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DOLFIN800 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Management Fees and Performance Fee payable by the Company to the Principal Investment Manager
Management fee
The Company will pay to the Principal Investment Manager an annual management fee amounting to a set rate of the Net Asset Value of the Sub-Fund which is as indicated in the table below. The Principal Investment Manager is responsible for the payment of the fees of the Investment Manager.
| Class | Maximum rate |
| --- | --- |
| Class A | 2.00% |
| Class I | 1.50% |
| Class K | 1.00% |
| Class R | 1.00% |
The management fee is accrued daily and payable monthly in arrears.
The management fee can be increased from the current rate to the maximum rate subject to the giving of one month prior notice to Shareholders.
In addition, the Company will pay management fees of the target UCITS in the case of investment in other UCITS. However, when the Sub-Fund invests in shares or units of other UCITS and/or other UCIs that are managed, directly or by delegation, by the same management company or by any other company to which the Management Company is linked by common management or control or by a substantial direct or indirect holding, that management company or other company may not charge any subscription nor redemption fees on account of the UCITS’ investment in the units of other UCITS and/or other UCI.
Performance fee
The Principal Investment Manager is also entitled to receive a performance fee with respect to each Share Classes in addition to the annual management fee.
The performance fee becomes due in the event that the Net Asset Value per Share of the relevant Class exceeds the High Water Mark (as defined below). This fee is calculated as a percentage of the amount by which the Net Asset Value per Share of the relevant Class, before the accrual of any performance fees, exceeds the High Water Mark during a Performance Period (as defined below). This amount is currently set at 20% of the increase in Net Asset Value per Share above the High Water Mark during a Performance Period.
For the purpose of this sub-section, “High Water Mark” shall be defined as the greater of:
- the Net Asset Value per Share at the issuance of the relevant Class; and
- the highest Net Asset Value per Share of the relevant Class for which a performance fee has been paid at the end of each Performance Period.
If no performance fee was paid, the High Water Mark shall be the Net Asset Value per Share at the issuance of the relevant Class.
”Performance Period” shall be defined by reference to the financial year of the Company, i.e. 1 April to 31 March of the following year. The first Performance Period of a given Class shall begin on the launch date of such Class and end on 31 March of the same year where the launch takes place before such date or of the following year where the launch takes place after such date.
The performance fee is calculated and accrued daily and is payable at the end of each Performance Period.
Should there be a redemption or conversion of Shares in a Class prior to the end of a Performance Period, any accrued but unpaid performance fee with respect to such Shares will be crystallized on
the relevant Valuation Day and will be paid to the Principal Investment Manager on that Valuation Day.
- | # Commissions de gestion et de performance payables par la Société au Gestionnaire d’investissement principal
Commission de gestion
La Société versera au Gestionnaire d’investissement principal une commission de gestion annuelle correspondant à un pourcentage fixe de la Valeur nette d’inventaire du Compartiment, comme indiqué dans le tableau ci-dessous. Le Gestionnaire d’investissement principal est responsable du paiement des commissions du Gestionnaire d’investissement.
| Catégorie | Taux maximal |
| --- | --- |
| Catégorie A | 2,00 % |
| Catégorie I | 1,50 % |
| Catégorie K | 1,00 % |
| Catégorie R | 1,00 % |
La commission de gestion est provisionnée quotidiennement et est payable mensuellement à terme échu.
La commission de gestion peut être augmentée du taux actuel au taux maximal moyennant un préavis d’un mois donné aux Actionnaires.
En outre, la Société versera les commissions de gestion de l’OPCVM cible dans le cas d’un investissement dans d’autres OPCVM. Toutefois, lorsque le Compartiment investit dans des actions ou parts d’OPCVM et/ou d’autres OPC gérés, directement ou par délégation, par la même société de gestion ou par toute autre société avec laquelle la Société de gestion est liée par une gestion ou un contrôle commun ou par une importante participation directe ou indirecte, cette société de gestion ou autre société ne peut pas appliquer de frais de souscription ou de rachat relativement à l’investissement de l’OPCVM dans les parts de ces autres OPCVM et/ou autres OPC.
Commission de performance
Le Gestionnaire d’investissement principal a également droit, en plus d’une commission de gestion annuelle, à une commission de performance au titre de chaque Catégorie d’Actions.
La commission de performance devient exigible au cas où la Valeur nette d’inventaire par Action de la Catégorie concernée excèderait le Seuil prédéterminé (High Water Mark) (tel que défini ci-dessous). Cette commission est calculée en pourcentage de l’excédent de la Valeur nette d’inventaire par Action de la Catégorie concernée, avant la régularisation de toute commission de performance, sur le seuil d’application des commissions de performance pendant une Période de performance (telle que définie ci-dessous). Ce montant est actuellement fixé à 20 % du montant de la hausse de la Valeur nette d’inventaire par Action au-dessus du Seuil prédéterminé pendant une Période de performance.
Aux fins de la présente sous-section, l’expression « Seuil prédéterminé » est définie comme étant la plus élevée de :
- la Valeur nette d’inventaire par Action à l’émission de la Catégorie concernée ; et
- la Valeur nette d’inventaire par Action la plus élevée de la Catégorie concernée pour laquelle une commission de performance a été versée à la fin de chaque Période de performance.
Si aucune commission de performance n’a été versée, le Seuil prédéterminé sera la Valeur nette d’inventaire par Action à l’émission de la Catégorie concernée.
La « Période de performance » est définie par référence à l’exercice financier de la Société, à savoir du 1er avril au 31 mars de l’année suivante. La première Période de performance d’une Catégorie donnée débute à la date de lancement de la Catégorie et se termine au 31 mars de la même année si le lancement a lieu avant cette date ou de l’année suivante si le lancement a lieu après cette date.
La commission de performance est calculée et cumulée quotidiennement et payable à la fin de chaque Période de performance.
En cas de rachat ou de conversion d’Actions d’une Catégorie avant la fin d’une Période de performance, toute commission de performance courue mais impayée au titre de ces Actions sera calculée le Jour d’évaluation concerné et sera versée au Gestionnaire d’investissement principal ce même jour.
- | # Management Fees and Performance Fee payable by the Company to the Principal Investment Manager
Management fee
The Company will pay to the Principal Investment Manager an annual management fee amounting to a set rate of the Net Asset Value of the Sub-Fund which is as indicated in the table below. The Principal Investment Manager is responsible for the payment of the fees of the Investment Manager.
| Class | Maximum rate |
| --- | --- |
| Class A | 2.00% |
| Class I | 1.50% |
| Class K | 1.00% |
| Class R | 1.00% |
The management fee is accrued daily and payable monthly in arrears.
The management fee can be increased from the current rate to the maximum rate subject to the giving of one month prior notice to Shareholders.
In addition, the Company will pay management fees of the target UCITS in the case of investment in other UCITS. However, when the Sub-Fund invests in shares or units of other UCITS and/or other UCIs that are managed, directly or by delegation, by the same management company or by any other company to which the Management Company is linked by common management or control or by a substantial direct or indirect holding, that management company or other company may not charge any subscription nor redemption fees on account of the UCITS’ investment in the units of other UCITS and/or other UCI.
Performance fee
The Principal Investment Manager is also entitled to receive a performance fee with respect to each Share Classes in addition to the annual management fee.
The performance fee becomes due in the event that the Net Asset Value per Share of the relevant Class exceeds the High Water Mark (as defined below). This fee is calculated as a percentage of the amount by which the Net Asset Value per Share of the relevant Class, before the accrual of any performance fees, exceeds the High Water Mark during a Performance Period (as defined below). This amount is currently set at 20% of the increase in Net Asset Value per Share above the High Water Mark during a Performance Period.
For the purpose of this sub-section, “High Water Mark” shall be defined as the greater of:
- the Net Asset Value per Share at the issuance of the relevant Class; and
- the highest Net Asset Value per Share of the relevant Class for which a performance fee has been paid at the end of each Performance Period.
If no performance fee was paid, the High Water Mark shall be the Net Asset Value per Share at the issuance of the relevant Class.
”Performance Period” shall be defined by reference to the financial year of the Company, i.e. 1 April to 31 March of the following year. The first Performance Period of a given Class shall begin on the launch date of such Class and end on 31 March of the same year where the launch takes place before such date or of the following year where the launch takes place after such date.
The performance fee is calculated and accrued daily and is payable at the end of each Performance Period.
Should there be a redemption or conversion of Shares in a Class prior to the end of a Performance Period, any accrued but unpaid performance fee with respect to such Shares will be crystallized on
the relevant Valuation Day and will be paid to the Principal Investment Manager on that Valuation Day.
- | en | fr |
DOLFIN801 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment EUR 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 192.00 EUR | 1,251.00 EUR |
| Impact on return (RIY) per year | 1.93% | 2.02% | | | Investimento: 10.000 EUR | in caso di disinvestimento dopo 1 anno | in caso di disinvestimento dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | 192.00 EUR | 1,251.00 EUR |
| Impatto sul rendimento (RIY) annuo | 1.93% | 2.02% | | | Investment EUR 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 192.00 EUR | 1,251.00 EUR |
| Impact on return (RIY) per year | 1.93% | 2.02% | | en | it |
DOLFIN802 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Investment strategy
In order to meet the environmental and social characteristics promoted by the Fund, the Investment Manager applies binding criteria to the selection of underlying assets as part of its investment decision making process. Investors should read this section in conjunction with the Fund’s investment strategy (as set out in the section ‘Funds’ of this Prospectus).
The Investment Manager applies screens to exclude direct investment in issuers based on their involvement in certain activities. Specifically, issuers are excluded if they derive any revenue from controversial weapons, or more than 10% of their revenue from fossil fuels, tobacco or gambling.
Issuers are also excluded if they are deemed to have failed to comply with the UN Global Compact Principles (which cover matters including human rights, labour, corruption, and environmental pollution).
The Fund will aim to have a lower carbon intensity and/or footprint than its reference benchmark on a monthly basis.
Companies that the Investment Manager believes may be facing potential environmental or societal issues are subject to active engagement, the exercise of voting rights, and the proposal of action plans (where appropriate), in order to identify sustainability risks and help influence remedial change.
The Investment Manager may include positions in the Fund that meet the above exclusionary criteria where the Investment Manager believes that the data used to apply the exclusions is insufficient or inaccurate.
If the Investment Manager has concerns that a company is failing to sustain appropriate environmental and//or social credentials, it may engage as described above and/or divest.
Furthermore, the Investment Manager carries out its review from an ESG perspective (i.e. ‘extra-financial analysis’) on at least 90% of the securities to be invested in by the Fund.
Investors should note that a specific index is not designated as a reference benchmark to determine whether the Fund is aligned with the environmental and/or social characteristics promoted. | #### Anlagestrategie
Zur Einhaltung der vom Fonds beworbenen ökologischen und sozialen Merkmale wendet der Anlageverwalter bei der Auswahl der zugrunde liegenden Vermögenswerte in seinem Anlageentscheidungsprozess verbindliche Kriterien an. Anleger sollten diesen Abschnitt in Verbindung mit der Anlagestrategie des Fonds (die im Abschnitt „Fonds“ dieses Prospekts beschrieben ist) lesen.
Der Anlageverwalter verwendet Ausschlusskriterien, um Direktanlagen in Emittenten aufgrund ihrer Beteiligung an bestimmten Aktivitäten auszuschließen. Insbesondere sind Emittenten ausgeschlossen, die Umsätze aus umstrittenen Waffen erzielen oder mehr als 10 % ihres Umsatzes mit fossilen Brennstoffen, Tabak oder Glücksspiel erwirtschaften.
Emittenten, die mutmaßlich gegen die Prinzipien des UN Global Compact verstoßen haben (die Aspekte wie Menschenrechte, Arbeitsbedingungen, Korruption und Umweltverschmutzung abdecken), sind ebenfalls ausgeschlossen.
Der Fonds wird bestrebt sein, auf Monatsbasis eine geringere Kohlenstoffintensität und/oder einen geringeren Kohlenstoff-Fußabdruck als sein Referenzindex zu haben.
Bei Unternehmen, die nach Ansicht des Anlageverwalters vor potenziellen ökologischen oder sozialen Herausforderungen stehen, wird ein aktiver Dialog angestoßen, werden Stimmrechte ausgeübt und (gegebenenfalls) Aktionspläne empfohlen, um Nachhaltigkeitsrisiken zu ermitteln und Abhilfemaßnahmen zu beeinflussen.
Der Der Anlageverwalter kann Fondspositionen eröffnen, die die oben genannten Ausschlusskriterien erfüllen, wenn die zur Anwendung der Ausschlüsse verwendeten Daten nach Ansicht des Anlageverwalters unzureichend oder ungenau sind.
Wenn der Anlageverwalter befürchtet, dass ein Unternehmen angemessene ökologische bzw. soziale Standards nicht einhält, kann er sich wie oben beschrieben engagieren und/oder die Position im Unternehmen veräußern.
Darüber hinaus unterzieht der Anlageverwalter mindestens 90 % der Wertpapiere, in die der Fonds investieren soll, einer Überprüfung aus ESG-Sicht (d. h. einer „extra-finanziellen“ Analyse").
