10,0429 | 10,9155 |
| Klasse IEC | 8,3071 1 | 9,7281 1 | 10,5732 1 |
| Klasse IEH | 10,0996 1 | 11,6146 1 | 12,3172 1 |
| Klasse IEP | 10,9096 1 | 11,0997 1 | 11,3003 1 |
| Klasse IGC | 8,6217 4 | 10,0201 4 | 10,8060 4 |
| Klasse IGH | 10,8697 4 | 12,4075 4 | 13,0594 4 |
| Klasse IKH | 101,7130 2 | 116,6619 2 | 123,3018 2 |
| Klasse INH | 8,9336 3 | 10,2127 3 | 10,7232 3 |
| Klasse IU | 11,6069 | 13,1938 | 13,8609 |
| Klasse IUP | 9,1119 | 10,5391 | 11,3406 |
| Klasse NEC | 8,3930 1 | 9,8160 1 | 10,6452 1 |
| Klasse NEH | 9,1951 1 | 10,5687 1 | 11,1857 1 |
| Klasse NGC | 8,4590 4 | 9,8219 4 | 10,5683 4 |
| Klasse NGH | 9,5984 4 | 10,9467 4 | 11,4987 4 |
| Klasse NU | 10,1142 | 11,4874 | 12,0441 |
| Klasse NUP | 9,1987 | 10,6244 | 11,4076 |
| Klasse XEH | 8,1294 1 | 9,3311 1 | 9,8476 1 |
| Klasse XFH | 8,0922 5 | 9,2943 5 | 9,8342 5 |
| Klasse XGH | 9,4925 4 | 10,8105 4 | 11,3216 4 |
| Klasse XU | 8,3465 | 9,4664 | 9,8938 |
| Klasse ZEH | 9,2662 1 | 10,6577 1 | 11,2951 1 |
| Klasse ZFH | 8,0051 5 | 9,2148 5 | 9,8121 5 |
| Klasse ZGH | 10,8372 4 | 12,3692 4 | 13,0122 4 |
| Klasse ZU | 11,5881 | 13,1713 | 13,8304 |
1
Die Klasse lautet auf EUR. Die Basiswährung des Portfolios ist USD.
2
Die Klasse lautet auf SEK. Die Basiswährung des Portfolios ist USD.
3
Die Klasse lautet auf NOK. Die Basiswährung des Portfolios ist USD.
4
Die Klasse lautet auf GBP. Die Basiswährung des Portfolios ist USD.
5
Die Klasse lautet auf CHF. Die Basiswährung des Portfolios ist USD.
| AUFSTELLUNG DES NETTOVERMÖGENS zum 30. September 2022 | | | ERTRAGS- UND AUFWANDSRECHNUNG UND ENTWICKLUNG DES NETTOVERMÖGENS für den Abrechnungszeitraum vom 1. April 2022 bis 30. September 2022 2022 Erläuterungen EUR Nettovermögen zu Beginn des Zeitraums 127.675.204 Ertrag Zinsen aus Anleihen, netto 2 864.299 Zinsen aus Bankguthaben 2 484 Zinsen aus Swaps 60.522 Zinsen aus Terminkontrakten 679 Sonstige Erträge 10 Erträge, insgesamt 925.994 Aufwand Anlageverwaltungsgebühren 5 (173.143 Zinsen aus Bankguthaben 2 (9.743 Zinsaufwand aus Swaps (155.801 Betriebskosten 3, 5 (63.721 Aufwand, insgesamt (402.408 Nettoertrag aus Anlagen 523.586 Realisierter Netto(verlust) aus dem Verkauf von Anlagen (3.602.120 Realisierter Netto(verlust) aus Swaps (86.982 Realisierter Netto(verlust) aus Devisenterminkontrakten (1.271.699 Realisierter Nettogewinn aus Terminkontrakten 1.654.912 Realisierter Nettogewinn aus Devisengeschäften 40.910 Realisierter Netto(verlust) (3.264.979 Änderung des nicht realisierten Netto(verlusts) aus Anlagen (9.691.152 Änderung des nicht realisierten Nettogewinns aus Swaps 597.178 Änderung des nicht realisierten Netto(verlusts) aus Devisenterminkontrakten (51.856 Änderung des nicht realisierten Netto(verlusts) aus Terminkontrakten (346.166 Nettoänderung bei nicht realisiertem Netto(verlust) (9.491.996 Netto(rückgang) des Nettovermögens aus Geschäftstätigkeit (12.233.389 Kapitalbewegungen Zeichnungen von Anteilen 7.157.716 Anteilrücknahmen (27.873.638 Dividenden 7 (6 Entwicklung des Fondsvermögens, insgesamt (20.715.928 Nettovermögen am Ende des Zeitraums 94.725.887 |
| --- | --- | --- | --- |
| Erläuterun | gen | 2022 EUR |
| Aktiva Wertpapierbestand zum Marktwert Bankguthaben Forderungen aus Wertpapierverkäufen Forderungen aus Zeichnungen Zinsforderungen aus Swaps Forderungen aus Zinsen und Dividenden, netto Nicht realisierter Nettogewinn aus Swaps Nicht realisierter Nettogewinn aus Terminkontrakten | 2 2 2 2, 10 2, 11 | 92.850.205 717.923 773.248 102.132 10.047 712.326 242.331 427.927 |
| Aktiva, insgesamt | | 95.836.139 |
| Passiva Verbindlichkeiten aus Wertpapierkäufen Verbindlichkeiten aus Rücknahmen Zinsverbindlichkeiten aus Swaps Nicht realisierter Netto(verlust) aus Devisenterminkontrakten Verbindlichkeiten aus Anlageverwaltungsgebühren Sonstige Passiva | 2 2, 9 5 | (831.059) (28.903) (14.697) (131.779) (26.528) (77.286) |
| Passiva, insgesamt | | (1.110.252) |
| Nettovermögen, insgesamt | | 94.725.887 |
| ANZAHL DER AUSSTEHENDEN ANTEILE Klasse AE 96.047,592 Klasse ANH 825,000 Klasse IE 3.122.310,969 Klasse IEP 85,000 Klasse INH 817,000 Klasse XE 84,000 Klasse XFH 92,000 Klasse XGH 72,000 Klasse XUH 100,000 Klasse ZE 4.111,196 Klasse ZFH 92,000 Klasse 1E 5.944.350,103 Klasse 1G 139.061,087 Klasse 2E 2.144.289,301 Klasse 2G 69,000 Klasse 3G 474.996,770 Klasse 4E 254.218,937 Klasse 4G 3.182.976,410 Klasse 8E 376.518,119 Klasse 8G 118.420,207 Klasse 9G 70,000 |
| GESAMTNETTOINVENTARWERT 30. September 2022 31. März 2022 31. März 2021 EUR 94.725.887 127.675.204 157.999.564 |
| | | | # Threadneedle (Lux) - Global Corporate Bond
### STATEMENT OF NET ASSET VALUE PER SHARE
September 30, 2022 March 31, 2022 March 31, 2021
| Class AEC | 8.4402 1 | 9.8883 1 | 10.7710 1 |
| --- | --- | --- | --- |
| Class AEH | 9.8170 1 | 11.3032 1 | 12.0116 1 |
| Class AKH | 98.8728 2 | 113.5556 2 | 120.4075 2 |
| Class ANH | 8.8506 3 | 10.1321 3 | 10.6766 3 |
| Class AU | 11.2887 | 12.8471 | 13.5238 |
| Class AUP | 9.8021 | 11.3413 | 12.2255 |
| Class DEC | 7.6407 1 | 8.9807 1 | 9.8546 1 |
| Class DEH | 9.3241 1 | 10.7729 1 | 11.5352 1 |
| Class DU | 9.7617 | 11.1512 | 11.8269 |
| Class DUP | 8.6428 | 10.0429 | 10.9155 |
| Class IEC | 8.3071 1 | 9.7281 1 | 10.5732 1 |
| Class IEH | 10.0996 1 | 11.6146 1 | 12.3172 1 |
| Class IEP | 10.9096 1 | 11.0997 1 | 11.3003 1 |
| Class IGC | 8.6217 4 | 10.0201 4 | 10.8060 4 |
| Class IGH | 10.8697 4 | 12.4075 4 | 13.0594 4 |
| Class IKH | 101.7130 2 | 116.6619 2 | 123.3018 2 |
| Class INH | 8.9336 3 | 10.2127 3 | 10.7232 3 |
| Class IU | 11.6069 | 13.1938 | 13.8609 |
| Class IUP | 9.1119 | 10.5391 | 11.3406 |
| Class NEC | 8.3930 1 | 9.8160 1 | 10.6452 1 |
| Class NEH | 9.1951 1 | 10.5687 1 | 11.1857 1 |
| Class NGC | 8.4590 4 | 9.8219 4 | 10.5683 4 |
| Class NGH | 9.5984 4 | 10.9467 4 | 11.4987 4 |
| Class NU | 10.1142 | 11.4874 | 12.0441 |
| Class NUP | 9.1987 | 10.6244 | 11.4076 |
| Class XEH | 8.1294 1 | 9.3311 1 | 9.8476 1 |
| Class XFH | 8.0922 5 | 9.2943 5 | 9.8342 5 |
| Class XGH | 9.4925 4 | 10.8105 4 | 11.3216 4 |
| Class XU | 8.3465 | 9.4664 | 9.8938 |
| Class ZEH | 9.2662 1 | 10.6577 1 | 11.2951 1 |
| Class ZFH | 8.0051 5 | 9.2148 5 | 9.8121 5 |
| Class ZGH | 10.8372 4 | 12.3692 4 | 13.0122 4 |
| Class ZU | 11.5881 | 13.1713 | 13.8304 |
1
Class is denominated in EUR. The base currency of the Portfolio is USD.
2
Class is denominated in SEK. The base currency of the Portfolio is USD.
3
Class is denominated in NOK. The base currency of the Portfolio is USD.
4
Class is denominated in GBP. The base currency of the Portfolio is USD.
5
Class is denominated in CHF. The base currency of the Portfolio is USD.
| STATEMENT OF NET ASSETS as at September 30, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the accounting period from April 1, 2022 to September 30, 2022 2022 Notes EUR Net assets at the beginning of the period 127,675,204 Income Interest on bonds, net 2 864,299 Bank interest 2 484 Interest income on swaps 60,522 Interest income on futures contracts 679 Other income 10 Total income 925,994 Expenses Asset management fees 5 (173,143 Bank interest 2 (9,743 Interest expense on swaps (155,801 Operating expenses 3, 5 (63,721 Total expenses (402,408 Net income from investments 523,586 Net realised (loss) on sales of investments (3,602,120 Net realised (loss) on swaps (86,982 Net realised (loss) on forward currency exchange contracts (1,271,699 Net realised gain on futures contracts 1,654,912 Net realised gain on foreign exchange 40,910 Net realised (loss) (3,264,979 Change in net unrealised (loss) on investments (9,691,152 Change in net unrealised gain on swaps 597,178 Change in net unrealised (loss) on forward currency exchange contracts (51,856 Change in net unrealised (loss) on futures contracts (346,166 Net change in unrealised (loss) (9,491,996 Net (decrease) in net assets as a result of operations (12,233,389 Movements in capital Subscriptions of shares 7,157,716 Redemptions of shares (27,873,638 Dividends 7 (6 Total movements in capital (20,715,928 Net assets at the end of the period 94,725,887 |
| --- | --- | --- | --- |
| | Notes | 2022 EUR |
| Assets Investment portfolio at market value Cash at bank Receivable for investments sold Subscriptions receivable Interest receivable on swaps Interest and dividends receivable, net Net unrealised gain on swaps Net unrealised gain on futures contracts | 2 2 2 2, 10 2, 11 | 92,850,205 717,923 773,248 102,132 10,047 712,326 242,331 427,927 |
| Total assets | | 95,836,139 |
| Liabilities Payable for investments purchased Redemptions payable Interest payable on swaps Net unrealised (loss) on forward currency exchange contracts Asset management fees payable Other liabilities | 2 2, 9 5 | (831,059) (28,903) (14,697) (131,779) (26,528) (77,286) |
| Total liabilities | | (1,110,252) |
| Total net assets | | 94,725,887 |
| NUMBER OF SHARES OUTSTANDING Class AE 96,047.592 Class ANH 825.000 Class IE 3,122,310.969 Class IEP 85.000 Class INH 817.000 Class XE 84.000 Class XFH 92.000 Class XGH 72.000 Class XUH 100.000 Class ZE 4,111.196 Class ZFH 92.000 Class 1E 5,944,350.103 Class 1G 139,061.087 Class 2E 2,144,289.301 Class 2G 69.000 Class 3G 474,996.770 Class 4E 254,218.937 Class 4G 3,182,976.410 Class 8E 376,518.119 Class 8G 118,420.207 Class 9G 70.000 |
| TOTAL NET ASSET VALUE September 30, 2022 March 31, 2022 March 31, 2021 EUR 94,725,887 127,675,204 157,999,564 |
| | | | en | de |
DOLFIN4241 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### General
Various tax reform policies have been implemented by the PRC government in recent years, and existing tax laws and regulations may be revised or amended in the future. There is a possibility that the current tax laws, regulations and practice, including tax exemptions or reductions, in the PRC will be changed with retrospective effect in the future and any such change may have an adverse effect on the asset value of the Sub-Fund.
Moreover, there is no assurance that preferential tax treatment currently offered to foreign investors or enterprises, if any, will not be cancelled. Any changes in tax policies may reduce the after-tax profits of the companies in the PRC which the Sub-Fund invests in, thereby reducing the income from, and/or value of the Shares. | #### Cuestiones generales
El Gobierno chino ha aplicado en los últimos años diversas políticas de reforma fiscal, y es posible que la actual legislación y los reglamentos en materia fiscal sean revisados o modificados en un futuro. Existe la posibilidad de que la legislación, los reglamentos y las prácticas actuales en materia fiscal de la RPC, incluyendo las exenciones o reducciones, cambien con efectos retroactivos en un futuro, y dichos cambios podrían tener un efecto adverso sobre el patrimonio del Subfondo. Es más, no hay ninguna seguridad de que el trato fiscal preferente dado actualmente a los inversores o empresas extranjeros (de haberlo) no vaya a ser suprimido. Cualquier cambio en las políticas fiscales podría reducir los beneficios después de impuestos de
las empresas de la RPC en las que invierte el Subfondo, con la consiguiente reducción de los ingresos y / o del valor de las Acciones. | #### General
Various tax reform policies have been implemented by the PRC government in recent years, and existing tax laws and regulations may be revised or amended in the future. There is a possibility that the current tax laws, regulations and practice, including tax exemptions or reductions, in the PRC will be changed with retrospective effect in the future and any such change may have an adverse effect on the asset value of the Sub-Fund.
Moreover, there is no assurance that preferential tax treatment currently offered to foreign investors or enterprises, if any, will not be cancelled. Any changes in tax policies may reduce the after-tax profits of the companies in the PRC which the Sub-Fund invests in, thereby reducing the income from, and/or value of the Shares. | en | es |
DOLFIN4242 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# DOCUMENTS AVAILABLE TO INVESTORS
-
## Documents available for inspection
Copies of the following documents are available for inspection during usual business hours on any weekday (Saturdays and public holidays excepted) at the registered office of the Company:
- Management Company Agreement;
- Investment Management Agreements plus amendments thereto;
- Asset Allocation Agreement;
- Depositary and Central Administration Agreements;
- Co-management Agreements;
- Agreements with Nominees;
- the Articles.
The agreements under (a) to (f) above may be amended by mutual consent of the parties thereto.
-
## Key investor information document
An up to date key investor information document relating to each Sub-Fund is available on the Lombard Odier Group website (www.loim.com). A hard copy can be supplied to investors on request and free of charge.
-
## Other documents
The following documents are available on the Lombard Odier Group website (www.loim.com):
- the index rule book of the relevant Index under either the Commodity Swap (under 3.3.1), the Backwardation Swap (under 3.3.2) and the Commodity Curve Arbitrage Swap (under 3.3.3) (a copy may be obtained at the registered office of the Company on request free of charge);
- the index rule book of the relevant underlying indices of the main index mentioned above, if applicable (a copy may be obtained at the registered office of the Company on request free of charge);
- the list of applicable Payment Date as mentioned in Appendix A;
- summary description of the strategies for the exercise, to the exclusive benefit of the Sub-Funds concerned, of voting rights attached to instruments held in the portfolios managed by the Management Company.
- | # FÜR ANLEGER EINSEHBARE DOKUMENTE
-
## Einsehbare Dokumente
Exemplare folgender Dokumente können am Sitz der Gesellschaft zu den normalen Geschäftszeiten an jedem Werktag (Samstage und öffentliche Feiertage ausgenommen) eingesehen werden:
- Verwaltungsgesellschaftsvertrag;
- Fondsmanagementverträge und diesbezügliche Änderungen;
- Asset-Allocation-Vertrag;
- Verwahrstellen- und Zentralverwaltungsverträge;
- Vereinbarung über gemeinsames Management;
- Nominee-Verträge;
- Satzung.
Die in den Punkten (a) bis (f) erwähnten Verträge können von den Parteien in gemeinsamem Einverständnis abgeändert werden.
-
## Wesentliche Informationen für die Anlegerinnen und Anleger
Die aktuellen Wesentlichen Informationen für die Anlegerinnen und Anleger in Bezug auf jeden Teilfonds sind auf der Website der Lombard Odier Gruppe (www.loim.com) erhältlich. Die Anleger erhalten auf Anfrage einen kostenlosen Ausdruck.
-
## Sonstige Dokumente
Die folgenden Dokumente sind auf der Website der Lombard Odier Gruppe (www.loim.com) erhältlich:
- Index Rule Book des entsprechenden Index, an dem sich entweder der Rohstoff-Swap (unter 3.3.1), der Backwardation-Swap (unter 3.3.2) oder der Commodity Curve Arbitrage Swap (unter 3.3.3) orientiert (eine Kopie ist am Sitz der Gesellschaft kostenlos erhältlich);
- gegebenenfalls Index Rule Book der entsprechenden zugrunde liegenden Indizes des oben erwähnten Hauptindex (eine Kopie ist am Sitz der Gesellschaft auf Anfrage kostenlos erhältlich);
- die Liste der geltenden Zahlungstermine gemäss Anhang A;
- Kurzbeschreibung der Strategien, um die Stimmrechte, die mit den Instrumenten verbunden sind, die in den von der Verwaltungsgesellschaft verwalteten Portefeuilles gehalten werden, zum ausschliesslichen Vorteil der betreffenden Teilfonds auszuüben.
- | # DOCUMENTS AVAILABLE TO INVESTORS
-
## Documents available for inspection
Copies of the following documents are available for inspection during usual business hours on any weekday (Saturdays and public holidays excepted) at the registered office of the Company:
- Management Company Agreement;
- Investment Management Agreements plus amendments thereto;
- Asset Allocation Agreement;
- Depositary and Central Administration Agreements;
- Co-management Agreements;
- Agreements with Nominees;
- the Articles.
The agreements under (a) to (f) above may be amended by mutual consent of the parties thereto.
-
## Key investor information document
An up to date key investor information document relating to each Sub-Fund is available on the Lombard Odier Group website (www.loim.com). A hard copy can be supplied to investors on request and free of charge.
-
## Other documents
The following documents are available on the Lombard Odier Group website (www.loim.com):
- the index rule book of the relevant Index under either the Commodity Swap (under 3.3.1), the Backwardation Swap (under 3.3.2) and the Commodity Curve Arbitrage Swap (under 3.3.3) (a copy may be obtained at the registered office of the Company on request free of charge);
- the index rule book of the relevant underlying indices of the main index mentioned above, if applicable (a copy may be obtained at the registered office of the Company on request free of charge);
- the list of applicable Payment Date as mentioned in Appendix A;
- summary description of the strategies for the exercise, to the exclusive benefit of the Sub-Funds concerned, of voting rights attached to instruments held in the portfolios managed by the Management Company.
- | en | de |
DOLFIN4243 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### In relation to any subscription, an Intermediary authorised to act as Nominee is deemed to represent to the Board of Directors that:
- The investor is not a US Person;
- It will notify the Board of Directors and the Registrar and Transfer Agent immediately if it learns that an investor has become a US Person;
- In the event that it has discretionary authority with respect to Shares which become beneficially owned by a US Person, the Intermediary will cause such Shares to be redeemed; and
- It will not knowingly transfer or deliver any Shares or any part thereof or interest therein to a US Person nor will any Shares be transferred to the United States. | ##### Pour toute souscription, tout Intermédiaire autorisé à agir en qualité de Mandataire est censé déclarer au Conseil d’administration que :
- cet investisseur n’est pas un Ressortissant des États-Unis ;
- il avisera sans délai le Conseil d’administration et l’Agent comptable des registres et Agent des transferts s’il apprend qu’un investisseur a acquis la qualité de Ressortissant des États- Unis ;
- dans le cas où il serait investi d’un pouvoir discrétionnaire pour des Actions dont le propriétaire réel est un Ressortissant des États-Unis, l’Intermédiaire fera en sorte que ces Actions soient rachetées ;
- et il ne transférera ni ne livrera sciemment une quelconque Action ou partie d’Action, non plus qu’un quelconque droit sur des Actions à un Ressortissant des États-Unis et aucune Action ne sera transférée à destination des États-Unis. | ##### In relation to any subscription, an Intermediary authorised to act as Nominee is deemed to represent to the Board of Directors that:
- The investor is not a US Person;
- It will notify the Board of Directors and the Registrar and Transfer Agent immediately if it learns that an investor has become a US Person;
- In the event that it has discretionary authority with respect to Shares which become beneficially owned by a US Person, the Intermediary will cause such Shares to be redeemed; and
- It will not knowingly transfer or deliver any Shares or any part thereof or interest therein to a US Person nor will any Shares be transferred to the United States. | en | fr |
DOLFIN4244 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# It is intended that the Fund holds such instruments at least for 85% of its net assets. In order to get an exposure to the Benchmark Index, the Fund will:
- enter into a range of commodity index related derivative instruments including, but not limited to, swaps (for example, index swaps), futures and forward contracts relating to the S&P GSCI
- ®
- Energy & Metals Capped Component 35/20 Total Return Index. In particular, the following are examples of the types of derivatives that the Fund may use:
- Index swap: An agreement is entered to swap periodic payments for a certain amount of time. One party makes payments based upon the total return of a specified reference index. The other makes periodic fixed or floating payments. Both parties’ payments are based upon the same notional amount. As a result, the Index Swap is a performance swap where the Fund exchanges a floating rate against the performance of the Benchmark Index.
- S&P GSCI® Energy & Metals Capped Component 35/20 Futures contracts listed on the Chicago Mercantile Exchange or any new index futures on similar indices listed on any regulated market, or traded over the counter.
Being provided that the use of such instruments will not generate any leverage effect to the extent the maximum possible commitment resulting from such derivative transactions is one time the total net asset value. | # Le Fonds détiendra de tels instruments à hauteur de 85 % au moins de son actif net. Afin d’obtenir une exposition à l’Indice de référence, le Fonds :
- aura recours à une série d’instruments dérivés sur indice de matières premières, dont, entre autres, des swaps (p. ex. des swaps sur indice) et des contrats de futures et de forwards relatifs à l’indice S&P GSCI
- ®
- Energy & Metals Capped Component 35/20 Total Return. Il pourra notamment utiliser les types de dérivés suivants :
- swap sur indice : un contrat est conclu dans le but d’échanger des paiements périodiques pendant un certain laps de temps. Une partie effectue des paiements sur la base de la performance totale d’un indice de référence déterminé. L’autre partie effectue des paiements périodiques fixes ou variables. Les paiements des deux parties reposent sur un même montant notionnel. Le swap sur indice constitue dès lors un swap de performance dans le cadre duquel le Fonds échange un taux variable contre la performance de l’Indice de référence ;
- contrats de futures sur l’indice S&P GSCI® Energy & Metals Capped Component 35/20 Futures cotés sur le Chicago Mercantile Exchange ou tout nouveau contrat de futures sur des indices similaires coté sur un marché réglementé ou négocié de gré à gré.
Il est précisé que le recours à de tels instruments ne générera aucun effet de levier dans la mesure où l’engagement résultant des transactions sur instruments dérivés ne peut excéder une fois la Valeur nette d’inventaire totale du Fonds. | # It is intended that the Fund holds such instruments at least for 85% of its net assets. In order to get an exposure to the Benchmark Index, the Fund will:
- enter into a range of commodity index related derivative instruments including, but not limited to, swaps (for example, index swaps), futures and forward contracts relating to the S&P GSCI
- ®
- Energy & Metals Capped Component 35/20 Total Return Index. In particular, the following are examples of the types of derivatives that the Fund may use:
- Index swap: An agreement is entered to swap periodic payments for a certain amount of time. One party makes payments based upon the total return of a specified reference index. The other makes periodic fixed or floating payments. Both parties’ payments are based upon the same notional amount. As a result, the Index Swap is a performance swap where the Fund exchanges a floating rate against the performance of the Benchmark Index.
- S&P GSCI® Energy & Metals Capped Component 35/20 Futures contracts listed on the Chicago Mercantile Exchange or any new index futures on similar indices listed on any regulated market, or traded over the counter.
Being provided that the use of such instruments will not generate any leverage effect to the extent the maximum possible commitment resulting from such derivative transactions is one time the total net asset value. | en | fr |
DOLFIN4245 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention minimale requise: 3 ans Investissement 10 000 EUR |
| --- |
| Scénarios en cas de survie Minimum : | 1 an | 3 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 7 590 EUR | 7 700 EUR |
| | Rendement annuel moyen | - 24,14 % | - 8,33 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9 110 EUR | 8 930 EUR |
| | Rendement annuel moyen | - 8,85% | - 3,72% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 130 EUR | 10 960 EUR |
| | Rendement annuel moyen | 1,33% | 3,11% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 12 310 EUR | 12 870 EUR |
| | Rendement annuel moyen | 23,15% | 8,78% | | | Período de mantenimiento mínimo recomendado: 3 años Inversión 10 000 EUR |
| --- |
| Escenarios en caso de supervivencia Mínimo: | 1 año | 3 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que puede recibir una vez deducidos los costes | 7 590 EUR | 7 700 EUR |
| | Rendimiento medio cada año | - 24,14 % | - 8,33 % |
| Escenario desfavorable | Lo que puede recibir una vez deducidos los costes | 9 110 EUR | 8 930 EUR |
| | Rendimiento medio cada año | - 8,85% | - 3,72% |
| Escenario moderado | Lo que puede recibir una vez deducidos los costes | 10 130 EUR | 10 960 EUR |
| | Rendimiento medio cada año | 1,33% | 3,11% |
| Escenario favorable | Lo que puede recibir una vez deducidos los costes | 12 310 EUR | 12 870 EUR |
| | Rendimiento medio cada año | 23,15% | 8,78% | | | Période de détention minimale requise: 3 ans Investissement 10 000 EUR |
| --- |
| Scénarios en cas de survie Minimum : | 1 an | 3 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 7 590 EUR | 7 700 EUR |
| | Rendement annuel moyen | - 24,14 % | - 8,33 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9 110 EUR | 8 930 EUR |
| | Rendement annuel moyen | - 8,85% | - 3,72% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 130 EUR | 10 960 EUR |
| | Rendement annuel moyen | 1,33% | 3,11% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 12 310 EUR | 12 870 EUR |
| | Rendement annuel moyen | 23,15% | 8,78% | | fr | es |
DOLFIN4246 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The principal risk when engaging in repurchase or reverse repurchase transactions is the risk of default by a counterparty who has become insolvent or is otherwise unable or refuses to honour its obligations to return securities or cash to the relevant Sub-Fund as required by the terms of the transaction. Counterparty risk is mitigated by the transfer or pledge of collateral in favour of the relevant Sub-Fund. However, repurchase or reverse repurchase transactions may not be fully collateralised. Fees and returns due to the Fund under repurchase or reverse repurchase transactions may not be collateralised. In addition, the value of collateral may decline in between collateral rebalancing dates or may be incorrectly determined or monitored. In such a case, if a counterparty defaults, the relevant Sub-Fund may need to sell non-cash collateral received at prevailing market prices, thereby resulting in a loss to the relevant Sub-Fund
A Sub-Fund may also incur a loss in reinvesting cash collateral received. Such a loss may arise due to a decline in the value of the investments made. A decline in the value of such investments would reduce the amount of collateral available to be returned by the Fund to the counterparty as required by the terms of the transaction. The relevant Sub-Fund would be required to cover the difference in value between the collateral originally received and the amount available to be returned to the counterparty, thereby resulting in a loss to the Fund.
Repurchase or reverse repurchase transactions also entail operational risks such as the non-settlement or delay in settlement of instructions and legal risks related to the documentation used in respect of such transactions.
A Sub-Fund may enter into repurchase or reverse repurchase transactions with other companies in the same group of companies as the Management Company or Investment Manager. Affiliated counterparties, if any, will perform their obligations under any repurchase or reverse repurchase transactions concluded with the Sub-Fund in a commercially reasonable manner. In addition, the Management Company or Investment Manager will select counterparties and enter into transactions in accordance with best execution and at all times in the best interests of the Sub-Fund and its investors. However, investors should be aware that the Management Company or Investment Manager may face conflicts between its role and its own interests or that of affiliated counterparties.
-
## Total Return Swaps | Le principal risque, dans les transactions de mise en pension ou de prise en pension, réside dans le risque de défaillance d’une contrepartie qui est devenue insolvable ou qui est incapable pour une autre raison ou refuse de s’acquitter de ses obligations de restituer des titres ou des liquidités au Compartiment pertinent conformément aux dispositions de la transaction. Le risque de contrepartie est atténué par la cession ou la constitution d’un nantissement en faveur du Compartiment concerné. Les transactions de mise en pension ou de prise en pension ne peuvent toutefois pas toujours être entièrement garanties par nantissement. Il est possible que les commissions et les revenus dus au Fonds en vertu de transactions de mise en pension ou de prise en pension ne puissent pas être garantis par nantissement. De plus, la valeur d’un bien reçu en garantie peut baisser entre les dates de rééquilibrage des garanties ou elle peut ne pas être déterminée ou surveillée correctement. Dans de telles circonstances, si une contrepartie est défaillante, le Compartiment concerné peut être amené à vendre le bien non liquide reçu en garantie aux prix en vigueur sur le marché, ce qui peut entraîner une perte pour ce Compartiment.
Un Compartiment peut également subir une perte en réinvestissant des liquidités reçues en garantie. Une telle perte peut survenir en cas de diminution de la valeur des investissements effectués. Une baisse de la valeur de ces investissements réduirait le montant de la garantie disponible que le Fonds doit restituer à la contrepartie en vertu des dispositions de la transaction. Le Compartiment concerné devrait alors compenser la différence de valeur entre la garantie initialement reçue et le montant disponible pour la restitution à la contrepartie, entraînant ainsi une perte pour le Fonds.
Les transactions de mise en pension ou de prise en pension s’accompagnent également de risques opérationnels, tels que le non- règlement ou le règlement tardif d’instructions et les risques juridiques inhérents aux documents utilisés dans le cadre de ces transactions.
Un Compartiment peut conclure des transactions de mise en pension ou de prise en pension avec d’autres sociétés du même Groupe de sociétés que la Société de gestion ou le Gestionnaire d’investissement. Les éventuelles contreparties affiliées s’acquitteront de leurs obligations résultant de toute transaction de mise en pension ou de prise en pension conclue avec le Compartiment d’une manière raisonnable sur le plan commercial. De plus, la Société de gestion ou le Gestionnaire d’investissement sélectionneront les contreparties et concluront les transactions en fonction de la meilleure exécution et constamment dans l’intérêt suprême du Compartiment et de ses investisseurs. Les investisseurs doivent toutefois être conscients que la Société de gestion ou le Gestionnaire d’investissement peuvent être confrontés à un conflit entre leur fonction et leurs propres intérêts ou ceux de contreparties affiliées.
-
## Swaps sur rendement total | The principal risk when engaging in repurchase or reverse repurchase transactions is the risk of default by a counterparty who has become insolvent or is otherwise unable or refuses to honour its obligations to return securities or cash to the relevant Sub-Fund as required by the terms of the transaction. Counterparty risk is mitigated by the transfer or pledge of collateral in favour of the relevant Sub-Fund. However, repurchase or reverse repurchase transactions may not be fully collateralised. Fees and returns due to the Fund under repurchase or reverse repurchase transactions may not be collateralised. In addition, the value of collateral may decline in between collateral rebalancing dates or may be incorrectly determined or monitored. In such a case, if a counterparty defaults, the relevant Sub-Fund may need to sell non-cash collateral received at prevailing market prices, thereby resulting in a loss to the relevant Sub-Fund
A Sub-Fund may also incur a loss in reinvesting cash collateral received. Such a loss may arise due to a decline in the value of the investments made. A decline in the value of such investments would reduce the amount of collateral available to be returned by the Fund to the counterparty as required by the terms of the transaction. The relevant Sub-Fund would be required to cover the difference in value between the collateral originally received and the amount available to be returned to the counterparty, thereby resulting in a loss to the Fund.
Repurchase or reverse repurchase transactions also entail operational risks such as the non-settlement or delay in settlement of instructions and legal risks related to the documentation used in respect of such transactions.
A Sub-Fund may enter into repurchase or reverse repurchase transactions with other companies in the same group of companies as the Management Company or Investment Manager. Affiliated counterparties, if any, will perform their obligations under any repurchase or reverse repurchase transactions concluded with the Sub-Fund in a commercially reasonable manner. In addition, the Management Company or Investment Manager will select counterparties and enter into transactions in accordance with best execution and at all times in the best interests of the Sub-Fund and its investors. However, investors should be aware that the Management Company or Investment Manager may face conflicts between its role and its own interests or that of affiliated counterparties.
-
## Total Return Swaps | en | fr |
DOLFIN4247 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | 3.0% du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 300 USD |
| Coûts de sortie | 2.0% de votre investissement avant qu'il ne vous soit payé. | 204 USD |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0.9% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 88 USD |
| Coûts de transaction | 0.2% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 18 USD |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | 0 USD | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | 3.0% del importe que pagará usted al realizar esta inversión. | Hasta 300 USD |
| Costes de salida | 2.0% de su inversión antes de que se le pague. | 204 USD |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0.9% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 88 USD |
| Costes de operación | 0.2% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 18 USD |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | 0 USD | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | 3.0% du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 300 USD |
| Coûts de sortie | 2.0% de votre investissement avant qu'il ne vous soit payé. | 204 USD |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0.9% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 88 USD |
| Coûts de transaction | 0.2% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 18 USD |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | 0 USD | | fr | es |
DOLFIN4248 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Techniques for efficient portfolio management
Certain techniques for efficient portfolio management may be used for the Fund in accordance with the amended version of CSSF Circular 08/356, CSSF Circular 13/559 and the "ESMA guidelines on ETFs and other UCITS issues (ESMA/2012/832)" (the "ESMA guidelines").
The relevant sub-fund receives all income from the use of techniques and instruments for efficient portfolio management less direct and indirect operating costs to be reinvested in line with the sub-fund's investment policy. The counterparties in the agreements on the use of techniques and instruments for efficient portfolio management are selected in line with the principles of the Management Company for executing orders for financial instruments (the "guidelines for best execution"). These counterparties will essentially comprise the recipients of the direct and indirect costs and fees incurred in this context. The costs and fees payable to the respective counterparty or to a third party will be negotiated under market conditions.
The counterparties are generally not companies associated with the Management Company.
The use of derivatives or other techniques and instruments for efficient portfolio management must not result in the Fund abandoning its investment policy described in this Sales Prospectus or the Fund being exposed to additional substantial risks that are not described in this Sales Prospectus.
The Fund may reinvest cash which it receives as collateral as a result of using techniques and instruments for efficient portfolio management in line with the conditions of the valid laws and provisions including CSSF Circular 08/356, as amended by CSSF Circular 11/512 and the ESMA guidelines. | ###### Techniken des effizienten Portfoliomanagements
Gemäß dem CSSF-Rundschreiben 08/356 in der geänderten Fassung, dem CSSF-Rundschreiben 13/559 und den „ESMA-Leitlinien zu ETFs und anderen OGAW-Themen (ESMA/2012/832)“ („ESMA-Leitlinien”) dürfen für den Fonds bestimmte Techniken zur effizienten Verwaltung des Portfolios angewendet werden.
Alle Erträge aus dem Einsatz von Techniken und Instrumenten für ein effizientes Portfoliomanagement fließen abzüglich der direkten und indirekten betrieblichen Kosten dem jeweiligen Teilfonds zu, um entsprechend der Anlagepolitik des Teilfonds wieder angelegt zu werden. Die Gegenparteien bei den Vereinbarungen über den Einsatz von Techniken und Instrumenten für ein effizientes Portfoliomanagement werden gemäß den Grundsätzen der Verwaltungsgesellschaft für die Ausführung von Aufträgen für Finanzinstrumente („Richtlinien zur bestmöglichen Ausführung“) ausgewählt. Diese Gegenparteien werden im Wesentlichen die Empfänger der in diesem Zusammenhang anfallenden direkten und indirekten Kosten und Gebühren sein. Die an die jeweilige Gegenpartei oder an Dritte zahlbaren Kosten und Gebühren werden zu marktüblichen Konditionen ausgehandelt.
Grundsätzlich sind die Gegenparteien keine mit der Verwaltungsgesellschaft verbundenen Unternehmen.
Der Einsatz von Derivaten oder anderen Techniken und Instrumenten für ein effizientes Portfoliomanagement darf keinesfalls dazu führen, dass der Fonds von seiner in diesem Verkaufsprospekt beschriebenen Anlagepolitik abweicht, oder der Fonds zusätzlichen erheblichen Risiken ausgesetzt wird, die in diesem Verkaufsprospekt nicht beschrieben sind.
Der Fonds darf Barmittel, welche er im Zusammenhang mit dem Einsatz von Techniken und Instrumenten für ein effizientes Portfoliomanagement als Sicherheit erhält, gemäß den Bestimmungen der geltenden Gesetze und Vorschriften, einschließlich des CSSF-Rundschreibens 08/356, wie geändert durch CSSF-Rundschreiben 11/512, und der ESMA-Leitlinien, wieder anlegen. | ###### Techniques for efficient portfolio management
Certain techniques for efficient portfolio management may be used for the Fund in accordance with the amended version of CSSF Circular 08/356, CSSF Circular 13/559 and the "ESMA guidelines on ETFs and other UCITS issues (ESMA/2012/832)" (the "ESMA guidelines").
The relevant sub-fund receives all income from the use of techniques and instruments for efficient portfolio management less direct and indirect operating costs to be reinvested in line with the sub-fund's investment policy. The counterparties in the agreements on the use of techniques and instruments for efficient portfolio management are selected in line with the principles of the Management Company for executing orders for financial instruments (the "guidelines for best execution"). These counterparties will essentially comprise the recipients of the direct and indirect costs and fees incurred in this context. The costs and fees payable to the respective counterparty or to a third party will be negotiated under market conditions.
The counterparties are generally not companies associated with the Management Company.
The use of derivatives or other techniques and instruments for efficient portfolio management must not result in the Fund abandoning its investment policy described in this Sales Prospectus or the Fund being exposed to additional substantial risks that are not described in this Sales Prospectus.
The Fund may reinvest cash which it receives as collateral as a result of using techniques and instruments for efficient portfolio management in line with the conditions of the valid laws and provisions including CSSF Circular 08/356, as amended by CSSF Circular 11/512 and the ESMA guidelines. | en | de |
DOLFIN4249 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
### Objectif Augmenter la valeur de votre investissement au fil du temps et surpasser les marchés des obligations en euro indexés sur l’inflation (tel que mesuré par l’indice de référence).
### Indice(s) de référence : indice ICE BofAML Euro Inflation-Linked Government
®
### (rendement total). Pour concevoir le portefeuille et mesurer la performance.
Politique d’investissement Le fonds investit principalement dans des obligations d’État indexées sur l’inflation et libellées en euro. Le fonds privilégie généralement l’investissement direct mais peut parfois investir par le biais d’instruments dérivés.
Plus précisément, le fonds investit normalement au moins 70 % du total de son actif net dans des titres de créance et instruments liés à des titres de créance indexés sur l’inflation, y compris des instruments du marché monétaire. Ces investissements peuvent être libellés dans des devises autres que l’euro.
### Le fonds peut investir dans les catégories d’actifs suivantes jusqu’aux pourcentages de l’actif net total indiqué :
- titres de créance de qualité inférieure à investment grade ou non notés : 49 %
- titres de créance d’entreprises : 30 %
- obligations convertibles contingentes (CoCo) : 10 %Le fonds n’investit pas dans des titres adossés à des actifs, mais peut y être exposé indirectement (10 % maximum de l’actif net total).
### Instruments dérivés et techniques Le fonds peut utiliser des instruments dérivés pour réduire les risques (couverture) et les coûts, et pour obtenir une exposition supplémentaire aux investissements.
Stratégie Dans le cadre d’une gestion active du fonds, le gestionnaire en investissement utilise une analyse macroéconomique et de marché pour déterminer l’exposition relative au secteur des obligations, au pays et à la duration globale. Le gestionnaire en investissement se concentre ensuite sur l’analyse des émetteurs et des titres afin de surpondérer les titres qui semblent offrir le meilleur rendement pour leur niveau de risque (approche descendante et ascendante). L’exposition du fonds aux titres, et donc sa performance, sont susceptibles de s’écarter légèrement de celles de l’indice de référence.
Traitement des demandes Les demandes d’achat, d’échange ou de vente de parts du fonds reçues et acceptées par l’agent de transfert avant 16 h 00 CET un jour ouvrable au Luxembourg et qui est également un jour de négociation sur les principaux marchés du fonds sont généralement traitées le jour ouvrable suivant.
### Politique de distribution Cette Catégorie de Parts ne distribue pas de dividendes. Les revenus des investissements sont réinvestis.
### Profil de l’investisseur Les investisseurs qui comprennent les risques du fonds et qui prévoient d’investir à moyen terme.
Autres informations : Le fonds présente des caractéristiques environnementales (E) et sociales (S) et favorise l'investissement dans des actifs qui suivent des pratiques de bonne gouvernance (G) conformément à l'article 8 du Règlement sur la publication d'informations en matière de durabilité dans le secteur des services financiers (« Règlement SFDR »). Pour de plus amples informations, veuillez vous reporter à la section « Politique d'investissement durable et intégration des critères ESG » du Prospectus, disponible sur notre site Internet à l'adresse www.eurizoncapital.comou dans les locaux de nos distributeurs. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
### Objetivo Incrementar el valor de su inversión en el tiempo y superar la rentabilidad de los mercados de bonos vinculados a la inflación de la zona euro (medida por el índice de referencia).
### Índice(s) de referencia ICE BofAML Euro Inflation-Linked Government Index
®
### (rendimiento total). Para diseñar la cartera y medir la rentabilidad.
Política de inversión El fondo invierte principalmente en bonos gubernamentales vinculados a la inflación denominados en euros. Por lo general, el fondo opta por la inversión directa, pero ocasionalmente podrá invertir a través de derivados.
En concreto, el fondo invertirá normalmente un mínimo del 70% de su patrimonio neto en deuda vinculada a la inflación e instrumentos relacionados con la deuda, incluidos los instrumentos del mercado monetario. Estas inversiones pueden estar denominadas en monedas distintas al euro.
### El fondo podrá invertir en las siguientes clases de activos hasta los porcentajes del patrimonio neto indicados:
- instrumentos de deuda con una calificación inferior a grado de inversión o sin calificación: 49%
- instrumentos de deuda corporativa: 30%
- bonos convertibles contingentes (bonos CoCo): 10%El fondo no invierte en valores respaldados por activos, pero puede verse expuesto indirectamente (un máximo del 10% del patrimonio neto).
### Derivados y técnicas El fondo podrá utilizar derivados para reducir los riesgos (cobertura) y los costes, así como para obtener exposición adicional a las inversiones.
Estrategia Al gestionar de forma activa el fondo, el gestor de inversiones utiliza el análisis macroeconómico y de mercado con el fin de determinar la exposición al sector de los bonos, los países y la duración general. A continuación, el gestor de inversiones se centra en el análisis de los emisores y los valores para sobreponderar aquellos valores que parecen ofrecer la mejor rentabilidad para su nivel de riesgo (enfoque descendente y ascendente). La exposición del fondo a los valores y, por lo tanto, su rentabilidad, podrán diferir ligeramente de las del índice de referencia.
Tramitación de solicitudes Las solicitudes de compra, canje o venta de participaciones del fondo que se reciban y acepten por el agente de transferencias antes de las 16:00 horas (CET) de cualquier día que sea hábil en Luxemburgo, y que asimismo sea un día de negociación en los principales mercados del fondo, se tramitarán normalmente el siguiente día hábil.
### Política de reparto Esta clase de participación no distribuye dividendos. Los ingresos de las inversiones se reinvierten.
### Perfil del inversor Inversores que entienden los riesgos del fondo y tienen previsto invertir a medio plazo.
Información adicional El fondo presenta características medioambientales (E) y sociales (S) y promueve la inversión en activos que sigan buenas prácticas de gobierno (G), de conformidad con lo establecido en el artículo 8 del Reglamento sobre la divulgación de información relativa a las finanzas sostenibles (el "SFDR"). Para obtener más información, consulte la sección "Política de inversión sostenible e integración de los factores ESG" del Folleto, que está disponible en nuestro sitio web de Internet www.eurizoncapital.como en las oficinas de los distribuidores. | # OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
### Objectif Augmenter la valeur de votre investissement au fil du temps et surpasser les marchés des obligations en euro indexés sur l’inflation (tel que mesuré par l’indice de référence).
### Indice(s) de référence : indice ICE BofAML Euro Inflation-Linked Government
®
### (rendement total). Pour concevoir le portefeuille et mesurer la performance.
Politique d’investissement Le fonds investit principalement dans des obligations d’État indexées sur l’inflation et libellées en euro. Le fonds privilégie généralement l’investissement direct mais peut parfois investir par le biais d’instruments dérivés.
Plus précisément, le fonds investit normalement au moins 70 % du total de son actif net dans des titres de créance et instruments liés à des titres de créance indexés sur l’inflation, y compris des instruments du marché monétaire. Ces investissements peuvent être libellés dans des devises autres que l’euro.
### Le fonds peut investir dans les catégories d’actifs suivantes jusqu’aux pourcentages de l’actif net total indiqué :
- titres de créance de qualité inférieure à investment grade ou non notés : 49 %
- titres de créance d’entreprises : 30 %
- obligations convertibles contingentes (CoCo) : 10 %Le fonds n’investit pas dans des titres adossés à des actifs, mais peut y être exposé indirectement (10 % maximum de l’actif net total).
### Instruments dérivés et techniques Le fonds peut utiliser des instruments dérivés pour réduire les risques (couverture) et les coûts, et pour obtenir une exposition supplémentaire aux investissements.
Stratégie Dans le cadre d’une gestion active du fonds, le gestionnaire en investissement utilise une analyse macroéconomique et de marché pour déterminer l’exposition relative au secteur des obligations, au pays et à la duration globale. Le gestionnaire en investissement se concentre ensuite sur l’analyse des émetteurs et des titres afin de surpondérer les titres qui semblent offrir le meilleur rendement pour leur niveau de risque (approche descendante et ascendante). L’exposition du fonds aux titres, et donc sa performance, sont susceptibles de s’écarter légèrement de celles de l’indice de référence.
Traitement des demandes Les demandes d’achat, d’échange ou de vente de parts du fonds reçues et acceptées par l’agent de transfert avant 16 h 00 CET un jour ouvrable au Luxembourg et qui est également un jour de négociation sur les principaux marchés du fonds sont généralement traitées le jour ouvrable suivant.
### Politique de distribution Cette Catégorie de Parts ne distribue pas de dividendes. Les revenus des investissements sont réinvestis.
### Profil de l’investisseur Les investisseurs qui comprennent les risques du fonds et qui prévoient d’investir à moyen terme.
Autres informations : Le fonds présente des caractéristiques environnementales (E) et sociales (S) et favorise l'investissement dans des actifs qui suivent des pratiques de bonne gouvernance (G) conformément à l'article 8 du Règlement sur la publication d'informations en matière de durabilité dans le secteur des services financiers (« Règlement SFDR »). Pour de plus amples informations, veuillez vous reporter à la section « Politique d'investissement durable et intégration des critères ESG » du Prospectus, disponible sur notre site Internet à l'adresse www.eurizoncapital.comou dans les locaux de nos distributeurs. | fr | es |
DOLFIN4250 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
###### Profil de l’investisseur type
Jusqu’au 06/11/2022 : Ce Compartiment peut intéresser les investisseurs qui recherchent un rendement sur le long terme par une exposition aux actions européennes qui intègrent une approche environnementale, sociale et de gouvernance et qui sont disposés à accepter une forte volatilité.
À compter du 07/11/2022 : Le Compartiment peut intéresser les investisseurs qui recherchent un rendement à long terme par une exposition à des sociétés du monde entier qui contribuent positivement à certains Objectifs de développement durable (ODD) des Nations unies liés à des questions sociales et qui sont disposés à accepter une forte volatilité.
Jusqu’au 06/11/2022 : | #### Perfil del inversor tipo
Hasta el 6.11.2022: El Fondo puede resultar atractivo para los inversores que busquen una rentabilidad a largo plazo mediante la exposición a valores de renta variable europeos, que integren un enfoque ambiental, social y de gobernanza (ESG) y que estén dispuestos a aceptar una volatilidad elevada.
A partir del 7.11.2022: El Fondo puede resultar atractivo para los inversores que busquen una rentabilidad a largo plazo mediante la exposición a empresas de todo el mundo que contribuyan positivamente a determinados Objetivos de Desarrollo Sostenible (ODS) de las Naciones Unidas relacionados con cuestiones sociales y que estén dispuestos a aceptar una alta volatilidad.
Hasta el 6.11.2022: | ###### Profil de l’investisseur type
Jusqu’au 06/11/2022 : Ce Compartiment peut intéresser les investisseurs qui recherchent un rendement sur le long terme par une exposition aux actions européennes qui intègrent une approche environnementale, sociale et de gouvernance et qui sont disposés à accepter une forte volatilité.
À compter du 07/11/2022 : Le Compartiment peut intéresser les investisseurs qui recherchent un rendement à long terme par une exposition à des sociétés du monde entier qui contribuent positivement à certains Objectifs de développement durable (ODD) des Nations unies liés à des questions sociales et qui sont disposés à accepter une forte volatilité.
Jusqu’au 06/11/2022 : | fr | es |
DOLFIN4251 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
#### Agent administratif
La Société de gestion a désigné State Street Bank International GmbH, succursale luxembourgeoise à titre d’Agent administratif de la Société.
La relation entre la Société de gestion et l’Agent administratif est soumise aux conditions de l’Accord d’administration.
L’Agent administratif s’acquitte de toutes les tâches administratives liées à l’administration de la Société requises par la législation luxembourgeoise, y compris le calcul de la Valeur liquidative des Actions et la prestation de services comptables à la Société.
L’Agent administratif n’est pas responsable du contenu du présent Prospectus (autre que celui du présent article), de toute décision d’investissement de la Société ou de l’incidence de toute décision d’investissement sur la performance de la Société.
L’Accord d’administration contient des dispositions prévoyant l’indemnisation de l’Agent administratif et son exonération de toute responsabilité dans certaines circonstances.
Sous réserve du consentement écrit préalable des Administrateurs, la Société de gestion se réserve le droit de modifier les dispositions administratives décrites plus haut avec l’accord de l’Agent administratif et/ou de nommer, à sa discrétion, un autre agent administratif sans avis préalable aux Actionnaires. Les Actionnaires seront informés en temps opportun de toute nomination d’un nouvel agent administratif. | #### Administrador
La sociedad gestora ha designado a State Street Bank International GmbH, Luxembourg Branch como el Administrador de la Sociedad.
La relación entre la sociedad gestora y el Administrador está sujeta a los términos del Contrato de administración.
El Administrador asume las obligaciones administrativas generales relacionadas con la administración de la Sociedad que exigen las leyes de Luxemburgo, incluido el cálculo del Valor Liquidativo de las Acciones y la prestación de servicios de contabilidad a la Sociedad.
El Administrador no será responsable del contenido del presente Folleto (salvo el del presente apartado), de ninguna decisión de inversión de la Sociedad ni de las repercusiones de tales decisiones de inversión en la rentabilidad de la Sociedad.
El Contrato de administración contiene las disposiciones que, en determinadas circunstancias, indemnizan al Administrador y lo eximen de responsabilidad.
Con sujeción al previo consentimiento por escrito de los Consejeros, la sociedad gestora se reserva el derecho a cambiar los acuerdos de administración expresados anteriormente por el contrato con el Administrador y/o, a su discreción, a designar un administrador alternativo sin previa notificación a los Accionistas. Se informará a los Accionistas de la designación de un administrador alternativo en su debido momento. | #### Agent administratif
La Société de gestion a désigné State Street Bank International GmbH, succursale luxembourgeoise à titre d’Agent administratif de la Société.
La relation entre la Société de gestion et l’Agent administratif est soumise aux conditions de l’Accord d’administration.
L’Agent administratif s’acquitte de toutes les tâches administratives liées à l’administration de la Société requises par la législation luxembourgeoise, y compris le calcul de la Valeur liquidative des Actions et la prestation de services comptables à la Société.
L’Agent administratif n’est pas responsable du contenu du présent Prospectus (autre que celui du présent article), de toute décision d’investissement de la Société ou de l’incidence de toute décision d’investissement sur la performance de la Société.
L’Accord d’administration contient des dispositions prévoyant l’indemnisation de l’Agent administratif et son exonération de toute responsabilité dans certaines circonstances.
Sous réserve du consentement écrit préalable des Administrateurs, la Société de gestion se réserve le droit de modifier les dispositions administratives décrites plus haut avec l’accord de l’Agent administratif et/ou de nommer, à sa discrétion, un autre agent administratif sans avis préalable aux Actionnaires. Les Actionnaires seront informés en temps opportun de toute nomination d’un nouvel agent administratif. | fr | es |
DOLFIN4252 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
No deferred sales charge will be imposed on Class B, Class B3, Class B4 and Class B5 shares if Shareholders redeem Shares after the four-year period.
No deferred sales charge will be imposed on Class C Shares if Shareholders redeem Shares after the one- year period. No deferred sales charge will be imposed on Class Y shares if Shareholders redeem Shares after the six-year period.
Shares acquired by reinvestment of dividends or distributions will be exempt from the deferred sales charge in the same manner as the deferred sales charge will also be waived on redemption of Classes B, B3, B4, B5, C, W and Y Shares arising out of death or disability of a Shareholder or all Shareholders (in case of a single Shareholder or in case of joint Shareholding).
For Shares subject to a deferred sales charge, the amount of the charge is determined as a percentage of the lesser of the current market value and the purchase price of the Shares being redeemed. For example, when a Share that has appreciated in value is redeemed during the deferred sales charge period, a deferred sales charge is assessed only on its initial purchase price.
In determining whether a deferred sales charge is payable on any redemption, the Sub-Fund will first redeem Shares not subject to any deferred sales charge, and then Shares held longest during the deferred sales charge period. The amount of any deferred sales charge to be paid will be retained by the Management Company which is entitled to such deferred sales charge. | No se aplicará ninguna comisión de suscripción diferida a las Acciones de las Clases B, B3, B4 y B5 cuando los Accionistas las reembolsen transcurrido el periodo de cuatro años.
No se aplicará comisión de suscripción diferida alguna a las Acciones de la Clase C cuando los Accionistas las reembolsen transcurrido el periodo de un año. No se aplicará comisión de suscripción diferida alguna a las Acciones de la Clase Y cuando los Accionistas las reembolsen transcurrido el periodo de seis años.
Las Acciones adquiridas mediante una reinversión de dividendos o de otros repartos estarán exentas del pago de la comisión de suscripción diferida de igual forma que se dispensará asimismo de su pago a los reembolsos de Acciones de las Clases B, B3, B4, B5, C, W e Y que se deriven del fallecimiento o de la incapacidad sobrevenida de un Accionista o de todos los Accionistas (dependiendo de que haya un único Accionista titular o varios Accionistas cotitulares).
En el caso de las Acciones sujetas al pago de una comisión de suscripción diferida, el importe de esta se determinará como un porcentaje del valor de mercado corriente o, si fuese inferior, del precio de suscripción de las Acciones objeto de reembolso. Así, cuando se reembolse una Acción cuyo valor se haya incrementado durante el periodo de devengo de la comisión de suscripción diferida, dicha comisión únicamente se liquidará sobre su precio de suscripción inicial.
A la hora de establecer si ha de pagarse una comisión de suscripción diferida con respecto a un reembolso, el Subfondo reembolsará, en primer lugar, las Acciones no sujetas al pago de una comisión de suscripción diferida y, a continuación, las Acciones que se hayan mantenido más tiempo durante el periodo de devengo de la comisión de suscripción diferida. El importe de cualquier comisión de suscripción diferida que haya de pagarse será retenido por la Sociedad Gestora en su condición de entidad con derecho a ella. | No deferred sales charge will be imposed on Class B, Class B3, Class B4 and Class B5 shares if Shareholders redeem Shares after the four-year period.
No deferred sales charge will be imposed on Class C Shares if Shareholders redeem Shares after the one- year period. No deferred sales charge will be imposed on Class Y shares if Shareholders redeem Shares after the six-year period.
Shares acquired by reinvestment of dividends or distributions will be exempt from the deferred sales charge in the same manner as the deferred sales charge will also be waived on redemption of Classes B, B3, B4, B5, C, W and Y Shares arising out of death or disability of a Shareholder or all Shareholders (in case of a single Shareholder or in case of joint Shareholding).
For Shares subject to a deferred sales charge, the amount of the charge is determined as a percentage of the lesser of the current market value and the purchase price of the Shares being redeemed. For example, when a Share that has appreciated in value is redeemed during the deferred sales charge period, a deferred sales charge is assessed only on its initial purchase price.
In determining whether a deferred sales charge is payable on any redemption, the Sub-Fund will first redeem Shares not subject to any deferred sales charge, and then Shares held longest during the deferred sales charge period. The amount of any deferred sales charge to be paid will be retained by the Management Company which is entitled to such deferred sales charge. | en | es |
DOLFIN4253 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Neuberger Berman Euro Opportunistic Bond Fund (suite)
## État des principales acquisitions et ventes (suite)
Ventes cumulées supérieures à un (1) pour cent de la valeur totale des ventes :
| Unités | Description du titre | Produits EUR |
| --- | --- | --- |
| 418 160 | Italy Buoni Poliennali Del Tesoro, 1.40%, 26/05/2025 | 446 614 |
| 369 023 | Italy Buoni Poliennali Del Tesoro, 0.55%, 21/05/2026 | 383 832 |
| 291 000 | Italy Buoni Poliennali Del Tesoro, 0.90%, 01/04/2031 | 294 769 |
| 250 000 | Intesa Sanpaolo SpA, 1.35%, 24/02/2031 | 249 200 |
| 189 391 | Spain Government Bond, 1.00%, 30/11/2030 | 229 316 |
| 200 000 | Intesa Sanpaolo SpA, 6.25%, 29/12/2049 | 219 750 |
| 189 081 | French Republic Government Bond OAT, 0.10%, 25/07/2031 | 219 021 |
| 200 000 | Unione di Banche Italiane SpA, 5.88%, 29/12/2049 | 216 320 |
| 200 000 | Autostrade per l'Italia, 2.00%, 04/12/2028 | 208 825 |
| 200 000 | Deutsche Bank AG, 4.63%, 29/12/2049 | 206 100 |
| 200 000 | Societe Generale SA, 1.13%, 30/06/2031 | 199 340 |
| 200 000 | BNP Paribas SA, 0.25%, 13/04/2027 | 199 077 |
| 200 000 | JPMorgan Chase & Co, 0.60%, 17/02/2033 | 198 435 |
| 200 000 | Credit Suisse Group AG, 0.63%, 18/01/2033 | 198 095 |
| 200 000 | UBS AG, 0.50%, 31/03/2031 | 197 988 |
| 200 000 | Abertis Finance BV, 2.63%, 29/12/2049 | 196 425 |
| 200 000 | Verizon Communications Inc, 1.13%, 19/09/2035 | 195 207 |
| 168 000 | Italy Buoni Poliennali Del Tesoro, 0.25%, 15/03/2028 | 167 659 |
| 150 000 | European Union, 0.00%, 02/06/2028 | 153 717 |
| 150 000 | Italy Buoni Poliennali Del Tesoro, 0.65%, 15/10/2023 | 153 285 |
| 139 551 | French Republic Government Bond OAT, 0.10%, 01/03/2026 | 152 719 |
760 NEUBERGER BERMAN INVESTMENT FUNDS PLC
RAPPORT DU GESTIONNAIRE D’INVESTISSEMENT ÉTATS FINANCIERS | # Neuberger Berman Euro Opportunistic Bond Fund (cont.)