Anleger sollten beachten, dass ein bestimmter Index nicht als Referenzindex dient, um festzustellen, ob der Fonds die beworbenen ökologischen bzw. sozialen Merkmale einhält. | #### Investment strategy
In order to meet the environmental and social characteristics promoted by the Fund, the Investment Manager applies binding criteria to the selection of underlying assets as part of its investment decision making process. Investors should read this section in conjunction with the Fund’s investment strategy (as set out in the section ‘Funds’ of this Prospectus).
The Investment Manager applies screens to exclude direct investment in issuers based on their involvement in certain activities. Specifically, issuers are excluded if they derive any revenue from controversial weapons, or more than 10% of their revenue from fossil fuels, tobacco or gambling.
Issuers are also excluded if they are deemed to have failed to comply with the UN Global Compact Principles (which cover matters including human rights, labour, corruption, and environmental pollution).
The Fund will aim to have a lower carbon intensity and/or footprint than its reference benchmark on a monthly basis.
Companies that the Investment Manager believes may be facing potential environmental or societal issues are subject to active engagement, the exercise of voting rights, and the proposal of action plans (where appropriate), in order to identify sustainability risks and help influence remedial change.
The Investment Manager may include positions in the Fund that meet the above exclusionary criteria where the Investment Manager believes that the data used to apply the exclusions is insufficient or inaccurate.
If the Investment Manager has concerns that a company is failing to sustain appropriate environmental and//or social credentials, it may engage as described above and/or divest.
Furthermore, the Investment Manager carries out its review from an ESG perspective (i.e. ‘extra-financial analysis’) on at least 90% of the securities to be invested in by the Fund.
Investors should note that a specific index is not designated as a reference benchmark to determine whether the Fund is aligned with the environmental and/or social characteristics promoted. | en | de |
DOLFIN803 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry Charge: | Up to 5% |
| Exit Charge: | Up to 1% |
| This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. Investors can find out the actual entry charges and exit charges from their financial advisor or distributor. |
| Charges taken from the Fund over a year. |
| Ongoing charge: | 0.26 %. |
| The rate of ongoing charges shown here is an estimate of the percentage of the charges (including taxes, if any) that the Fund may bear during thecurrent year. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying orselling units or shares of underlying collective investment schemes. |
| Charges taken from the Fund under certain specific conditions |
| Performance fee: | None. | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée : | Jusqu’à 5 % |
| Frais de sortie : | Jusqu’à 1 % |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué. Les investisseurs peuvent demander à leur conseiller financier ou à leur distributeur le montant exact des frais d’entrée et de sortie. |
| Frais prélevés par le Fonds sur une année. |
| Frais courants : | 0,26 %. |
| Le taux des frais courants indiqué ici est une estimation du pourcentage des frais (impôts compris, le cas échéant) que le Fonds peut être amené à supporter durantl’année en cours. Il ne prend en compte ni les commissions de performance ni les coûts de transaction du portefeuille, mais comprend les frais d’entrée et de sortie payés par le Fonds lorsqu’il achète ouvend des parts ou des actions d’autres organismes de placement collectif. |
| Frais prélevés par le Fonds dans certaines circonstances particulières |
| Commission de performance : | Aucun. | | | One-off charges taken before or after you invest |
| --- |
| Entry Charge: | Up to 5% |
| Exit Charge: | Up to 1% |
| This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. Investors can find out the actual entry charges and exit charges from their financial advisor or distributor. |
| Charges taken from the Fund over a year. |
| Ongoing charge: | 0.26 %. |
| The rate of ongoing charges shown here is an estimate of the percentage of the charges (including taxes, if any) that the Fund may bear during thecurrent year. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying orselling units or shares of underlying collective investment schemes. |
| Charges taken from the Fund under certain specific conditions |
| Performance fee: | None. | | en | fr |
DOLFIN804 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Liquidation
The Company
If the Company’s share capital falls below two-thirds of the minimum capital required by law, the Board of Directors must refer the matter of the dissolution to a general meeting of Shareholders, deliberating without any quorum and deciding by a simple majority of the Shares represented at the meeting.
If the Company’s share capital is less than a quarter of the minimum capital required by law, the Board of Directors must refer the matter of dissolution of the Company to a general meeting of Shareholders, deliberating without any quorum; the dissolution may be decided by Shareholders holding a quarter of the Shares represented at the meeting.
In the event of a dissolution of the Company, liquidation must be carried out by one or several liquidators (who may be physical persons or legal entities) named by decision of the Shareholders effecting such dissolution and which shall determine their powers and their compensation. The net proceeds of liquidation corresponding to each Class (within each Sub-
Fund) will be distributed by the liquidators to the holders of Shares of each Class in proportion to their holding of Shares in such Class.
The completion of the liquidation of the Company must in principle take place within a period of nine months from the date of the decision relating to the liquidation. Where the liquidation of the Company cannot be fully completed within a period of nine months, a written request for exemption shall be submitted to the CSSF detailing the reasons why the liquidation cannot be completed.
As soon as the closure of the liquidation of the Company has been decided, whether this decision is taken before the nine-month period has expired or at a later date, any residual funds not claimed by Shareholders prior to the completion of the liquidation shall be deposited as soon as possible at the Caisse de Consignation.
The Sub-Funds and Classes
A Sub-Fund or a Class may be terminated by resolution of the Board of Directors if the Net Asset Value of a Sub-Fund or a Class is below 10,000,000 U.S. Dollars or in the event of special circumstances beyond its control, such as political, economic, or military emergencies, or if the Board of Directors should conclude, in light of prevailing market or other conditions, including conditions that may adversely affect the ability of a Sub-Fund or a Class to operate in an economically efficient manner, and with due regard to the best interests of Shareholders, that a Sub-Fund or a Class should be terminated. In such event, the assets of the Sub-Fund or the Class will be realized, the liabilities discharged and the net proceeds of realization distributed to Shareholders in proportion to their holding of shares in that Sub-Fund or Class and such other evidence of discharge as the Board of Directors may reasonably require. This decision will be notified to Shareholders as required. No Shares will be redeemed after the date of the decision to liquidate the Sub-Fund or a Class.
The completion of the liquidation of a Sub-Fund or a Class must in principle take place within a period of nine months from the date of decision of the Board of Directors relating to the liquidation. Where the liquidation of Sub-Fund or a Class cannot be fully completed within a period of nine months, a written request for exemption shall be submitted to the CSSF detailing the reasons why the liquidation cannot be completed.
As soon as the closure of the liquidation of Sub-Fund or a Class has been decided, whether this decision is taken before the nine-month period has expired or at a later date, any residual funds not claimed by Shareholders prior to the completion of the liquidation shall be deposited as soon as possible at the Caisse de Consignation. | ## Liquidation
La Société
Si le capital social de la Société tombe sous les deux tiers du capital minimum exigé par la loi, le Conseil d’administration doit soumettre la question de la dissolution à une assemblée générale des Actionnaires, délibérant sans aucun quorum et décidant à la majorité simple des Actions représentées à l’assemblée.
Si le capital social de la Société est inférieur au quart du capital minimum exigé par la loi, le Conseil d’administration doit soumettre la question de la dissolution à une assemblée générale des Actionnaires, délibérant sans aucun quorum : la dissolution peut être décidée par les Actionnaires possédant un quart des Actions représentées à l’assemblée.
En cas de dissolution de la Société, la liquidation doit être effectuée par un ou plusieurs liquidateurs (pouvant être des personnes physiques ou morales) nommés selon la décision des Actionnaires responsables de la dissolution, lesquels détermineront les pouvoirs et le salaire du ou des liquidateurs. Le produit net de la liquidation de chaque Catégorie (au sein de chaque Compartiment) sera distribué par les liquidateurs aux détenteurs d’Actions de chaque Catégorie proportionnellement aux nombres d’Actions qu’ils détiennent dans chacune d’elles.
La clôture de la liquidation de la Société doit en principe avoir lieu dans un délai de neuf mois à compter de la date de la décision relative à la liquidation. Lorsque la liquidation de la Société ne peut pas être entièrement achevée dans un délai de neuf mois, une demande écrite de dispense doit être soumise à la CSSF précisant les raisons pour lesquelles celle-ci ne peut pas être achevée.
Dès que la clôture de la liquidation de la Société a été décidée, que cette décision ait été prise avant que la période de neuf mois ne soit expirée ou à une date ultérieure, tous fonds résiduels non réclamés par les Actionnaires avant la clôture de la liquidation doivent être déposés dans les meilleurs délais à la Caisse de Consignation.
Les Compartiment et les Catégories
Un Compartiment ou une Catégorie peut être révoqué(e) par une résolution du Conseil d’administration si la valeur nette d’inventaire d’un Compartiment ou d’une Catégorie est inférieure à 10 000 000 dollars US ou dans le cas de circonstances particulières échappant à son contrôle, telles que des urgences politiques, économiques ou militaires, ou si le Conseil
d’administration devait conclure, en raison des conditions prévalant sur le marché ou d’autres conditions, y compris celles pouvant nuire aux capacités d’un Compartiment ou d’une Catégorie à agir d’une manière économiquement efficace, et en respectant au mieux les intérêts des Actionnaires, qu’un Compartiment ou une Catégorie doit être révoqué(e). Dans ce cas, les actifs du Compartiment ou d’une Catégorie seront réalisés, les dettes payées et le produit net de réalisation distribué aux Actionnaires proportionnellement au nombre d’Actions détenues dans ce Compartiment ou cette Catégorie et toute autre preuve de la décharge que le Conseil d’administration peut raisonnablement exiger. Cette décision sera notifiée aux Actionnaires comme requis. Aucune Action ne sera rachetée après la date de la décision relative à la liquidation du Compartiment ou d’une Catégorie.
La clôture de la liquidation d’un Compartiment ou d’une Catégorie doit en principe avoir lieu dans un délai de neuf mois à compter de la date de la décision du Conseil d’administration relative à cette liquidation. Lorsque la liquidation d’un Compartiment ou d’une Catégorie ne peut pas être entièrement achevée dans un délai de neuf mois, une demande écrite de dispense doit être soumise à la CSSF qui précisera les raisons pour lesquelles la liquidation ne peut pas être achevée.
Dès que la clôture de la liquidation d’un Compartiment ou d’une Catégorie a été décidée, peu importe si cette décision a été prise avant que la période de neuf mois ait expiré ou à une date ultérieure, tous fonds résiduels non réclamés par les Actionnaires avant la clôture de la liquidation doivent être déposés dans les meilleurs délais à la Caisse de Consignation. | ## Liquidation
The Company
If the Company’s share capital falls below two-thirds of the minimum capital required by law, the Board of Directors must refer the matter of the dissolution to a general meeting of Shareholders, deliberating without any quorum and deciding by a simple majority of the Shares represented at the meeting.
If the Company’s share capital is less than a quarter of the minimum capital required by law, the Board of Directors must refer the matter of dissolution of the Company to a general meeting of Shareholders, deliberating without any quorum; the dissolution may be decided by Shareholders holding a quarter of the Shares represented at the meeting.
In the event of a dissolution of the Company, liquidation must be carried out by one or several liquidators (who may be physical persons or legal entities) named by decision of the Shareholders effecting such dissolution and which shall determine their powers and their compensation. The net proceeds of liquidation corresponding to each Class (within each Sub-
Fund) will be distributed by the liquidators to the holders of Shares of each Class in proportion to their holding of Shares in such Class.
The completion of the liquidation of the Company must in principle take place within a period of nine months from the date of the decision relating to the liquidation. Where the liquidation of the Company cannot be fully completed within a period of nine months, a written request for exemption shall be submitted to the CSSF detailing the reasons why the liquidation cannot be completed.
As soon as the closure of the liquidation of the Company has been decided, whether this decision is taken before the nine-month period has expired or at a later date, any residual funds not claimed by Shareholders prior to the completion of the liquidation shall be deposited as soon as possible at the Caisse de Consignation.
The Sub-Funds and Classes
A Sub-Fund or a Class may be terminated by resolution of the Board of Directors if the Net Asset Value of a Sub-Fund or a Class is below 10,000,000 U.S. Dollars or in the event of special circumstances beyond its control, such as political, economic, or military emergencies, or if the Board of Directors should conclude, in light of prevailing market or other conditions, including conditions that may adversely affect the ability of a Sub-Fund or a Class to operate in an economically efficient manner, and with due regard to the best interests of Shareholders, that a Sub-Fund or a Class should be terminated. In such event, the assets of the Sub-Fund or the Class will be realized, the liabilities discharged and the net proceeds of realization distributed to Shareholders in proportion to their holding of shares in that Sub-Fund or Class and such other evidence of discharge as the Board of Directors may reasonably require. This decision will be notified to Shareholders as required. No Shares will be redeemed after the date of the decision to liquidate the Sub-Fund or a Class.
The completion of the liquidation of a Sub-Fund or a Class must in principle take place within a period of nine months from the date of decision of the Board of Directors relating to the liquidation. Where the liquidation of Sub-Fund or a Class cannot be fully completed within a period of nine months, a written request for exemption shall be submitted to the CSSF detailing the reasons why the liquidation cannot be completed.
As soon as the closure of the liquidation of Sub-Fund or a Class has been decided, whether this decision is taken before the nine-month period has expired or at a later date, any residual funds not claimed by Shareholders prior to the completion of the liquidation shall be deposited as soon as possible at the Caisse de Consignation. | en | fr |
DOLFIN805 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Asian Debt - Hard Currency – Schedule of Investments
### Financial Assets at Fair Value through Profit or Loss
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| | Corporate Bonds 87.03% (31 December 2020: 89.03%) | | | | |
| | United States Dollar | | | | |
| 200,000 | ABJA Investment Co Pte Ltd* | 5.45% | 24/01/2028 | 219,011 | 1.52 |
| 200,000 | AIA Group Ltd* | 2.70% | 29/12/2049 | 199,613 | 1.38 |
| 200,000 | Alibaba Group Holding Ltd* | 4.00% | 06/12/2037 | 217,167 | 1.50 |
| 200,000 | Axis Bank Ltd* | 4.10% | 29/12/2049 | 199,131 | 1.38 |
| 200,000 | Bangkok Bank PCL** | 3.73% | 25/09/2034 | 204,715 | 1.42 |
| 200,000 | Bank Negara Indonesia Persero Tbk PT* | 3.75% | 30/03/2026 | 203,305 | 1.41 |
| 200,000 | BOC Aviation Ltd* | 3.00% | 11/09/2029 | 204,735 | 1.42 |
| 200,000 | CA Magnum Holdings** | 5.38% | 31/10/2026 | 207,250 | 1.44 |
| 200,000 | CAS Capital No 1 Ltd* | 4.00% | 29/12/2049 | 200,885 | 1.39 |
| 200,000 | CDBL Funding 2* | 2.00% | 04/03/2026 | 198,776 | 1.38 |
| 200,000 | Celestial Miles Ltd* | 5.75% | 29/12/2049 | 207,148 | 1.44 |
| 200,000 | China Construction Bank Corp* | 2.45% | 24/06/2030 | 202,805 | 1.41 |
| 200,000 | China Huadian Overseas Development Management Co Ltd* | 4.00% | 29/12/2049 | 208,980 | 1.45 |
| 200,000 | China Resources Land Ltd* | 4.13% | 26/02/2029 | 217,554 | 1.51 |
| 200,000 | Chinalco Capital Holdings Ltd* | 2.13% | 03/06/2026 | 196,925 | 1.36 |
| 400,000 | CIFI Holdings Group Co Ltd* | 5.95% | 20/10/2025 | 386,000 | 2.67 |
| 200,000 | CLP Power HK Finance Ltd* | 3.55% | 29/12/2049 | 205,934 | 1.43 |
| 300,000 | CMB International Leasing Management Ltd* | 1.88% | 12/08/2025 | 297,008 | 2.06 |
| 200,000 | Country Garden Holdings Co Ltd* | 6.50% | 08/04/2024 | 196,153 | 1.36 |
| 200,000 | Dua Capital Ltd* | 2.78% | 11/05/2031 | 199,388 | 1.38 |
| 200,000 | ENN Clean Energy International Investment Ltd* | 3.38% | 12/05/2026 | 199,020 | 1.38 |
| 200,000 | Franshion Brilliant Ltd* | 4.25% | 23/07/2029 | 191,126 | 1.32 |
| 200,000 | FWD Group Ltd* | 5.75% | 09/07/2024 | 205,429 | 1.42 |
| 200,000 | Gemdale Ever Prosperity Investment Ltd* | 4.95% | 12/08/2024 | 199,728 | 1.38 |
| 200,000 | Globe Telecom Inc* | 4.20% | 29/12/2049 | 205,744 | 1.43 |
| 200,000 | Greenko Power II Ltd* | 4.30% | 13/12/2028 | 203,750 | 1.41 |
| 200,000 | HPHT Finance 21 Ltd* | 2.00% | 19/03/2026 | 199,851 | 1.38 |
| 288,000 | Huarong Finance 2017 Co Ltd* | 4.00% | 29/12/2049 | 287,640 | 1.99 |
| 200,000 | Huarong Finance II Co Ltd* | 5.50% | 16/01/2025 | 210,250 | 1.46 |
| 200,000 | Industrial & Commercial Bank of China Ltd* | 3.20% | 29/12/2049 | 204,373 | 1.42 |
| 200,000 | JMH Co Ltd* | 2.50% | 09/04/2031 | 201,608 | 1.40 |
| 193,000 | JSW Hydro Energy Ltd* | 4.13% | 18/05/2031 | 192,810 | 1.34 |
| 200,000 | Kookmin Bank* | 2.50% | 04/11/2030 | 196,711 | 1.36 |
| 200,000 | Krung Thai Bank PCL* | 4.40% | 29/12/2049 | 201,442 | 1.40 |
| 200,000 | LG Chem Ltd* | 2.38% | 07/07/2031 | 196,936 | 1.36 |
| 250,000 | MCC Holding Hong Kong Corp Ltd* | 3.25% | 29/12/2049 | 254,385 | 1.76 |
| 200,000 | Meituan* | 3.05% | 28/10/2030 | 185,314 | 1.28 |
| 300,000 | Minmetals Bounteous Finance BVI Ltd* | 3.38% | 29/12/2049 | 308,358 | 2.14 |
| 200,000 | NWD MTN Ltd* | 4.13% | 18/07/2029 | 201,456 | 1.40 |
ANNUAL REPORT 2021 117
FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS | # Asian Debt - Hard Currency – Cartera de inversiones
### Activos financieros al valor razonable con cambios en resultados
| Importe principal | Descripción de los valores | Cupón | Fecha de vencimiento | Valor razonable USD | % del Patri- monio neto |
| --- | --- | --- | --- | --- | --- |
| | Bonos de empresa 87,03% (31 de diciembre de 2020: 89,03%) | | | | |
| | Dólar estadounidense | | | | |
| 200.000 | ABJA Investment Co Pte Ltd* | 5,45% | 24/01/2028 | 219.011 | 1,52 |
| 200.000 | AIA Group Ltd* | 2,70% | 29/12/2049 | 199.613 | 1,38 |
| 200.000 | Alibaba Group Holding Ltd* | 4,00% | 06/12/2037 | 217.167 | 1,50 |
| 200.000 | Axis Bank Ltd* | 4,10% | 29/12/2049 | 199.131 | 1,38 |
| 200.000 | Bangkok Bank PCL** | 3,73% | 25/09/2034 | 204.715 | 1,42 |
| 200.000 | Bank Negara Indonesia Persero Tbk PT* | 3,75% | 30/03/2026 | 203.305 | 1,41 |
| 200.000 | BOC Aviation Ltd* | 3,00% | 11/09/2029 | 204.735 | 1,42 |
| 200.000 | CA Magnum Holdings** | 5,38% | 31/10/2026 | 207.250 | 1,44 |
| 200.000 | CAS Capital No 1 Ltd* | 4,00% | 29/12/2049 | 200.885 | 1,39 |
| 200.000 | CDBL Funding 2* | 2,00% | 04/03/2026 | 198.776 | 1,38 |
| 200.000 | Celestial Miles Ltd* | 5,75% | 29/12/2049 | 207.148 | 1,44 |
| 200.000 | China Construction Bank Corp* | 2,45% | 24/06/2030 | 202.805 | 1,41 |
| 200.000 | China Huadian Overseas Development Management Co Ltd* | 4,00% | 29/12/2049 | 208.980 | 1,45 |
| 200.000 | China Resources Land Ltd* | 4,13% | 26/02/2029 | 217.554 | 1,51 |
| 200.000 | Chinalco Capital Holdings Ltd* | 2,13% | 03/06/2026 | 196.925 | 1,36 |
| 400.000 | CIFI Holdings Group Co Ltd* | 5,95% | 20/10/2025 | 386.000 | 2,67 |
| 200.000 | CLP Power HK Finance Ltd* | 3,55% | 29/12/2049 | 205.934 | 1,43 |
| 300.000 | CMB International Leasing Management Ltd* | 1,88% | 12/08/2025 | 297.008 | 2,06 |
| 200.000 | Country Garden Holdings Co Ltd* | 6,50% | 08/04/2024 | 196.153 | 1,36 |
| 200.000 | Dua Capital Ltd* | 2,78% | 11/05/2031 | 199.388 | 1,38 |
| 200.000 | ENN Clean Energy International Investment Ltd* | 3,38% | 12/05/2026 | 199.020 | 1,38 |
| 200.000 | Franshion Brilliant Ltd* | 4,25% | 23/07/2029 | 191.126 | 1,32 |
| 200.000 | FWD Group Ltd* | 5,75% | 09/07/2024 | 205.429 | 1,42 |
| 200.000 | Gemdale Ever Prosperity Investment Ltd* | 4,95% | 12/08/2024 | 199.728 | 1,38 |
| 200.000 | Globe Telecom Inc* | 4,20% | 29/12/2049 | 205.744 | 1,43 |
| 200.000 | Greenko Power II Ltd* | 4,30% | 13/12/2028 | 203.750 | 1,41 |
| 200.000 | HPHT Finance 21 Ltd* | 2,00% | 19/03/2026 | 199.851 | 1,38 |
| 288.000 | Huarong Finance 2017 Co Ltd* | 4,00% | 29/12/2049 | 287.640 | 1,99 |
| 200.000 | Huarong Finance II Co Ltd* | 5,50% | 16/01/2025 | 210.250 | 1,46 |
| 200.000 | Industrial & Commercial Bank of China Ltd* | 3,20% | 29/12/2049 | 204.373 | 1,42 |
| 200.000 | JMH Co Ltd* | 2,50% | 09/04/2031 | 201.608 | 1,40 |
| 193.000 | JSW Hydro Energy Ltd* | 4,13% | 18/05/2031 | 192.810 | 1,34 |
| 200.000 | Kookmin Bank* | 2,50% | 04/11/2030 | 196.711 | 1,36 |
| 200.000 | Krung Thai Bank PCL* | 4,40% | 29/12/2049 | 201.442 | 1,40 |
| 200.000 | LG Chem Ltd* | 2,38% | 07/07/2031 | 196.936 | 1,36 |
| 250.000 | MCC Holding Hong Kong Corp Ltd* | 3,25% | 29/12/2049 | 254.385 | 1,76 |
| 200.000 | Meituan* | 3,05% | 28/10/2030 | 185.314 | 1,28 |
| 300.000 | Minmetals Bounteous Finance BVI Ltd* | 3,38% | 29/12/2049 | 308.358 | 2,14 |
| 200.000 | NWD MTN Ltd* | 4,13% | 18/07/2029 | 201.456 | 1,40 |
INFORME ANUAL 2021 117
CUENTAS CARTERA DE INVERSIONES | # Asian Debt - Hard Currency – Schedule of Investments
### Financial Assets at Fair Value through Profit or Loss
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| | Corporate Bonds 87.03% (31 December 2020: 89.03%) | | | | |
| | United States Dollar | | | | |
| 200,000 | ABJA Investment Co Pte Ltd* | 5.45% | 24/01/2028 | 219,011 | 1.52 |
| 200,000 | AIA Group Ltd* | 2.70% | 29/12/2049 | 199,613 | 1.38 |
| 200,000 | Alibaba Group Holding Ltd* | 4.00% | 06/12/2037 | 217,167 | 1.50 |
| 200,000 | Axis Bank Ltd* | 4.10% | 29/12/2049 | 199,131 | 1.38 |
| 200,000 | Bangkok Bank PCL** | 3.73% | 25/09/2034 | 204,715 | 1.42 |
| 200,000 | Bank Negara Indonesia Persero Tbk PT* | 3.75% | 30/03/2026 | 203,305 | 1.41 |
| 200,000 | BOC Aviation Ltd* | 3.00% | 11/09/2029 | 204,735 | 1.42 |
| 200,000 | CA Magnum Holdings** | 5.38% | 31/10/2026 | 207,250 | 1.44 |
| 200,000 | CAS Capital No 1 Ltd* | 4.00% | 29/12/2049 | 200,885 | 1.39 |
| 200,000 | CDBL Funding 2* | 2.00% | 04/03/2026 | 198,776 | 1.38 |
| 200,000 | Celestial Miles Ltd* | 5.75% | 29/12/2049 | 207,148 | 1.44 |
| 200,000 | China Construction Bank Corp* | 2.45% | 24/06/2030 | 202,805 | 1.41 |
| 200,000 | China Huadian Overseas Development Management Co Ltd* | 4.00% | 29/12/2049 | 208,980 | 1.45 |
| 200,000 | China Resources Land Ltd* | 4.13% | 26/02/2029 | 217,554 | 1.51 |
| 200,000 | Chinalco Capital Holdings Ltd* | 2.13% | 03/06/2026 | 196,925 | 1.36 |
| 400,000 | CIFI Holdings Group Co Ltd* | 5.95% | 20/10/2025 | 386,000 | 2.67 |
| 200,000 | CLP Power HK Finance Ltd* | 3.55% | 29/12/2049 | 205,934 | 1.43 |
| 300,000 | CMB International Leasing Management Ltd* | 1.88% | 12/08/2025 | 297,008 | 2.06 |
| 200,000 | Country Garden Holdings Co Ltd* | 6.50% | 08/04/2024 | 196,153 | 1.36 |
| 200,000 | Dua Capital Ltd* | 2.78% | 11/05/2031 | 199,388 | 1.38 |
| 200,000 | ENN Clean Energy International Investment Ltd* | 3.38% | 12/05/2026 | 199,020 | 1.38 |
| 200,000 | Franshion Brilliant Ltd* | 4.25% | 23/07/2029 | 191,126 | 1.32 |
| 200,000 | FWD Group Ltd* | 5.75% | 09/07/2024 | 205,429 | 1.42 |
| 200,000 | Gemdale Ever Prosperity Investment Ltd* | 4.95% | 12/08/2024 | 199,728 | 1.38 |
| 200,000 | Globe Telecom Inc* | 4.20% | 29/12/2049 | 205,744 | 1.43 |
| 200,000 | Greenko Power II Ltd* | 4.30% | 13/12/2028 | 203,750 | 1.41 |
| 200,000 | HPHT Finance 21 Ltd* | 2.00% | 19/03/2026 | 199,851 | 1.38 |
| 288,000 | Huarong Finance 2017 Co Ltd* | 4.00% | 29/12/2049 | 287,640 | 1.99 |
| 200,000 | Huarong Finance II Co Ltd* | 5.50% | 16/01/2025 | 210,250 | 1.46 |
| 200,000 | Industrial & Commercial Bank of China Ltd* | 3.20% | 29/12/2049 | 204,373 | 1.42 |
| 200,000 | JMH Co Ltd* | 2.50% | 09/04/2031 | 201,608 | 1.40 |
| 193,000 | JSW Hydro Energy Ltd* | 4.13% | 18/05/2031 | 192,810 | 1.34 |
| 200,000 | Kookmin Bank* | 2.50% | 04/11/2030 | 196,711 | 1.36 |
| 200,000 | Krung Thai Bank PCL* | 4.40% | 29/12/2049 | 201,442 | 1.40 |
| 200,000 | LG Chem Ltd* | 2.38% | 07/07/2031 | 196,936 | 1.36 |
| 250,000 | MCC Holding Hong Kong Corp Ltd* | 3.25% | 29/12/2049 | 254,385 | 1.76 |
| 200,000 | Meituan* | 3.05% | 28/10/2030 | 185,314 | 1.28 |
| 300,000 | Minmetals Bounteous Finance BVI Ltd* | 3.38% | 29/12/2049 | 308,358 | 2.14 |
| 200,000 | NWD MTN Ltd* | 4.13% | 18/07/2029 | 201,456 | 1.40 |
ANNUAL REPORT 2021 117
FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS | en | es |
DOLFIN806 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 118 | EUR 606 |
| Annual cost impact (*) | 1.2% | 1.2% | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | EUR 118 | EUR 606 |
| Impatto sui costi annuali (*) | 1,2% | 1,2% | | | | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 118 | EUR 606 |
| Annual cost impact (*) | 1.2% | 1.2% | | en | it |
DOLFIN807 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Sub-Fund offers ten (10) classes of Shares:
- Premium EUR, denominated in EUR, reserved to shareholders approved by the Investment Manager,