## Informe de compras y ventas significativas (cont.)
Ventas agregadas que superan el 1% del valor total de las ventas:
| Unidades | Descripción de los valores | Producto EUR |
| --- | --- | --- |
| 418.160 | Italy Buoni Poliennali Del Tesoro, 1.40%, 26/05/2025 | 446.614 |
| 369.023 | Italy Buoni Poliennali Del Tesoro, 0.55%, 21/05/2026 | 383.832 |
| 291.000 | Italy Buoni Poliennali Del Tesoro, 0.90%, 01/04/2031 | 294.769 |
| 250.000 | Intesa Sanpaolo SpA, 1.35%, 24/02/2031 | 249.200 |
| 189.391 | Spain Government Bond, 1.00%, 30/11/2030 | 229.316 |
| 200.000 | Intesa Sanpaolo SpA, 6.25%, 29/12/2049 | 219.750 |
| 189.081 | French Republic Government Bond OAT, 0.10%, 25/07/2031 | 219.021 |
| 200.000 | Unione di Banche Italiane SpA, 5.88%, 29/12/2049 | 216.320 |
| 200.000 | Autostrade per l'Italia, 2.00%, 04/12/2028 | 208.825 |
| 200.000 | Deutsche Bank AG, 4.63%, 29/12/2049 | 206.100 |
| 200.000 | Societe Generale SA, 1.13%, 30/06/2031 | 199.340 |
| 200.000 | BNP Paribas SA, 0.25%, 13/04/2027 | 199.077 |
| 200.000 | JPMorgan Chase & Co, 0.60%, 17/02/2033 | 198.435 |
| 200.000 | Credit Suisse Group AG, 0.63%, 18/01/2033 | 198.095 |
| 200.000 | UBS AG, 0.50%, 31/03/2031 | 197.988 |
| 200.000 | Abertis Finance BV, 2.63%, 29/12/2049 | 196.425 |
| 200.000 | Verizon Communications Inc, 1.13%, 19/09/2035 | 195.207 |
| 168.000 | Italy Buoni Poliennali Del Tesoro, 0.25%, 15/03/2028 | 167.659 |
| 150.000 | European Union, 0.00%, 02/06/2028 | 153.717 |
| 150.000 | Italy Buoni Poliennali Del Tesoro, 0.65%, 15/10/2023 | 153.285 |
| 139.551 | French Republic Government Bond OAT, 0.10%, 01/03/2026 | 152.719 |
760 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # Neuberger Berman Euro Opportunistic Bond Fund (suite)
## État des principales acquisitions et ventes (suite)
Ventes cumulées supérieures à un (1) pour cent de la valeur totale des ventes :
| Unités | Description du titre | Produits EUR |
| --- | --- | --- |
| 418 160 | Italy Buoni Poliennali Del Tesoro, 1.40%, 26/05/2025 | 446 614 |
| 369 023 | Italy Buoni Poliennali Del Tesoro, 0.55%, 21/05/2026 | 383 832 |
| 291 000 | Italy Buoni Poliennali Del Tesoro, 0.90%, 01/04/2031 | 294 769 |
| 250 000 | Intesa Sanpaolo SpA, 1.35%, 24/02/2031 | 249 200 |
| 189 391 | Spain Government Bond, 1.00%, 30/11/2030 | 229 316 |
| 200 000 | Intesa Sanpaolo SpA, 6.25%, 29/12/2049 | 219 750 |
| 189 081 | French Republic Government Bond OAT, 0.10%, 25/07/2031 | 219 021 |
| 200 000 | Unione di Banche Italiane SpA, 5.88%, 29/12/2049 | 216 320 |
| 200 000 | Autostrade per l'Italia, 2.00%, 04/12/2028 | 208 825 |
| 200 000 | Deutsche Bank AG, 4.63%, 29/12/2049 | 206 100 |
| 200 000 | Societe Generale SA, 1.13%, 30/06/2031 | 199 340 |
| 200 000 | BNP Paribas SA, 0.25%, 13/04/2027 | 199 077 |
| 200 000 | JPMorgan Chase & Co, 0.60%, 17/02/2033 | 198 435 |
| 200 000 | Credit Suisse Group AG, 0.63%, 18/01/2033 | 198 095 |
| 200 000 | UBS AG, 0.50%, 31/03/2031 | 197 988 |
| 200 000 | Abertis Finance BV, 2.63%, 29/12/2049 | 196 425 |
| 200 000 | Verizon Communications Inc, 1.13%, 19/09/2035 | 195 207 |
| 168 000 | Italy Buoni Poliennali Del Tesoro, 0.25%, 15/03/2028 | 167 659 |
| 150 000 | European Union, 0.00%, 02/06/2028 | 153 717 |
| 150 000 | Italy Buoni Poliennali Del Tesoro, 0.65%, 15/10/2023 | 153 285 |
| 139 551 | French Republic Government Bond OAT, 0.10%, 01/03/2026 | 152 719 |
760 NEUBERGER BERMAN INVESTMENT FUNDS PLC
RAPPORT DU GESTIONNAIRE D’INVESTISSEMENT ÉTATS FINANCIERS | fr | es |
DOLFIN4254 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Example Investment 10,000 EUR | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 41 EUR | 336 EUR |
| Annual cost impact* | 0.4% | 0.5% | | | Esempio di investimento 10.000 EUR | in caso di uscita dopo 1 anno | in caso di uscita dopo 5 anni (periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | 41 EUR | 336 EUR |
| Incidenza annuale dei costi* | 0,4% | 0,5% | | | Example Investment 10,000 EUR | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 41 EUR | 336 EUR |
| Annual cost impact* | 0.4% | 0.5% | | en | it |
DOLFIN4255 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
###### Objectifs et politique d’investissement
Le Compartiment vise à dégager un rendement total positif sur un cycle de marché, assorti d’une corrélation faible à modérée avec les indices financiers traditionnels du marché.
Le Compartiment cherche à atteindre son objectif par une exposition à des titres de créance et des matières premières (hors matières premières agricoles).
Le Compartiment utilisera l’allocation d’actifs stratégique et tactique pour les actifs qui sont censés produire des performances différentes lors des trois étapes du cycle de marché, à savoir la récession, la croissance non inflationniste et la croissance inflationniste.
- D’abord, le Gestionnaire d’investissements équilibrera la part de risque à l’égard des actifs introduite à chaque étape du cycle de marché pour construire l’allocation stratégique.
- Ensuite, le Gestionnaire d’investissements déterminera l’allocation tactique en faveur de chacun des actifs sur la base de l’environnement de marché. | #### Objetivo y política de inversión
El Fondo trata de lograr una rentabilidad total positiva durante un ciclo de mercado con una correlación entre baja y moderada con índices de mercado tradicionales.
El Fondo busca alcanzar su objetivo por medio de la exposición a valores de renta variable, deuda y materias primas (a excepción de bienes agrícolas).
El Fondo utilizará una asignación de activos táctica y estratégica para activos que se espera actúen diferente a lo largo de las tres etapas del ciclo del mercado, a saber, recesión, crecimiento no inflacionario y crecimiento inflacionario.
- En primer lugar, el Gestor de Inversiones equilibrará la contribución al riesgo de activos de cada una de las etapas del ciclo del mercado, con el propósito de crear la asignación estratégica.
- En segundo lugar, el Gestor de Inversiones cambiará estratégicamente las asignaciones de cada activo en función de los diferentes entornos de mercado. | ###### Objectifs et politique d’investissement
Le Compartiment vise à dégager un rendement total positif sur un cycle de marché, assorti d’une corrélation faible à modérée avec les indices financiers traditionnels du marché.
Le Compartiment cherche à atteindre son objectif par une exposition à des titres de créance et des matières premières (hors matières premières agricoles).
Le Compartiment utilisera l’allocation d’actifs stratégique et tactique pour les actifs qui sont censés produire des performances différentes lors des trois étapes du cycle de marché, à savoir la récession, la croissance non inflationniste et la croissance inflationniste.
- D’abord, le Gestionnaire d’investissements équilibrera la part de risque à l’égard des actifs introduite à chaque étape du cycle de marché pour construire l’allocation stratégique.
- Ensuite, le Gestionnaire d’investissements déterminera l’allocation tactique en faveur de chacun des actifs sur la base de l’environnement de marché. | fr | es |
DOLFIN4256 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund can invest to a lesser extent in:
- debt securities of any maturity or quality issued by companies of any size located in any country
- units of other mutual funds and exchange-traded funds (limited to 10% of assets)Companies relevant to the Fund's investment theme of genomic advancements are those that the investment team believes are substantially focused on and/or are expected to substantially benefit from extending and enhancing the quality of human and other life (e.g., animals) by incorporating technological and scientific developments, improvements and advancements in the field of genomics into their business. These companies may include those that research, develop, produce, manufacture or significantly rely on orenable bionic devices, bio-inspired computing, bioinformatics, molecular medicine and diagnostics, pharmaceuticals and agricultural applications of genomics, and related equipment, techniques and processes. The Fund may have a substantial part of its portfolio invested in companies located or traded in the US. | ### El Fondo puede invertir en menor medida en:
- títulos de deuda de cualquier vencimiento o calidad emitidos por sociedades de cualquier tamaño, situadas en cualquier país
- participaciones de otros fondos de inversión y fondos cotizados en bolsa (limitadas al 10 % de los activos)Las empresas pertinentes para el tema de inversión de los avances genómicos del Fondo son aquellas que, en opinión del equipo de inversiones, se centran básicamente en ampliar y mejorar la calidad de la vida humana y de otros seres vivos (por ejemplo, animales) al incorporar avances tecnológicos y científicos, mejoras y progresos en el campo de la genómica en sus negocios. Entre estas empresas se incluyen las que investigan desarrollan, producen, fabrican o dependen en gran medida o facilitan dispositivos biónicos, sistemas bioinspirados, bioinformática,diagnóstico y medicina molecular, aplicaciones farmacéuticas y agrícolas de la genómica y los equipos, técnicas y procesos relacionados. El Fondo puede invertir una parte importante de su cartera en empresas ubicadas o cotizadas en Estados Unidos. | ### The Fund can invest to a lesser extent in:
- debt securities of any maturity or quality issued by companies of any size located in any country
- units of other mutual funds and exchange-traded funds (limited to 10% of assets)Companies relevant to the Fund's investment theme of genomic advancements are those that the investment team believes are substantially focused on and/or are expected to substantially benefit from extending and enhancing the quality of human and other life (e.g., animals) by incorporating technological and scientific developments, improvements and advancements in the field of genomics into their business. These companies may include those that research, develop, produce, manufacture or significantly rely on orenable bionic devices, bio-inspired computing, bioinformatics, molecular medicine and diagnostics, pharmaceuticals and agricultural applications of genomics, and related equipment, techniques and processes. The Fund may have a substantial part of its portfolio invested in companies located or traded in the US. | en | es |
DOLFIN4257 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
An individual who has been resident in Ireland for three consecutive tax years becomes ordinarily resident with effect from the commencement of the fourth tax year.
An individual who has been ordinarily resident in Ireland ceases to be ordinarily resident at the end of the third consecutive tax year in which that individual is not resident in Ireland. Thus, an individual who is resident and ordinarily resident in Ireland in 2013 will remain ordinarily resident in Ireland until the end of the tax year 2016.
- Intermediary means a person who:
- carries on a business which consists of, or includes, the receipt of payments from an investment undertaking on behalf of other persons; or
- holds shares in an investment undertaking on behalf of other persons. | Una persona fisica che abbia risieduto in Irlanda per tre esercizi fiscali consecutivi diviene normalmente residente a decorrere dall'inizio del quarto esercizio fiscale.
Una persona fisica che sia stata normalmente residente in Irlanda cessa di esserlo al termine del terzo esercizio fiscale consecutivo nel corso del quale la stessa non è residente in Irlanda. Pertanto, una persona fisica che sia residente e normalmente residente in Irlanda nel 2013, resterà normalmente residente in Irlanda fino al termine dell'esercizio fiscale 2016.
- Intermediario indica un soggetto che:
- svolga un'attività che consista in o includa la ricezione di pagamenti da parte di un organismo d'investimento per conto di altri soggetti; o
- detenga azioni di un organismo d'investimento per conto di altri soggetti. | An individual who has been resident in Ireland for three consecutive tax years becomes ordinarily resident with effect from the commencement of the fourth tax year.
An individual who has been ordinarily resident in Ireland ceases to be ordinarily resident at the end of the third consecutive tax year in which that individual is not resident in Ireland. Thus, an individual who is resident and ordinarily resident in Ireland in 2013 will remain ordinarily resident in Ireland until the end of the tax year 2016.
- Intermediary means a person who:
- carries on a business which consists of, or includes, the receipt of payments from an investment undertaking on behalf of other persons; or
- holds shares in an investment undertaking on behalf of other persons. | en | it |
DOLFIN4258 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The investment objective of the Sub-Fund is to achieve a total return in excess of the ICE Bank of America Merrill Lynch Global High Yield Constrained Index, fully hedged against USD, from a global portfolio of fixed income securities. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark.
-
###### BlueBay Funds - BlueBay Global High Yield Bond Fund (continued) | L’obiettivo d’investimento del Comparto è conseguire un rendimento totale superiore a quello dell’ICE Bank of America Merrill Lynch Global High Yield Constrained Index, interamente coperto in USD, tramite l’investimento in un portafoglio di titoli a reddito fisso globali. Non sono previste restrizioni sulla misura in cui la performance e il portafoglio del Comparto possono discostarsi da quelli dell’indice di riferimento. Nell’ambito del processo d’investimento, il Gestore degli investimenti ha piena discrezionalità sulla composizione del portafoglio del Comparto e può assumere un’esposizione a società, paesi o settori non inclusi nell’indice di riferimento.
-
#### BlueBay Funds - BlueBay Global High Yield Bond Fund (segue) | The investment objective of the Sub-Fund is to achieve a total return in excess of the ICE Bank of America Merrill Lynch Global High Yield Constrained Index, fully hedged against USD, from a global portfolio of fixed income securities. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark.
-
###### BlueBay Funds - BlueBay Global High Yield Bond Fund (continued) | en | it |
DOLFIN4259 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### - In 2021, EUR 60 000 of carried interest shares distributions were paid to employees of BNPP AM France present at 31 December 2021.
- NB: the above remuneration amounts cannot be directly reconciled with the accounting data for the year, as they reflect amounts awarded based on the scope of the workforce at the close of the annual variable remuneration campaign in May 2021. Accordingly, for example, these amounts include all variable remuneration awarded during this campaign regardless of whether or not it was deferred or whether the employees ultimately stayed with the Fund
- In addition to these numbers and the corresponding amounts, the following should be taken into account
- 5 employees of the Austrian branch, including one with "Identified Staff" status whose total remuneration and total variable remuneration in 2020 amounted to EUR 774 000 and EUR 242 000, respectively;
- 53 employees of the Italian branch, including two with "Identified Staff" status whose total remuneration and total variable remuneration in 2020 amounted to EUR 5 625 000 and EUR 1 409 000, respectively;
- 20 employees of the German branch, including one with "Identified Staff" status whose total remuneration and total variable remuneration in 2020 amounted to EUR 3 774 000 and EUR 1 067 000, respectively;
- 83 employees of the Dutch branch, including twenty with "Identified Staff" status whose total remuneration and total variable remuneration in 2020 amounted to EUR 11 055 000 and EUR 2 463 000, respectively. | ###### - Nel 2021 sono stati versati 60 000 EUR in azioni dotate di carried interest ai dipendenti di BNPP AM France esistenti al 31 dicembre 2021.
- NB: gli importi remunerativi sopra riportati non sono direttamente riconciliabili con i dati contabili dell'esercizio, poiché rispecchiano gli importi attribuiti in base alle dimensioni della forza lavoro alla chiusura della campagna annuale di remunerazione variabile condotta a maggio 2021. Pertanto, ad esempio, tali importi includono tutte le remunerazioni variabili conferite durante tale campagna, indipendentemente dal fatto che fossero differite o meno e che i dipendenti siano rimasti nel Fondo o l'abbiano lasciato.
- Oltre al suddetto numero di dipendenti e ai relativi importi, si dovrebbe tener conto di quanto segue:
- i 5 dipendenti della filiale austriaca, di cui uno avente lo status di "Personale identificato" e le cui remunerazione totale e remunerazione variabile totale nel 2020 ammontavano rispettivamente a 774 000 EUR e a 242 000 EUR;
- i 53 dipendenti della filiale italiana, di cui due aventi lo status di "Personale identificato" e le cui remunerazione totale e remunerazione variabile totale nel 2020 ammontavano rispettivamente a 5 625 000 EUR e a 1 409 000 EUR;
- i 20 dipendenti della filiale tedesca, di cui uno avente lo status di "Personale identificato" e le cui remunerazione totale e remunerazione variabile totale nel 2020 ammontavano rispettivamente a 3 774 000 EUR e a 1 067 000 EUR;
- gli 83 dipendenti della filiale olandese, di cui 20 aventi lo status di "Personale identificato" e le cui remunerazione totale e remunerazione variabile totale nel 2020 ammontavano rispettivamente a 11 055 000 EUR e a 2 463 000 EUR; | ##### - In 2021, EUR 60 000 of carried interest shares distributions were paid to employees of BNPP AM France present at 31 December 2021.
- NB: the above remuneration amounts cannot be directly reconciled with the accounting data for the year, as they reflect amounts awarded based on the scope of the workforce at the close of the annual variable remuneration campaign in May 2021. Accordingly, for example, these amounts include all variable remuneration awarded during this campaign regardless of whether or not it was deferred or whether the employees ultimately stayed with the Fund
- In addition to these numbers and the corresponding amounts, the following should be taken into account
- 5 employees of the Austrian branch, including one with "Identified Staff" status whose total remuneration and total variable remuneration in 2020 amounted to EUR 774 000 and EUR 242 000, respectively;
- 53 employees of the Italian branch, including two with "Identified Staff" status whose total remuneration and total variable remuneration in 2020 amounted to EUR 5 625 000 and EUR 1 409 000, respectively;
- 20 employees of the German branch, including one with "Identified Staff" status whose total remuneration and total variable remuneration in 2020 amounted to EUR 3 774 000 and EUR 1 067 000, respectively;
- 83 employees of the Dutch branch, including twenty with "Identified Staff" status whose total remuneration and total variable remuneration in 2020 amounted to EUR 11 055 000 and EUR 2 463 000, respectively. | en | it |
DOLFIN4260 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# How can I complain?
If you have any complaint about the product, please find the steps to be followed for lodging any complaint at www.morganstanley.com/im. You can also send your complaint by email to [email protected] or in writing to the Fund's management company at: MSIM Fund Management (Ireland) Limited, European Bank and Business Centre, 6B route de Tréves, L-2633 Senningerberg, Luxembourg. If you have a complaint about the person that advised you about this product, or who sold it to you, they will tell you where to complain.
Other relevant information
| Investment Manager: | Morgan Stanley Investment Management Limited, 25 Cabot Square, London, E14 4QA, United Kingdom. |
| --- | --- |
| Past performance: | The information about past performance for this product can be found on www.morganstanley.com/im and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KPP_LU0868754119_en_IE-LU.pdf). This chart shows the fund’s performance as the percentage loss or gain per year over the last 9 years. |
| Performance scenarios: | The previous performance scenarios for this product can be found on www.morganstanley.com/im and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KMS_LU0868754119_en_IE-LU.csv). | | # Wie kann ich mich beschweren?
Wenn Sie sich über das Produkt beschweren möchten, befolgen Sie bitte die nachfolgenden Schritte für eine Beschwerde bei www.morganstanley.com/im. Sie können Ihre Beschwerde auch per E-Mail an [email protected] oder Brief an die Verwaltungsgesellschaft des Fonds unter folgender Adresse schicken: MSIM Fund Management (Ireland) Limited, European Bank and Business Centre, 6B route de Tréves, L-2633 Senningerberg, Luxembourg. Wenn Sie sich über die Person beschweren wollen, die Sie über dieses Produkt beraten oder es Ihnen verkauft hat, sagen wir Ihnen, an welche Stelle Sie Ihre Beschwerde richten müssen.
Sonstige zweckdienliche Angaben
| Anlageverwalter: | Morgan Stanley Investment Management Limited, 25 Cabot Square, London, E14 4QA, United Kingdom. |
| --- | --- |
| Frühere Wertentwicklung: | Die Informationen zur früheren Wertentwicklung wurden auf www.morganstanley.com/im veröffentlicht und sind direkt über diesen Link (https://api.kneip.com/v1/documentdata/permalinks/KPP_LU0868754119_de_AT-DE.pdf) erhältlich. Dieses Diagramm zeigt die Wertentwicklung des Fonds als prozentualen Verlust oder Gewinn pro Jahr über die letzten 9 Jahre. |
| Performance- Szenarien: | Die früheren Performance-Szenarien wurden auf www.morganstanley.com/im veröffentlicht und sind direkt über diesen Link (https://api.kneip.com/v1/documentdata/permalinks/KMS_LU0868754119_de_AT-DE.csv) erhältlich. | | # How can I complain?
If you have any complaint about the product, please find the steps to be followed for lodging any complaint at www.morganstanley.com/im. You can also send your complaint by email to [email protected] or in writing to the Fund's management company at: MSIM Fund Management (Ireland) Limited, European Bank and Business Centre, 6B route de Tréves, L-2633 Senningerberg, Luxembourg. If you have a complaint about the person that advised you about this product, or who sold it to you, they will tell you where to complain.
Other relevant information
| Investment Manager: | Morgan Stanley Investment Management Limited, 25 Cabot Square, London, E14 4QA, United Kingdom. |
| --- | --- |
| Past performance: | The information about past performance for this product can be found on www.morganstanley.com/im and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KPP_LU0868754119_en_IE-LU.pdf). This chart shows the fund’s performance as the percentage loss or gain per year over the last 9 years. |
| Performance scenarios: | The previous performance scenarios for this product can be found on www.morganstanley.com/im and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KMS_LU0868754119_en_IE-LU.csv). | | en | de |
DOLFIN4261 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Key Performance Indicator
| | Portfolio | Core STOXX Europe 600 |
| --- | --- | --- |
Number (%) of female board member : Gender representation on corporate boards of directors refers to the proportion of men and women who occupy board member positions.
% independence on the board of directors: presence of independent persons on the boards of directors
Number of female board member
% independence on the board of directors
38.2% 38.0%
80.3% 83.2% | # Indicateurs Clés
| | Portefeuille | Core STOXX Europe 600 |
| --- | --- | --- |
Nombre (%) de femmes membres au Conseil d’Administration : Cet indicateur en % fait référence à la proportion d'hommes et de femmes qui occupent des postes d'administrateur au sein des conseils d'administration des entreprises.
% d’indépendance au conseil d’administration : présence personnes indépendantes au sein des conseils d'administration
Nombre de femmes membres du conseil
% d’indépendance au conseil d’administration
38.2% 38.0%
80.3% 83.2% | # Key Performance Indicator
| | Portfolio | Core STOXX Europe 600 |
| --- | --- | --- |
Number (%) of female board member : Gender representation on corporate boards of directors refers to the proportion of men and women who occupy board member positions.
% independence on the board of directors: presence of independent persons on the boards of directors
Number of female board member
% independence on the board of directors
38.2% 38.0%
80.3% 83.2% | en | fr |
DOLFIN4262 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### The current risk profile of the investment fund is set out in the key information document.
-
#### G. Liquidity risks management | ##### Das aktuelle Risikoprofil des Anlagefonds wird in den entsprechenden Basisinformationsblätter dargelegt.
-
##### G Liquiditätsrisikomanagement | #### The current risk profile of the investment fund is set out in the key information document.
-
#### G. Liquidity risks management | en | de |
DOLFIN4263 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### The main objective of the CRS is to provide for the annual automatic exchange of certain financial account information between relevant tax authorities of Participating Jurisdictions
The CRS draws extensively on the intergovernmental approach used for the purposes of implementing FATCA and, as such, there are significant similarities between both reporting mechanisms. However, whereas FATCA essentially only requires reporting of specific information in relation to Specified US Persons to the IRS, the CRS has a significantly wider ambit due to the multiple jurisdictions participating in the regime.
Broadly speaking, the CRS will require Irish Financial Institutions to identify Account Holders resident in other Participating Jurisdictions and to report specific information in relation to the these Account Holders to the Irish Revenue Commissioners on an annual basis (which, in turn, will provide this information to the relevant tax authorities where the Account Holder is resident). In this regard, please note that the Fund will be considered an Irish Financial Institution for the purposes of the CRS. | ### L’objectif principal de la NCD est de permettre l’échange automatique annuel de certaines informations relatives aux comptes financiers entre les autorités fiscales compétentes des Pays participants.
La NCD s’appuie abondamment sur l’approche intergouvernementale utilisée pour mettre en œuvre FATCA et, de ce fait, il existe des similitudes importantes entre les deux mécanismes de déclaration. Cependant, alors que FATCA ne requiert essentiellement que la déclaration à l’IRS d’informations spécifiques relatives à des Personnes Spécifiées des États-Unis, la NCD a une portée beaucoup plus large en raison de la multitude de pays participant au système de réglementation.
De manière générale, la NCD imposera aux institutions financières irlandaises d’identifier les Titulaires de comptes résidant dans d’autres Pays participants et de communiquer des informations spécifiques se rapportant à ces Titulaires de comptes aux Autorités fiscales irlandaises sur une base annuelle (qui, à leur tour, transmettront ces informations aux autorités fiscales compétentes où le Titulaire de comptes est résident). À cet égard, veuillez noter que le Fonds sera considéré comme une institution financière irlandaise aux fins de la NCD. | ### The main objective of the CRS is to provide for the annual automatic exchange of certain financial account information between relevant tax authorities of Participating Jurisdictions
The CRS draws extensively on the intergovernmental approach used for the purposes of implementing FATCA and, as such, there are significant similarities between both reporting mechanisms. However, whereas FATCA essentially only requires reporting of specific information in relation to Specified US Persons to the IRS, the CRS has a significantly wider ambit due to the multiple jurisdictions participating in the regime.
Broadly speaking, the CRS will require Irish Financial Institutions to identify Account Holders resident in other Participating Jurisdictions and to report specific information in relation to the these Account Holders to the Irish Revenue Commissioners on an annual basis (which, in turn, will provide this information to the relevant tax authorities where the Account Holder is resident). In this regard, please note that the Fund will be considered an Irish Financial Institution for the purposes of the CRS. | en | fr |
DOLFIN4264 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# RISKS
BELOW-INVESTMENT-GRADE: Lower-rated or unrated securities may have a significantly greater risk of default than investment-grade securities and can be more volatile or less liquid and involve higher transaction costs. CAPITAL: Investment markets are subject to economic, regulatory, market sentiment and political risks. Before investing, all investors should consider the risks that may impact their capital. The value of your investment may become worth more or less than at the time of the original investment. The Fund may experience high volatility from time to time. CONCENTRATION: Concentration of investments within securities, sectors or industries or geographical regions may impact performance. CREDIT: The value of a bond may decline, or the issuer/guarantor may fail to meet payment obligations. Typically, lower-rated bonds carry a greater degree of credit risk than higher-rated bonds. CURRENCY: The value of the Fund may be affected by changes in currency exchange rates. Unhedged currency risk may subject the Fund to significant volatility. EMERGING MARKETS: Derivatives may provide more market exposure than the money paid or deposited when the transaction is entered into (sometimes referred to as leverage). Market movements can therefore result in a loss exceeding the original amount invested. Derivatives may be difficult to value. Derivatives may also be used for efficient risk and portfolio management, but there may be some mismatch in exposure when derivatives are used as hedges. INTEREST RATE: The value of bonds tends to decline as interest rates rise. The change in value is greater for longer-term than for shorter-term bonds. LEVERAGE: The use of leverage can expose the Fund to a higher degree of risk, such as greater losses from investments and premature liquidations driven by margin calls. LIQUIDITY: The Fund may invest in securities that are less liquid and may be more difficult to buy or sell in a timely fashion or at fair value.
A more detailed description of the risk factors that apply to the Fund is set out in the Risk Factors section of the Prospectus | # RISCHI
SUB-INVESTMENT GRADE: i titoli con rating di credito basso o senza rating possono comportare un rischio di inadempienza nettamente superiore rispetto ai titoli con rating di credito alto (investment grade) e possono presentare maggiore volatilità o minore liquidità e richiedere costi di transazione più elevati. CAPITALE: i mercati d'investimento sono soggetti a rischi economici, normativi, del sentiment di mercato e politici. Prima di investire, tutti gli investitori dovrebbero considerare i rischi in grado di incidere sul loro capitale. Il valore finale dell’investimento potrà essere superiore o inferiore a quello dell'investimento iniziale. È prevedibile che il fondo possa registrare occasionalmente un'elevata volatilità. CONCENTRAZIONE: la concentrazione di investimenti su determinati titoli, settori, industrie o aree geografiche può influenzare i risultati. CREDITO: il valore di un’obbligazione può diminuire oppure l’emittente/garante può non adempiere agli obblighi di pagamento. Di solito le obbligazioni con un rating basso hanno un maggiore grado di rischio di credito rispetto alle obbligazioni con rating maggiore. VALUTA: il valore dell'investimento può risentire delle oscillazioni dei tassi di cambio. Il rischio valutario senza copertura può sottoporre il fondo a una volatilità significativa. MERCATI EMERGENTI: i derivati possono comportare una maggiore esposizione ai mercati rispetto alla somma pagata o depositata quando si effettua la transazione (effetto noto a volte come leva finanziaria). I movimenti di mercato possono quindi risultare in una perdita superiore all'importo originariamente investito. I derivati possono essere difficili da valutare. I derivati possono anche essere utilizzati per una gestione efficiente del rischio e del portafoglio, ma può verificarsi uno sfasamento nell'esposizione quando i derivati vengono utilizzati per le coperture. TASSI D'INTERESSE: il valore delle obbligazioni tende a diminuire contestualmente all’aumento dei tassi d’interesse. La variazione di valore è maggiore per le obbligazioni a lungo termine rispetto a quelle a breve termine. LEVA FINANZIARIA: l'uso della leva finanziaria può esporre il Fondo a un livello più elevato di rischio, come ad esempio maggiori perdite da investimenti e liquidazioni premature dovute a richieste di margini. LIQUIDITÀ: il Fondo può investire in titoli che sono meno liquidi e potrebbero essere più difficili da acquistare o vendere in maniera tempestiva o al valore equo.
Per una descrizione più dettagliata dei fattori di rischio del Fondo, si rimanda alla sezione Fattori di rischio del Prospetto. | # RISKS
BELOW-INVESTMENT-GRADE: Lower-rated or unrated securities may have a significantly greater risk of default than investment-grade securities and can be more volatile or less liquid and involve higher transaction costs. CAPITAL: Investment markets are subject to economic, regulatory, market sentiment and political risks. Before investing, all investors should consider the risks that may impact their capital. The value of your investment may become worth more or less than at the time of the original investment. The Fund may experience high volatility from time to time. CONCENTRATION: Concentration of investments within securities, sectors or industries or geographical regions may impact performance. CREDIT: The value of a bond may decline, or the issuer/guarantor may fail to meet payment obligations. Typically, lower-rated bonds carry a greater degree of credit risk than higher-rated bonds. CURRENCY: The value of the Fund may be affected by changes in currency exchange rates. Unhedged currency risk may subject the Fund to significant volatility. EMERGING MARKETS: Derivatives may provide more market exposure than the money paid or deposited when the transaction is entered into (sometimes referred to as leverage). Market movements can therefore result in a loss exceeding the original amount invested. Derivatives may be difficult to value. Derivatives may also be used for efficient risk and portfolio management, but there may be some mismatch in exposure when derivatives are used as hedges. INTEREST RATE: The value of bonds tends to decline as interest rates rise. The change in value is greater for longer-term than for shorter-term bonds. LEVERAGE: The use of leverage can expose the Fund to a higher degree of risk, such as greater losses from investments and premature liquidations driven by margin calls. LIQUIDITY: The Fund may invest in securities that are less liquid and may be more difficult to buy or sell in a timely fashion or at fair value.
A more detailed description of the risk factors that apply to the Fund is set out in the Risk Factors section of the Prospectus | en | it |
DOLFIN4265 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
-9,1
-9,9
-10
Ongoing charges are based on figures for the year ended 31 December 2021 .
This figure may vary from year to year and does not include Fund transaction costs.
For more information about charges, please see the Fund’s prospectus, available at www.comgest.com.
Past performance is not a reliable guide to future performance.
Performance results include ongoing charges taken from the Fund but do not include any entry charges that you might have to pay.
The share class came into existence in 2011.
As the initial offer period for this share class closed in 2012, there is not enough historical data to provide investors with any useful indication of past performance for 2012.
Past performance has been calculated in EUR.
-17,1
-13,8
-19,3
-20,9
-20
-26,8
-23,2
-30
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Comgest Growth Latin America - EUR R Acc Class MSCI Emerging Markets Latin America - Net Return | -9,1
-9,9
-10
La cifra de gastos corrientes se basa en las cifras del ejercicio finalizado el 31 diciembre 2021 .
Dicha cifra puede variar de un año a otro y no incluye los costes de transacción del Fondo.
Para obtener más información sobre los gastos, consulte el folleto del Fondo, disponible en www.comgest.com.
La rentabilidad histórica no es un indicador fiable de la rentabilidad futura.
El resultado incluye gastos corrientes detraídos del Fondo, pero no incluye los gastos de entrada que usted pudiera tener que pagar.
La clase de acciones fue lanzada en 2011.