- Premium CHF-H, denominated in CHF, hedged against EUR, reserved to shareholders approved by the Investment Manager,
- Premium USD-H, denominated in USD, hedged against EUR, reserved to shareholders approved by the Investment Manager,
- All EUR, denominated in EUR, intended for all types of investors,
- All CHF-H, denominated in CHF, hedged against EUR, intended for all types of investors,
- All USD-H, denominated in USD, hedged against EUR, intended for all types of investors,
- Large EUR, denominated in EUR, intended for all types of investors with a minimum investment requirement of EUR 100,000 applicable to each first subscription,
- Large CHF-H, denominated in CHF, hedged against EUR, intended for all types of investors with a minimum investment requirement of CHF 100,000 applicable to each first subscription,
- Large USD-H, denominated in USD, hedged against EUR, intended for all types of investors with a minimum investment requirement of USD 100,000 applicable to each first subscription, and
- Class Q, denominated in EUR, intended for all types of investors listed and tradable on a regulated European Stock Exchange, with a minimum holding requirement for investor of 1 share. | Il Comparto offre dieci (10) Classi di Azioni:
- Premium EUR, denominata in EUR, riservata ad Azionisti approvati dal Gestore degli Investimenti,
- Premium CHF-H, denominata in CHF, con copertura rispetto all'EUR, riservata ad Azionisti approvati dal Gestore degli Investimenti,
- Premium USD-H, denominata in USD, con copertura rispetto all'EUR, riservata ad Azionisti approvati dal Gestore degli Investimenti,
- All EUR, denominata in EUR e adatta a qualsiasi tipo di investitore;
- All CHF-H, denominata in CHF, con copertura rispetto all'EUR e adatta a qualsiasi tipo di investitore;
- All USD-H, denominata in USD, con copertura rispetto all'EUR e adatta a qualsiasi tipo di investitore;
- Large EUR, denominata in EUR, adatta a qualsiasi tipo di investitore e soggetta a un investimento minimo di EUR 100.000 applicabile a ogni prima;
- Large CHF-H, denominata in CHF, con copertura rispetto all'EUR, adatta a qualsiasi tipo di investitore e soggetta a un investimento minimo di CHF 100.000 applicabile a ogni prima sottoscrizione;
- Large USD-H, denominata in USD, con copertura rispetto all'EUR, adatta a qualsiasi tipo di investitore e soggetta a un investimento minimo di USD 100.000 applicabile a ogni prima sottoscrizione;
- Q, denominata in EUR, adatta a qualsiasi tipo di investitore e soggetta a un investimento minimo di 1 azione per investitore; le Azioni di tale Classe saranno quotate e negoziabili su una Borsa Valori europea regolamentata. | The Sub-Fund offers ten (10) classes of Shares:
- Premium EUR, denominated in EUR, reserved to shareholders approved by the Investment Manager,
- Premium CHF-H, denominated in CHF, hedged against EUR, reserved to shareholders approved by the Investment Manager,
- Premium USD-H, denominated in USD, hedged against EUR, reserved to shareholders approved by the Investment Manager,
- All EUR, denominated in EUR, intended for all types of investors,
- All CHF-H, denominated in CHF, hedged against EUR, intended for all types of investors,
- All USD-H, denominated in USD, hedged against EUR, intended for all types of investors,
- Large EUR, denominated in EUR, intended for all types of investors with a minimum investment requirement of EUR 100,000 applicable to each first subscription,
- Large CHF-H, denominated in CHF, hedged against EUR, intended for all types of investors with a minimum investment requirement of CHF 100,000 applicable to each first subscription,
- Large USD-H, denominated in USD, hedged against EUR, intended for all types of investors with a minimum investment requirement of USD 100,000 applicable to each first subscription, and
- Class Q, denominated in EUR, intended for all types of investors listed and tradable on a regulated European Stock Exchange, with a minimum holding requirement for investor of 1 share. | en | it |
DOLFIN808 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Investment Managers will provide reports to the Management Company with respect to the use of Research Commission Arrangements and will act at all times in the best interest of the Company, the Management Company and each relevant Sub-Fund when entering into Research Commission Arrangements or otherwise receiving research which is funded directly or indirectly by a Sub-Fund.
-
## Total Expense Ratio | Die Fondsmanager stellen der Verwaltungsgesellschaft Berichte über die Umsetzung der Vereinbarungen über Researchkosten zu Verfügung und handeln jederzeit im besten Interesse der Gesellschaft, der Verwaltungsgesellschaft und jedes Teilfonds, wenn sie Vereinbarungen über Researchkosten abschliessen oder auf andere Weise Research erhalten, dass direkt oder indirekt von einem Teilfonds finanziert wird.
-
## Total Expense Ratio | Investment Managers will provide reports to the Management Company with respect to the use of Research Commission Arrangements and will act at all times in the best interest of the Company, the Management Company and each relevant Sub-Fund when entering into Research Commission Arrangements or otherwise receiving research which is funded directly or indirectly by a Sub-Fund.
-
## Total Expense Ratio | en | de |
DOLFIN809 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Federated Hermes Global Equity ESG Fund
Factsheet 30 June 2023
Objective: The investment objective of the Fund is to achieve long-term capital appreciation by investing worldwide in equity securities with favourable ESG characteristics.
Investment Approach: The investment manager seeks to achieve its objective by investing in a diverse range of companies with attractive combinations of long-term fundamental characteristics and good or improving environmental, social and governance (ESG) characteristics. The manager systematically assesses each company’s value, growth and quality characteristics in the context of market sentiment. The results are tested through disciplined subjective analysis, which also considers unquantifiable factors such as leadership quality and assesses how a company manages environmental, social and governance (ESG) factors. By integrating insights from our stewardship team, EOS at Federated Hermes, and engaging with portfolio companies as required, the manager encourages better ESG practices that support long-term returns. | Federated Hermes Global Equity ESG Fund
Scheda descrittiva 30 giugno 2023
Obiettivo: L’obiettivo di investimento del Fondo è conseguire l'apprezzamento del capitale nel lungo termine investendo in titoli azionari di tutto il mondo con caratteristiche ESG (ambientali, sociali e di governance) favorevoli.
Approccio d’investimento: Il gestore degli investimenti cerca di raggiungere il suo obiettivo investendo in una gamma diversificata di società con una combinazione interessante di caratteristiche fondamentali a lungo termine e prestazioni ambientali, sociali e di governance (ESG) buone o in fase di miglioramento. Il gestore giudica sistematicamente il valore, la crescita e le caratteristiche qualitative di ogni azienda alla luce del sentiment di mercato. I risultati sono testati attraverso un’analisi soggettiva disciplinata, che considera anche aspetti non quantificabili, come la qualità del team manageriale, e valuta come un’azienda gestisce i fattori ambientali, sociali e di governance (ESG). Integrando le informazioni fornite dal nostro team di stewardship, EOS di Federated Hermes, e attuando se necessario iniziative di engagement delle aziende in portafoglio, il gestore promuove l’adozione di pratiche ESG migliori, a sostegno dei rendimenti nel lungo termine. | Federated Hermes Global Equity ESG Fund
Factsheet 30 June 2023
Objective: The investment objective of the Fund is to achieve long-term capital appreciation by investing worldwide in equity securities with favourable ESG characteristics.
Investment Approach: The investment manager seeks to achieve its objective by investing in a diverse range of companies with attractive combinations of long-term fundamental characteristics and good or improving environmental, social and governance (ESG) characteristics. The manager systematically assesses each company’s value, growth and quality characteristics in the context of market sentiment. The results are tested through disciplined subjective analysis, which also considers unquantifiable factors such as leadership quality and assesses how a company manages environmental, social and governance (ESG) factors. By integrating insights from our stewardship team, EOS at Federated Hermes, and engaging with portfolio companies as required, the manager encourages better ESG practices that support long-term returns. | en | it |
DOLFIN810 | 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
L'objectif d'investissement du Compartiment est de réaliser une plus-value de capital à long terme. Le Compartiment est géré activement. Le Compartiment utilise l'indice Refinitiv Global Focus Investment Grade Convertible Bond Hedged Total Return EUR à des fins de comparaison des performances uniquement. Le Compartiment ne reproduit pas l'indice et peut s'en écarter de manière significative ou complètement.
Le Compartiment est géré activement et investira principalement dans des titres de créance convertibles (y compris des instruments du marché monétaire) possédant une notation de crédit investment grade.
Le Compartiment peut également investir dans des actions, des liquidités, des instruments du marché monétaire autres que ceux susmentionnés et des organismes de placement collectif (OPC). Toutefois, le Compartiment n'investira pas plus de 10 % de son actif net dans d'autres OPC et pas plus de 45 % de son actif net dans des obligations de qualité inférieure à investment grade.
Le choix des investissements ne sera limité ni au niveau géographique (y compris les marchés émergents), ni sur le plan sectoriel, ni sur le plan des devises de libellé. Toutefois, selon les conditions sur les marchés financiers, une attention particulière pourra être accordée à un pays en particulier (ou plusieurs) et/ou un seul secteur économique et/ou une seule devise.
Aux fins de couverture et d'investissement, le Compartiment pourra utiliser tous les types d'instruments financiers dérivés négociés sur un marché réglementé et/ou de gré à gré.
Si le gestionnaire d'investissement estime que cette mesure est dans l'intérêt des actionnaires, le Compartiment pourra également détenir, à titre temporaire et à des fins défensives, jusqu'à 100% de son actif net en liquidités et quasi-liquidités telles que des dépôts en espèces, des OPC monétaires et des instruments du marché monétaire.
## Fréquence des opérations de souscription et de rachat
La valeur nette d'inventaire de la Classe est calculée chaque vendredi et le dernier jour civil de chaque mois (le « Jour d'évaluation »).
Vous devez soumettre vos ordres de souscription au plus tard à 16 h, un jour ouvré avant le Jour d'évaluation.
Vous devez soumettre vos ordres de rachat au plus tard à 16 h, deux jours ouvrables avant le Jour d'évaluation.
## Politique de distribution
La Classe est à capitalisation. Aucun dividende ne sera normalement distribué.
## Devise
La devise de la Classe est EUR.
## Minimum de souscription et/ou de détention
Le montant minimum de souscription et de détention est de 10'000 EUR ou un montant équivalent. | # Objetivos y política de inversión
El objetivo de inversión del Compartimento es lograr la revalorización del capital a largo plazo. El Subfondo se gestiona de forma activa. El Subfondo utiliza el índice Refinitiv Global Focus Investment Grade Convertible Bond Hedged Total Return EUR únicamente para comparar la rentabilidad. El Subfondo no reproduce el índice y puede desviarse considerablemente o totalmente del índice.
El Subfondo, que se gestiona de forma activa, invertirá principalmente en valores de deuda convertible (incluidos instrumentos del mercado monetario) con una calificación crediticia de categoría de inversión (investment grade).
Además, el Compartimento puede invertir en valores de renta variable, efectivo, instrumentos del mercado monetario distintos a los mencionados anteriormente y organismos de inversión colectiva (OIC). Sin embargo, el Compartimento no invertirá más del 10% de su patrimonio neto en otros OIC ni más del 45% de su patrimonio neto en bonos sin categoría de inversión (non-investment grade).
La selección de inversiones no estará limitada por regiones geográficas (incluidos los mercados emergentes), por sector económico ni por las divisas en que estén denominadas las inversiones. Dependiendo de las condiciones del mercado financiero, las inversiones podrán concentrarse en un solo país (o varios países) y/o en un solo sector económico y/o una sola divisa.
Con fines de cobertura y de inversión, el Compartimento podrá utilizar todos los tipos de instrumentos financieros derivados negociados en un mercado regulado y/o un mercado extrabursátil.
Si el gestor de inversiones considera que redunda en interés de los accionistas, el Compartimento también podrá mantener, de manera temporal y con fines defensivos, hasta el 100% de su patrimonio neto en efectivo y equivalentes de efectivo (p. ej., depósitos de efectivo, OIC del mercado monetario e instrumentos del mercado monetario).
## Frecuencia de contratación
El valor liquidativo de la Clase se calcula cada día hábil (el "Día de Valoración").
La hora límite para remitir órdenes de suscripción son las 16:00 h, un día hábil antes del Día de Valoración pertinente.
La hora límite para remitir órdenes de reembolso son las 16:00 h, dos días hábiles antes del Día de Valoración pertinente.
## Política de reparto
La Clase es de capitalización. Por lo general, no habrá repartos de dividendos.
## Moneda
La divisa de la Clase es EUR.
## Requisito de inversión y/o tenencia mínima
La suscripción mínima inicial y el importe de tenencia mínimo son 10'000 EUR o equivalente. | # Objectifs et politique d'investissement
L'objectif d'investissement du Compartiment est de réaliser une plus-value de capital à long terme. Le Compartiment est géré activement. Le Compartiment utilise l'indice Refinitiv Global Focus Investment Grade Convertible Bond Hedged Total Return EUR à des fins de comparaison des performances uniquement. Le Compartiment ne reproduit pas l'indice et peut s'en écarter de manière significative ou complètement.
Le Compartiment est géré activement et investira principalement dans des titres de créance convertibles (y compris des instruments du marché monétaire) possédant une notation de crédit investment grade.
Le Compartiment peut également investir dans des actions, des liquidités, des instruments du marché monétaire autres que ceux susmentionnés et des organismes de placement collectif (OPC). Toutefois, le Compartiment n'investira pas plus de 10 % de son actif net dans d'autres OPC et pas plus de 45 % de son actif net dans des obligations de qualité inférieure à investment grade.
Le choix des investissements ne sera limité ni au niveau géographique (y compris les marchés émergents), ni sur le plan sectoriel, ni sur le plan des devises de libellé. Toutefois, selon les conditions sur les marchés financiers, une attention particulière pourra être accordée à un pays en particulier (ou plusieurs) et/ou un seul secteur économique et/ou une seule devise.
Aux fins de couverture et d'investissement, le Compartiment pourra utiliser tous les types d'instruments financiers dérivés négociés sur un marché réglementé et/ou de gré à gré.
Si le gestionnaire d'investissement estime que cette mesure est dans l'intérêt des actionnaires, le Compartiment pourra également détenir, à titre temporaire et à des fins défensives, jusqu'à 100% de son actif net en liquidités et quasi-liquidités telles que des dépôts en espèces, des OPC monétaires et des instruments du marché monétaire.
## Fréquence des opérations de souscription et de rachat
La valeur nette d'inventaire de la Classe est calculée chaque vendredi et le dernier jour civil de chaque mois (le « Jour d'évaluation »).
Vous devez soumettre vos ordres de souscription au plus tard à 16 h, un jour ouvré avant le Jour d'évaluation.
Vous devez soumettre vos ordres de rachat au plus tard à 16 h, deux jours ouvrables avant le Jour d'évaluation.
## Politique de distribution
La Classe est à capitalisation. Aucun dividende ne sera normalement distribué.
## Devise
La devise de la Classe est EUR.
## Minimum de souscription et/ou de détention
Le montant minimum de souscription et de détention est de 10'000 EUR ou un montant équivalent. | fr | es |
DOLFIN811 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Taxation of shareholders
Under current legislation, shareholders are not liable in Luxembourg to any gift or inheritance tax, except for shareholders who are domiciled, resident or have a permanent address in Luxembourg.
In terms of income tax, shareholders who are resident in Luxembourg are liable on the basis of a direct assessment for tax on dividends received and capital gains realised on the sale of their units if their units are held for a period of less than six months, or if more than 10% of the shares of the company are held.
Shareholders who are non-resident in Luxembourg are not liable for tax in Luxembourg on the dividends received or capital gains realised on the sale of their units.
We recommend that shareholders familiarise themselves with and, if necessary, seek advice on the laws and regulations governing taxation and exchange control applicable to the subscription, purchase, holding and sale of shares in their place of origin, residence and/or domicile.
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## General Meetings | #### Imposition des Actionnaires
Les actionnaires ne sont pas soumis au Luxembourg, selon la législation actuelle, à un impôt quelconque sur les donations ou les successions à l’exception des actionnaires domiciliés, résidant ou possédant un établissement permanent au Luxembourg.
A l’impôt sur le revenu, les actionnaires résidant au Luxembourg sont soumis à une imposition par voie d’assiette sur les dividendes perçus et les plus-values réalisées lors de la cession de leurs parts en cas de détention de leurs parts pendant une durée inférieure à 6 mois, ou en cas de détention de plus de 10% des actions de la société.
Les actionnaires non résidant au Luxembourg ne sont pas soumis à l’impôt au Luxembourg sur les dividendes perçus ou les plus-values réalisées lors de la cession de leurs parts.
Il est recommandé aux actionnaires de se renseigner et, si nécessaire, de se faire conseiller au sujet des lois et réglementations relatives à la fiscalité et au contrôle des changes, applicables à la souscription, l’achat, la détention et la cession d’actions dans leur lieu d’origine, de résidence et/ou de domicile.
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## Assemblées Générales | #### Taxation of shareholders
Under current legislation, shareholders are not liable in Luxembourg to any gift or inheritance tax, except for shareholders who are domiciled, resident or have a permanent address in Luxembourg.
In terms of income tax, shareholders who are resident in Luxembourg are liable on the basis of a direct assessment for tax on dividends received and capital gains realised on the sale of their units if their units are held for a period of less than six months, or if more than 10% of the shares of the company are held.
Shareholders who are non-resident in Luxembourg are not liable for tax in Luxembourg on the dividends received or capital gains realised on the sale of their units.
We recommend that shareholders familiarise themselves with and, if necessary, seek advice on the laws and regulations governing taxation and exchange control applicable to the subscription, purchase, holding and sale of shares in their place of origin, residence and/or domicile.
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## General Meetings | en | fr |
DOLFIN812 | 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 d’investissement L’objectif d’Eurizon Capital SGR S.p.A., le Gestionnaire d’investissement, consiste à réaliser une performance moyenne à moyen terme supérieure à celle d’un portefeuille d’instruments de dette émis par les Etats de la zone euro représentée par l’indice de référence.
### Indice de référence JP Morgan EMU Government Bond Index. Pour la conception du portefeuille, l’évaluation de la performance et le calcul de la commission de performance.
Politique d’investissement L’actif net de ce Compartiment est essentiellement investi dans de la dette et des instruments assimilés de qualité supérieure à moyenne (« Investment Grade ») émis par des autorités publiques de tout pays et libellés en euros ainsi que dans des dépôts à terme auprès d’établissements de crédit.
### A titre auxiliaire, l’actif net du Compartiment peut être investi dans d’autres instruments, tels que, en autres, des OPCVM de tout type (à hauteur de 10%) ou tout type de liquidités.
Le Compartiment peut recourir à des instruments financiers dérivés à des fins de couverture des risques, de gestion efficace du portefeuille et/ou d’investissement conforme à la Politique d’investissement. Le recours aux instruments financiers dérivés à des fins d’investissement peut amplifier les fluctuations à la hausse et à la baisse de la Valeur d’inventaire nette par Part du Compartiment.
### Stratégie En gérant le fonds de manière dynamique, le Gestionnaire d’investissement sélectionne des titres qui semblent offrir un potentiel
de croissance et de revenus supérieur à la moyenne. La majorité des titres du fonds seront des composantes de l’indice de référence et pourront présenter des pondérations similaires à celui-ci en fonction des opinions stratégiques ou tactiques du Gestionnaire d’investissement. La limitation de l’écart quantitatif qui sous-tend l’approche d’investissement limitera la possibilité pour la performance du fonds de s’écarter de l’indice de référence. L’exposition du fonds aux différents titres, et donc sa performance, sont susceptibles de légèrement s’écarter de celles de l’indice de référence.
Rachat Vous pouvez vendre vos parts sur demande à tout moment. Les ordres de rachat sont exécutés sur la base de la Valeur nette d’inventaire par Part du jour, lorsque la demande est reçue au Luxembourg avant l’heure limite de négociation. La Valeur nette d’inventaire par Part est calculée quotidiennement.
### Politique de distribution Cette Catégorie de Parts ne distribue pas de dividendes. Les revenus des investissements sont réinvestis.
Autres informations Le Compartiment a des caractéristiques (E) environnementales et (S) sociales et promeut l'investissement dans des actifs qui suivent les pratiques de bonne gouvernance (G) conformément à l'article 8 du Règlement sur la divulgation en matière de finance durable (« SFDR »). Pour plus d'informations, rendez-vous sur www.eurizoncapital.compour consulter le Prospectus dans sa section « Politique d'investissement durable et intégration ESG ». | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
Objetivo de Inversión El objetivo del gestor de inversiones, Eurizon Capital SGR S.p.A., es alcanzar una rentabilidad media a medio plazo superior a la rentabilidad de una cartera de instrumentos de deuda emitida por gobiernos de la zona euro representados por el índice de referencia.
### Índice de referencia JP Morgan EMU Government Bond Index. Para la determinación de la cartera, la medición de la rentabilidad y el cálculo de la comisión de rentabilidad.
Política de inversión Los activos netos de este subfondo se invertirán sobre todo en deuda e instrumentos relacionados con deuda de media y alta calidad ("grado de inversión") emitidos por autoridades públicas de cualquier país y denominados en euros, así como en depósitos a plazo en entidades de crédito.
### De forma complementaria, los activos netos del subfondo podrán invertirse en cualquier otro instrumento como, por ejemplo, todo tipo de OICVM (hasta un 10%) y efectivo.
El subfondo podrá emplear instrumentos financieros derivados para cubrir riesgos, garantizar una gestión eficiente de la cartera y/o invertir de acuerdo con la política de inversión. El uso de instrumentos financieros derivados con fines de inversión puede amplificar las fluctuaciones al alza y a la baja del valor liquidativo por participación del subfondo.
### Estrategia En la gestión activa del fondo, el gestor de inversiones selecciona valores que presentan un potencial de crecimiento e
ingresos superior a la media. La mayoría de los valores del fondo formarán parte del índice o tendrán una ponderación similar en función de la perspectiva estratégica o táctica del gestor de inversiones. Limitaciones a la desviación cuantitativa subyacente al enfoque de inversión restringirán la medida en la que el rendimiento del fondo pueda desviarse respecto del índice de referencia. Es probable que la exposición del fondo a valores, y en consecuencia su rentabilidad, ligeramente difieran de la del índice de referencia.
Reembolso Puede vender sus participaciones solicitándolo en cualquier momento. Las órdenes de reembolso se ejecutan al valor liquidativo por participación del día en que la solicitud se recibe en Luxemburgo antes del plazo límite de contratación. El valor liquidativo por participación se calcula diariamente.
### Política de reparto Esta clase de participación no distribuye dividendos. Los ingresos de las inversiones se reinvierten.