Debido a que el período de oferta inicial para esta clase de acciones se cerró en 2012, los datos disponibles son insuficientes para proporcionar a los inversores una indicación de la rentabilidad histórica relativa a 2012 que resulte de utilidad.
La rentabilidad histórica se ha calculado en EUR.
-17,1
-13,8
-19,3
-20,9
-20
-26,8
-23,2
-30
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Comgest Growth Latin America - EUR R Acc Class MSCI Emerging Markets Latin America - Net Return | -9,1
-9,9
-10
Ongoing charges are based on figures for the year ended 31 December 2021 .
This figure may vary from year to year and does not include Fund transaction costs.
For more information about charges, please see the Fund’s prospectus, available at www.comgest.com.
Past performance is not a reliable guide to future performance.
Performance results include ongoing charges taken from the Fund but do not include any entry charges that you might have to pay.
The share class came into existence in 2011.
As the initial offer period for this share class closed in 2012, there is not enough historical data to provide investors with any useful indication of past performance for 2012.
Past performance has been calculated in EUR.
-17,1
-13,8
-19,3
-20,9
-20
-26,8
-23,2
-30
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Comgest Growth Latin America - EUR R Acc Class MSCI Emerging Markets Latin America - Net Return | en | es |
DOLFIN4266 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree.
This fund is in category 4 because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with bonds used to reach the investment objective is considered medium.
These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. Expected credit risk, the risk of failure of the issuers of underlying investments is medium. The Sub-Fund’s liquidity risk is set to medium. Liquidity risks may arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. Investments in a specific geographic area are more concentrated than investments in various geographic areas. No guarantee is provided as to the recovery of the initial investment.
Y Monthly Distribution USD LU0756537352
Y Capitalisation USD LU0756537279
Z Capitalisation USD LU0555027811
P Distribution USD LU0555027654
X Monthly Distribution USD LU0546920728
X Capitalisation USD LU0546920561
P Capitalisation USD LU0546920488 | I dati storici utilizzati per calcolare tale indicatore potrebbero non costituire un’indicazione affidabile circa il futuro profilo di rischio del fondo. L'indicatore di rischio potrebbe non rimanere invariato e cambiare nel tempo. L’appartenenza alla categoria di rischio più bassa non garantisce un investimento esente da rischi.
Questo fondo rientra nella categoria 4 in ragione del comportamento del prodotto durante il periodo di misurazione. Il rischio di mercato complessivo, tenuto conto dei risultati passati e della potenziale futura evoluzione dei mercati, associato alle obbligazioni utilizzate per conseguire l'obiettivo d'investimento è considerato medio.
Svariati fattori possono incidere su questi strumenti finanziari. Tra di essi, a titolo meramente esemplificativo, l'andamento dei mercati finanziari, i risultati economici degli emittenti di tali strumenti finanziari, a loro volta influenzati dalla congiuntura economica mondiale, nonché dalla situazione politico-economica dei singoli paesi. Il rischio di credito previsto, cioè il rischio di default degli emittenti dei titoli sottostanti, è medio. Il rischio di liquidità del comparto è considerato medio. I rischi di liquidità si possono verificare quando un particolare titolo sottostante è difficile da vendere. Inoltre, le fluttuazioni valutarie potrebbero incidere pesantemente sulla performance del comparto. Gli investimenti in un'area geografica specifica presentano un maggior grado di concentrazione rispetto a quelli distribuiti su più aree. Non sussiste garanzia in merito al recupero dell’importo originariamente investito.
Y Distribuzione Mensile USD LU0756537352
Y Capitalizzazione USD LU0756537279
Z Capitalizzazione USD LU0555027811
P Distribuzione USD LU0555027654
X Distribuzione Mensile USD LU0546920728
X Capitalizzazione USD LU0546920561
P Capitalizzazione USD LU0546920488 | Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree.
This fund is in category 4 because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with bonds used to reach the investment objective is considered medium.
These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. Expected credit risk, the risk of failure of the issuers of underlying investments is medium. The Sub-Fund’s liquidity risk is set to medium. Liquidity risks may arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. Investments in a specific geographic area are more concentrated than investments in various geographic areas. No guarantee is provided as to the recovery of the initial investment.
Y Monthly Distribution USD LU0756537352
Y Capitalisation USD LU0756537279
Z Capitalisation USD LU0555027811
P Distribution USD LU0555027654
X Monthly Distribution USD LU0546920728
X Capitalisation USD LU0546920561
P Capitalisation USD LU0546920488 | en | it |
DOLFIN4267 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 1998. The share class was launched in 2008.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹Sterling Overnight Index Average Rate (SONIA) (GBP)
Prior to 26.11.2021, the Fund used a different benchmark which is reflected in the benchmark data. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en GBP para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 1998. La clase de acciones se lanzó en 2008.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹Sterling Overnight Index Average Rate (SONIA) (GBP)
Antes del 26.11.2021, el Fondo utilizaba un índice de referencia distinto, lo que se refleja en los datos del índice de referencia. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 1998. The share class was launched in 2008.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹Sterling Overnight Index Average Rate (SONIA) (GBP)
Prior to 26.11.2021, the Fund used a different benchmark which is reflected in the benchmark data. | en | es |
DOLFIN4268 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) between 31/01/2014-31/01/2020.
Favourable scenario
What you might get back after costs
Average return each year
EUR 13,288
32.9%
EUR 18,690
11.0% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) entre 31/01/2014-31/01/2020.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
13 288 EUR
32,9%
18 690 EUR
11,0% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) between 31/01/2014-31/01/2020.
Favourable scenario
What you might get back after costs
Average return each year
EUR 13,288
32.9%
EUR 18,690
11.0% | en | es |
DOLFIN4269 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La Société de Gestion a mis en place un système de procédures de gestion des risques permettant de mesurer le risque des positions et leur contribution au risque global du portefeuille.
La méthode de détermination du risque global est définie en fonction de la politique et de la stratégie d’investissement de chaque Compartiment (et notamment en fonction de l’utilisation d’instruments financiers dérivés).
Une des deux méthodes suivantes est utilisée pour le suivi du risque global : la méthode par les engagements ou la méthode de la Value-at-Risk. La méthode utilisée est indiquée dans la Fiche Technique de chaque Compartiment.
- Méthode de l’engagementCette méthode consiste à convertir les instruments financiers dérivés en positions équivalentes de l’actif sous-jacent (le cas échéant, en fonction de leur sensibilité respective). Le cas échéant, cette conversion peut être remplacée par la valeur notionnelle. | La Sociedad Gestora ha instaurado un sistema de procedimientos de gestión del riesgo con objeto de medir el riesgo de las posiciones y su contribución al riesgo total de la cartera.
El método para determinar el riesgo total se establece sobre la base de la política y la estrategia de inversión de cada Subfondo (y, en particular, del uso de instrumentos financieros derivados).
Se utiliza uno de los dos métodos siguientes para vigilar el riesgo total: método del compromiso o método de valor en riesgo. El método utilizado se especifica en la Ficha Técnica de cada Subfondo.
- Método del compromisoEste método consiste en convertir los instrumentos derivados financieros en posiciones equivalentes en los activos subyacentes (donde proceda, sobre la base de su sensibilidad respectiva). Si es necesario, esta conversión puede ser sustituida por el valor teórico. | La Société de Gestion a mis en place un système de procédures de gestion des risques permettant de mesurer le risque des positions et leur contribution au risque global du portefeuille.
La méthode de détermination du risque global est définie en fonction de la politique et de la stratégie d’investissement de chaque Compartiment (et notamment en fonction de l’utilisation d’instruments financiers dérivés).
Une des deux méthodes suivantes est utilisée pour le suivi du risque global : la méthode par les engagements ou la méthode de la Value-at-Risk. La méthode utilisée est indiquée dans la Fiche Technique de chaque Compartiment.
- Méthode de l’engagementCette méthode consiste à convertir les instruments financiers dérivés en positions équivalentes de l’actif sous-jacent (le cas échéant, en fonction de leur sensibilité respective). Le cas échéant, cette conversion peut être remplacée par la valeur notionnelle. | fr | es |
DOLFIN4270 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | 2.0% du montant acquitté à la souscription de ce placement. Il s'agit du montant maximal que vous paierez. La personne qui vous vend le produit vous informera des frais réels. | Jusqu'à $200 |
| Coûts de sortie | Nous ne prélevons pas de frais de retrait pour ce produit, mais la personne qui vous le vend peut le faire. | $0 |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2.2% de la valeur de votre placement par an. Il s'agit d'une estimation basée sur les coûts effectifs de l'an dernier. Pour les produits lancés depuis moins d'un an, il s'agit d'une estimation basée sur les coûts représentatifs. | $221 |
| Coûts de transaction | 0.4% de la valeur de votre placement par an. Il s'agit d'une estimation des coûts qu'occasionnent l'achat et la vente des investissements sous-jacents. Le montant effectif varie en fonction de la quantité d'investissements achetés et vendus. | $37 |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Des commissions de performance peuvent être à régler dans certaines conditions décrites dans le prospectus. | $622 | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | 2.0% del importe que usted paga al realizar esta inversión. Este es el importe máximo que pagará. La persona que le venda el producto le informará de la comisión efectiva. | Hasta $200 |
| Costes de salida | No cobramos comisión de reembolso por este producto, pero quien se lo vende sí que podría hacerlo. | $0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 2.2% del valor de su inversión al año. Es una estimación y se basa en los costes efectivos del año pasado. En el caso de los productos lanzados hace menos de un año, se trata de una estimación basada en los costes de representación. | $221 |
| Costes de operación | 0.4% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | $37 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | Pueden pagarse comisiones de rentabilidad, en determinadas condiciones que se describen en el folleto. | $622 | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | 2.0% du montant acquitté à la souscription de ce placement. Il s'agit du montant maximal que vous paierez. La personne qui vous vend le produit vous informera des frais réels. | Jusqu'à $200 |
| Coûts de sortie | Nous ne prélevons pas de frais de retrait pour ce produit, mais la personne qui vous le vend peut le faire. | $0 |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2.2% de la valeur de votre placement par an. Il s'agit d'une estimation basée sur les coûts effectifs de l'an dernier. Pour les produits lancés depuis moins d'un an, il s'agit d'une estimation basée sur les coûts représentatifs. | $221 |
| Coûts de transaction | 0.4% de la valeur de votre placement par an. Il s'agit d'une estimation des coûts qu'occasionnent l'achat et la vente des investissements sous-jacents. Le montant effectif varie en fonction de la quantité d'investissements achetés et vendus. | $37 |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Des commissions de performance peuvent être à régler dans certaines conditions décrites dans le prospectus. | $622 | | fr | es |
DOLFIN4271 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The investment objective of the Sub-Fund is to achieve a total return from a portfolio of investment grade-rated fixed income securities selected on the basis that securities qualify as Sustainable Investments.
The Sub-Fund invests at least two-thirds of its net assets in fixed and floating rate fixed income securities rated investment grade issued by corporate issuers globally (including Emerging Market Issuers). The Sub- Fund may invest up to one-third of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. The Sub-Fund may invest in USD and non-USD denominated securities, except securities denominated in the Local Currencies of the Emerging Market Countries.
The Sub-Fund is designed for investors with a medium to long-term horizon (3 to 5 years) looking for an actively managed portfolio of investment grade-rated fixed income securities. | L’obiettivo d’investimento del Comparto è conseguire un rendimento totale investendo in un portafoglio di titoli a reddito fisso con rating investment grade selezionati in virtù della loro classificazione come Investimenti sostenibili.
Il Comparto investe almeno due terzi del suo patrimonio netto in titoli a reddito fisso con tasso fisso o variabile aventi rating pari a investment grade di emittenti societari di tutto il mondo (mercati emergenti inclusi). Il Comparto può investire fino a un terzo del patrimonio netto in titoli a reddito fisso con rating inferiore a investment grade, purché non inferiore a B-/B3. Il Comparto può investire in titoli denominati in USD o in altre valute, ad eccezione dei titoli denominati nelle valute locali dei paesi emergenti.
Il Comparto è concepito per investitori con un orizzonte temporale di medio-lungo periodo (da 3 a 5 anni) che ricercano un portafoglio a gestione attiva di titoli a reddito fisso con rating investment grade. | The investment objective of the Sub-Fund is to achieve a total return from a portfolio of investment grade-rated fixed income securities selected on the basis that securities qualify as Sustainable Investments.
The Sub-Fund invests at least two-thirds of its net assets in fixed and floating rate fixed income securities rated investment grade issued by corporate issuers globally (including Emerging Market Issuers). The Sub- Fund may invest up to one-third of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. The Sub-Fund may invest in USD and non-USD denominated securities, except securities denominated in the Local Currencies of the Emerging Market Countries.
The Sub-Fund is designed for investors with a medium to long-term horizon (3 to 5 years) looking for an actively managed portfolio of investment grade-rated fixed income securities. | en | it |
DOLFIN4272 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment risk
The fund invests in line with the European UCITS Directive but concentrates its holdings on relatively few issuers. Therefore its performance may differ substantially from the performance of stock markets in which it is invested.
Dear Investors
The net asset value (NAV) of the Classic Value Equity Fund fell 27.4% during the first half of the year. By comparison, the stock markets of the world as measured by the MSCI World Index in CHF (MSCI) lost 7.2%. In the second quarter the fund recovered from its lows in mid-March with a gain of 19.7%, thereby outperforming the MSCI (+17.5%). Net 22.9% of fund units were redeemed, many of which are due to the changes in the shareholding structure of BWM AG. | # Anlagerisiko
Der Fonds konzentriert sich im Rahmen der europäischen UCITS-Richtlinie auf vergleichs- weise wenige Emittenten. Die Wertentwicklung des Fonds kann daher von der Entwicklung der Aktienmärkte, in denen er investiert ist, spürbar abweichen.
Sehr geehrte Anlegerinnen Sehr geehrte Anleger
Der Nettoinventarwert (NAV) des Classic Value Equity Fund ist im Berichtshalbjahr um 27.4% gesunken. Im Vergleich dazu haben die Börsen der Welt gemessen am MSCI World Index in CHF (MSCI), um 7.2% nachgegeben. Im zweiten Quartal erholte sich der Fonds mit einem Anstieg von 19.7% vom tiefen NAV Ende März und übertraf dabei den MSCI (+17.5%). Netto wurden 22.9% der Fondsanteile zurückgegeben, wovon ein grosser Anteil auf die Veränderungen im Aktionariat der BWM AG zurückzuführen ist. | # Investment risk
The fund invests in line with the European UCITS Directive but concentrates its holdings on relatively few issuers. Therefore its performance may differ substantially from the performance of stock markets in which it is invested.
Dear Investors
The net asset value (NAV) of the Classic Value Equity Fund fell 27.4% during the first half of the year. By comparison, the stock markets of the world as measured by the MSCI World Index in CHF (MSCI) lost 7.2%. In the second quarter the fund recovered from its lows in mid-March with a gain of 19.7%, thereby outperforming the MSCI (+17.5%). Net 22.9% of fund units were redeemed, many of which are due to the changes in the shareholding structure of BWM AG. | en | de |
DOLFIN4273 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.97% |
| Charges taken from the fund under certain specific conditions |
| Performance fee The performance fee is fixed at 20% of the difference recorded between the Class NAV and the target NAV (initial target NAV adjusted based on the performance of the benchmark index). A performance fee may be paid even in the event of negative performance. Payable annually on 31 December. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 3,00% |
| Gastos de salida | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 1,97% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad La comisión de rentabilidad se fija en el 20% de la diferencia entre el VL de la Clase y el VL objetivo (VL objetivo inicial ajustado por la evolución del índice de referencia). La comisión de rentabilidad puede pagarse incluso en caso de rentabilidad negativa. Se paga anualmente el 31 de diciembre. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.97% |
| Charges taken from the fund under certain specific conditions |
| Performance fee The performance fee is fixed at 20% of the difference recorded between the Class NAV and the target NAV (initial target NAV adjusted based on the performance of the benchmark index). A performance fee may be paid even in the event of negative performance. Payable annually on 31 December. | | en | es |
DOLFIN4274 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les Actionnaires et investisseurs potentiels qui envisagent d’investir dans l’un des Compartiments de la Société concernés par les « Risques liés aux investissements en obligations de type « contingent convertibles » » sont priés de lire attentivement le présent chapitre avant d’envisager tout investissement.
Les obligations de type « contingent convertibles » (« CoCos ») sont des instruments complexes réglementés et hétérogènes dans leur structure. Ils présentent un rendement souvent supérieur à des obligations classiques de par leur structure spécifique et la place qu’ils occupent dans la structure de capital de l’émetteur (dette subordonnée). Ils sont émis par des établissements bancaires sous la surveillance d’une autorité de tutelle.
Ils combinent les caractéristiques des obligations (c.-à-d. que ce sont des instruments de dette subordonnés et le paiement des taux d’intérêt peut être suspendu de manière discrétionnaire ou en fonction d’un élément extérieur objectif fixé dans le contrat d’émission) et celles des actions, car ce sont des instruments convertibles hybrides (c.-à-d. que la conversion peut prendre plusieurs formes – actions notamment – et l’élément déclencheur de la conversion est fixé dans un objectif de protection du capital des établissements bancaires).
En vertu des modalités de ce type d'instrument, certains événements déclencheurs, y compris des événements sous le contrôle de l'émetteur de l'obligation CoCo, peuvent entraîner la réduction à zéro définitive du principal et/ou des intérêts courus, ou une conversion en actions. Ces événements déclencheurs peuvent inclure (i) une déduction dans le ratio Core Tier 1/Common Equity Tier 1 (CT1/CET1) de la banque émettrice (ou autre ratio de fonds propres) en dessous d’une limite prédéfinie, (ii) une autorité réglementaire déterminant à tout moment et de façon subjective que la banque émettrice requiert le soutien du secteur public pour éviter de devenir insolvable ou d’être autrement incapable de poursuivre son activité et exigeant ou causant la conversion des obligations de type « contingent convertibles » en actions dans des circonstances échappant au contrôle de l’émetteur ou (iii) une injection de capital décidée par une autorité nationale. | Se ruega a los Accionistas e inversores potenciales que tienen previsto invertir en uno de los Subfondos de la Sociedad al que afecten los riesgos vinculados a la inversión en bonos convertibles contingentes («CoCo») que lean atentamente este apartado antes de llevar a cabo cualquier inversión.
Los bonos convertibles contingentes («CoCo») son instrumentos complejos regulados y con una estructura heterogénea. Debido a su estructuración específica y al lugar que ocupan en la estructura de capital del emisor (deuda subordinada), estos instrumentos ofrecen una rentabilidad superior a la de los bonos tradicionales. Los emisores son entidades bancarias supervisadas por una autoridad de tutela.
Combinan características tanto de la renta fija (a saber, son instrumentos de deuda subordinada y el pago de intereses puede suspenderse de forma discrecional o en función de un factor externo previsto en el contrato de emisión) como de la renta variable, puesto que son instrumentos híbridos convertibles (es decir, la conversión puede realizarse de varias formas —en especial en Acciones— y el factor desencadenante de la conversión se establece con el fin de proteger el capital de los bancos).
De conformidad con las condiciones de este tipo de instrumentos, determinados factores desencadenantes, incluidos aquellos fuera del control del emisor de los bonos CoCo, podrían causar la reducción total (hasta cero) de la inversión principal y/o los intereses devengados, o una conversión a renta variable. Entre estos factores desencadenantes se incluyen (i) una deducción en el ratio de capital básico de nivel 1 («CT1») o ratio de capital de nivel 1 ordinario («CET1») (u otros ratios de capital) del banco emisor por debajo del límite prestablecido; (ii) la evaluación subjetiva realizada en cualquier momento por una autoridad reguladora que indique que el banco emisor necesita apoyo del sector público para evitar que dicho emisor se declare insolvente o que, de cualquier otro modo, no puede desempeñar su actividad y
ello precise o provoque la conversión de los bonos CoCo en títulos de renta variable en circunstancias que escapan al control del emisor, o (iii) la decisión de una autoridad nacional de inyectar capital. | Les Actionnaires et investisseurs potentiels qui envisagent d’investir dans l’un des Compartiments de la Société concernés par les « Risques liés aux investissements en obligations de type « contingent convertibles » » sont priés de lire attentivement le présent chapitre avant d’envisager tout investissement.
Les obligations de type « contingent convertibles » (« CoCos ») sont des instruments complexes réglementés et hétérogènes dans leur structure. Ils présentent un rendement souvent supérieur à des obligations classiques de par leur structure spécifique et la place qu’ils occupent dans la structure de capital de l’émetteur (dette subordonnée). Ils sont émis par des établissements bancaires sous la surveillance d’une autorité de tutelle.
Ils combinent les caractéristiques des obligations (c.-à-d. que ce sont des instruments de dette subordonnés et le paiement des taux d’intérêt peut être suspendu de manière discrétionnaire ou en fonction d’un élément extérieur objectif fixé dans le contrat d’émission) et celles des actions, car ce sont des instruments convertibles hybrides (c.-à-d. que la conversion peut prendre plusieurs formes – actions notamment – et l’élément déclencheur de la conversion est fixé dans un objectif de protection du capital des établissements bancaires).
En vertu des modalités de ce type d'instrument, certains événements déclencheurs, y compris des événements sous le contrôle de l'émetteur de l'obligation CoCo, peuvent entraîner la réduction à zéro définitive du principal et/ou des intérêts courus, ou une conversion en actions. Ces événements déclencheurs peuvent inclure (i) une déduction dans le ratio Core Tier 1/Common Equity Tier 1 (CT1/CET1) de la banque émettrice (ou autre ratio de fonds propres) en dessous d’une limite prédéfinie, (ii) une autorité réglementaire déterminant à tout moment et de façon subjective que la banque émettrice requiert le soutien du secteur public pour éviter de devenir insolvable ou d’être autrement incapable de poursuivre son activité et exigeant ou causant la conversion des obligations de type « contingent convertibles » en actions dans des circonstances échappant au contrôle de l’émetteur ou (iii) une injection de capital décidée par une autorité nationale. | fr | es |
DOLFIN4275 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
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.
qu’il utilise l’Indice pour mesurer la duration, calculer son exposition globale à l’aide de la méthode de la VàR relative et à des fins de comparaison de la performance. Certains des titres du fonds peuvent être des composantes de l’Indice et assortis de pondérations identiques à celles utilisées par ce dernier. Toutefois, l’Indice n’est pas utilisé pour définir la composition du portefeuille du fonds, il ne sert pas non plus d’objectif de performance et le fonds peut être totalement investi dans des titres qui ne sont pas des composantes de l’Indice.
La duration moyenne du portefeuille du fonds est normalement comprise dans une fourchette de (plus ou moins) deux ans par rapport à celle de l’Indice. La duration mesure la sensibilité des actifs au risque de taux d’intérêt. Plus la duration est longue, plus la sensibilité aux variations des taux d’intérêt est forte.
Bien que le fonds puisse investir dans tout marché qui, selon lui, présente les meilleures opportunités, il est vraisemblable qu’il se concentrera sur les secteurs des infrastructures d’un pays (tels que l’énergie, la construction, les services publics, les transports et les services aux collectivités).
Le fonds peut investir dans des instruments dérivés (tels que les contrats à terme standardisés, les options et les swaps) au lieu d’investir directement dans les titres sous-jacents. Le rendement des instruments dérivés est lié aux variations des cours des actifs sous-jacents.
Les actifs détenus par le fonds peuvent être libellés dans une grande variété de devises. Le conseiller en investissement peut avoir recours à des opérations de change et instruments dérivés y afférents pour couvrir ou mettre en place des positions de change.
Jour de négociation Les Actions du fonds peuvent généralement être rachetées quotidiennement. Veuillez consulter la section du prospectus intitulée « Comment obtenir le rachat des actions ».
Politique de distribution Cette catégorie d’actions ne verse pas de distributions. Tout revenu d’investissement généré sera réinvesti.
Investisseurs de détail visés
Les investisseurs types du Fonds sont généralement des investisseurs désireux d’optimiser leur rendement total en combinant revenu et croissance du capital et de construire une exposition diversifiée aux marchés du revenu fixe ayant un lien économique avec les marchés émergents. Ce sont par ailleurs des investisseurs prêts à accepter la volatilité et les risques associés à ces marchés, et visant un horizon d’investissement de moyen à long terme.
Cette classification est susceptible de modifications.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Dans certains cas, les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra, le cas échéant, du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques non couverts par l’indicateur de risque comprennent le Risque lié aux marchés émergents, le Risque de taux d’intérêt et le Risque de crédit et de défaut. Veuillez vous reporter au prospectus du fonds pour obtenir la liste complète des risques encourus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | 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.
que se utiliza para medir la duración, calcular la exposición global del fondo aplicando la metodología del valor en riesgo (VaR) relativo y para realizar comparaciones de rentabilidad. Determinados valores en cartera del fondo pueden ser componentes del Índice o tener ponderaciones similares. Sin embargo, el Índice no se utiliza para definir la composición de la cartera del fondo ni un objetivo de rentabilidad, y el fondo podrá estar totalmente invertido en valores que no forman parte del Índice.
La duración media de la cartera del fondo normalmente será de entre dos años más y dos años menos que la duración del Índice. La duración mide la sensibilidad de los activos al riesgo de tipos de interés. Cuanto mayor es la duración, mayor es la sensibilidad a las variaciones de los tipos de interés.
A pesar de que el fondo puede invertir en cualquier mercado que, en su opinión, ofrezca las mejores oportunidades, posiblemente se centre en los sectores de infraestructuras de un país (tales como energía, construcción, servicios públicos, transporte y suministros públicos).
El fondo puede invertir en instrumentos derivados (tales como futuros, opciones y permutas financieras), en vez de hacerlo directamente en los valores subyacentes. El rendimiento de los derivados está ligado a los movimientos de los activos subyacentes.
Los activos en cartera del fondo pueden estar denominados en una amplia variedad de divisas. El asesor de inversiones puede usar divisas e instrumentos derivados relacionados para cubrir o abrir posiciones en divisas.
Día de negociación Las acciones del fondo pueden reembolsarse normalmente a diario. Remítase a la sección del folleto titulada «How to Redeem Shares» (Cómo reembolsar las acciones).
Política de distribución Esta clase de acciones no hace distribuciones. Las rentas generadas por la inversión se reinvertirán.
Inversor minorista al que va dirigido
El inversor tipo del Fondo será aquel que trate de maximizar la rentabilidad total mediante una combinación de ingresos y crecimiento del capital, que busca una exposición diversificada a los mercados de renta fija que están vinculados económicamente con países de mercados emergentes y está dispuesto a aceptar los riesgos y la volatilidad asociados con la inversión en este tipo de mercados, con un horizonte de inversión de medio a largo plazo.
Esta clasificación está sujeta a cambios con el tiempo.
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que 2 significa un riesgo bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como baja y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión como «muy improbable».
Tenga presente el riesgo de cambio. En algunas circunstancias usted puede recibir pagos en una moneda diferente, por lo que su rentabilidad final podrá depender del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Otros riesgos no reflejados en el indicador de riesgo son, por ejemplo, el riesgo de mercados emergentes, el riesgo de tipos de interés y el riesgo de crédito y de impago. Si desea obtener una lista completa de los riesgos, consulte el folleto del fondo.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | 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.
qu’il utilise l’Indice pour mesurer la duration, calculer son exposition globale à l’aide de la méthode de la VàR relative et à des fins de comparaison de la performance. Certains des titres du fonds peuvent être des composantes de l’Indice et assortis de pondérations identiques à celles utilisées par ce dernier. Toutefois, l’Indice n’est pas utilisé pour définir la composition du portefeuille du fonds, il ne sert pas non plus d’objectif de performance et le fonds peut être totalement investi dans des titres qui ne sont pas des composantes de l’Indice.
La duration moyenne du portefeuille du fonds est normalement comprise dans une fourchette de (plus ou moins) deux ans par rapport à celle de l’Indice. La duration mesure la sensibilité des actifs au risque de taux d’intérêt. Plus la duration est longue, plus la sensibilité aux variations des taux d’intérêt est forte.
Bien que le fonds puisse investir dans tout marché qui, selon lui, présente les meilleures opportunités, il est vraisemblable qu’il se concentrera sur les secteurs des infrastructures d’un pays (tels que l’énergie, la construction, les services publics, les transports et les services aux collectivités).
Le fonds peut investir dans des instruments dérivés (tels que les contrats à terme standardisés, les options et les swaps) au lieu d’investir directement dans les titres sous-jacents. Le rendement des instruments dérivés est lié aux variations des cours des actifs sous-jacents.
Les actifs détenus par le fonds peuvent être libellés dans une grande variété de devises. Le conseiller en investissement peut avoir recours à des opérations de change et instruments dérivés y afférents pour couvrir ou mettre en place des positions de change.
Jour de négociation Les Actions du fonds peuvent généralement être rachetées quotidiennement. Veuillez consulter la section du prospectus intitulée « Comment obtenir le rachat des actions ».
Politique de distribution Cette catégorie d’actions ne verse pas de distributions. Tout revenu d’investissement généré sera réinvesti.
Investisseurs de détail visés
Les investisseurs types du Fonds sont généralement des investisseurs désireux d’optimiser leur rendement total en combinant revenu et croissance du capital et de construire une exposition diversifiée aux marchés du revenu fixe ayant un lien économique avec les marchés émergents. Ce sont par ailleurs des investisseurs prêts à accepter la volatilité et les risques associés à ces marchés, et visant un horizon d’investissement de moyen à long terme.
Cette classification est susceptible de modifications.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Dans certains cas, les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra, le cas échéant, du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques non couverts par l’indicateur de risque comprennent le Risque lié aux marchés émergents, le Risque de taux d’intérêt et le Risque de crédit et de défaut. Veuillez vous reporter au prospectus du fonds pour obtenir la liste complète des risques encourus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN4276 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to achieve income and long-term capital growth from a portfolio primarily made up of equity securities issued by companies throughout the world.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in shares of companies that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time. In addition, the Investment Manager will exclude investment in issuers having exposure to adult entertainment, fossil fuel exploration and extraction, alcohol, cannabis, gambling, thermal coal-based power generation or fossil fuel-based power generation.
- Carbon footprint is defined as tonnes of CO2 emissions per $1 million of sales.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class.
- The fund will aim to have a lower carbon footprint compared to that of the MSCI ACWI Index (Net) (the ‘‘Index’’).
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference the Index. The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El Subfondo tiene como objetivo lograr rentas y crecimiento del capital a largo plazo con una cartera formada fundamentalmente por valores de renta variable emitidos por empresas de todo el mundo.
- El Subfondo sigue una estrategia centrada en la sostenibilidad en virtud de la cual, como mínimo un 70 % de su patrimonio neto se invertirá en acciones de empresas que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- Tendrá siempre en cuenta un amplio abanico de características medioambientales y sociales, como la mitigación del cambio climático y la adaptación al mismo, la gestión del agua y los residuos, la biodiversidad, la seguridad de los productos, la cadena de suministro, la salud y seguridad y los Derechos Humanos. El Subfondo trata de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
- El Subfondo se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones. Además, el Gestor de Inversiones excluirá la inversión en emisores expuestos al entretenimiento para adultos, la prospección y extracción de combustibles fósiles, el alcohol, el tabaco, el cánnabis, el juego, o la generación de energía a partir de carbón térmico o combustibles fósiles.
- La huella de carbono se define como las toneladas de CO2 por un millón de USD en ventas.
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. La calificación media de ESG del Subfondo será superior a la calificación media de ESG del universo de inversión del Subfondo una vez excluido, como mínimo, el 20 % de los activos con calificaciones ESG más bajas.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- La divisa de referencia del fondo se cubre con la divisa de referencia de la clase de acciones. El efecto de esta cobertura implica la conversión (o la «réplica») de la rentabilidad expresada en la divisa de referencia del fondo en la rentabilidad expresada en la divisa de referencia de la clase de acciones.