Otra información El Subfondo presenta características medioambientales (E) y sociales (S) y promueve inversiones en activos que observan buenas prácticas de gobernanza (G), de acuerdo con el artículo 8 del Reglamento sobre la divulgación de información financiera sostenible ("SFDR", por sus siglas en inglés). Si desea más información, acceda a www.eurizoncapital.comy consulte la sección "Política de inversión sostenible e integración ESG" del folleto. | # OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
Objectif d’investissement L’objectif d’Eurizon Capital SGR S.p.A., le Gestionnaire d’investissement, consiste à réaliser une performance moyenne à moyen terme supérieure à celle d’un portefeuille d’instruments de dette émis par les Etats de la zone euro représentée par l’indice de référence.
### Indice de référence JP Morgan EMU Government Bond Index. Pour la conception du portefeuille, l’évaluation de la performance et le calcul de la commission de performance.
Politique d’investissement L’actif net de ce Compartiment est essentiellement investi dans de la dette et des instruments assimilés de qualité supérieure à moyenne (« Investment Grade ») émis par des autorités publiques de tout pays et libellés en euros ainsi que dans des dépôts à terme auprès d’établissements de crédit.
### A titre auxiliaire, l’actif net du Compartiment peut être investi dans d’autres instruments, tels que, en autres, des OPCVM de tout type (à hauteur de 10%) ou tout type de liquidités.
Le Compartiment peut recourir à des instruments financiers dérivés à des fins de couverture des risques, de gestion efficace du portefeuille et/ou d’investissement conforme à la Politique d’investissement. Le recours aux instruments financiers dérivés à des fins d’investissement peut amplifier les fluctuations à la hausse et à la baisse de la Valeur d’inventaire nette par Part du Compartiment.
### Stratégie En gérant le fonds de manière dynamique, le Gestionnaire d’investissement sélectionne des titres qui semblent offrir un potentiel
de croissance et de revenus supérieur à la moyenne. La majorité des titres du fonds seront des composantes de l’indice de référence et pourront présenter des pondérations similaires à celui-ci en fonction des opinions stratégiques ou tactiques du Gestionnaire d’investissement. La limitation de l’écart quantitatif qui sous-tend l’approche d’investissement limitera la possibilité pour la performance du fonds de s’écarter de l’indice de référence. L’exposition du fonds aux différents titres, et donc sa performance, sont susceptibles de légèrement s’écarter de celles de l’indice de référence.
Rachat Vous pouvez vendre vos parts sur demande à tout moment. Les ordres de rachat sont exécutés sur la base de la Valeur nette d’inventaire par Part du jour, lorsque la demande est reçue au Luxembourg avant l’heure limite de négociation. La Valeur nette d’inventaire par Part est calculée quotidiennement.
### Politique de distribution Cette Catégorie de Parts ne distribue pas de dividendes. Les revenus des investissements sont réinvestis.
Autres informations Le Compartiment a des caractéristiques (E) environnementales et (S) sociales et promeut l'investissement dans des actifs qui suivent les pratiques de bonne gouvernance (G) conformément à l'article 8 du Règlement sur la divulgation en matière de finance durable (« SFDR »). Pour plus d'informations, rendez-vous sur www.eurizoncapital.compour consulter le Prospectus dans sa section « Politique d'investissement durable et intégration ESG ». | fr | es |
DOLFIN813 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Environmental and social characteristics are promoted through investments in undertakings for collective investment (“UCI”) managed by DPAM or third-party managers and through direct portfolio investments.
This sub-fund invests at least 75% of its net assets in:
- UCIs which promote, inter alia, environmental or social characteristics within the meaning of Regulation 2019/2088 and/or UCIs which have a sustainable investment objective within the meaning of Regulation 2019/2088 (indirect investments); and/or
- securities that meet the environmental and social characteristics it promotes (direct investments). | Le caratteristiche ambientali e sociali sono promosse attraverso investimenti in organismi di investimento collettivo (OIC) gestiti da DPAM o da gestori terzi e attraverso investimenti diretti di portafoglio.
Questo comparto investe almeno il 75% del suo patrimonio netto in:
- OIC che promuovono, tra l’altro, caratteristiche ambientali o sociali ai sensi del regolamento 2019/2088 e/o OIC che hanno un obiettivo di investimento sostenibile ai sensi del regolamento 2019/2088 (investimenti indiretti); e/o
- titoli che soddisfano le caratteristiche ambientali e sociali che esso promuove (investimenti diretti). | Environmental and social characteristics are promoted through investments in undertakings for collective investment (“UCI”) managed by DPAM or third-party managers and through direct portfolio investments.
This sub-fund invests at least 75% of its net assets in:
- UCIs which promote, inter alia, environmental or social characteristics within the meaning of Regulation 2019/2088 and/or UCIs which have a sustainable investment objective within the meaning of Regulation 2019/2088 (indirect investments); and/or
- securities that meet the environmental and social characteristics it promotes (direct investments). | en | it |
DOLFIN814 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les CDS sont négociés de gré à gré hors du marché boursier (marché OTC), ce qui permet de satisfaire plus spécifiquement les besoins non standardisés des deux contractants, au prix d’une liquidité réduite.
L’engagement envers les obligations découlant des CDS doit se faire dans l’intérêt exclusif du Fonds et en accord avec sa politique d’investissement. Les emprunts sous-jacents aux CDS et les émetteurs concernés doivent être pris en compte dans les restrictions d’investissement mentionnées à l’article 4, point 5 du rè- glement de gestion.
L’évaluation des swaps de défaillance de crédit suit une méthode claire et transparente et intervient à in- tervalles réguliers. La Société de gestion et le réviseur d’entreprises surveillent la clarté et la transparence des méthodes d’évaluation et de leur utilisation. Si des différences sont constatées dans le cadre de cette surveillance, la Société de gestion est chargée de les supprimer.
- RemarquesL'utilisation de techniques et d'instruments pour une gestion efficace du portefeuille peut entraîner des frais directs ou indirects imputables à l'actif du Fonds ou dépréciant l'actif du Fonds. Ces frais peuvent être facturés tant aux parties tierces qu’aux parties apparentées à la Société de gestion ou au dépositaire. | Los CDS se contratarán de forma extrabursátil (mercado OTC), por lo que se podrán aceptar exigencias es- pecíficas, no estandarizadas, de los dos contrayentes en torno al precio de una menor liquidez.
El compromiso resultante de las obligaciones derivadas de los CDS deberá responder tanto al interés exclu- sivo del fondo como estar en consonancia con su política de inversión. En los límites de inversión conforme al artículo 4, número 5, del reglamento de gestión, se deberán tomar en consideración tanto las obligacio- nes subyacentes al CDS como el respectivo emisor.
La valoración de los Credit Default Swaps tendrá lugar de forma regular conforme a métodos comproba- bles y transparentes. La sociedad gestora y el auditor controlarán la comparabilidad y la transparencia de los métodos de valoración y su aplicación. Si en el marco del control se encontraran diferencias, la socie- dad gestora ordenará la eliminación de las mismas.
- ObservacionesMediante el uso de técnicas e instrumentos y con el fin de garantizar una gestión eficiente de la cartera, se podrán devengar costes directos e indirectos que se gravarán en el patrimonio del fondo o que reduci- rán el patrimonio del fondo. Estos costes se podrán devengar tanto a terceros como a las partes de la so- ciedad gestora o del agente de custodia. | Les CDS sont négociés de gré à gré hors du marché boursier (marché OTC), ce qui permet de satisfaire plus spécifiquement les besoins non standardisés des deux contractants, au prix d’une liquidité réduite.
L’engagement envers les obligations découlant des CDS doit se faire dans l’intérêt exclusif du Fonds et en accord avec sa politique d’investissement. Les emprunts sous-jacents aux CDS et les émetteurs concernés doivent être pris en compte dans les restrictions d’investissement mentionnées à l’article 4, point 5 du rè- glement de gestion.
L’évaluation des swaps de défaillance de crédit suit une méthode claire et transparente et intervient à in- tervalles réguliers. La Société de gestion et le réviseur d’entreprises surveillent la clarté et la transparence des méthodes d’évaluation et de leur utilisation. Si des différences sont constatées dans le cadre de cette surveillance, la Société de gestion est chargée de les supprimer.
- RemarquesL'utilisation de techniques et d'instruments pour une gestion efficace du portefeuille peut entraîner des frais directs ou indirects imputables à l'actif du Fonds ou dépréciant l'actif du Fonds. Ces frais peuvent être facturés tant aux parties tierces qu’aux parties apparentées à la Société de gestion ou au dépositaire. | fr | es |
DOLFIN815 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Where possible the Company restricts its exposure to credit losses on the trading derivative instruments it holds by entering into master netting arrangements which is a bilateral agreement between the Funds and the counterparties (approved brokers) with whom the Funds undertake a significant volume of over-the-counter derivative transactions (including total return swaps). Derivatives are held with counterparties on an unsegregated basis. Master netting arrangements do not result in an offset of balance sheet assets and liabilities, as transactions are usually settled on a gross basis. However, the credit risk associated with favourable contracts is reduced by a master netting arrangement to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Company’s overall exposure to credit risk on derivative instruments subject to a master netting arrangement can change substantially within a short period, as it is affected by each transaction subject to the arrangement.
Certain over-the-counter derivatives are cleared through central clearing houses. Under this arrangement, over-the- counter trades entered with counterparties are given up to clearing houses, which after acceptance effectively replace the counterparty for the risk aspects of the trade.
The Company employs a risk management process which will enable it to measure, monitor and manage the risks attached to financial derivative positions and details of this process have been provided to the Central Bank.
For the purpose of providing margin or collateral in respect of transactions in financial derivative instruments, the Funds of the Company may transfer, mortgage, charge or encumber any assets or cash forming part of the Funds. The Funds may also be exposed to a credit risk in relation to the counterparties with whom they transact or place margin or collateral in respect of transactions in financial derivative instruments and may bear the risk of counterparty default. | Ove possibile, la Società limita la propria esposizione a perdite su crediti sulla negoziazione di strumenti derivati che detiene stipulando accordi quadro di compensazione con controparti che rappresentano accordi bilaterali tra i Fondi e le controparti (intermediari approvati) con i quali i Fondi effettuano un volume significativo di operazioni derivate over- the-counter (inclusi i total return swap). I derivati sono detenuti con le controparti su base non separata. Gli accordi quadro di compensazione non risultano in una compensazione degli attivi e passivi in bilancio, in quanto le operazioni sono generalmente regolate su base lorda. Tuttavia, il rischio di credito associato a contratti favorevoli viene ridotto da un accordo quadro di compensazione: se si verifica un evento di insolvenza, tutti gli importi con la controparte vengono risolti e regolati su base netta. L’esposizione generale della Società al rischio di credito su strumenti derivati di cui all’accordo generale di compensazione può cambiare sostanzialmente entro un breve periodo, poiché è correlata a ogni operazione effettuata in virtù dell’accordo.
La compensazione di alcuni derivati over-the-counter avviene attraverso una stanza di compensazione centrale. Nel quadro di tale accordo, le operazioni over-the-counter stipulate con controparti sono demandate a stanze di compensazione che, all’accettazione, sostituiscono di fatto la controparte negli aspetti di rischio operativo.
La Società utilizza un processo di gestione del rischio che le consentirà di valutare, sorvegliare e gestire i rischi connessi a posizioni finanziarie derivate e informazioni complete relative a tale processo sono state fornite alla Banca centrale.
Allo scopo di fornire margine o garanzia collaterale in relazione a operazioni su strumenti finanziari derivati, i Fondi della Società possono trasferire, ipotecare o impegnare attivi o liquidità facenti parte dei Fondi. I Fondi possono essere inoltre esposti a un rischio di credito in relazione alle controparti con cui effettuano operazioni o presso cui collocano margine o garanzia collaterale in relazione a operazioni su strumenti finanziari derivati e possono assumersi il rischio di default della controparte. | Where possible the Company restricts its exposure to credit losses on the trading derivative instruments it holds by entering into master netting arrangements which is a bilateral agreement between the Funds and the counterparties (approved brokers) with whom the Funds undertake a significant volume of over-the-counter derivative transactions (including total return swaps). Derivatives are held with counterparties on an unsegregated basis. Master netting arrangements do not result in an offset of balance sheet assets and liabilities, as transactions are usually settled on a gross basis. However, the credit risk associated with favourable contracts is reduced by a master netting arrangement to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Company’s overall exposure to credit risk on derivative instruments subject to a master netting arrangement can change substantially within a short period, as it is affected by each transaction subject to the arrangement.
Certain over-the-counter derivatives are cleared through central clearing houses. Under this arrangement, over-the- counter trades entered with counterparties are given up to clearing houses, which after acceptance effectively replace the counterparty for the risk aspects of the trade.
The Company employs a risk management process which will enable it to measure, monitor and manage the risks attached to financial derivative positions and details of this process have been provided to the Central Bank.
For the purpose of providing margin or collateral in respect of transactions in financial derivative instruments, the Funds of the Company may transfer, mortgage, charge or encumber any assets or cash forming part of the Funds. The Funds may also be exposed to a credit risk in relation to the counterparties with whom they transact or place margin or collateral in respect of transactions in financial derivative instruments and may bear the risk of counterparty default. | en | it |
DOLFIN816 | 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 ans Investissement : 10.000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 890 EUR -91,13 % | 1.040 EUR -36,40 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 8.650 EUR -13,52 % | 10.300 EUR 0,58 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.830 EUR 8,26 % | 13.350 EUR 5,95 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 12.900 EUR 28,99 % | 15.290 EUR 8,86 % | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 890 EUR -91,13% | 1.040 EUR -36,40% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.650 EUR -13,52% | 10.300 EUR 0,58% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.830 EUR 8,26% | 13.350 EUR 5,95% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 12.900 EUR 28,99% | 15.290 EUR 8,86% | | | Période de détention recommandée : 5 ans Investissement : 10.000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 890 EUR -91,13 % | 1.040 EUR -36,40 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 8.650 EUR -13,52 % | 10.300 EUR 0,58 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.830 EUR 8,26 % | 13.350 EUR 5,95 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 12.900 EUR 28,99 % | 15.290 EUR 8,86 % | | fr | es |
DOLFIN817 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Benchmark Fund 100 and NA at the end of the Calculation Period 110 (no matter if there is a negative performance since the beginning of the Calculation Period):
- Performance fees 20% x Max (0; 110 – 100) 2
- Reset of the Benchmark Fund for the following period, new Benchmark Fund 110The outperformance is defined as the difference between the Sub- Fund’s asset value, net of all fees and costs but before accrued performance fees on the one hand, to that of a benchmark fund, which performance is equal to the performance of the benchmark for performance fee (“Benchmark Fund”). The following has to be replicated in the Benchmark Fund: | - Fonds de Référence » = 100 et VL à la fin de la Période de Calcul = 110 (qu’il y ait ou non une performance négative depuis le début de la Période de Calcul) :
- Commission de performance = 20 % x Maxi (0 ; 110 – 100) = 2
- Réinitialisation du Fonds de Référence pour la période suivante, nouveau Fonds de Référence = 110La surperformance se définit comme la différence entre la valeur des actifs d’un Compartiment, nette de tous les frais et coûts, mais avant les commissions de performance provisionnées d’une part, et celle d’un fonds de référence dont la performance est égale à la performance de l’indice de référence utilisé pour le calcul de la commission de performance (le « Fonds de Référence ») d’autre part. Les éléments suivants doivent être reproduits dans le Fonds de référence : | - Benchmark Fund 100 and NA at the end of the Calculation Period 110 (no matter if there is a negative performance since the beginning of the Calculation Period):
- Performance fees 20% x Max (0; 110 – 100) 2
- Reset of the Benchmark Fund for the following period, new Benchmark Fund 110The outperformance is defined as the difference between the Sub- Fund’s asset value, net of all fees and costs but before accrued performance fees on the one hand, to that of a benchmark fund, which performance is equal to the performance of the benchmark for performance fee (“Benchmark Fund”). The following has to be replicated in the Benchmark Fund: | en | fr |
DOLFIN818 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the Bloomberg MSCI 1-3 Year Euro Corporate SRI Sustainable Select Ex Fossil Fuel PAB (NTR) Index (Bloomberg: I34701EU Index) ( the Index ) by investing in debt securities issued by companies included in the Index, respecting the Index's weightings (full replication), or in a sample of debt securities issued by companies included in the Index (optimised replication). When investing in a sample of debt securities, the Fund’s tracking error may be higher. The Index is composed of securities selected on the basis of Environmental, Social and Corporate Governance (ESG) criteria (such as environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels.
As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index.
The type of approach implemented here is Best-in-universe (type of ESG selection consisting of giving priority to the issuers best rated from a non-financial viewpoint irrespective of their sector of activity, and accepting sector biases, because the sectors which are considered more virtuous on the whole will be more heavily represented). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the Index, its composition, calculation, methodology and the rules for periodic monitoring and rebalancing can be found on www.bloombergindices.com.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. A dividend may be distributed.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of and/or income from capital. Potential investors should have an investment horizon of at least 3 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # EN QUOI CONSISTE CE PRODUIT ?
## Type
Ce produit est un organisme de placement collectif en valeurs mobilières (OPCVM) qualifié de fonds indiciel coté (ETF). Il est constitué sous la forme d’un compartiment de BNP PARIBAS EASY, une société d’investissement à capital variable (SICAV) régies par les dispositions de la partie I de la loi luxembourgeoise du 17 décembre 2010 (la « Loi 2010 » ) relative aux organismes de placement collectif ainsi que par la directive OPCVM 2009/65.
## Durée
Ce Produit n’a pas de date d’échéance.
BNPP AM Luxembourg n’est pas autorisé à résilier le Produit unilatéralement. Le Conseil d’administration de la SICAV a le pouvoir de décider de la fusion, de la scission, de la liquidation ou de la clôture du compartiment. En outre, la SICAV peut être liquidée sur décision d’une assemblée générale extraordinaire des actionnaires.
## Objectifs
Le Fonds est un fonds indiciel géré passivement.
Le Fonds cherche à répliquer (avec un écart de suivi* maximum de 1la performance de l’indice Bloomberg MSCI 1-3 Year Euro Corporate SRI Sustainable Select Ex Fossil Fuel PAB (NTR) (BloombergIndice I34701EU) (l’Indice) en investissant dans les titres de créance émis par des sociétés composant l’Indice, tout en respectant les pondérations de l’Indice (réplication totale), ou dans un échantillon de titres de créance émis par des sociétés composant l’Indice (réplication optimisée). Lors d’un investissement dans un échantillon de titres de créance, l’écart de suivi du Fonds peut être plus élevé. L’Indice est composé de titres sélectionnés sur la base de critères environnementaux, sociaux et de gouvernance d’entreprise (ESG) (opportunités environnementales, pollution et déchets, capital humain, gouvernance d’entreprise, etc.) et sur la base de leurs efforts pour réduire leur exposition au charbon et aux combustibles fossiles non conventionnels.
Par conséquent, les sociétés actives dans des secteurs ayant un impact ESG négatif potentiellement élevé, les sociétés ayant commis d’importantes violations des principes du Pacte mondial des Nations unies et les sociétés impliquées dans de graves controverses liées aux critères ESG sont exclues de l’Indice.
Le type d’approche utilisé ici est «~ » (type de sélection ESG consistant à donner la priorité aux émetteurs les mieux notés d’un point de vue extra-financier, quel que soit leur secteur d’activité, et à accepter les biais sectoriels, étant donné que les secteurs considérés comme plus vertueux dans l’ensemble seront plus fortement représentés). La stratégie extra-financière de l’Indice peut comporter des limites méthodologiques telles que le risque lié à l’investissement ESG ou le rééquilibrage de l’Indice. De plus amples informations sur l’Indice, sa composition, son calcul, sa méthodologie et les règles de suivi et de rééquilibrage périodiques sont disponibles sur www.bloombergindices.com.
*’écart de suivi est un indicateur de risque qui mesure l’écart entre la performance d’un fonds et celle de son indice. Un dividende peut être distribué.
Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus.
## Investisseurs de détail visés
Ce Produit est conçu pour des investisseurs de détail qui n’ont ni expertise financière ni connaissance spécifique pour comprendre le Produit, mais peuvent néanmoins supporter une perte totale du capital. Il est approprié pour des clients cherchant à accroître et/ou percevoir des revenus de leur capital. Les investisseurs potentiels devraient avoir un horizon de placement d’au moins 3 années.
## Informations pratiques
Dépositaire : BNP PARIBAS, Luxembourg Branch
Ce document d’informations clés décrit un compartiment de la SICAV BNP PARIBAS EASY. D’autres informations sur le compartiment figurent dans le prospectus et les rapports périodiques de la SICAV. En vertu de la Loi de 2010, l’actif et le passif des différents compartiments de la SICAV sont ségrégués.
De plus amples informations concernant le Produit, y compris les derniers prospectus, document d’informations clés, valeurs nettes d’inventaire ainsi que les derniers cours d’actions publiés, rapport annuel et description d’investissement, peuvent être obtenues, sans coûts, en anglais, auprès de BNPP AM Luxembourg ou en ligne sur le site https://www.bnpparibas-am.com. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the Bloomberg MSCI 1-3 Year Euro Corporate SRI Sustainable Select Ex Fossil Fuel PAB (NTR) Index (Bloomberg: I34701EU Index) ( the Index ) by investing in debt securities issued by companies included in the Index, respecting the Index's weightings (full replication), or in a sample of debt securities issued by companies included in the Index (optimised replication). When investing in a sample of debt securities, the Fund’s tracking error may be higher. The Index is composed of securities selected on the basis of Environmental, Social and Corporate Governance (ESG) criteria (such as environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels.
As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index.
The type of approach implemented here is Best-in-universe (type of ESG selection consisting of giving priority to the issuers best rated from a non-financial viewpoint irrespective of their sector of activity, and accepting sector biases, because the sectors which are considered more virtuous on the whole will be more heavily represented). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the Index, its composition, calculation, methodology and the rules for periodic monitoring and rebalancing can be found on www.bloombergindices.com.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. A dividend may be distributed.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of and/or income from capital. Potential investors should have an investment horizon of at least 3 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | fr |
DOLFIN819 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Dépositaire (ou le Gestionnaire dans le cas d’opérations impliquant le Dépositaire) est tenu de justifier par écrit la manière dont il s’est mis en conformité avec les stipulations des paragraphes (a), (b) ou (c) plus haut. Lorsque des opérations sont menées conformément au point (c) plus haut, le Dépositaire (ou le Gestionnaire dans le cas d’opérations impliquant le Dépositaire) est tenu de justifier la manière dont il a acquis la conviction que l’opération était conforme aux principes décrits plus haut.
Une Personne liée peut investir dans les Actions relatives à un Fonds ou des biens pouvant être inclus dans les biens de la Société ou les négocier pour son propre compte ou pour le compte de quelqu’un d’autre.
Les liquidités de la Société peuvent être déposées auprès d’une Personne liée, pour autant que les restrictions d’investissement précisées au paragraphe 2.7 de l’Annexe 4 soient respectées.
Toutes les Personnes liées peuvent, dans le cadre de leurs activités, avoir des conflits d’intérêts potentiels avec la Société dans des circonstances autres que celles précitées. Les Personnes liées veilleront dans ce cas à leurs obligations contractuelles envers la Société et, en particulier, à leurs obligations à agir dans le meilleur intérêt de la Société et des Actionnaires tant que possible, à leurs obligations envers d’autres clients quand elles font des investissements susceptibles de donner lieu à un conflit d’intérêts. En cas de conflit d’intérêts, les Personnes liées s’efforceront de les résoudre avec équité.
Le Gestionnaire peut en toute liberté conclure de temps à autre des accords avec des banques, intermédiaires financiers ou grands Actionnaires institutionnels afin de compenser les Frais de gestion résultant de leur investissement dans la Société. Les obligations résultant de tels accords seront à la charge du Gestionnaire. | El Depositario (o la Sociedad Gestora en caso de transacciones que impliquen al Depositario) deberá documentar su cumplimiento de las disposiciones de los apartados (a), (b) o (c) anteriores. Cuando las transacciones se realicen de conformidad con el apartado (c) anterior, el Depositario (o la Sociedad Gestora en caso de transacciones que impliquen al Depositario) deberá documentar las razones que le lleven al convencimiento de que la transacción se adapta a los principios anteriormente detallados.
Cualquier Persona Vinculada podrá negociar e invertir en las Acciones de cualquier Fondo o cualquier activo similar, incluidos los bienes de la Sociedad, en su propio nombre o por cuenta de terceros.
Toda suma en efectivo de la Sociedad podrá ser depositada en cualquier Persona Vinculada, siempre que se observen los límites de inversión establecidos en el apartado 2.7 del Anexo 4.
Cualquier Persona Vinculada podrá también, en el ejercicio de su actividad, tener posibles conflictos de intereses con la Sociedad en circunstancias distintas de las anteriormente expuestas. En tal caso, las Personas Vinculadas tendrán en todo momento en cuenta sus obligaciones contractuales para con la Sociedad y, en particular, sus obligaciones de actuar en interés de la Sociedad y de los Accionistas en la medida en que ello sea posible, habida cuenta de sus obligaciones con otros clientes, a la hora de efectuar cualesquiera inversiones en las que puedan plantearse posibles conflictos de intereses. En caso de producirse un conflicto de intereses, las Personas Vinculadas harán cuanto esté a su alcance por asegurar que dicho conflicto se resuelva de manera equitativa.
La Sociedad Gestora, a su entera discreción, podrá celebrar ocasionalmente contratos con bancos, intermediarios financieros o grandes Accionistas institucionales al objeto de compensarles por la Comisión de Gestión soportada con motivo de su inversión en la Sociedad. Toda obligación derivada de estos acuerdos será atendida con cargo a los recursos de la Sociedad Gestora. | Le Dépositaire (ou le Gestionnaire dans le cas d’opérations impliquant le Dépositaire) est tenu de justifier par écrit la manière dont il s’est mis en conformité avec les stipulations des paragraphes (a), (b) ou (c) plus haut. Lorsque des opérations sont menées conformément au point (c) plus haut, le Dépositaire (ou le Gestionnaire dans le cas d’opérations impliquant le Dépositaire) est tenu de justifier la manière dont il a acquis la conviction que l’opération était conforme aux principes décrits plus haut.