- El Subfondo tiene como objetivo contar con una huella de carbono inferior a la del MSCI ACWI Index (Net) (el «Índice»).
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el Índice. La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to achieve income and long-term capital growth from a portfolio primarily made up of equity securities issued by companies throughout the world.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in shares of companies that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time. In addition, the Investment Manager will exclude investment in issuers having exposure to adult entertainment, fossil fuel exploration and extraction, alcohol, cannabis, gambling, thermal coal-based power generation or fossil fuel-based power generation.
- Carbon footprint is defined as tonnes of CO2 emissions per $1 million of sales.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class.
- The fund will aim to have a lower carbon footprint compared to that of the MSCI ACWI Index (Net) (the ‘‘Index’’).
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference the Index. The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN4277 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# *Les Administrateurs peuvent renoncer aux frais de sortie.
Les frais que vous payez sont utilisés pour couvrir les coûts d'exploitation du Fonds, y compris les coûts de commercialisation et de distribution du Fonds. Ils réduisent les possibilités d'accroissement de votre investissement.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | Aucun |
| Frais de sortie | 1%* |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 0,91% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance | Aucun | | # * Los Consejeros podrán no aplicar los gastos de salida.
Los gastos que usted soporta están destinados a sufragar los costes de funcionamiento del Fondo, incluidos los costes de comercialización y distribución. Estos gastos reducen el potencial de crecimiento de su inversión.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | Ninguna |
| Gastos de salida | 1%* |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 0,91% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Ninguna | | # *Les Administrateurs peuvent renoncer aux frais de sortie.
Les frais que vous payez sont utilisés pour couvrir les coûts d'exploitation du Fonds, y compris les coûts de commercialisation et de distribution du Fonds. Ils réduisent les possibilités d'accroissement de votre investissement.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | Aucun |
| Frais de sortie | 1%* |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 0,91% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance | Aucun | | fr | es |
DOLFIN4278 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 7,720 | EUR 7,840 |
| | Average return each year % | -22.80% | -7.79% |
| Unfavourable scenario | What you might get back after costs | EUR 8,730 | EUR 9,390 |
| | Average return each year % | -12.70% | -2.08% |
| Moderate scenario | What you might get back after costs | EUR 10,380 | EUR 11,060 |
| | Average return each year % | 3.80% | 3.42% |
| Favourable scenario | What you might get back after costs | EUR 13,040 | EUR 13,410 |
| | Average return each year % | 30.40% | 10.27% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 7.720 | EUR 7.840 |
| | Rendimiento medio cada año | -22,80% | -7,79% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 8.730 | EUR 9.390 |
| | Rendimiento medio cada año | -12,70% | -2,08% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.380 | EUR 11.060 |
| | Rendimiento medio cada año | 3,80% | 3,42% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 13.040 | EUR 13.410 |
| | Rendimiento medio cada año | 30,40% | 10,27% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 7,720 | EUR 7,840 |
| | Average return each year % | -22.80% | -7.79% |
| Unfavourable scenario | What you might get back after costs | EUR 8,730 | EUR 9,390 |
| | Average return each year % | -12.70% | -2.08% |
| Moderate scenario | What you might get back after costs | EUR 10,380 | EUR 11,060 |
| | Average return each year % | 3.80% | 3.42% |
| Favourable scenario | What you might get back after costs | EUR 13,040 | EUR 13,410 |
| | Average return each year % | 30.40% | 10.27% | | en | es |
DOLFIN4279 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| | |
| --- | --- |
| HELPED | A large-cap versus small-cap relative value trade held on UK equity indices contributed to returns, due to the underperformance of domestically oriented small-capitalisation stocks during August’s elevated market volatility. |
| Equity hedges held on US and European equity indices proved positive for performance during the ‘risk-off’ period. |
| A relative value trade favouring European defensive stocks against cyclical stocks contributed to results during August. Cyclical stocks underperformed across the month amidst falling markets. |
| HURT | Global equity holdings detracted from results during August. Developed markets responded negatively to hawkish rhetoric from major central banks around the pace of monetary policy tightening, linked to persistently high inflation. |
| Corporate bonds held back performance, affected by rising rates and a deterioration of investor sentiment. |
| Long-duration European government bonds suffered from rising rates during August, as the European Central Bank raised interest rates amidst an escalating energy crisis that has exacerbated inflationary pressures. | | | | |
| --- | --- |
| POSITIV | Eine Relative-Value-Strategie mit Large Caps gegenüber Small Caps bei britischen Aktienindizes war der Wertentwicklung zuträglich, da sich binnenmarktorientierte Unternehmen mit geringer Kapitalisierung während der höheren Marktvolatilität im August unterdurchschnittlich entwickelten. |
| Aktienabsicherungspositionen auf US-amerikanische und europäische Aktienindizes begünstigten die Wertentwicklung, da im Berichtszeitraum eine geringe Risikobereitschaft herrschte. |
| Eine Relative-Value-Strategie zugunsten von defensiven europäischen Titeln gegenüber zyklischen Aktien leistete im August einen positiven Beitrag zu den Ergebnissen. Zyklische Aktien entwickelten sich vor dem Hintergrund abwärts tendierender Märkte im Berichtsmonat unterdurchschnittlich. |
| NEGATIV | Globale Aktienbestände belasteten das Ergebnis im August. Die Märkte in den Industrieländern reagierten negativ auf die aggressive Rhetorik der großen Zentralbanken in Bezug auf das Tempo der geldpolitischen Straffung als Antwort auf die anhaltend hohe Inflation. |
| Die Wertentwicklung von Unternehmensanleihen wurde durch steigende Zinsen und eine Verschlechterung der Anlegerstimmung belastet. |
| Europäische Staatsanleihen mit langer Laufzeit litten im August unter steigenden Zinsen, als die Europäische Zentralbank inmitten einer eskalierenden Energiekrise, die den Inflationsdruck verschärft hat, die Zinssätze anhob. | | | | |
| --- | --- |
| HELPED | A large-cap versus small-cap relative value trade held on UK equity indices contributed to returns, due to the underperformance of domestically oriented small-capitalisation stocks during August’s elevated market volatility. |
| Equity hedges held on US and European equity indices proved positive for performance during the ‘risk-off’ period. |
| A relative value trade favouring European defensive stocks against cyclical stocks contributed to results during August. Cyclical stocks underperformed across the month amidst falling markets. |
| HURT | Global equity holdings detracted from results during August. Developed markets responded negatively to hawkish rhetoric from major central banks around the pace of monetary policy tightening, linked to persistently high inflation. |
| Corporate bonds held back performance, affected by rising rates and a deterioration of investor sentiment. |
| Long-duration European government bonds suffered from rising rates during August, as the European Central Bank raised interest rates amidst an escalating energy crisis that has exacerbated inflationary pressures. | | en | de |
DOLFIN4280 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### ANTI-DILUTION LEVY
For certain Sub-Funds, in addition to the entry, conversion or exit cost that may be charged to the investor, an anti-dilution levy may be paid by the investors to the Sub-Fund. Such amount covers transaction costs (including dealing costs relating to the acquisition, disposal or sale of portfolio’s assets, taxes and stamp duties) in order to ensure that all investors in a Sub-Fund are treated equitably and preserve the Net Asset Value of the relevant Sub-Fund (notably to accommodate large inflows and outflows) where the implementation of such mechanism is considered to be in the best interests of the Sub-Fund’s shareholders.
This anti-dilution levy is charged to subscriptions, conversions and redemptions to ensure that the existing shareholders are not adversely affected by shareholders who are executing subscription, conversion or redemption orders.
No anti-dilution levy is charged to redemption orders directly followed by subscription orders on the same share class, made by the same investor (applying to the same number of shares and the same Net Asset Value). | ### COMMISSION ANTI-DILUTION
Pour certains Compartiments, en plus des commissions de souscription, de conversion ou de rachat pouvant s’appliquer, les investisseurs peuvent être redevables d’une commission anti-dilution au Compartiment concerné. Ce montant couvre les frais de transaction (y compris les frais de négociation liés à l’acquisition, à la cession ou à la vente d’actifs en portefeuille, aux taxes et aux droits de timbre) afin de garantir que tous les investisseurs dans un Compartiment soient traités sur un pied d’égalité et de préserver la valeur nette d’inventaire du Compartiment en question (notamment en cas d’importantes rentrées ou sorties de fonds), dès lors que la mise en œuvre d’un tel mécanisme est considérée être dans l’intérêt des actionnaires du Compartiment.
Cette commission anti-dilution est appliquée aux souscriptions, conversions et rachats afin de veiller à ce que les actionnaires existants ne soient pas lésés par les demandes de souscription, de conversion ou de rachat introduites par d’autres actionnaires.
Aucune commission anti-dilution n’est prélevée sur les ordres de rachat directement suivis d’ordres d’achat de la même classe d’actions faits par le même investisseur (relatifs au même nombre d’actions et à la même Valeur nette d’inventaire). | ### ANTI-DILUTION LEVY
For certain Sub-Funds, in addition to the entry, conversion or exit cost that may be charged to the investor, an anti-dilution levy may be paid by the investors to the Sub-Fund. Such amount covers transaction costs (including dealing costs relating to the acquisition, disposal or sale of portfolio’s assets, taxes and stamp duties) in order to ensure that all investors in a Sub-Fund are treated equitably and preserve the Net Asset Value of the relevant Sub-Fund (notably to accommodate large inflows and outflows) where the implementation of such mechanism is considered to be in the best interests of the Sub-Fund’s shareholders.
This anti-dilution levy is charged to subscriptions, conversions and redemptions to ensure that the existing shareholders are not adversely affected by shareholders who are executing subscription, conversion or redemption orders.
No anti-dilution levy is charged to redemption orders directly followed by subscription orders on the same share class, made by the same investor (applying to the same number of shares and the same Net Asset Value). | en | fr |
DOLFIN4281 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Sub-fund-specific risks
The performance of the units depends on the investment policy as well as the market development of the individual investments of the sub-fund and cannot be determined in advance. There is no guarantee that the fund will actually attain its investment objective and that capital gains will be achieved. When returning units, the investor may not be able to recover the amount originally invested in the fund.
The subfund invests its assets as a "fund of funds" primarily in units of domestic and foreign funds and funds of funds ("tar- get funds"), which in turn invest their assets primarily in the "Private Markets" asset class. The legal form of the target funds is irrelevant.
It should be noted that the subfund is permitted to take out loans at market conditions for a maximum of 20% of the subfund's assets, both for investment purposes and to satisfy redemption requests. The Sub-Fund may also invest up to 100% of its assets in units of a single collective investment undertaking and up to 100% of its assets in the same man- ager. Furthermore, the subfund is permitted to make individ- ual investments of up to 25% of its assets. The sub-fund may also hold liquid assets of up to 49% of its assets. | # Teilfondsspezifische Risiken
Die Wertentwicklung der Anteile ist von der Anlagepolitik sowie von der Marktentwicklung der einzelnen Anlagen des Teilfonds abhängig und kann nicht im Voraus festgelegt werden. Es gibt keine Garantie dafür, dass das Anlageziel auch tatsächlich erreicht oder es zu einem Wertzuwachs der Anlagen kommen wird. Bei der Rückgabe von Anteilen kann der Anleger möglicherweise den ursprünglich in den Teilfonds investierten Betrag nicht zurückerhalten.
Der Teilfonds investiert sein Vermögen als "Fund of Funds" vorwiegend in Anteile in- und ausländischer Fonds sowie Dachfonds („Zielfonds“), welche ihrerseits ihr Vermögen in erster Linie in die Vermögensklasse „Private Markets“ inves- tieren. Die Rechtsform der Zielfonds ist irrelevant.
Es gilt zu beachten, dass es dem Teilfonds gestattet ist, so- wohl zu Anlagezwecken als auch zur Befriedigung von Rücknahmebegehren für höchstens 20% des Vermögens des Teilfonds Kredite zu markt-konformen Bedingungen auf- zunehmen. Zudem darf der Teilfonds bis zu 100% seines Ver- mögens in Anteile eines einzigen Organismus für gemein- same Anlagen sowie bis zu 100% seines Vermögens in den gleichen Fondsmanager investieren. Des Weiteren ist es dem Teilfonds gestattet Einzelanlagen bis höchstens 25% seines Vermögens zu tätigen. Der Teilfonds darf ferner in der Höhe von bis zu 49% seines Vermögens flüssige Mittel halten. | # Sub-fund-specific risks
The performance of the units depends on the investment policy as well as the market development of the individual investments of the sub-fund and cannot be determined in advance. There is no guarantee that the fund will actually attain its investment objective and that capital gains will be achieved. When returning units, the investor may not be able to recover the amount originally invested in the fund.
The subfund invests its assets as a "fund of funds" primarily in units of domestic and foreign funds and funds of funds ("tar- get funds"), which in turn invest their assets primarily in the "Private Markets" asset class. The legal form of the target funds is irrelevant.
It should be noted that the subfund is permitted to take out loans at market conditions for a maximum of 20% of the subfund's assets, both for investment purposes and to satisfy redemption requests. The Sub-Fund may also invest up to 100% of its assets in units of a single collective investment undertaking and up to 100% of its assets in the same man- ager. Furthermore, the subfund is permitted to make individ- ual investments of up to 25% of its assets. The sub-fund may also hold liquid assets of up to 49% of its assets. | en | de |
DOLFIN4282 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# VAT
In Luxembourg, regulated investment funds have the status of taxable persons for value added tax (“VAT”) purposes. Accordingly, the SICAV is considered in Luxembourg as a taxable person for VAT purposes without input VAT deduction right. A VAT exemption applies in Luxembourg for services qualifying as fund management services. Other services supplied to the SICAV could potentially trigger VAT and require the VAT registration of the SICAV in Luxembourg. As a result of such VAT registration, the SICAV will be in a position to fulfil its duty to self-assess the VAT regarded as due in Luxembourg on taxable services (or goods to some extent) purchased from abroad.
No VAT liability arises, in principle, in Luxembourg in respect of any payments by the SICAV to the Shareholders, to the extent such payments are linked to their subscription to the SICAV’s Shares and do not constitute consideration received for taxable services supplied. | # MEHRWERTSTEUER
In Luxemburg unterliegen regulierte Investmentfonds der Mehrwertsteuer. Somit gilt die SICAV in Luxemburg für Zwecke der Mehrwertsteuer als nicht zum Vorsteuerabzug berechtigte steuerpflichtige Person. Dienstleistungen, die die Voraussetzungen für die Anerkennung als Fondsverwaltungsdienstleistungen erfüllen, sind in Luxemburg von der Mehrwertsteuer befreit. Andere Dienstleistungen für die SICAV könnten möglicherweise eine Mehrwertsteuerpflicht auslösen und eine Mehrwertsteuer-Registrierung der SICAV in Luxemburg erforderlich machen. Eine solche Mehrwertsteuer-Registrierung versetzt die SICAV in die Lage, ihre Pflicht zur Selbstveranlagung der Mehrwertsteuer, die in Luxemburg als für im Ausland erworbene steuerpflichtige Dienstleistungen (oder in bestimmtem Maße Güter) fällig angesehen wird, zu erfüllen.
Im Prinzip fällt in Luxemburg in Bezug auf Zahlungen der SICAV an die Anteilsinhaber keine Mehrwertsteuer an, soweit solche Zahlungen mit der Zeichnung von SICAV-Anteilen verbunden sind und keine Bezahlung für erbrachte steuerpflichtige Dienstleistungen darstellen. | # VAT
In Luxembourg, regulated investment funds have the status of taxable persons for value added tax (“VAT”) purposes. Accordingly, the SICAV is considered in Luxembourg as a taxable person for VAT purposes without input VAT deduction right. A VAT exemption applies in Luxembourg for services qualifying as fund management services. Other services supplied to the SICAV could potentially trigger VAT and require the VAT registration of the SICAV in Luxembourg. As a result of such VAT registration, the SICAV will be in a position to fulfil its duty to self-assess the VAT regarded as due in Luxembourg on taxable services (or goods to some extent) purchased from abroad.
No VAT liability arises, in principle, in Luxembourg in respect of any payments by the SICAV to the Shareholders, to the extent such payments are linked to their subscription to the SICAV’s Shares and do not constitute consideration received for taxable services supplied. | en | de |
DOLFIN4283 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy Risk and reward profile
- The fund is in the category shown due to historic volatility (how much and how quickly the value of shares in the fund may have risen and fallen in the past due to movements in markets, currencies and interest rates). It may not be a reliable indication of the future risk profile of the fund.
- The risk category has been calculated using historic data and may not be a reliable indicator of the fund’s future risk profile.
- A risk indicator of “1” does not mean that the investment is “risk free”.
The risk indicator may not fully take into account the following risks and the following may affect fund performance:
- Market volatility risk: The value of the fund and any income from it can fall or rise because of movements in stockmarkets, currencies and interest rates, each of which can move irrationally and be affected unpredictably by diverse factors, including political and economic events.
- Currency risk: The fund’s assets may be priced in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the fund's value.
- Concentration risk: The fund may have investments concentrated in a limited number of holdings. This can be more risky than holding a wider range of investments.
- Smaller companies risk: Investing in small and medium-sized companies can involve more risk than investing in larger, more established companies. Shares in smaller companies may not be as easy to sell, which can cause difficulty in valuing those shares.
Please refer to the fund’s prospectus for full details of these and other risks, including sustainability risks, which are applicable to this fund. | # Objectifs et politique d’investissement Profil de risque et de rendement
- Le fonds relève de la catégorie indiquée en raison de sa volatilité historique (la proportion ainsi que la rapidité avec laquelle la valeur des actions du fonds a augmenté ou chuté par le passé en raison des variations des marchés boursiers, des devises et des taux d’intérêt). Il ne constitue pas forcément une indication fiable du profil de risque futur du fonds.
- La catégorie de risque a été calculée selon des données historiques et peut ne pas constituer un indicateur fiable du profil de risque futur du fonds.
- Un indicateur de risque « 1 » ne signifie pas que l’investissement est « sans risque ».
L’indicateur de risque peut ne pas pleinement tenir compte des risques suivants, lesquels peuvent avoir une incidence sur la performance du fonds :
- Risque de volatilité du marché : la valeur du fonds ou de ses revenus peut augmenter ou diminuer en raison des variations des marchés boursiers, des devises et des taux d'intérêt, chacun des trois pouvant évoluer de façon irrationnelle et être influencé de manière imprévisible par divers facteurs, notamment des événements politiques et économiques.
- Risque de change : les prix des actifs du fonds peuvent être exprimés dans une devise autre que la devise de base du fonds en question. Les variations de taux de change peuvent par conséquent affecter la valeur du fonds.
- Risque de concentration : le fonds peut concentrer ses investissements dans un nombre limité de participations. Cela peut s’avérer plus risqué que de détenir un large éventail d’investissements.
- Risque lié aux entreprises de petite taille : l’investissement dans les sociétés de petite et moyenne taille peut entraîner plus de risques que l’investissement dans des sociétés plus importantes et plus établies. Les actions de petites sociétés peuvent ne pas être faciles à vendre, ce qui peut rendre leur valorisation difficile.
Pour plus d’informations sur ces risques ou d’autres applicables à ce fonds, notamment ceux liés à la durabilité, veuillez consulter le prospectus correspondant.
Les données ne sont pas suffisantes pour fournir une indication utile
de la performance passée de cette Catégorie. | # Objectives and investment policy Risk and reward profile
- The fund is in the category shown due to historic volatility (how much and how quickly the value of shares in the fund may have risen and fallen in the past due to movements in markets, currencies and interest rates). It may not be a reliable indication of the future risk profile of the fund.
- The risk category has been calculated using historic data and may not be a reliable indicator of the fund’s future risk profile.
- A risk indicator of “1” does not mean that the investment is “risk free”.
The risk indicator may not fully take into account the following risks and the following may affect fund performance:
- Market volatility risk: The value of the fund and any income from it can fall or rise because of movements in stockmarkets, currencies and interest rates, each of which can move irrationally and be affected unpredictably by diverse factors, including political and economic events.
- Currency risk: The fund’s assets may be priced in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the fund's value.
- Concentration risk: The fund may have investments concentrated in a limited number of holdings. This can be more risky than holding a wider range of investments.
- Smaller companies risk: Investing in small and medium-sized companies can involve more risk than investing in larger, more established companies. Shares in smaller companies may not be as easy to sell, which can cause difficulty in valuing those shares.
Please refer to the fund’s prospectus for full details of these and other risks, including sustainability risks, which are applicable to this fund. | en | fr |
DOLFIN4284 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Allocation sectorielle
L'exposition globale du fonds aux obligations d'entreprise européens Investment Grade et aux obligations européennes High Yield est restée très limitée. Les spreads actuels ne devraient toujours pas compenser assez le risque. La surpondération des spreads de swaps en EUR et des SSA à notation élevée, à l’image des agences néerlandaises et allemandes, est restée en place, étant encore proches de leurs niveaux les plus élevés depuis une décennie. Le bêta de crédit du fonds incluant les spreads de swaps était d’environ 1,1 en fin de mois tandis que celui des obligations d'entreprises était inférieur à 1. Le fonds possède des couvertures sur les obligations US High Yield et IG et des couvertures sur les CDS souverains chinois et plusieurs banques exposées à l'immobilier chinois. | # Distribución del sector
La exposición general del fondo a bonos corporativos europeos IG y a bonos europeos HY ha seguido siendo muy limitada.
Consideramos que los diferenciales actuales todavía no compensan el riesgo. Mantuvimos la sobreponderación en diferenciales swap del EUR y en SSA de alta calificación, como las agencias alemanas y neerlandesas, por estar próximos a sus niveles más elevados en una década. La beta de crédito de la cartera, incluidos diferenciales de swaps, rondaba el 1,1 a finales del mes, con una beta corporativa inferior a 1. El fondo tiene protección en bonos HY e IG de EE.UU. mediante CDX, así como cobertura en CDS soberanos chinos y varios bancos con exposición al sector inmobiliario chino. | # Allocation sectorielle
L'exposition globale du fonds aux obligations d'entreprise européens Investment Grade et aux obligations européennes High Yield est restée très limitée. Les spreads actuels ne devraient toujours pas compenser assez le risque. La surpondération des spreads de swaps en EUR et des SSA à notation élevée, à l’image des agences néerlandaises et allemandes, est restée en place, étant encore proches de leurs niveaux les plus élevés depuis une décennie. Le bêta de crédit du fonds incluant les spreads de swaps était d’environ 1,1 en fin de mois tandis que celui des obligations d'entreprises était inférieur à 1. Le fonds possède des couvertures sur les obligations US High Yield et IG et des couvertures sur les CDS souverains chinois et plusieurs banques exposées à l'immobilier chinois. | fr | es |
DOLFIN4285 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### ADVISORY, ADMINISTRATION AND CUSTODY FEES
The Manager shall be entitled to receive such advisory, administration and custody fees (plus value added tax, if any, thereon) out of the assets of each Fund up to such percentage per annum of the Net Asset Value of the relevant Fund attributable to the Shares as may be specified below or in a Relevant Supplement. The advisory, administration and custody fees will be accrued daily and payable monthly in arrears on the last Dealing Day of each month. The Manager shall also be entitled to reimbursement of all out-of-pocket expenses (plus value added tax, if any, thereon) incurred for the benefit of the Company. The Manager will be responsible for paying the fees and expenses (plus value added tax, if any, thereon) of the Distributor, the Administrator and the Depositary out of its own fees, and in this regard may, at its sole discretion, direct the Company to make payments directly to the Distributor, the Administrator or the Depositary, provided however, that any such payments, together with fees paid directly to the Manager by the Company, shall not exceed the amounts disclosed below. The Manager will also be responsible for paying the fees of the Investment Adviser out of its own fees in relation to certain Share classes as outlined below. The Manager will not be responsible for the payment of the fees of the Investment Advisers for those Share Classes for which the Advisory Fee is marked with a * in the table below. Shareholders of such Classes are responsible for paying the Investment Adviser pursuant to their individual management agreement with the Investment Adviser or its affiliate.
Classes within a Fund may be subject to different fees, which may be higher or lower than other Classes, as more particularly described below.
Where a Fund invests in shares of another CIS, such investments may be subject to management fees, which are generally not expected to exceed 0.75% of the net assets of the relevant CIS per annum, and may also be subject to performance fees, which are generally not expected to exceed 30% of the outperformance of the relevant CIS, in addition to any administration and custody fees to which such CIS are subject. The fee tables below reflect only the fees at the level of the Fund identified, and do not reflect the fees of any underlying CIS in which any Fund is invested. For a fund- of-funds, in particular, the fees of underlying CIS may be a significant component of the expenses incurred by Shareholders. When a Fund invests in the units of other CIS that are managed, directly or by delegation, by the Manager or by any other company with which the Manager is linked by common management of control, or by substantial direct or indirect holding, the Fund will only invest in share classes of a CIS that are not subject to investment management fees. However, as an investor in such other CIS, in addition to the fees, costs and expenses payable by a Shareholder in the relevant Fund, each Shareholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS including custody, administration and other expenses.
The fees payable for each Share Class are outlined below: | ### BERATUNGS-, VERWALTUNGS- UND DEPOTGEBÜHREN
Der Fondsmanager ist berechtigt, Beratungs-, Verwaltungs- und Depotgebühren (zuzüglich etwaiger Mehrwertsteuer) aus dem Vermögen jedes Fonds bis zu dem Prozentsatz pro Jahr des Nettovermögenswerts des betreffenden Fonds zu erhalten, der auf die Anteile entfällt, wie nachstehend oder in einer entsprechenden Prospektergänzung angegeben. Die Beratungs-, Verwaltungs- und Depotgebühren fallen täglich an und sind monatlich rückwirkend am letzten Handelstag eines jeden Monats fällig. Der Fondsmanager hat zudem Anspruch auf die Erstattung sämtlicher Auslagen (zuzüglich etwaiger Mehrwertsteuer), die zugunsten der Gesellschaft anfallen. Der Fondsmanager ist für die Zahlung der Gebühren und Kosten (zuzüglich etwaiger Mehrwertsteuer) der Vertriebsstelle, des Verwalters und des Depositars aus den von ihm erhobenen Gebühren verantwortlich und kann in diesem Zusammenhang die Gesellschaft nach eigenem Ermessen anweisen, Zahlungen direkt an die Vertriebsstelle, den Verwalter oder den Depositar zu leisten, vorausgesetzt, dass diese Zahlungen zusammen mit den von der Gesellschaft direkt an den Fondsmanager gezahlten Gebühren die unten angegebenen Beträge nicht überschreiten. Der Fondsmanager ist ausserdem dafür verantwortlich, für bestimmte Anteilsklassen die Gebühren des Anlageberaters aus seinen eigenen Gebühren zu bezahlen (wie nachfolgend beschrieben). Der Fondsmanager ist nicht verantwortlich für die Zahlung der Gebühren der Anlageberater für diejenigen Anteilsklassen, für die die Anlagegebühr in der folgenden Tabelle mit einem * gekennzeichnet ist. Die Aktionäre dieser Klassen sind für die Zahlung an den Anlageberater gemäss ihrer individuellen Managementvereinbarung mit dem Anlageberater oder seinem verbundenen Unternehmen selbst verantwortlich.
Klassen innerhalb eines Fonds können unterschiedlichen Gebühren unterliegen, die höher oder auch niedriger sein können als bei anderen Klassen, wie im Folgenden näher beschrieben.
Wenn ein Fonds in Anteile anderer kollektiver Kapitalanlagen investiert, können für diese Anlagen Verwaltungsgebühren anfallen, die im Allgemeinen 0,75 % des Nettovermögens der betreffenden kollektiven Kapitalanlage pro Jahr nicht übersteigen dürften, und es können auch Performancegebühren anfallen, die im Allgemeinen 30 % der Outperformance der betreffenden kollektiven Kapitalanlage nicht überschreiten dürften – zusätzlich zu allen Verwaltungs- und Depotgebühren, denen diese kollektiven Kapitalanlagen unterliegen. Die nachstehenden Gebührentabellen spiegeln nur die Gebühren auf der Ebene des Fonds wider und nicht die Gebühren der zugrunde liegenden kollektiven Kapitalanlagen, in die ein Fonds investiert ist. Insbesondere bei einem Dachfonds können die Gebühren der zugrunde liegenden kollektiven Kapitalanlagen ein wesentlicher Bestandteil der den Aktionären entstehenden Kosten sein. Wenn ein Fonds in Anteile andere kollektive Kapitalanlagen investiert, die direkt oder durch Delegation vom Fondsmanager oder von einer anderen Gesellschaft verwaltet werden, mit der der Verwalter durch eine gemeinsame Verwaltung oder Kontrolle oder durch eine wesentliche direkte oder indirekte Beteiligung verbunden ist, wird der Fonds nur in Anteilsklassen einer kollektiven Kapitalanlage investieren, die keiner Vermögensverwaltungsgebühr unterliegen. Als Anleger in eine solche andere kollektive Kapitalanlage muss jeder Aktionäre jedoch neben den von einem Aktionäre des betreffenden Fonds zu zahlenden Gebühren, Kosten und Auslagen möglicherweise auch indirekt einen Teil der Gebühren, Kosten und Auslagen der zugrunde liegenden kollektiven Kapitalanlage einschliesslich Verwahrung, Verwaltung und sonstiger Ausgaben tragen.
Die für jede Anteilsklasse zu zahlenden Gebühren sind im Folgenden aufgeführt: | ### ADVISORY, ADMINISTRATION AND CUSTODY FEES
The Manager shall be entitled to receive such advisory, administration and custody fees (plus value added tax, if any, thereon) out of the assets of each Fund up to such percentage per annum of the Net Asset Value of the relevant Fund attributable to the Shares as may be specified below or in a Relevant Supplement. The advisory, administration and custody fees will be accrued daily and payable monthly in arrears on the last Dealing Day of each month. The Manager shall also be entitled to reimbursement of all out-of-pocket expenses (plus value added tax, if any, thereon) incurred for the benefit of the Company. The Manager will be responsible for paying the fees and expenses (plus value added tax, if any, thereon) of the Distributor, the Administrator and the Depositary out of its own fees, and in this regard may, at its sole discretion, direct the Company to make payments directly to the Distributor, the Administrator or the Depositary, provided however, that any such payments, together with fees paid directly to the Manager by the Company, shall not exceed the amounts disclosed below. The Manager will also be responsible for paying the fees of the Investment Adviser out of its own fees in relation to certain Share classes as outlined below. The Manager will not be responsible for the payment of the fees of the Investment Advisers for those Share Classes for which the Advisory Fee is marked with a * in the table below. Shareholders of such Classes are responsible for paying the Investment Adviser pursuant to their individual management agreement with the Investment Adviser or its affiliate.
Classes within a Fund may be subject to different fees, which may be higher or lower than other Classes, as more particularly described below.
Where a Fund invests in shares of another CIS, such investments may be subject to management fees, which are generally not expected to exceed 0.75% of the net assets of the relevant CIS per annum, and may also be subject to performance fees, which are generally not expected to exceed 30% of the outperformance of the relevant CIS, in addition to any administration and custody fees to which such CIS are subject. The fee tables below reflect only the fees at the level of the Fund identified, and do not reflect the fees of any underlying CIS in which any Fund is invested. For a fund- of-funds, in particular, the fees of underlying CIS may be a significant component of the expenses incurred by Shareholders. When a Fund invests in the units of other CIS that are managed, directly or by delegation, by the Manager or by any other company with which the Manager is linked by common management of control, or by substantial direct or indirect holding, the Fund will only invest in share classes of a CIS that are not subject to investment management fees. However, as an investor in such other CIS, in addition to the fees, costs and expenses payable by a Shareholder in the relevant Fund, each Shareholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS including custody, administration and other expenses.
The fees payable for each Share Class are outlined below: | en | de |
DOLFIN4286 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 0.18% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 18 EUR |
| Transaction costs | 0.11% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 11 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 0.75% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 75 EUR | | | Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 0,00%, no cobramos comisión de entrada. | 0 EUR |
| Costes de salida | 0,00%, no cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes detraídos cada año | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,18% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 18 EUR |
| Costes de operación | 0,11% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 11 EUR |
| Costes accesorios detraídos en condiciones específicas | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de rendimiento | 0,75% La cantidad real variará dependiendo de qué tan bien se desempeñe su inversión. El costo agregado anterior es una estimación. | 75 EUR | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 0.18% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 18 EUR |
| Transaction costs | 0.11% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 11 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 0.75% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 75 EUR | | en | es |
DOLFIN4287 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: December 1, 2010. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
10%
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 1 de diciembre de 2010. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en EUR.
10%
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: December 1, 2010. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
10%
5%
0% | en | es |
DOLFIN4288 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Statement of Operations and Changes in Net Assets (continued)
## For the year ended 31 March 2022
| | | India Fund (USD) | | Japan Fund (USD) | | Asia Small Companies Fund (USD) | | China Small Companies Fund (USD) | | Combined (USD) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NET ASSETS AT THE BEGINNING OF THE YEAR | | 29,007,979 | | 187,100,761 | | 40,425,540 | | 538,770,209 | | 2,244,056,786 |
| INCOME | | | | | | | | | | |
| Dividend income, net of foreign withholding tax (note 2I) | | 194,911 | | 2,583,207 | | 622,430 | | 11,080,681 | | 33,976,227 |
| Interest income, net of foreign withholding tax (note 2I) | | 399 | | 291 | | 392 | | 39,224 | | 5,056,169 |
| Other income | | – | | – | | – | | – | | 60,273 |
| TOTAL INCOME | | 195,310 | | 2,583,498 | | 622,822 | | 11,119,905 | | 39,092,669 |
| EXPENSES | | | | | | | | | | |
| Overdraft interest on bank accounts | | 273 | | 97 | | 295 | | 816 | | 5,583 |
| Management fees and administration fees (note 4) | | 335,929 | | 1,961,970 | | 864,700 | | 7,815,348 | | 25,665,293 |
| Domiciliation, Administrative Agent and Transfer agency fees (note 5 and note 6) | | 65,180 | | 228,918 | | 103,978 | | 493,845 | | 2,164,488 |
| Professional fees (note 7) | | 64,246 | | 70,107 | | 28,690 | | 211,022 | | 1,204,776 |
| Directors fee (note 8) | | 2,041 | | 22,595 | | 33 | | 32,013 | | 163,578 |
| Depositary fees (note 5) | | 31,022 | | 41,652 | | 49,810 | | 263,704 | | 1,071,986 |
| Taxe d'abonnement (note 9A) | | 15,135 | | 107,499 | | 36,000 | | 287,196 | | 1,101,352 |
| Transaction costs (note 10) | | 115,317 | | 237,326 | | 196,398 | | 1,836,227 | | 6,193,178 |
| Other expenses (note 7 and note 8) | | 88,090 | | 189,550 | | 92,596 | | 382,549 | | 2,169,976 |
| TOTAL EXPENSES | | 717,233 | | 2,859,714 | | 1,372,500 | | 11,322,720 | | 39,740,210 |
| Advisory Fees Waived and Expenses Reimbursed (note 2J) | | 246,586 | | 851,745 | | 293,644 | | 1,933,831 | | 8,483,900 |
| NET INVESTMENT INCOME/(LOSS) | | (275,337) | | 575,529 | | (456,034) | | 1,731,016 | | 7,836,359 |
| Net realized gain/(loss) on sales of investments (note 2D) | | 6,956,817 | | 6,415,011 | | 2,303,609 | | (49,599,345) | | (9,799,137) |
| Net realized gain/(loss) on forward currency exchange contracts (note 2E) | | 1,223 | | 439,789 | | 537 | | (795) | | (237,068) |
| Net realized gain/(loss) on interest rate swap agreements (note 2F) | | – | | – | | – | | – | | 97,947 |
| Net realized gain/(loss) on foreign exchanges (note 2G) | | (17,756) | | (165,767) | | (36,007) | | 236,356 | | (355,166) |
| Net realized gain/(loss) for the year | | 6,940,284 | | 6,689,033 | | 2,268,139 | | (49,363,784) | | (10,293,424) |
| Net change in unrealized gain/(loss) on sales of investments (note 2D) | | (2,390,328) | | (32,594,748) | | (1,895,299) | | (107,972,348) | | (409,077,215) |
| Net change in unrealized gain/(loss) on foreign tax provision (note 9B) | | (716,246) | | – | | (388,296) | | – | | (3,245,449) |
| Net change in unrealized gain/(loss) on forward currency exchange contracts (note 2E) | | – | | (35,420) | | – | | – | | 253,313 |
| Net change in unrealized gain/(loss) on interest rate swap agreements (note 2F) | | – | | – | | – | | – | | (116,312) |
| Net change in unrealized gain/(loss) on foreign exchanges (note 2G) | | (115) | | 26,190 | | (1,204) | | 91,122 | | 319,962 |
| Net change in unrealized gain/(loss) for the year | | (3,106,689) | | (32,603,978) | | (2,284,799) | | (107,881,226) | | (411,865,701) |
| Increase/(decrease) in net assets as a result of operations | | 3,558,258 | | (25,339,416) | | (472,694) | | (155,513,994) | | (414,322,766) |
| Subscriptions | | 7,129,348 | | 111,586,091 | | 71,872,342 | | 410,577,974 | | 1,174,289,571 |
| Redemptions | | (12,743,252) | | (71,325,470) | | (26,227,117) | | (276,420,186) | | (810,861,771) |
| Dividend distributions (note 13) | | – | | – | | – | | – | | (12,050,892) |
| NET ASSETS AT THE END OF THE YEAR | | 26,952,333 | | 202,021,966 | | 85,598,071 | | 517,414,003 | | 2,181,110,928 |
The accompanying notes form an integral part of these financial statements. | # Aufwands- und Ertragsrechnung und Veränderung des Nettovermögens (Fortsetzung)
## Für das Geschäftsjahr, das zum 31. März 2022 endete
| | | India Fund (USD) | | Japan Fund (USD) | | Asia Small Companies Fund (USD) | | China Small Companies Fund (USD) | | Kombiniert (USD) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NETTOVERMÖGEN ZU BEGINN DES GESCHÄFTSJAHRES | | 29.007.979 | | 187.100.761 | | 40.425.540 | | 538.770.209 | | 2.244.056.786 |
| EINNAHMEN | | | | | | | | | | |
| Dividendenertrag, abzüglich ausländischer Quellensteuer (Erläuterung 2I) | | 194.911 | | 2.583.207 | | 622.430 | | 11.080.681 | | 33.976.227 |
| Zinsertrag, abzüglich ausländischer Quellensteuer (Erläuterung 2I) | | 399 | | 291 | | 392 | | 39.224 | | 5.056.169 |
| Sonstige Erträge | | – | | – | | – | | – | | 60.273 |
| SUMME DER ERTRÄGE | | 195.310 | | 2.583.498 | | 622.822 | | 11.119.905 | | 39.092.669 |
| AUFWENDUNGEN | | | | | | | | | | |
| Überziehungszinsen des Bankkontos | | 273 | | 97 | | 295 | | 816 | | 5.583 |
| Management- und Verwaltungsgebühren (Erläuterung 4) | | 335.929 | | 1.961.970 | | 864.700 | | 7.815.348 | | 25.665.293 |
| Domizilierungs-, Verwaltungs- und Transfergebühren (Erläuterung 5 und Erläuterung 6) | | 65.180 | | 228.918 | | 103.978 | | 493.845 | | 2.164.488 |
| Honorare (Erläuterung 7) | | 64.246 | | 70.107 | | 28.690 | | 211.022 | | 1.204.776 |
| Gebühren für Verwaltungsratsmitglieder (Erläuterung 8) | | 2.041 | | 22.595 | | 33 | | 32.013 | | 163.578 |
| Depotbank-Gebühren (Erläuterung 5) | | 31.022 | | 41.652 | | 49.810 | | 263.704 | | 1.071.986 |
| Taxe d'abonnement (Erläuterung 9A) | | 15.135 | | 107.499 | | 36.000 | | 287.196 | | 1.101.352 |
| Transaktionskosten (Erläuterung 10) | | 115.317 | | 237.326 | | 196.398 | | 1.836.227 | | 6.193.178 |
| Sonstige Aufwendungen (Erläuterung 7 und Erläuterung 8) | | 88.090 | | 189.550 | | 92.596 | | 382.549 | | 2.169.976 |
| SUMME DER AUFWENDUNGEN | | 717.233 | | 2.859.714 | | 1.372.500 | | 11.322.720 | | 39.740.210 |
| Erlassene Beratungsgebühren und erstattete Aufwendungen (Erläuterung 2J) | | 246.586 | | 851.745 | | 293.644 | | 1.933.831 | | 8.483.900 |
| NETTOANLAGEGEWINNE/(-VERLUSTE) | | (275.337) | | 575.529 | | (456.034) | | 1.731.016 | | 7.836.359 |
| Realisierter Nettogewinn/(-verlust) aus dem Verkauf von Anlagen (Erläuterung 2D) | | 6.956.817 | | 6.415.011 | | 2.303.609 | | (49.599.345) | | (9.799.137) |
| Realisierter Nettogewinn/(-verlust) aus Devisenterminkontrakten (Erläuterung 2E) | | 1.223 | | 439.789 | | 537 | | (795) | | (237.068) |
| Realisierter Nettogewinn/(Verlust) aus Zinsswap-Verträgen (Erläuterung 2F) | | – | | – | | – | | – | | 97.947 |
| Realisierter Nettogewinn/(-verlust) aus Wechselkursen (Erläuterung 2G) | | (17.756) | | (165.767) | | (36.007) | | 236.356 | | (355.166) |
| Realisierter Nettogewinn/(-verlust) im Geschäftsjahr | | 6.940.284 | | 6.689.033 | | 2.268.139 | | (49.363.784) | | (10.293.424) |
| Nettoveränderung des nicht realisierten Nettogewinns/(-verlusts) aus dem Verkauf von Anlagen (Erläuterung 2D) | | (2.390.328) | | (32.594.748) | | (1.895.299) | | (107.972.348) | | (409.077.215) |
| Nettoveränderung des nicht realisierten Gewinns/(Verlusts) aus der Rückstellung für ausländische Steuern (Erläuterung 9B) | | (716.246) | | – | | (388.296) | | – | | (3.245.449) |
| Nettoveränderung der nicht realisierten Gewinne/(Verluste) aus Devisenterminkontrakten (Erläuterung 2E) | | – | | (35.420) | | – | | – | | 253.313 |
| Nettoveränderung des nicht realisierten Gewinns/(Verlusts) aus Zinsswap-Verträgen (Erläuterung 2F) | | – | | – | | – | | – | | (116.312) |
| Nettoveränderung des nicht realisierten Nettogewinns/(-verlusts) aus Wechselkursen (Erläuterung 2G) | | (115) | | 26.190 | | (1.204) | | 91.122 | | 319.962 |
| Nettoveränderung des nicht realisierten Gewinns/(Verlusts) im Geschäftsjahr | | (3.106.689) | | (32.603.978) | | (2.284.799) | | (107.881.226) | | (411.865.701) |
| Zunahme/(Abnahme) des Nettovermögens infolge Geschäftstätigkeit | | 3.558.258 | | (25.339.416) | | (472.694) | | (155.513.994) | | (414.322.766) |
| Zeichnungen | | 7.129.348 | | 111.586.091 | | 71.872.342 | | 410.577.974 | | 1.174.289.571 |
| Rücknahmen | | (12.743.252) | | (71.325.470) | | (26.227.117) | | (276.420.186) | | (810.861.771) |
| Dividendenausschüttungen (Erläuterung 13) | | – | | – | | – | | – | | (12.050.892) |
| NETTOVERMÖGEN AM ENDE DES GESCHÄFTSJAHRES | | 26.952.333 | | 202.021.966 | | 85.598.071 | | 517.414.003 | | 2.181.110.928 |
Die beigefügten Erläuterungen sind integraler Bestandteil dieses Jahresabschlusses. | # Statement of Operations and Changes in Net Assets (continued)
## For the year ended 31 March 2022
| | | India Fund (USD) | | Japan Fund (USD) | | Asia Small Companies Fund (USD) | | China Small Companies Fund (USD) | | Combined (USD) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NET ASSETS AT THE BEGINNING OF THE YEAR | | 29,007,979 | | 187,100,761 | | 40,425,540 | | 538,770,209 | | 2,244,056,786 |
| INCOME | | | | | | | | | | |
| Dividend income, net of foreign withholding tax (note 2I) | | 194,911 | | 2,583,207 | | 622,430 | | 11,080,681 | | 33,976,227 |
| Interest income, net of foreign withholding tax (note 2I) | | 399 | | 291 | | 392 | | 39,224 | | 5,056,169 |
| Other income | | – | | – | | – | | – | | 60,273 |
| TOTAL INCOME | | 195,310 | | 2,583,498 | | 622,822 | | 11,119,905 | | 39,092,669 |
| EXPENSES | | | | | | | | | | |
| Overdraft interest on bank accounts | | 273 | | 97 | | 295 | | 816 | | 5,583 |
| Management fees and administration fees (note 4) | | 335,929 | | 1,961,970 | | 864,700 | | 7,815,348 | | 25,665,293 |
| Domiciliation, Administrative Agent and Transfer agency fees (note 5 and note 6) | | 65,180 | | 228,918 | | 103,978 | | 493,845 | | 2,164,488 |
| Professional fees (note 7) | | 64,246 | | 70,107 | | 28,690 | | 211,022 | | 1,204,776 |
| Directors fee (note 8) | | 2,041 | | 22,595 | | 33 | | 32,013 | | 163,578 |
| Depositary fees (note 5) | | 31,022 | | 41,652 | | 49,810 | | 263,704 | | 1,071,986 |
| Taxe d'abonnement (note 9A) | | 15,135 | | 107,499 | | 36,000 | | 287,196 | | 1,101,352 |
| Transaction costs (note 10) | | 115,317 | | 237,326 | | 196,398 | | 1,836,227 | | 6,193,178 |
| Other expenses (note 7 and note 8) | | 88,090 | | 189,550 | | 92,596 | | 382,549 | | 2,169,976 |
| TOTAL EXPENSES | | 717,233 | | 2,859,714 | | 1,372,500 | | 11,322,720 | | 39,740,210 |
| Advisory Fees Waived and Expenses Reimbursed (note 2J) | | 246,586 | | 851,745 | | 293,644 | | 1,933,831 | | 8,483,900 |
| NET INVESTMENT INCOME/(LOSS) | | (275,337) | | 575,529 | | (456,034) | | 1,731,016 | | 7,836,359 |
| Net realized gain/(loss) on sales of investments (note 2D) | | 6,956,817 | | 6,415,011 | | 2,303,609 | | (49,599,345) | | (9,799,137) |
| Net realized gain/(loss) on forward currency exchange contracts (note 2E) | | 1,223 | | 439,789 | | 537 | | (795) | | (237,068) |
| Net realized gain/(loss) on interest rate swap agreements (note 2F) | | – | | – | | – | | – | | 97,947 |
| Net realized gain/(loss) on foreign exchanges (note 2G) | | (17,756) | | (165,767) | | (36,007) | | 236,356 | | (355,166) |
| Net realized gain/(loss) for the year | | 6,940,284 | | 6,689,033 | | 2,268,139 | | (49,363,784) | | (10,293,424) |
| Net change in unrealized gain/(loss) on sales of investments (note 2D) | | (2,390,328) | | (32,594,748) | | (1,895,299) | | (107,972,348) | | (409,077,215) |
| Net change in unrealized gain/(loss) on foreign tax provision (note 9B) | | (716,246) | | – | | (388,296) | | – | | (3,245,449) |
| Net change in unrealized gain/(loss) on forward currency exchange contracts (note 2E) | | – | | (35,420) | | – | | – | | 253,313 |
| Net change in unrealized gain/(loss) on interest rate swap agreements (note 2F) | | – | | – | | – | | – | | (116,312) |
| Net change in unrealized gain/(loss) on foreign exchanges (note 2G) | | (115) | | 26,190 | | (1,204) | | 91,122 | | 319,962 |
| Net change in unrealized gain/(loss) for the year | | (3,106,689) | | (32,603,978) | | (2,284,799) | | (107,881,226) | | (411,865,701) |
| Increase/(decrease) in net assets as a result of operations | | 3,558,258 | | (25,339,416) | | (472,694) | | (155,513,994) | | (414,322,766) |
| Subscriptions | | 7,129,348 | | 111,586,091 | | 71,872,342 | | 410,577,974 | | 1,174,289,571 |
| Redemptions | | (12,743,252) | | (71,325,470) | | (26,227,117) | | (276,420,186) | | (810,861,771) |
| Dividend distributions (note 13) | | – | | – | | – | | – | | (12,050,892) |
| NET ASSETS AT THE END OF THE YEAR | | 26,952,333 | | 202,021,966 | | 85,598,071 | | 517,414,003 | | 2,181,110,928 |
The accompanying notes form an integral part of these financial statements. | en | de |
DOLFIN4289 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
7.65%
7.08%
12% Past performance is no guarantee of any particular performance,
1.10%
2.28%
10%
0.11%
8%
6%
4%
2%
0%
-2.11%
-3.16%
-0.20%
-2.63%
-1.41%
-2%
-3.40%
-3.63%
-4%
-4.68%
-5.09%
-6%
-8%
neither present nor future.
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT Sustainable Bond Fund Global (USD) I1 launch date: 31/03/2012
Performance is calculated in USD.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
LGT Sustainable Bond Fund Global (USD) I1 Bloomberg Global Aggregate Ex-Securitized (USD) (TR)
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
- | # Rendimiento pasado
7.65%
7.08%
12% El rendimiento pasado no constituye garantía de ningún rendi-
1.10%
2.28%
10%
0.11%
8%
6%
4%
2%
0%
-2.11%
-3.16%
-0.20%
-2.63%
-1.41%
-2%
-3.40%
-3.63%
-4%
-4.68%
-5.09%
-6%
-8%
miento en particular, ni presente ni futuro.
A efectos de estos cálculos, se han detraído todas las comisiones y gastos, a excepción de las de suscripción y reembolso.
LGT Sustainable Bond Fund Global (USD) I1 fecha de lanzamiento: 31/03/2012
El rendimiento se calcula en USD.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
LGT Sustainable Bond Fund Global (USD) I1 Bloomberg Global Aggregate Ex-Securitized (USD) (TR)
Para más información sobre la rentabilidad pasada, le recomendamos que consulte los informes mensuales (www.lgtcp.com/en/regulatory-information).
- | # Past Performance
7.65%
7.08%
12% Past performance is no guarantee of any particular performance,
1.10%
2.28%
10%
0.11%
8%
6%
4%
2%
0%
-2.11%
-3.16%
-0.20%
-2.63%
-1.41%
-2%
-3.40%
-3.63%
-4%
-4.68%
-5.09%
-6%
-8%
neither present nor future.
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT Sustainable Bond Fund Global (USD) I1 launch date: 31/03/2012
Performance is calculated in USD.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
LGT Sustainable Bond Fund Global (USD) I1 Bloomberg Global Aggregate Ex-Securitized (USD) (TR)
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
- | en | es |
DOLFIN4290 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Specified US Persons
This group includes those US persons who are classified by the government of the United States as at risk with respect to practices pertaining to tax avoidance and evasion. This does not, however, concern pub- licly listed companies, tax-exempt organisations, real estate investment trusts (REIT), trusts, US securities dealers or similar.
- | # Specified US-Persons
Diese Gruppe beinhaltet solche US-Personen welche von der Regierung der Vereinigten Staaten im Hin- blick auf Praktiken der Steuerumgehung und Steuerflucht als gefährdet eingestuft werden. Dies trifft je- doch u.a. nicht auf börsennotierte Unternehmen, steuerbefreite Organisationen, Real Estate Investment Trusts (REIT), Treuhandgesellschaften, US Effektenhändler oder ähnliche zu.
- | # Specified US Persons
This group includes those US persons who are classified by the government of the United States as at risk with respect to practices pertaining to tax avoidance and evasion. This does not, however, concern pub- licly listed companies, tax-exempt organisations, real estate investment trusts (REIT), trusts, US securities dealers or similar.
- | en | de |
DOLFIN4291 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The books of account shall be kept at the Office, or at such other place as the Directors think fit, and shall always be open to inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by the Companies Acts or authorised by the Directors or by the Company in general meeting.
- The Directors shall from time to time in accordance with the provisions of the Companies Acts, cause to be prepared and to be laid before the Company in general meeting both in respect of the Company as a whole and in respect of each Class Fund such profit and loss accounts, balance sheets, group accounts (if any) and reports as are specified in the Companies Acts made up to the Accounting Date in each year or such other date as the Directors may from time to time decide.
- A printed copy of every account, balance sheet and report which are laid before the Company in general meeting in accordance with these Articles together with the Auditor’s and Custodian’s report thereon shall not less than 21 days prior to the Meeting be sent either by post or in electronic form by electronic means to every person entitled under the provisions of the Companies Acts to receive them PROVIDED THAT this Article shall not require a copy of these documents to be sent to more than one of the joint holders of any shares.
- The Company shall prepare an un-audited half yearly report for the first six months of each financial year. Such report shall be in a form approved by the Central Bank and shall contain the information required under the Regulations.
- Copies of the half yearly report shall be made available not later than two months from the end of the period to which it relates generally at the places indicated in the Prospectus and shall be supplied to Members on request free of charge.
- The Company shall provide the Central Bank with all reports and information to which it is entitled under the Regulations.
- Auditors shall be appointed and their duties regulated in accordance with the Companies Acts. | - Die Kontenbücher werden am Geschäftssitz oder an einer anderen Stelle geführt, die die Verwaltungsratsmitglieder für geeignet erachten, und stehen jederzeit zur Einsichtnahme durch die Verwaltungsratsmitglieder offen. Die Anteilinhaber (mit Ausnahme der Verwaltungsratsmitglieder) haben kein Recht auf Einsichtnahme in ein Konto oder ein Buch oder ein Dokument der Gesellschaft, sofern das Recht nicht von den Companies Acts gewährt oder von den Verwaltungsratsmitgliedern oder der Gesellschaft auf einer Hauptversammlung eingeräumt wird.
- Die Verwaltungsratsmitglieder veranlassen von Zeit zu Zeit in Übereinstimmung mit den Bestimmungen der Companies Acts die Erstellung der Gewinn- und Verlustrechnungen, Bilanzen, ggf. Konzernabschlüsse und der in den Companies Acts genannten Berichte in Bezug auf die gesamte Gesellschaft und auf jeden Klassenfonds und deren Vorlage auf einer Hauptversammlung der Gesellschaft, abgerechnet zum Bilanzstichtag eines jeden Jahres oder zu einem von den Verwaltungsratsmitgliedern jeweils beschlossenen anderen Datum.
- Exemplare aller Abschlüsse, Bilanzen und Berichte, die der Gesellschaft in Übereinstimmung mit dieser Satzung auf einer Hauptversammlung vorzulegen sind, werden in Verbindung mit den diesbezüglichen Berichten der Wirtschaftsprüfer und der Depotbank den empfangsberechtigten Personen mindestens 21 Tage vor der Versammlung gemäß den Bestimmungen der Companies Acts postalisch oder in elektronischer Form durch elektronische Kommunikationsmittel zur Verfügung gestellt, MIT DER MASSGABE, DASS dieser Artikel nicht vorschreibt, dass ein Exemplar dieser Dokumente an mehr als einen der gemeinsamen Inhaber von Anteilen zur Verfügung zu stellen ist.
- Die Gesellschaft erstellt einen ungeprüften Halbjahresbericht für die ersten sechs Monate eines Geschäftsjahres. Dieser Bericht hat eine von der Zentralbank genehmigte Form und enthält die gemäß den Verordnungen erforderlichen Angaben.
- Exemplare des Halbjahresberichts werden spätestens zwei Monate nach Ende des Zeitraums, auf den er sich bezieht, den Anteilinhabern an den im Verkaufsprospekt genannten Stellen allgemein zur Verfügung gestellt oder auf Anfrage kostenfrei an diese versandt.
- Die Gesellschaft liefert der Zentralbank sämtliche Berichte und Informationen, zu denen sie laut den Verordnungen berechtigt ist.
- Es werden Wirtschaftsprüfer bestellt, deren Pflichten in Übereinstimmung mit den Companies Acts geregelt werden. | - The books of account shall be kept at the Office, or at such other place as the Directors think fit, and shall always be open to inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by the Companies Acts or authorised by the Directors or by the Company in general meeting.
- The Directors shall from time to time in accordance with the provisions of the Companies Acts, cause to be prepared and to be laid before the Company in general meeting both in respect of the Company as a whole and in respect of each Class Fund such profit and loss accounts, balance sheets, group accounts (if any) and reports as are specified in the Companies Acts made up to the Accounting Date in each year or such other date as the Directors may from time to time decide.
- A printed copy of every account, balance sheet and report which are laid before the Company in general meeting in accordance with these Articles together with the Auditor’s and Custodian’s report thereon shall not less than 21 days prior to the Meeting be sent either by post or in electronic form by electronic means to every person entitled under the provisions of the Companies Acts to receive them PROVIDED THAT this Article shall not require a copy of these documents to be sent to more than one of the joint holders of any shares.
- The Company shall prepare an un-audited half yearly report for the first six months of each financial year. Such report shall be in a form approved by the Central Bank and shall contain the information required under the Regulations.
- Copies of the half yearly report shall be made available not later than two months from the end of the period to which it relates generally at the places indicated in the Prospectus and shall be supplied to Members on request free of charge.
- The Company shall provide the Central Bank with all reports and information to which it is entitled under the Regulations.
- Auditors shall be appointed and their duties regulated in accordance with the Companies Acts. | en | de |
DOLFIN4292 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Credit Default Index Swap Contracts
A credit default index swap allows the transfer of default risk. This allows a Fund to effectively buy insurance on a reference index obligation it holds (hedging the investment), or buy protection on a reference index obligation it does not physically own in the expectation that the credit will decline in quality. One party, the protection buyer, makes a stream of payments to the seller of the protection, and a payment is due to the buyer if there is a credit event (a decline in credit quality, which will be predefined in the agreement between the parties). If the credit event does not occur the buyer pays all the required premiums and the swap terminates on maturity with no further payments. The risk of the buyer is therefore limited to the value of the premiums paid. In addition, if there is a credit event and the Fund does not hold the underlying reference obligation, there may be a market risk as the Fund may need time to obtain the reference index obligation and deliver it to the counterparty. Furthermore, if the counterparty becomes insolvent, the Fund may not recover the full amount due to it from the counterparty. The market for credit default indices may sometimes be more illiquid than the bond markets. The Company will mitigate this risk by monitoring in an appropriate manner the use of this type of transaction.
Credit default indices were valued at their intrinsic value. The valuation method involves the current value of the interest-rate series and the current value of the credit spread traded on the market at the closing date. The result of these revaluations together with any interest receivable/payable in relation to credit default index is shown in the Statement of Net Assets under ‘Net unrealised appreciation/(depreciation) on credit default index swap contracts’.
On 31 March 2022, the following sub-funds were committed to credit default indices agreements on financial indices:
Schroder GAIA BlueTrend
Sell CDX iTraxx Europe Crossover Series 37 | Swaps d’indices de défaut de crédit
Les swaps d’indices de défaut de crédit permettent de transférer le risque de défaut. Un Compartiment peut ainsi acheter une protection sur une obligation d’un indice de référence qu’il détient (en couvrant l’investissement) ou qu’il ne détient pas physiquement lorsqu’il estime que sa qualité de crédit est susceptible de baisser. L’une des deux parties, l’acheteur de la protection, verse au vendeur de la protection un flux de paiements et, si un incident de crédit se produit (baisse de la qualité de crédit, tel que convenu préalablement par les parties), un certain montant est dû à l’acheteur. Si aucun incident de crédit ne survient, l’acheteur verse au vendeur toutes les primes requises et le swap prend fin à l’échéance sans qu’aucun autre paiement ne soit dû. Pour l’acheteur, le risque se limite donc au montant des primes versées. Par ailleurs, si un incident de crédit se produit au titre d’une obligation de référence sous-jacente que le Compartiment ne détient pas, ce dernier s’expose au risque de marché en ce sens qu’il ne pourra pas forcément se procurer immédiatement l’obligation de l’indice de référence qu’il doit remettre à la contrepartie. En outre, si la contrepartie est déclarée insolvable, il se peut que le Compartiment ne puisse pas récupérer l’intégralité du montant dont elle lui est redevable. Le marché des indices de défaut de crédit peut parfois s’avérer moins liquide que les marchés obligataires. La Société veillera à réduire ce risque en contrôlant de manière pertinente le recours à ce type de transactions.
Les indices de défaut de crédit ont été évalués à leur valeur intrinsèque. La méthode d’évaluation tient compte de la valeur actuelle de la série de taux d’intérêt et la valeur actuelle du spread de crédit négocié sur le marché à la date de clôture. Le résultat de ces réévaluations, ainsi que tout intérêt à recevoir ou à payer relativement à des indices de défaut de crédit est présenté dans l’État de l’actif net à la rubrique « Plus/(moins)-value nette latente sur contrats swap sur indice de défaut de crédit ».
Au 31 mars 2022, les compartiments suivants étaient parties à des contrats d’indices de défaut de crédit sur indices financiers :
Schroder GAIA BlueTrend
Vente CDX iTraxx Europe Crossover Series 37 | Credit Default Index Swap Contracts
A credit default index swap allows the transfer of default risk. This allows a Fund to effectively buy insurance on a reference index obligation it holds (hedging the investment), or buy protection on a reference index obligation it does not physically own in the expectation that the credit will decline in quality. One party, the protection buyer, makes a stream of payments to the seller of the protection, and a payment is due to the buyer if there is a credit event (a decline in credit quality, which will be predefined in the agreement between the parties). If the credit event does not occur the buyer pays all the required premiums and the swap terminates on maturity with no further payments. The risk of the buyer is therefore limited to the value of the premiums paid. In addition, if there is a credit event and the Fund does not hold the underlying reference obligation, there may be a market risk as the Fund may need time to obtain the reference index obligation and deliver it to the counterparty. Furthermore, if the counterparty becomes insolvent, the Fund may not recover the full amount due to it from the counterparty. The market for credit default indices may sometimes be more illiquid than the bond markets. The Company will mitigate this risk by monitoring in an appropriate manner the use of this type of transaction.
Credit default indices were valued at their intrinsic value. The valuation method involves the current value of the interest-rate series and the current value of the credit spread traded on the market at the closing date. The result of these revaluations together with any interest receivable/payable in relation to credit default index is shown in the Statement of Net Assets under ‘Net unrealised appreciation/(depreciation) on credit default index swap contracts’.
On 31 March 2022, the following sub-funds were committed to credit default indices agreements on financial indices:
Schroder GAIA BlueTrend
Sell CDX iTraxx Europe Crossover Series 37 | en | fr |
DOLFIN4293 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 3 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 815 USD | 1506 USD |
| Incidence des coûts annuels (*) | 8,15 % | 4,23 % | | | Ejemplo de inversión 10 000 USD | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 815 USD | 1506 USD |
| Incidencia anual de los costes (*) | 8,15 % | 4,23 % | | | Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 3 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 815 USD | 1506 USD |
| Incidence des coûts annuels (*) | 8,15 % | 4,23 % | | fr | es |
DOLFIN4294 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Appendix I
## Data Protection Notification
- In accordance with the data protection law applicable to the Grand-Duchy of Luxembourg including the Law of 2 August 2002 on the protection of persons with regard to the processing of personal data (as may be amended from time to time), the General Data Protection Regulation (EU/2016/679) and all applicable laws (together, the “Data Protection Laws”), the Company, acting as “data controller” within the meaning of the Data Protection Laws, hereby informs prospective investors and holders of shares in the Company (together, “Shareholders”, and each a “Shareholder”) that personal data provided by each Shareholder to the Company (“Personal Data”, as defined in paragraph (b), below) may be collected, recorded, stored, adapted, transferred or otherwise processed, by electronic means or otherwise, for the following purposes (each a “Processing Purpose”):
- to enable and process the subscription and redemption of Shares in the Company by investors, including (without limitation) the facilitation and processing of payments by and to the Company (including the payment of subscription monies and redemption proceeds, the payment of fees by and to Shareholders and the payment of distributions on Shares), and generally to enable and give effect to the participation of investors in the Company;
- to enable an account to be maintained of all payments referenced in sub-paragraph (1), above;
- to enable the maintaining of a register of Shareholders in accordance with applicable laws;
- to carry out or to facilitate the carrying out with respect to Shareholders of credit, money laundering, due diligence and conflict checks, for the purposes of fraud, money-laundering, financial crime prevention and tax identification laws (including FATCA and CRS and applicable anti-money laundering laws), and generally to enable the Company to comply with its legal obligations arising in connection therewith;
- to enable the Company to perform controls in respect of late trading and market timing practices;
- to facilitate the provision to the Company of services by the service providers referenced in this Prospectus, including (without limitation) the authorisation or confirmation of billing transactions and payments by and to the Company;
- to facilitate the operational support and development necessary to the Company’s investment objectives and strategies with respect to its Sub-Funds, including (without limitation) the Company’s risk management processes, and the evaluation of services provided to the Company by third- party service providers;
- in relation to any litigation, disputes or contentious matter in which the Company is involved;
- to comply with legal and regulatory obligations, (including any legal or regulatory guidance, codes or opinions), applicable to the Company anywhere in the world;
- to comply with legal and regulatory requests made to the Company anywhere in the world;
- to facilitate reporting, including (without limitation) transaction reporting to, and audits by, national and international regulatory, enforcement or exchange bodies, and tax authorities (including the Luxembourg Tax Authority) and the compliance by the Company with court orders associated therewith;
- for the Monitoring Purposes defined and specified in Section (e) below; and
- for direct marketing purposes specified in Section (g) below.
The Company may not collect Personal Data without a valid legal ground. Accordingly, the Company will only process and use Personal Data:
- if necessary to enter into, to execute or to carry out a contract with each Shareholder for the services or products they required by the Shareholder (as described in Processing Purposes 1 to 3 inclusive, above);
- if necessary for the Company’s legitimate interests, provided in each case that such interests are not overridden by the privacy interests of impacted individuals. The Company’s legitimate interests are described in the Processing Purposes 1 to 12 inclusive, above;
- to exercise and defend the Company’s legal rights anywhere in the world as described in Processing Purpose 8 above; and
- if necessary to comply with legal obligations, (including any legal or regulatory guidance, codes or opinions), applicable to the Company anywhere in the world as described in Processing Purposes 4, 9 and 10 above.
- “Personal Data” includes data that is personal to a Shareholder (whether a Shareholder is a natural or a legal person) and which the Company obtains directly from a Shareholder and/or indirectly from a data processor such as personal details (including, at a minimum, a Shareholder’s name, legal organization, country of residence, address and contact details) and financial account information. Some of this information will be publicly accessible.
Under certain conditions set out under the Data Protection Laws, a Shareholder shall have the right to:
- access to his/her/its Personal Data;
- to correct or amend his/her/its Personal Data when such Personal Data is inaccurate or incomplete;
- to object to the processing of his/her/its Personal Data;
- to refuse at his/her/its own discretion to provide his/her/its Personal Data to the Company;
- to request the erasure of his/her/its Personal Data; and
- to request the portability of his/her/its Personal Data in accordance with the Data Protection Laws.
Shareholders should note in particular that a refusal to provide Personal Data to the Company may result in the Company being required to reject his/her/its application for Shares in the Company.
Shareholders may exercise these rights by contacting the Company at [email protected]. In addition to exercising these rights, Shareholders have also a right to lodge a complaint in connection with matters concerning the processing and protection of Personal Data with the Company at [email protected], without prejudice to their ability to submit a complaint to the National Commission for Data Protection in Luxembourg (the “CNPD”).
- For any Processing Purpose, the Company will delegate the processing of Personal Data, in accordance with the Data Protection Laws, to other parties, including the Management Company, the Administrator and Paying Agent, the Domiciliary Agent, the Registrar and Transfer Agent, and the Depositary, as well as other parties such as settlement agents, foreign banks or exchange or clearing houses, credit reference, fraud prevention and other similar agencies, and other financial institutions, together with parties to which the Company and/or the Management Company may assign or novate Personal Data (each a “Data Processor”, and together the “Data Processors”).
A Data Processor may, subject to the approval of the Company, sub-delegate the processing of Personal Data (and, pursuant to such sub-delegation, the transfer thereof) to its parent company or organization, affiliates, branch offices or third party agents (together, the “Delegates”).
Data Processors and Delegates may be located in countries outside of the EEA (which may include Malaysia, India, United States of America and Hong Kong), where data protection laws may not provide an adequate level of protection. In such cases the Data Processor, with the supervision of the Company, will ensure (i) that it has put in place appropriate data transfer mechanisms with the Company, and (ii) if applicable, that the Delegate has put in place appropriate data transfer mechanisms, in each case such as European Commission Standard Contractual Clauses. Shareholders can obtain a copy of the relevant data transfer mechanism that the Company has put in place by contacting the Company at [email protected].
The Company will disclose Personal Data to the Luxembourg tax authority, which in turn, acting as data controller, may disclose that Personal Data to foreign tax authorities.
- In compliance with the Data Protection Laws, the Company will retain Personal Data in an identifiable form in accordance with the Company’s information management policy which establishes general standards and procedures regarding the retention, handling and disposal of Personal Data. Personal Data shall not be retained for longer than is necessary with regard to the Processing Purposes, subject to any limitation periods imposed by law. Upon request, the Company will provide a Shareholder with more information on the exact retention periods applying to its Personal Data. The retention period may be extended in the sole discretion of the Company if the Company is required to preserve Personal Data in connection with litigation, regulatory investigations and legal proceedings.
- To the extent permitted by the Data Protection Laws, the Company and the Management Company (acting as “data controller” within the meaning of the Data Protection Laws) will access, review, disclose, intercept, monitor and record (together, “Monitoring”) (i) verbal and electronic messaging and communications (for example, and without limitation, telephone, sms, instant message, email, Bloomberg and any other electronic or recordable communications) with a Shareholder or Shareholders’ agent (together, “Communications”), and (ii) a Shareholder’s use of technology owned, provided or made accessible by the Company and the Management Company, including (without limitation) systems that facilitate Communications with Shareholders, information processing, transmission, storage and access, including remote access (together, “Systems”).
The Company and the Management Company will subject Communications and Systems to Monitoring only for the following purposes (together, “Monitoring Purposes”):
- to establish the existence of facts (e.g., keeping records of transactions);
- to ascertain compliance with regulatory or self-regulatory practices or procedures which are applicable to the Company and/or the Management Company;
- to ascertain or demonstrate standards which are achieved or ought to be achieved by persons using Systems, including compliance with any terms of use associated use of Systems;
- to prevent, detect or investigate crime, money laundering, fraud, financial crime and/or other breaches of applicable law;
- to comply with applicable laws and regulations, any material contract and any applicable policies and procedures;
- to safeguard against the loss, theft, unauthorised and unlawful collection, use, disclosure, destruction or other processing or misuse of confidential and proprietary information;
- to prevent, detect or investigate unauthorised use of Systems and/or data (e.g., Monitoring to ensure compliance with the policies and procedures of the Company and/or the Management Company , including without limitation those relating to information security and cyber security);
- to ensure the effective operation of Systems (including telephones, email and internet) systems;
- for support and administration purposes;
- to assist with investigations, complaints, regulatory requests, litigation, arbitration, mediation or requests from individuals; and
- in particular, in the course of the operational support and development of the business of the Company and/or the Management Company, such as to evaluate the quality of customer service, efficiency, cost and risk management purposes.
Monitoring will be conducted by the Company and/or the Management Company using various methods, including: (i) the use of “intelligent” automated monitoring tools; (ii) IT filtering tools which randomly review Systems; (iii) random monitoring of Systems, e.g. by authorised supervisors randomly joining on-going telephone calls on sales and trading floors; (iv) specific monitoring of Systems, e.g. in relation to investigations, regulatory requests, subject access requests, litigation, arbitration or mediation; (v) data tracking, aggregation and analysis tools that collect data from various sources to extrapolate linkages and/or detect behavioural patterns, interactions or preferences for analysis (including predictive analysis); and/or (vi) using other similar Monitoring technology that may become available from time to time.
The Company and/or the Management Company also use cookies and similar technologies to collect information about Shareholders as part of and/or in connection with services provided by them or in connection with any System owned or provided by them. By accessing or using services or a System, a Shareholder signifies his/her/its understanding that the Company and/or the Management Company will use such cookies and similar technologies as detailed in the Company’s privacy policy, and that if the Shareholder chooses to reject such cookies, some or all parts of the services or the relevant System may not function properly or may not be accessible. To find out more about how the Company and/or the Management Company uses cookies and similar technologies, how the Company and/or the Management Company processes the information obtained through cookies and how a Shareholder
may reject cookies, see the Company’s privacy policy at www.morganstanley.com/privacy_pledge.
- Any documentation or records relating to the Monitoring of Systems shall be prima facie evidence of any orders or communications that have been subjected to Monitoring, and Shareholders agree that such records shall be admissible as such in any legal proceedings. Furthermore, Shareholders confirm that they will not use, file, or cite as a reason for objecting to the admission of such records as evidence in any legal proceedings either that the records are not originals, or are not in writing or are documents produced by a computer. The Company and/or the Management Company will retain such records in accordance with its operational procedures which may change from time to time in its absolute discretion, however, such records shall not be held by the Company for longer than is necessary with regard to the Monitoring Purposes, subject to any limitation periods imposed by law. Shareholders are hereby informed that this record keeping should not be deemed to be a substitute for their own keeping of adequate records in accordance with any applicable rules or regulations to which they are subject.
- If there are any products or services that the Company and/or the Management Company believes may be of particular interest to a Shareholder, whether provided or sponsored by the Company and/or the Management Company or their respective affiliates, or by third party investment services providers (for example, a fund manager or insurance service provider not affiliated with the Company, the Management Company or their respective affiliates), the Company, the Management Company or their respective affiliates will contact that Shareholder by means which may include mail, email, sms and telephone), including outside standard working hours. When required by the Data Protection Laws, a Shareholder’s prior consent will be requested before its Personal Data is used to make or facilitate direct marketing of this nature. If a Shareholder does not wish the Company, the Management Company or their respective affiliates to use its Personal Data in this way, or does not wish to provide Personal Data for such direct marketing purposes, the Shareholder may notify the Company, the Management Company or their respective affiliates at any time in accordance with section (b) above or as directed in any marketing materials that may be received by Shareholders. In this respect, each Shareholder has a right to object to the use of his/her/its Personal Data for marketing purposes. This objection must be made in writing by letter addressed to the Company, the Management Company or their respective affiliates at European Bank and Business Centre, 6B route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg, or at [email protected].
- Before providing the Company and/or the Management Company with access to, or permitting any access to, or permitting the processing of, Personal Data which contains any data regarding an individual in connection with this Prospectus, a Shareholder should ensure that: (i) the individual understands that the Shareholder will be providing their Personal Data to the Company, the Management Company or their respective affiliates; (ii) the individual has been provided with the information set out herein regarding the collection, use, processing, disclosure and overseas transfer of Personal Data, the use of Personal Data for direct marketing purposes, and the possibility of monitoring or recording of their or their agent’s communications by the Company, the Management Company or their respective affiliates (in each case if permitted by the Data Protection Laws); (iii) if required, the individual has provided their consent to the processing by the Company, the Management Company or their respective affiliates of their Personal Data or that another legal basis to process Personal Data is satisfied; and (iv) the individual is aware of their data protection rights and how to exercise these. | # Appendice I
## Informativa sui Dati Personali
- In conformità alla normativa sulla protezione dei dati personali applicabile nel Granducato del Lussemburgo, compresa la Legge del 2 agosto 2002 sulla protezione delle persone con riguardo al trattamento dei dati personali (ed eventuali modifiche sopravvenute), il Regolamento (UE) 2016/679 (“Regolamento Generale sulla Protezione dei Dati”), nonché ogni altra norma applicabile (congiuntamente, le “Norme sulla Protezione dei Dati”), la Società, operando in qualità di “Titolare del Trattamento” nel significato di cui alle Norme sulla Protezione dei Dati, con la presente informa i potenziali investitori e i possessori di azioni della Società (congiuntamente, gli “Azionisti”, e ciascuno di essi, l’”Azionista”) sul fatto che i dati personali forniti da ciascun Azionista alla Società (i “Dati Personali”, come definiti nel paragrafo (b) di seguito) possono essere raccolti, registrati, conservati, modificati, trasferiti o trattati in altro modo, con o senza l’ausilio di mezzi informatici, per le seguenti finalità (ciascuna delle quali è uno “Scopo del Trattamento”):
- per permettere e per trattare la sottoscrizione e il rimborso delle Azioni della Società disposti dagli investitori, compresa (a titolo non esaustivo) l’agevolazione e l’esecuzione dei pagamenti dalla o verso la Società (compresi i pagamenti degli importi delle sottoscrizioni e dei proventi dei rimborsi delle Azioni), e in generale per consentire e rendere effettiva la partecipazione degli investitori nella Società;
- per permettere di tener traccia di tutti i pagamenti menzionati nel sotto-paragrafo (1) che precede;
- per permettere di mantenere un registro degli Azionisti, in conformità con la normativa applicabile;
- per effettuare o consentire l’effettuazione, in relazione agli Azionisti, di controlli su credito, riciclaggio, adeguata verifica, controllo di conflitti, per i fini indicati dalle norme per la prevenzione delle frodi, del riciclaggio dei reati finanziari e dalle norme relative all’anagrafe tributaria (comprese le norme statunitensi del “Foreign Account Tax Compliance Act – FATCA” e gli Standard internazionali Comuni di Comunicazione o Common Reporting Standards – “CRS”, nonché la normativa antiriciclaggio applicabile), e in generale per permettere alla Società di adempiere agli obblighi di legge a cui è soggetta;
- per permettere alla Società di effettuare controlli in relazione a pratiche di late trading o di market timing;
- per consentire la fornitura alla Società di servizi da parte dei fornitori indicati nel presente Prospetto, comprese (a titolo non esaustivo) l’autorizzazione o la conferma di operazioni di fatturazione e di pagamento dalla o verso la Società;
- per agevolare il supporto operativo e lo sviluppo necessari agli obiettivi e alle strategie d’investimento della Società in relazione ai propri Comparti, compresi (a titolo non esaustivo) i processi di gestione del rischio della Società e la valutazione dei servizi forniti alla Società da soggetti terzi;
- in relazione a qualsiasi controversia, disputa o contenzioso in cui sia coinvolta la Società;
- per adempiere ad obblighi legali e regolamentari (inclusa ogni linea guida, codice di condotta o raccomandazione) applicabili alla Società ovunque nel mondo;
- per adempiere ad istanze legali o regolamentari avanzate alla Società in qualunque giurisdizione nel mondo;
- per permettere la rendicontazione, compresa (a titolo non esaustivo) la segnalazione delle operazioni alle autorità e agli organi di vigilanza, ispettivi e di mercato, nonché fiscali (compresa l’Autorità Fiscale del Lussemburgo), nazionali e internazionali, nonché le verifiche da parte di tali autorità ed organi e l’osservanza da parte della Società delle decisioni delle Autorità Giuridiziarie in relazione a quanto sopra;
- per le Finalità dei Controlli, come definiti e specificati nella seguente Sezione (e);
- per i fini di commercializzazione diretta specificati nella seguente Sezione (g).
La Società non può raccogliere i Dati Personali in mancanza di una valida base legale. Conseguentemente, la Società tratterà e utilizzerà i Dati Personali esclusivamente:
- se necessario a concludere, stipulare o eseguire un contratto con ciascun Azionista avente ad oggetto i servizi o i prodotti richiesti da tale Azionista (come descritto sopra negli Scopi del Trattamento ai numeri da 1 a 3 incluso);
- se necessario per gli interessi legittimi della Società, purché in ciascuna ipotesi su tali interessi non prevalgano gli interessi alla tutela della riservatezza dei soggetti interessati. Gli interessi legittimi della Società sono descritti sopra negli Scopi del Trattamento da 1 a 12 incluso;
- per esercitare e difendere i diritti della Società ovunque nel mondo come descritto sopra nello Scopo del Trattamento 8; e
- se necessario, per adempiere a obblighi legali, (compresa ogni linea guida, codice o parere di fonte legislativa o regolamentare) a cui la Società sia soggetta ovunque nel mondo, come sopra descritto negli Scopi del Trattamento 4, 9 e 10;
- I “Dati Personali” comprendono i dati che sono personali per un Azionista (sia esso una persona fisica o giuridica) e che la Società ottiene direttamente da un Azionista e/o indirettamente da un responsabile del trattamento, come i dettagli personali (inclusi, come minimo, il nome, la ragione sociale/ denominazione, lo Stato di residenza, l’indirizzo e i dati di contatto dell’Azionista) e informazioni sul conto finanziario. Alcune di queste informazioni potranno essere accessibili al pubblico.
Subordinatamente a determinate condizioni stabilite dalle Norme sulla Protezione dei Dati, un Azionista ha il diritto:
- di accedere ai propri Dati Personali;
- di correggere o modificare i propri Dati Personali nel caso in cui tali Dati Personali fossero inesatti o incompleti;
- di opporsi al trattamento dei propri Dati Personali;
- di rifiutare a propria discrezione di fornire i propri Dati Personali alla Società;
- di richiedere la cancellazione dei propri Dati Personali; evii. di richiedere la portabilità dei propri Dati Personali in conformità con le Norme sulla Protezione dei Dati.
Gli Azionisti dovrebbero prestare particolare attenzione al fatto che un rifiuto di fornire i Dati Personali alla Società potrebbe comportare costringere la Società a rifiutare una richiesta di sottoscrizione di Azioni della Società.
Gli Azionisti possono esercitare questi diritti contattando la Società all’indirizzo di posta elettronica [email protected]. In aggiunta all’esercizio di tali diritti, gli Azionisti hanno anche il diritto di proporre reclamo alla Società in relazione a questioniconcernenti il trattamento e la protezione dei Dati Personali all’indirizzo di posta elettronica [email protected], senza che ciò pregiudichi la loro facoltà di presentare un reclamo alla Commissione Nazionale per la Protezione dei Dati nel Lussemburgo (la “CNPD”).
- Per ogni Scopo del Trattamento, la Società darà incarico di trattare i Dati Personali, nel rispetto delle Norme sulla Protezione dei Dati, a soggetti terzi, compresi la Società di Gestione, l’Amministratore Centrale e l’Agente per i Pagamenti, il Domiciliatario, il Custode dei Registri e Agente per i Trasferimenti e la Banca Depositaria, così come altri soggetti quali agenti di regolamento, banche estere o stanze di cambio o di compensazione, agenzie di referenze per il credito, agenzie per la prevenzione delle frodi e altre agenzie simili, oltre ad altre istituzioni finanziarie, insieme con i soggetti a cui la Società e/o la Società di Gestione può cedere o novare i Dati Personali(ciascuno dei quali un “Responsabile del Trattamento”, e insieme i “Responsabili del Trattamento”).
Un Responsabile del Trattamento può, subordinatamente all’approvazione della Società, subdelegare il trattamento dei Dati Personali (e, secondo quanto previsto da tale sub-delega, il trasferimento presso i medesimi) alla propria Società capogruppo ovvero organizzazione, collegate, succursali o terzi mandatari (congiuntamente, i “Sub-delegati”).
I Responsabili del Trattamento e i Sub-delegati potrebbero essere situati in Paesi al di fuori delSEE (i quali possono includere Malesia, India, Stati Uniti d’America e Hong Kong), nei quali la normativa sui dati personali potrebbe non offrire un livello di protezione adeguato. In questi casi il Responsabile del Trattamentoi, sotto la supervisione della Società, garantirà (i) di aver posto in essere dei meccanismi di trasferimento dei dati adeguati e (ii), ove applicabile, che ogni Sub-delegato abbia posto in essere meccanismi di trasferimento dei dati adeguati, come le Clausole Contrattuali Tipo della Commissione Europea. Gli Azionisti potranno ottenere una copia dei rilevanti meccanismi di trasferimento dei dati contattando la Società all’indirizzo di posta elettronica [email protected].
La Società trasmetterà i Dati Personali all’autorità fiscale lussemburgese, la quale, a sua volta, in quanto Titolare del Trattamento, potrà comunicare tali Dati Personali ad autorità fiscali estere.
- Ai sensi delle Norme sulla Protezione dei Dati, la Società conserverà i Dati Personali in forma identificabile in conformità alle politiche di gestione delle informazioni della Società, che stabiliscono standard e procedure generali in relazione alla conservazione, il trattamento e la disposizione dei Dati Personali. Questi ultimi non saranno conservati per periodi superiori a quanto necessario in relazione allo Scopo del Trattamento, fatte salve le limitazioni alla conservazione prescritte dalla legge. Se richiesto, la Società fornirà a un Azionista maggiori informazioni sul periodo esatto di conservazione applicabile ai suoi Dati Personali. Il periodo di conservazione può essere esteso a discrezione della Società se questa è tenuta a conservare i Dati Personali in relazione a contenziosi, verifiche delle Autorità di vigilanza e procedimenti legali.
- Nella misura consentita dalle Norme sulla Protezione dei Dati, la Società e la Società di Gestione (agendo in qualità di “responsabili del trattamento” secondo la definizione di cui alle Norme sulla Protezione dei Dati) potranno avere accesso, verificare, rivelare, bloccare, controllare e registrare (attività congiuntamente definite i “Controlli”): (i) i messaggi e le comunicazioni, verbali ed elettronici (come, a titolo non esaustivo, telefonate, sms, messaggi istantanei, posta elettronica,Bloomberg ed ogni altro tipo di comunicazione elettronica o che possa essere registrata), con un Azionista o con un suo mandatario (congiuntamente, le “Comunicazioni”) e (ii) l’uso da parte dell’Azionista di tecnologie di loro proprietà, fornite o rese disponibili dalla Società e dalla Società di Gestione compresi (a titolo non esaustivo) i sistemi di comunicazione con gli Azionisti e il trattamento, la trasmissione, la conservazione e l’accesso (compreso quello da remoto) alle informazioni (congiuntamente, i “Sistemi”).
La Società e la Società di Gestione assoggetteranno le Comunicazioni e i Sistemi ai Controlli solo per le seguenti finalità (congiuntamente le “Finalità dei Controlli”):
- per stabilire l’esistenza di un fatto (p.es., la registrazione di un’operazione);
- per accertare di avere agito in conformità a norme o procedure prescritte da leggi o autoregolamentazioni applicabili alla Società e/ alla Società di Gestione;
- per accertare o dimostrare gli standard di utilizzo attuati o che dovrebbero essere attuati dalle persone che usano i Sistemi, compreso il rispetto di qualsiasi condizione di utilizzo associata ai Sistemi;
- per prevenire, scoprire o indagare su reati, riciclaggio, frodi, reati finanziari e/o altre violazioni delle leggi applicabili;
- per adempiere a quanto prescritto da leggi e regolamenti applicabili, dai contratti di maggiore importanza e da qualsiasi politica e procedura;
- per proteggere dalla perdita, dal furto e dalla raccolta, utilizzo, rivelazione, distruzione o altra forma di trattamento o uso non autorizzati o illeciti di informazioni proprietarie e riservate;
- per prevenire, scoprire o indagare sull’uso non autorizzato dei Sistemi e/o dei dati (p.es, controlli per assicurare la conformità con le politiche e le procedure della Società e/o della Società di Gestione, comprese a titolo non esaustivo quelle sulla sicurezza delle informazioni e la cibersicurezza;
- per assicurare l’effettivo funzionamento dei Sistemi (compresi i sistemi telefonici, la posta elettronica e Internet);
- per finalità di supporto ed amministrative;
- per finalità di assistenza in indagini, reclami, richieste di Autorità di vigilanza o di altri soggetti, contenziosi, arbitrati o mediazioni; e
- in particolare, nel corso del supporto operativo e dello sviluppo delle attività commerciali della Società e/o della Società di Gestione, per esempio per valutare la qualità delservizio clienti, e per fini di efficienza e di gestione dei costi e dei rischi.
I Controlli verranno effettuati dalla Società o dalla Società di Gestione con vari metodi, compresi: (i) l’uso di sistemi di controllo automatici “intelligenti”; (ii) filtri IT che controllano i Sistemi a campione; (iii) controlli casuali dei Sistemi, p.es., con ispettori autorizzati che, scegliendole a campione, si collegano a telefonate in corso sulle vendite o alle sedi di negoziazione; (iv) controlli specifici dei Sistemi, p.es., in relazione a indagini, richieste delle Autorità di vigilanza, richieste di accesso da parte degli interessati, contenziosi, arbitrati o mediazioni; (v) strumenti di ricerca, aggregazione ed analisi dei dati che raccolgono i dati da varie fonti per estrapolare dei legami o delle caratteristiche comportamentali, interazioni o preferenze ai fini della loro analisi (comprese analisi predittive) e/o (vi) effettuando i Controlli con le altre tecnologie che dovessero rendersi disponibili di volta in volta.
La Società e/o la Società di Gestione utilizzano anche dei cookies e tecnologie simili per raccogliere informazioni sugli Azionisti nel contesto o in relazione ai servizi da esse forniti ovvero in relazione ai Sistemi di proprietà o posti a disposizione dalla Società e/o dalla Società di Gestione a tali Azionisti. Accedendo o utilizzando i servizi o un Sistema, un Azionista esprime la propria presa d’atto che la Società e/o la Società di Gestione useranno i cookies e tecnologie simili secondo quanto indicato nelle politiche di protezione dei dati della Società, e che se un Azionista decide di rifiutare tali cookies, alcuni o tutti i servizi o il Sistema rilevante potrebbero non funzionare adeguatamente o essere accessibili. Per sapere di più su come la Società e/o la Società di Gestione usano i cookies e le tecnologie simili, come la Società e/o la Società di Gestione trattano le informazioni ottenute tramite i cookies e come un Azionista può rifiutare i cookies si prega di leggere la politica di protezione dei dati della Società al link www.morganstanley.com/privacy_pledge.
- Qualsiasi documentazione o registrazione relative ai Controlli sui Sistemi costituiranno, in prima istanza, la prova delle istruzioni, ordini o comunicazioni che sono stati sottoposti ai Controlli, e gli Azionisti prendono atto the tali registrazioni saranno ammissibili come mezzi di prova in eventuali contenziosi. Inoltre, gli Azionisti confermano che, ove dovessero presentare delle memorie per opporsi all’ammissione di tali registrazioni come mezzi di prova in qualsiasi giudizio, non argomenteranno che esse non sono originali, o che non sono in forma scritta o che sono documenti prodotti da un elaboratore. La Società e/o la Società di Gestione conserveranno tali registrazioni in conformità alle proprie procedure operative, procedure che la Società o la Società di Gestione possono cambiare a propria assoluta discrezione: tuttavia, tali registrazioninon potranno essere conservate dalla Società per periodi più lunghi di quanto necessario con riferimento alle Finalità dei Controlli, fatte salve le limitazioni alla conservazione prescritte dalla legge. Gli Azionisti sono tuttavia informati che le anzidette registrazioni da parte della Società non devono essere ritenute idonee a sostituire la tenuta di appropriate annotazioni da parte dell’Azionista in conformità a norme o regolamenti a cui tale Azionista è soggetto.
- Se la Società e/o la Società di Gestione ritengono che dei prodotti o servizi – sia istituiti o promossi dalla Società e/o dalla Società di Gestione o da entità ad esse collegate che da fornitori di servizi di investimento non appartenenti al Gruppo (ad esempio un gestore di fondi o una società di assicurazione non collegata alla Società, alla Società di Gestione né ad alcuna delle loro collegate) – possano essere di particolare interesse per un Azionista, la Società e/o la Società di Gestione e/o le loro collegate potranno contattare tale Azionista (con modalità che comprendono la posta, la posta elettronica, gli sms ed il telefono), anche al di fuori del normale orario lavorativo. Quando prescritto dalle Norme sulla Protezione dei Dati, verrà richiesto il consenso dell’Azionista prima di usare i suoi dati per effettuare o rendere possibile delle forme di commercializzazione diretta di questo tipo. Nel caso in cui un Azionista non desideri che la Società, la Società di Gestione o una delle loro collegate usino i suoi Dati Personali in questo modo, oppure non voglia fornire i suoi Dati Personali per i fini della suddetta commercializzazione diretta, potrà notificare tale diniego in qualsiasi momento alla Società, alla Società di Gestione o alle loro collegate in conformità alla precedente sezione b), oppure in conformità alle istruzioni contenute nei materiali promozionali che possono essere ricevuti dagli Azionisti. A questo riguardo, ogni Azionista ha un diritto di opporsi all’uso dei propri Dati Personali per finalità di commercializzazione diretta. Tale obiezione deve essere sollevata per iscritto attraverso una lettera indirizzata alla Società, alla Società di Gestione o alle loro rispettive collegate presso l’European Bank and Business Centre, 6B route de Trèves, L-2633 Senningerberg, Granducato del Lussemburgo, ovvero all’indirizzo di posta elettronica [email protected].
- Prima di autorizzare la Società e/o la Società di Gestione ad accedere, a permettere l’accesso o a consentire il trattamento, in relazione al presente Prospetto, di Dati Personali che contengono anche dati relativi a soggetti terzi, un Azionista dovrà assicurarsi:(i) che quella persona sia consapevole che l’Azionista fornirà i suoi Dati Personali alla Società, alla Società di Gestione o alle loro collegate; (ii) che a quella persona siano state fornite le informazioni qui contenute, riguardanti la raccolta, l’uso, il trattamento, la trasmissione ed il trasferimento dei Dati Personali, il loro uso per finalità di commercializzazione diretta e la possibilità che la Società, la Società di Gestione o le lorocollegate controllino o registrino le comunicazioni di tale soggetto terzo o dei suoi mandatari (in ogni caso nella misura in cui sia consentito dalle Norme sulla Protezione dei Dati); (iii) se prescritto, che quella persona abbia dato il consenso al trattamento dei dati da parte della Società, la Società di Gestione o le loro collegate, o che ricorra un’altra base giuridica per il trattamento e che (iv) quella persona sia a conoscenza dei propri diritti in relazione alla protezione dei dati e di come esercitarli. | # Appendix I
## Data Protection Notification
- In accordance with the data protection law applicable to the Grand-Duchy of Luxembourg including the Law of 2 August 2002 on the protection of persons with regard to the processing of personal data (as may be amended from time to time), the General Data Protection Regulation (EU/2016/679) and all applicable laws (together, the “Data Protection Laws”), the Company, acting as “data controller” within the meaning of the Data Protection Laws, hereby informs prospective investors and holders of shares in the Company (together, “Shareholders”, and each a “Shareholder”) that personal data provided by each Shareholder to the Company (“Personal Data”, as defined in paragraph (b), below) may be collected, recorded, stored, adapted, transferred or otherwise processed, by electronic means or otherwise, for the following purposes (each a “Processing Purpose”):
- to enable and process the subscription and redemption of Shares in the Company by investors, including (without limitation) the facilitation and processing of payments by and to the Company (including the payment of subscription monies and redemption proceeds, the payment of fees by and to Shareholders and the payment of distributions on Shares), and generally to enable and give effect to the participation of investors in the Company;
- to enable an account to be maintained of all payments referenced in sub-paragraph (1), above;
- to enable the maintaining of a register of Shareholders in accordance with applicable laws;
- to carry out or to facilitate the carrying out with respect to Shareholders of credit, money laundering, due diligence and conflict checks, for the purposes of fraud, money-laundering, financial crime prevention and tax identification laws (including FATCA and CRS and applicable anti-money laundering laws), and generally to enable the Company to comply with its legal obligations arising in connection therewith;
- to enable the Company to perform controls in respect of late trading and market timing practices;
- to facilitate the provision to the Company of services by the service providers referenced in this Prospectus, including (without limitation) the authorisation or confirmation of billing transactions and payments by and to the Company;
- to facilitate the operational support and development necessary to the Company’s investment objectives and strategies with respect to its Sub-Funds, including (without limitation) the Company’s risk management processes, and the evaluation of services provided to the Company by third- party service providers;
- in relation to any litigation, disputes or contentious matter in which the Company is involved;
- to comply with legal and regulatory obligations, (including any legal or regulatory guidance, codes or opinions), applicable to the Company anywhere in the world;
- to comply with legal and regulatory requests made to the Company anywhere in the world;
- to facilitate reporting, including (without limitation) transaction reporting to, and audits by, national and international regulatory, enforcement or exchange bodies, and tax authorities (including the Luxembourg Tax Authority) and the compliance by the Company with court orders associated therewith;
- for the Monitoring Purposes defined and specified in Section (e) below; and
- for direct marketing purposes specified in Section (g) below.
The Company may not collect Personal Data without a valid legal ground. Accordingly, the Company will only process and use Personal Data:
- if necessary to enter into, to execute or to carry out a contract with each Shareholder for the services or products they required by the Shareholder (as described in Processing Purposes 1 to 3 inclusive, above);
- if necessary for the Company’s legitimate interests, provided in each case that such interests are not overridden by the privacy interests of impacted individuals. The Company’s legitimate interests are described in the Processing Purposes 1 to 12 inclusive, above;
- to exercise and defend the Company’s legal rights anywhere in the world as described in Processing Purpose 8 above; and
- if necessary to comply with legal obligations, (including any legal or regulatory guidance, codes or opinions), applicable to the Company anywhere in the world as described in Processing Purposes 4, 9 and 10 above.
- “Personal Data” includes data that is personal to a Shareholder (whether a Shareholder is a natural or a legal person) and which the Company obtains directly from a Shareholder and/or indirectly from a data processor such as personal details (including, at a minimum, a Shareholder’s name, legal organization, country of residence, address and contact details) and financial account information. Some of this information will be publicly accessible.
Under certain conditions set out under the Data Protection Laws, a Shareholder shall have the right to:
- access to his/her/its Personal Data;
- to correct or amend his/her/its Personal Data when such Personal Data is inaccurate or incomplete;
- to object to the processing of his/her/its Personal Data;
- to refuse at his/her/its own discretion to provide his/her/its Personal Data to the Company;
- to request the erasure of his/her/its Personal Data; and
- to request the portability of his/her/its Personal Data in accordance with the Data Protection Laws.
Shareholders should note in particular that a refusal to provide Personal Data to the Company may result in the Company being required to reject his/her/its application for Shares in the Company.
Shareholders may exercise these rights by contacting the Company at [email protected]. In addition to exercising these rights, Shareholders have also a right to lodge a complaint in connection with matters concerning the processing and protection of Personal Data with the Company at [email protected], without prejudice to their ability to submit a complaint to the National Commission for Data Protection in Luxembourg (the “CNPD”).
- For any Processing Purpose, the Company will delegate the processing of Personal Data, in accordance with the Data Protection Laws, to other parties, including the Management Company, the Administrator and Paying Agent, the Domiciliary Agent, the Registrar and Transfer Agent, and the Depositary, as well as other parties such as settlement agents, foreign banks or exchange or clearing houses, credit reference, fraud prevention and other similar agencies, and other financial institutions, together with parties to which the Company and/or the Management Company may assign or novate Personal Data (each a “Data Processor”, and together the “Data Processors”).
A Data Processor may, subject to the approval of the Company, sub-delegate the processing of Personal Data (and, pursuant to such sub-delegation, the transfer thereof) to its parent company or organization, affiliates, branch offices or third party agents (together, the “Delegates”).
Data Processors and Delegates may be located in countries outside of the EEA (which may include Malaysia, India, United States of America and Hong Kong), where data protection laws may not provide an adequate level of protection. In such cases the Data Processor, with the supervision of the Company, will ensure (i) that it has put in place appropriate data transfer mechanisms with the Company, and (ii) if applicable, that the Delegate has put in place appropriate data transfer mechanisms, in each case such as European Commission Standard Contractual Clauses. Shareholders can obtain a copy of the relevant data transfer mechanism that the Company has put in place by contacting the Company at [email protected].
The Company will disclose Personal Data to the Luxembourg tax authority, which in turn, acting as data controller, may disclose that Personal Data to foreign tax authorities.
- In compliance with the Data Protection Laws, the Company will retain Personal Data in an identifiable form in accordance with the Company’s information management policy which establishes general standards and procedures regarding the retention, handling and disposal of Personal Data. Personal Data shall not be retained for longer than is necessary with regard to the Processing Purposes, subject to any limitation periods imposed by law. Upon request, the Company will provide a Shareholder with more information on the exact retention periods applying to its Personal Data. The retention period may be extended in the sole discretion of the Company if the Company is required to preserve Personal Data in connection with litigation, regulatory investigations and legal proceedings.
- To the extent permitted by the Data Protection Laws, the Company and the Management Company (acting as “data controller” within the meaning of the Data Protection Laws) will access, review, disclose, intercept, monitor and record (together, “Monitoring”) (i) verbal and electronic messaging and communications (for example, and without limitation, telephone, sms, instant message, email, Bloomberg and any other electronic or recordable communications) with a Shareholder or Shareholders’ agent (together, “Communications”), and (ii) a Shareholder’s use of technology owned, provided or made accessible by the Company and the Management Company, including (without limitation) systems that facilitate Communications with Shareholders, information processing, transmission, storage and access, including remote access (together, “Systems”).
The Company and the Management Company will subject Communications and Systems to Monitoring only for the following purposes (together, “Monitoring Purposes”):
- to establish the existence of facts (e.g., keeping records of transactions);
- to ascertain compliance with regulatory or self-regulatory practices or procedures which are applicable to the Company and/or the Management Company;
- to ascertain or demonstrate standards which are achieved or ought to be achieved by persons using Systems, including compliance with any terms of use associated use of Systems;
- to prevent, detect or investigate crime, money laundering, fraud, financial crime and/or other breaches of applicable law;
- to comply with applicable laws and regulations, any material contract and any applicable policies and procedures;
- to safeguard against the loss, theft, unauthorised and unlawful collection, use, disclosure, destruction or other processing or misuse of confidential and proprietary information;
- to prevent, detect or investigate unauthorised use of Systems and/or data (e.g., Monitoring to ensure compliance with the policies and procedures of the Company and/or the Management Company , including without limitation those relating to information security and cyber security);
- to ensure the effective operation of Systems (including telephones, email and internet) systems;
- for support and administration purposes;
- to assist with investigations, complaints, regulatory requests, litigation, arbitration, mediation or requests from individuals; and
- in particular, in the course of the operational support and development of the business of the Company and/or the Management Company, such as to evaluate the quality of customer service, efficiency, cost and risk management purposes.
Monitoring will be conducted by the Company and/or the Management Company using various methods, including: (i) the use of “intelligent” automated monitoring tools; (ii) IT filtering tools which randomly review Systems; (iii) random monitoring of Systems, e.g. by authorised supervisors randomly joining on-going telephone calls on sales and trading floors; (iv) specific monitoring of Systems, e.g. in relation to investigations, regulatory requests, subject access requests, litigation, arbitration or mediation; (v) data tracking, aggregation and analysis tools that collect data from various sources to extrapolate linkages and/or detect behavioural patterns, interactions or preferences for analysis (including predictive analysis); and/or (vi) using other similar Monitoring technology that may become available from time to time.
The Company and/or the Management Company also use cookies and similar technologies to collect information about Shareholders as part of and/or in connection with services provided by them or in connection with any System owned or provided by them. By accessing or using services or a System, a Shareholder signifies his/her/its understanding that the Company and/or the Management Company will use such cookies and similar technologies as detailed in the Company’s privacy policy, and that if the Shareholder chooses to reject such cookies, some or all parts of the services or the relevant System may not function properly or may not be accessible. To find out more about how the Company and/or the Management Company uses cookies and similar technologies, how the Company and/or the Management Company processes the information obtained through cookies and how a Shareholder
may reject cookies, see the Company’s privacy policy at www.morganstanley.com/privacy_pledge.
- Any documentation or records relating to the Monitoring of Systems shall be prima facie evidence of any orders or communications that have been subjected to Monitoring, and Shareholders agree that such records shall be admissible as such in any legal proceedings. Furthermore, Shareholders confirm that they will not use, file, or cite as a reason for objecting to the admission of such records as evidence in any legal proceedings either that the records are not originals, or are not in writing or are documents produced by a computer. The Company and/or the Management Company will retain such records in accordance with its operational procedures which may change from time to time in its absolute discretion, however, such records shall not be held by the Company for longer than is necessary with regard to the Monitoring Purposes, subject to any limitation periods imposed by law. Shareholders are hereby informed that this record keeping should not be deemed to be a substitute for their own keeping of adequate records in accordance with any applicable rules or regulations to which they are subject.
- If there are any products or services that the Company and/or the Management Company believes may be of particular interest to a Shareholder, whether provided or sponsored by the Company and/or the Management Company or their respective affiliates, or by third party investment services providers (for example, a fund manager or insurance service provider not affiliated with the Company, the Management Company or their respective affiliates), the Company, the Management Company or their respective affiliates will contact that Shareholder by means which may include mail, email, sms and telephone), including outside standard working hours. When required by the Data Protection Laws, a Shareholder’s prior consent will be requested before its Personal Data is used to make or facilitate direct marketing of this nature. If a Shareholder does not wish the Company, the Management Company or their respective affiliates to use its Personal Data in this way, or does not wish to provide Personal Data for such direct marketing purposes, the Shareholder may notify the Company, the Management Company or their respective affiliates at any time in accordance with section (b) above or as directed in any marketing materials that may be received by Shareholders. In this respect, each Shareholder has a right to object to the use of his/her/its Personal Data for marketing purposes. This objection must be made in writing by letter addressed to the Company, the Management Company or their respective affiliates at European Bank and Business Centre, 6B route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg, or at [email protected].
- Before providing the Company and/or the Management Company with access to, or permitting any access to, or permitting the processing of, Personal Data which contains any data regarding an individual in connection with this Prospectus, a Shareholder should ensure that: (i) the individual understands that the Shareholder will be providing their Personal Data to the Company, the Management Company or their respective affiliates; (ii) the individual has been provided with the information set out herein regarding the collection, use, processing, disclosure and overseas transfer of Personal Data, the use of Personal Data for direct marketing purposes, and the possibility of monitoring or recording of their or their agent’s communications by the Company, the Management Company or their respective affiliates (in each case if permitted by the Data Protection Laws); (iii) if required, the individual has provided their consent to the processing by the Company, the Management Company or their respective affiliates of their Personal Data or that another legal basis to process Personal Data is satisfied; and (iv) the individual is aware of their data protection rights and how to exercise these. | en | it |
DOLFIN4295 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
2 Grand Canal Square Dublin 2
28 April 2021
Notes:
- Shareholders are entitled to attend and vote at the Annual General Meeting of the Company. A Shareholder may appoint a proxy or proxies to attend, speak and vote instead of the Shareholder. A proxy need not be a member of the Company.
- A form of proxy is enclosed for the use of Shareholders unable to attend the meeting. Proxies must be sent to the secretary of the Company C/o Wilton Secretarial Limited, 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland. Shareholders may send their proxies by email to [email protected] or fax to + 353 1 639 5333 provided the original signed form is sent immediately by post to the Company, C/o The Secretary, Wilton Secretarial Limited, 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland. To be valid, proxies and any powers of attorney under which they are signed must be received by the Secretary not less than 48 hours before the time appointed for the holding of the meeting. | 2 Grand Canal Square Dublin 2
28 Aprile 2021
Note:
- Gli Azionisti hanno facoltà di partecipare e votare all'Assemblea generale annuale della Società. Un Azionista può nominare uno o più delegati per partecipare, parlare e votare in sua vece. Un delegato non deve necessariamente essere un socio della Società.
- In allegato è riportato un modulo di delega che può essere utilizzato dagli Azionisti che non possono partecipare all'assemblea. Le deleghe devono pervenire alla Segreteria della Società C/o Wilton Secretarial Limited, 6th Floor, 2 Grand Canal Square, Dublin 2, Irlanda. Gli Azionisti possono inviare le proprie deleghe via e-mail a [email protected] o fax al numero + 353 1 639 5333 purché il modulo originale sottoscritto sia inviato subito dopo per posta alla Società, C/o Segreteria, Wilton Secretarial Limited, 6th Floor, 2 Grand Canal Square, Dublin 2, Irlanda. Affinché siano valide, le deleghe ed eventuali procure ai cui sensi esse vengono firmate devono pervenire alla Segreteria non più tardi di 48 ore prima dell'orario stabilito per lo svolgimento dell'assemblea. | 2 Grand Canal Square Dublin 2
28 April 2021
Notes:
- Shareholders are entitled to attend and vote at the Annual General Meeting of the Company. A Shareholder may appoint a proxy or proxies to attend, speak and vote instead of the Shareholder. A proxy need not be a member of the Company.
- A form of proxy is enclosed for the use of Shareholders unable to attend the meeting. Proxies must be sent to the secretary of the Company C/o Wilton Secretarial Limited, 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland. Shareholders may send their proxies by email to [email protected] or fax to + 353 1 639 5333 provided the original signed form is sent immediately by post to the Company, C/o The Secretary, Wilton Secretarial Limited, 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland. To be valid, proxies and any powers of attorney under which they are signed must be received by the Secretary not less than 48 hours before the time appointed for the holding of the meeting. | en | it |
DOLFIN4296 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
At inception, the put option has an initial maturity of two and a half (2.5) years. An initial long-term maturity enables the Sub-fund to benefit from a first long window of opportunity (the “Initial Protection Period” or “IPP”) for the Strategy to rebound. If, during the IPP, the Strategy reaches a new maximum level, the maturity of the put is extended automatically up to two and a half more years starting from the day this new maximum level is reached. Otherwise, at the end of the IPP, the maturity may or may not be extended, depending on market conditions and in particular on the performance of the Strategy and the distance to the protected level. As the case may be, each time the put maturity is extended, it extends accordingly the protection period (the “Extended Protection Period”) during which or at the end of which same rules of extension as aforementioned apply, defining new subsequent Extended Protection Periods as long as conditions are met. In case the IPP or any subsequent Extended Protection Period can no longer be extended, the Sub-fund will be exposed only to money-market positions until the Sub-fund is terminated as further described under Section 17 of the General Section.
- The Sub-fund will not make use of the increased diversification limits provided for in article 44 of the 2010 Act and further described under Section 3.29 and 3.30 of the General Section.
- The Strategy is implemented either according to a Synthetic Replication Policy, through the conclusion of OTC Derivatives (including TRS) or in cash by partially investing directly in the basket of equities that make up the Equity Strategy. .
- If the Strategy is implemented according to the Synthetic Replication Policy, the Sub-fund will either (i) invest its assets in Transferable Securities or Money Market Instruments (the Financing Assets) and exchange the performance of up to 100% of the Financing Assets through OTC Derivatives to gain partial exposure to the Equity Strategy or (ii) conclude an OTC Derivative with an initial exchange of the net proceeds of the issue of Units in order to gain partial exposure to the Equity Strategy. The use of TRS will be done in accordance with the maximum and expected proportion of assets set out under Section 4.13 of the General Section. The Underlying Assets notably consist of the components of the Dynamic Basket and of puts on the Dynamic Basket. Before any investment, all assets of the portfolio are evaluated on their degree of sustainability.
- At the date of this prospectus, the indices used by the Sub-fund within the meaning of the Benchmarks Regulation, their administrator as well as their registration status in the list held with ESMA, in accordance with article 36 of the Benchmarks Regulation are described in Annex 1 ("Information on the indices used within the meaning of the Benchmarks Regulation").
- The Sub-fund may use EPM Techniques, in accordance with Section 4 and, in particular, paragraph 4.13 of the General Section.
- Information relating to SFDRSFDR lays down rules on transparency and the provision of sustainability information. | Au lancement, l’option de vente a une échéance initiale de deux ans et demi (2,5). Une échéance initiale à long terme permet au Compartiment de bénéficier d’une première longue fenêtre d’opportunité (la « Période de protection initiale » ou « IPP ») pour permettre à la Stratégie de rebondir. Si, au cours de l’IPP, la Stratégie atteint un nouveau niveau maximum, l’échéance de l’option de vente est automatiquement étendue à deux ans et demi de plus à compter du jour où ce nouveau niveau maximum est atteint. Dans le cas contraire, à la fin de l’IPP, l’échéance peut ou non être prolongée, en fonction des conditions de marché et en particulier de la performance de la Stratégie et de l’écart par rapport au niveau protégé. Selon le cas, chaque fois que l’échéance de vente est prolongée, elle prolonge en conséquence la période de protection (la « Période de protection prolongée ») pendant laquelle ou à la fin de laquelle les mêmes règles de prolongation que celles susmentionnées s’appliquent, définissant de nouvelles Périodes de protection prolongée ultérieures tant que les conditions sont remplies. Si l’IPP ou toute Période de protection prolongée ultérieure ne peut plus être prolongée, le Compartiment sera uniquement exposé aux positions du marché monétaire jusqu’à ce que le Compartiment soit liquidé, comme décrit plus en détail à la Section 17 de la Section générale.
- Le Compartiment ne se prévaudra pas des limites de diversification accrues prévues par l’article 44 de la Loi de 2010 et décrites plus en détail aux Sections 3.29 et 3.30 de la Section générale.
- La Stratégie est mise en œuvre conformément à la Politique de réplication synthétique, via la conclusion d’Instruments dérivés OTC (y compris des TRS) ou en espèces, en investissant directement dans le panier d’actions qui composent la Stratégie actions. .
- Si la Stratégie est mise en œuvre selon la Politique de Réplication Synthétique, le Compartiment (i) investira ses actifs dans des Valeurs Mobilières ou des Instruments du Marché Monétaire (les Actifs de financement) et échangera la performance de 100 % maximum des Actifs de financement par le biais d’Instruments dérivés de gré à gré pour obtenir une exposition partielle à la Stratégie actions ou (ii) conclura un Instrument financier dérivé de gré à gré avec un échange initial du produit net de l’émission de Parts afin d’obtenir une exposition partielle à la Stratégie actions. L’utilisation de TRS se fera conformément à la proportion maximale et attendue d’actifs énoncée en vertu de la Section 4.17 de la Section générale. Les Actifs sous-jacents comprennent notamment les composants du Panier dynamique et des options de vente du Panier dynamique. Avant tout investissement, tous les actifs du portefeuille sont évalués en fonction de leur degré de durabilité.
- À la date du présent prospectus, les indices utilisés par le Compartiment au sens du Règlement concernant les indices de référence, leur administrateur ainsi que leur statut d’enregistrement dans la liste conservée par l’AEMF, conformément à l’article 36 du Règlement concernant les indices de référence, sont décrits dans l’Annexe 1 (« Informations sur les indices utilisés au sens du Règlement Benchmark »).
- Le Compartiment peut recourir à des Techniques de gestion efficace de portefeuille, conformément à la Section 4 et, en particulier au paragraphe 4.17 de la Section générale.
- Informations relatives au SFDRLe SFDR établit des règles sur la transparence et la fourniture d’informations sur la durabilité. | At inception, the put option has an initial maturity of two and a half (2.5) years. An initial long-term maturity enables the Sub-fund to benefit from a first long window of opportunity (the “Initial Protection Period” or “IPP”) for the Strategy to rebound. If, during the IPP, the Strategy reaches a new maximum level, the maturity of the put is extended automatically up to two and a half more years starting from the day this new maximum level is reached. Otherwise, at the end of the IPP, the maturity may or may not be extended, depending on market conditions and in particular on the performance of the Strategy and the distance to the protected level. As the case may be, each time the put maturity is extended, it extends accordingly the protection period (the “Extended Protection Period”) during which or at the end of which same rules of extension as aforementioned apply, defining new subsequent Extended Protection Periods as long as conditions are met. In case the IPP or any subsequent Extended Protection Period can no longer be extended, the Sub-fund will be exposed only to money-market positions until the Sub-fund is terminated as further described under Section 17 of the General Section.
- The Sub-fund will not make use of the increased diversification limits provided for in article 44 of the 2010 Act and further described under Section 3.29 and 3.30 of the General Section.
- The Strategy is implemented either according to a Synthetic Replication Policy, through the conclusion of OTC Derivatives (including TRS) or in cash by partially investing directly in the basket of equities that make up the Equity Strategy. .
- If the Strategy is implemented according to the Synthetic Replication Policy, the Sub-fund will either (i) invest its assets in Transferable Securities or Money Market Instruments (the Financing Assets) and exchange the performance of up to 100% of the Financing Assets through OTC Derivatives to gain partial exposure to the Equity Strategy or (ii) conclude an OTC Derivative with an initial exchange of the net proceeds of the issue of Units in order to gain partial exposure to the Equity Strategy. The use of TRS will be done in accordance with the maximum and expected proportion of assets set out under Section 4.13 of the General Section. The Underlying Assets notably consist of the components of the Dynamic Basket and of puts on the Dynamic Basket. Before any investment, all assets of the portfolio are evaluated on their degree of sustainability.
- At the date of this prospectus, the indices used by the Sub-fund within the meaning of the Benchmarks Regulation, their administrator as well as their registration status in the list held with ESMA, in accordance with article 36 of the Benchmarks Regulation are described in Annex 1 ("Information on the indices used within the meaning of the Benchmarks Regulation").
- The Sub-fund may use EPM Techniques, in accordance with Section 4 and, in particular, paragraph 4.13 of the General Section.
- Information relating to SFDRSFDR lays down rules on transparency and the provision of sustainability information. | en | fr |
DOLFIN4297 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Gestion du risque de liquidité
La Société de Gestion suit un processus de gestion des risques lui permettant de mesurer, de contrôler et de gérer avec exactitude les différents risques inhérents aux instruments dérivés, et des informations détaillées sur ce processus ont été fournies à la Banque centrale. Les Compartiments n’utiliseront pas d’instruments dérivés qui n’ont pas été énumérés dans le processus de gestion des risques de la Société de Gestion tant qu’un processus de gestion des risques révisé n’a pas été soumis à la Banque centrale.
L’utilisation d’instruments dérivés (que ce soit à des fins de couverture et/ou à des fins d’investissement) peut exposer un Compartiment à des risques comme l’indique la section « Facteurs de risque » ci-dessous. Une exposition aux actifs sous-jacents d’instruments dérivés (autres que des instruments dérivés indiciels) (que ce soit à des fins de couverture et/ou à des fins d’investissement), lorsque combinée avec des positions résultant d’investissements directs, ne dépassera pas les limites d’investissement définies à l’Annexe I.
Les Compartiments utiliseront l’approche par les engagements pour calculer leur risque global, tel que décrit en détail dans le processus de gestion des risques de la Société de Gestion. L’exposition totale d’un Compartiment ne pourra en aucun cas dépasser 100 % de sa Valeur nette d’inventaire. | ## Gestión de riesgos de los derivados
El Gestor de inversiones emplea un proceso de gestión de riesgos que le permite medir, controlar y gestionar con precisión los diversos riesgos asociados a los instrumentos financieros derivados y se ha proporcionado información sobre este proceso al Banco Central. Los Fondos no usarán instrumentos derivados que no se hayan incluido en el proceso de gestión de riesgos del Gestor de inversiones hasta que se haya presentado al Banco Central un proceso de gestión de riesgos revisado.
El uso de instrumentos derivados (tanto con fines de cobertura como de inversión) puede exponer a un Fondo a los riesgos que se describen en la sección “Consideraciones sobre el riesgo” que figura más adelante. La exposición de las posiciones a activos subyacentes de instrumentos derivados (distintos de derivados basados en un índice) (tanto con fines de cobertura como de inversión), cuando estén combinados con posiciones resultantes de inversiones directas, no excederá los límites de inversión establecidos en el Apéndice I.
Los Fondos aplicarán el enfoque de los compromisos para calcular su exposición global, tal como se describe de forma detallada en el proceso de gestión de riesgos del Gestor de inversiones. Bajo ningún concepto, la exposición total de un Fondo podrá superar el 100% de su Valor de activo neto. | ## Gestion du risque de liquidité
La Société de Gestion suit un processus de gestion des risques lui permettant de mesurer, de contrôler et de gérer avec exactitude les différents risques inhérents aux instruments dérivés, et des informations détaillées sur ce processus ont été fournies à la Banque centrale. Les Compartiments n’utiliseront pas d’instruments dérivés qui n’ont pas été énumérés dans le processus de gestion des risques de la Société de Gestion tant qu’un processus de gestion des risques révisé n’a pas été soumis à la Banque centrale.
L’utilisation d’instruments dérivés (que ce soit à des fins de couverture et/ou à des fins d’investissement) peut exposer un Compartiment à des risques comme l’indique la section « Facteurs de risque » ci-dessous. Une exposition aux actifs sous-jacents d’instruments dérivés (autres que des instruments dérivés indiciels) (que ce soit à des fins de couverture et/ou à des fins d’investissement), lorsque combinée avec des positions résultant d’investissements directs, ne dépassera pas les limites d’investissement définies à l’Annexe I.
Les Compartiments utiliseront l’approche par les engagements pour calculer leur risque global, tel que décrit en détail dans le processus de gestion des risques de la Société de Gestion. L’exposition totale d’un Compartiment ne pourra en aucun cas dépasser 100 % de sa Valeur nette d’inventaire. | fr | es |
DOLFIN4298 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Information on whether a Sub-Fund makes use of securities lending is specified under Section “Available Sub-Funds and investment policies” of the Prospectus. In the case where a Sub-Fund enters into securities lending transactions as lender or borrower, it must comply with the provisions set forth in CSSF Circular 08/356, and in particular:
Each Sub-Fund may lend/borrow the securities included in its portfolio to a borrower/lender either directly or through a standardised lending system organised by a recognised clearing institution or through a lending system organised by a financial institution subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by Community law and specialised in this type of transactions;
For each securities lending transaction, the Sub-Fund must receive, a guarantee the value of which is, during the lifetime of the lending agreement, at least equivalent to 90% of the global valuation (interests, dividends and other eventual rights included) of the securities lent. | Le informazioni sull’eventuale ricorso al prestito titoli da parte di un Comparto sono specificate nella Sezione “Comparti disponibili e politiche di investimento” del Prospetto. Nel caso in cui un Comparto effettui operazioni di prestito titoli, in qualità di prestatore o mutuatario, deve rispettare le disposizioni contenute nella circolare CSSF 08/356, ed in particolare:
Ogni Comparto può concedere in prestito valori mobiliari inclusi nel proprio portafoglio sia direttamente, sia attraverso il sistema di prestito standardizzato organizzato da un istituto di compensazione riconosciuto o organizzato da un istituto finanziario sottoposto a regole di vigilanza prudenziale considerate dalla CSSF equivalenti a quelle previste dalla normativa comunitaria, e specializzato in questo tipo di operazioni.
A fronte di ciascuna operazione di prestito, il Comparto deve ricevere una garanzia, il cui valore, in pendenza del contratto, deve essere almeno equivalente al 90% della valutazione globale (inclusi interessi, dividendi ed altri eventuali diritti) dei titoli dati in prestito. | Information on whether a Sub-Fund makes use of securities lending is specified under Section “Available Sub-Funds and investment policies” of the Prospectus. In the case where a Sub-Fund enters into securities lending transactions as lender or borrower, it must comply with the provisions set forth in CSSF Circular 08/356, and in particular:
Each Sub-Fund may lend/borrow the securities included in its portfolio to a borrower/lender either directly or through a standardised lending system organised by a recognised clearing institution or through a lending system organised by a financial institution subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by Community law and specialised in this type of transactions;
For each securities lending transaction, the Sub-Fund must receive, a guarantee the value of which is, during the lifetime of the lending agreement, at least equivalent to 90% of the global valuation (interests, dividends and other eventual rights included) of the securities lent. | en | it |
DOLFIN4299 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Cette circulaire est accompagnée des documents suivants :
- avis de convocation à l’assemblée générale annuelle de la Société qui se tiendra à 12 h 00 le 14 septembre 2022 dans les bureaux de State Street Fund Services (Ireland) Limited, 78 Sir John Rogerson’s Quay, Dublin 2, D02 HD32, Irlande (Annexe I) ;
- formulaire de procuration qui vous permet de voter par procuration (Annexe II) ;
- extraits des modifications proposées à apporter aux Statuts de la Société (Annexe III) ; et
- comptes audités de la Société, préparés pour l’exercice clos le 31 décembre 2021, qui comprennent un état récapitulatif de l’actif et du passif de chacun des Fonds. | # Esta circular está acompañada de los siguientes documentos:
- Convocatoria de la junta general anual de la Sociedad que tendrá lugar a las 12:00 horas del 14 de septiembre de 2022 en las oficinas de State Street Fund Services (Ireland) Limited, 78 Sir John Rogerson’s Quay, Dublín 12, D02 HD32, Irlanda (Anexo I);
- Un formulario de representación que le permite emitir su voto a través de su representante (Anexo II);
- Extractos de las modificaciones propuestas a los Estatutos de la Sociedad (Anexo III); y
- Cuentas auditadas de la Sociedad, preparadas para el ejercicio fiscal finalizado el 31 de diciembre de 2021, que incluyen un estado de los activos y pasivos de cada uno de los Fondos. | # Cette circulaire est accompagnée des documents suivants :
- avis de convocation à l’assemblée générale annuelle de la Société qui se tiendra à 12 h 00 le 14 septembre 2022 dans les bureaux de State Street Fund Services (Ireland) Limited, 78 Sir John Rogerson’s Quay, Dublin 2, D02 HD32, Irlande (Annexe I) ;
- formulaire de procuration qui vous permet de voter par procuration (Annexe II) ;
- extraits des modifications proposées à apporter aux Statuts de la Société (Annexe III) ; et
- comptes audités de la Société, préparés pour l’exercice clos le 31 décembre 2021, qui comprennent un état récapitulatif de l’actif et du passif de chacun des Fonds. | fr | es |
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