Une Personne liée peut investir dans les Actions relatives à un Fonds ou des biens pouvant être inclus dans les biens de la Société ou les négocier pour son propre compte ou pour le compte de quelqu’un d’autre.
Les liquidités de la Société peuvent être déposées auprès d’une Personne liée, pour autant que les restrictions d’investissement précisées au paragraphe 2.7 de l’Annexe 4 soient respectées.
Toutes les Personnes liées peuvent, dans le cadre de leurs activités, avoir des conflits d’intérêts potentiels avec la Société dans des circonstances autres que celles précitées. Les Personnes liées veilleront dans ce cas à leurs obligations contractuelles envers la Société et, en particulier, à leurs obligations à agir dans le meilleur intérêt de la Société et des Actionnaires tant que possible, à leurs obligations envers d’autres clients quand elles font des investissements susceptibles de donner lieu à un conflit d’intérêts. En cas de conflit d’intérêts, les Personnes liées s’efforceront de les résoudre avec équité.
Le Gestionnaire peut en toute liberté conclure de temps à autre des accords avec des banques, intermédiaires financiers ou grands Actionnaires institutionnels afin de compenser les Frais de gestion résultant de leur investissement dans la Société. Les obligations résultant de tels accords seront à la charge du Gestionnaire. | fr | es |
DOLFIN820 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The purpose of this Appendix is to set the collateral policy that will be followed by all Funds.
- ELIGIBLE COLLATERAL
- General principlesCollateral received by a Fund may be used to reduce its counterparty risk exposure with a counterparty if it complies at all times with the criteria laid down in the ESMA Guidelines 2014/937. By way of derogation to the principle of collateral diversification laid down under 43 (e) of the ESMA Guidelines 2014/937, each Fund may have an exposure for up to 100% of its net assets in securities issued or guaranteed by a Member State, its local authorities, a member State of the OECD or by a public international body of which one or more Member States are members, provided that the Fund holds securities of at least six different issues and that the securities from any one issue do not account for more than 30% of the net assets of the Fund. | Der Zweck dieses Anhangs besteht darin, eine für alle Fonds verbindliche Sicherheitenpolitik festzulegen.
- ZULÄSSIGE SICHERHEITEN
- Allgemeine GrundsätzeEine von einem Fonds entgegengenommene Sicherheit darf zur Verringerung des Kontrahentenrisikos gegenüber einer Gegenpartei verwendet werden, sofern sie jederzeit die in den ESMA Leitlinien 2014/937 dargelegten Kriterien erfüllt. Das Nettovermögen jedes Fonds kann abweichend vom Grundsatz zur Diversifizierung von Sicherheiten gemäß 43 e) der ESMA Leitlinien 2014/937 bis zu 100 % in Wertpapiere angelegt sein, die von einem Mitgliedsstaat, seinen Gebietskörperschaften, einem Mitgliedsstaat der OECD oder einer internationalen Einrichtung öffentlich-rechtlichen Charakters, der mindestens ein Mitgliedsstaat angehört, ausgegeben oder garantiert werden, sofern der Fonds Wertpapiere aus mindestens sechs verschiedenen Emissionen hält und die Wertpapiere aus einer Emission höchstens 30 % des Nettovermögens des Fonds ausmachen. | The purpose of this Appendix is to set the collateral policy that will be followed by all Funds.
- ELIGIBLE COLLATERAL
- General principlesCollateral received by a Fund may be used to reduce its counterparty risk exposure with a counterparty if it complies at all times with the criteria laid down in the ESMA Guidelines 2014/937. By way of derogation to the principle of collateral diversification laid down under 43 (e) of the ESMA Guidelines 2014/937, each Fund may have an exposure for up to 100% of its net assets in securities issued or guaranteed by a Member State, its local authorities, a member State of the OECD or by a public international body of which one or more Member States are members, provided that the Fund holds securities of at least six different issues and that the securities from any one issue do not account for more than 30% of the net assets of the Fund. | en | de |
DOLFIN821 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Breakdown by GICS sectors Breakdown by capitalization
Disclaimer
This report has been prepared for information only and must not be distributed, published, reproduced or disclosed by recipients to any other person. All information provided here are subject to change without notice. All investors must obtain and carefully read the prospectus which contains additional information needed to evaluate the potential investment and provides important disclosures regarding risks, fees and expenses. Historical performance is not an indication of current or future performance. Performance shown does not take account of any fees and costs charged when subscribing or redeeming shares. Data and graphical information herein are for information only. No separate verification has been made as to the accuracy or completeness of these data which may have been derived from third party sources. As a result, no representation or warranty, express or implied, is or will be made by Unigestion as regards the information contained herein. This is a marketing communication. Please refer to the prospectus and to the KIID before making any final investment decisions. The Fund is a compartment of the part I Luxembourg SICAV Uni-Global UCITS compliant. The Swiss representative is Unigestion SA, 8c avenue de Champel, 1206 Geneva. The paying agent in Switzerland is HSBC Private Bank (Suisse) SA, 2 quai du Général Guisan, Case postale 3580, CH-1211 Geneva 3. The prospectus, the articles of association, the key investor information document and the annual and semi-annual reports may be obtained free of charge from the Swiss representative. The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”) and is licensed for use by Unigestion SA. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non -infringement, merchantability and fitness for a particular purpose,) with respect to this information. | ### Répartition sectorielle GICS Répartition par capitalisation
Disclaimer
Ce rapport a été préparé à titre informatif uniquement et ne doit pas être publié, distribué, reproduit ou remis à des tiers. Toutes les informations qui y sont contenues sont susceptibles de changements sans préavis. Tout investissement doit se faire sur la base du prospectus qui contient des informations supplémentaires pour évaluer l’investissement potentiel et qui fournit des données importantes en termes de risques, de commissions et de coûts. La performance historique ne représente pas un indicateur de performance courante ou future. Les données de performance ne tiennent pas compte des commissions et frais perçus lors de l’émission et du rachat des actions. Les données ainsi que les graphiques contenus dans ce rapport sont uniquement fournis à titre indicatif. Il n’a pas été procédé à la vérification de ces données qui peuvent avoir été obtenues auprès de tiers. Par conséquent, Unigestion ne fournit aucune garantie, implicite ou explicite, quant à l’exactitude et à la fiabilité de ces informations. Il s’agit d’une communication marketing. Veuillez-vous référer au prospectus et au KIID avant toute décision d’investissement finale. Le Fonds est un compartiment de la SICAV Uni-Global Luxembourgeoise partie I, OPCVM coordonné. Le représentant en Suisse est Unigestion SA, 8c avenue de Champel, 1206 Geneva. L’agent payeur en Suisse est HSBC Private Bank (Suisse) SA, 2 quai du Général Guisan, Case postale 3580, CH-1211 Geneva 3. Le prospectus, les statuts, les informations clés pour les investisseurs ainsi que les derniers rapports annuels et semestriels peuvent être obtenus gratuitement auprès du représentant suisse. La classification GICS (Global Industry Classification Standard) (“GICS”) a été développée par MSCI Inc. (“MSCI”) et Standard & Poor’s Financial Services LLC (“S&P”). Elle est la propriété exclusive et une marque de service de MSCI et S&P et fait l’objet d’une licence d’utilisation au profit d’unigestion SA. Ni MSCI, ni S&P ni aucune des autres parties impliquées dans le développement ou l’élaboration du GICS ou de toute classification du GICS ne consentent de garanties ou de déclarations, exprès ou tacites, relatives à ce standard ou cette classification (ou aux résultats pouvant être obtenus grâce à leur utilisation), et toutes ces parties se refusent par les présentes à consentir toute garantie d’originalité, d’exactitude, d’exhaustivité, de valeur commerciale et d’aptitude à une utilisation particulière pour ce qui concerne ces standards ou ces classifications. Sans limiter la portée de ce qui précède, MSCI, S&P, aucun de leurs affiliés ou aucune partie impliquée dans le développement ou l’élaboration du GICS ou de toute classification du GICS ne peuvent, en aucune circonstance, encourir de responsabilité au titre de tout dommage direct, indirect, spécial, punitif, ou de tout autre dommage (incluant la perte de profits) et ce, même dans le cas où ils seraient informés de la possibilité de survenance de ces dommages. Les informations de MSCI sont réservées à votre utilisation interne et ne sauraient être reproduites ou diffusées sous quelque forme que ce soit, ou encore constituer la base ou un élément quelconque d’un instrument financier, de produits ou d’indices. Elles ne sauraient constituer un conseil en investissement, une recommandation pour inciter à (s’abstenir de) prendre une décision en matière d’investissement ou offrir une référence fiable. Les données historiques et les analyses n’indiquent ni ne garantissent en aucun cas les analyses ou prévisions futures en ce qui concerne les performances. Les informations de MSCI sont fournies en l’état et leur utilisateur supporte la totalité des risques découlant de l’emploi qui en est fait. MSCI, ses filiales et toutes les autres personnes participant à la compilation, au calcul ou à la création d’informations de MSCI (désignées collectivement les «parties MSCI») ou concernées par ceux-ci déclinent expressément toute garantie (y compris, de façon non limitative, toute garantie d’originalité, d’exactitude, d’exhaustivité, de ponctualité, d’absence de contrefaçon, de qualité marchande et d’adéquation à une finalité particulière pour ce qui a trait à ces informations. | ### Breakdown by GICS sectors Breakdown by capitalization
Disclaimer
This report has been prepared for information only and must not be distributed, published, reproduced or disclosed by recipients to any other person. All information provided here are subject to change without notice. All investors must obtain and carefully read the prospectus which contains additional information needed to evaluate the potential investment and provides important disclosures regarding risks, fees and expenses. Historical performance is not an indication of current or future performance. Performance shown does not take account of any fees and costs charged when subscribing or redeeming shares. Data and graphical information herein are for information only. No separate verification has been made as to the accuracy or completeness of these data which may have been derived from third party sources. As a result, no representation or warranty, express or implied, is or will be made by Unigestion as regards the information contained herein. This is a marketing communication. Please refer to the prospectus and to the KIID before making any final investment decisions. The Fund is a compartment of the part I Luxembourg SICAV Uni-Global UCITS compliant. The Swiss representative is Unigestion SA, 8c avenue de Champel, 1206 Geneva. The paying agent in Switzerland is HSBC Private Bank (Suisse) SA, 2 quai du Général Guisan, Case postale 3580, CH-1211 Geneva 3. The prospectus, the articles of association, the key investor information document and the annual and semi-annual reports may be obtained free of charge from the Swiss representative. The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”) and is licensed for use by Unigestion SA. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non -infringement, merchantability and fitness for a particular purpose,) with respect to this information. | en | fr |
DOLFIN822 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What is this product?
Type: Shares of a Sub-Fund of Amundi Index Solutions, a SICAV.
Term: The term of the Sub-Fund is unlimited. The Management Company may terminate the fund by liquidation or merger with another fund in accordance with legal requirements.
Objectives:
This Sub-Fund is passively managed.
The objective of this Sub-Fund is to track the performance of S&P 500 ESG Index, and to minimize the tracking error between the net asset value of the Sub-Fund and the performance of the Index. The Sub-Fund aims to achieve a level of tracking error of the Sub-Fund and its index that will not normally exceed 1%.
The Index is a Net Total Return Index: dividends net of tax paid by the index constituents are included in the Index return.
S&P 500 ESG Index (the "Index") is a broad-based, market-cap-weighted index that measures the performance of securities meeting sustainability criteria, while maintaining similar overall industry group weight as the S&P
500 (the "Parent Index"). The S&P500 Index is an equity index representative of the leading securities traded in the USA.
More information about the composition of the index and its operating rules are available in the prospectus and at: eu.spindices.com
The Index value is available via Bloomberg (SPXESUN).
The exposure to the Index will be achieved through a Direct Replication, mainly by making direct investments in transferable securities and/or other eligible assets representing the Index constituents in a proportion extremely close to their proportion in the index.
The Investment Manager will be able to use derivatives in order to deal with inflows and outflows and also if it allows a better exposition to an Index constituent. In order to generate additional income to offset its costs, the Sub-Fund may also enter into securities lending operations.
Dividend Policy : the accumulation share automatically retains, and re- invests, net investment incomes within the Sub-Fund when the distribution share pays dividends annually.
The minimum recommended holding term is 5 years.
Shares may be sold or redeemed (and/or converted) on any dealing day (except otherwise stated in the prospectus) at the respective dealing price (net asset value) in accordance with the articles of incorporation. Further details are provided in the prospectus of the UCITS.
Intended Retail Investor: This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds seeking to increase the value of their investment over the recommended holding period and who are prepared to take on a high level of risk to their original capital.
Redemption and Dealing: Shares may be sold (redeemed) as stated in the prospectus at the respective dealing price (net asset value). Further details are provided in the Amundi Index Solutions prospectus.
As this is a non-distributing share class, investment income is reinvested. the accumulation share automatically retains, and re-invests, all attributable income within the Sub-Fund; thereby accumulating value in the price of the accumulation shares.
More Information: You may get further information about the Sub-Fund, including the prospectus, and financial reports which are available at and free of charge on request from: Amundi Luxembourg S.A. at 5, allée Scheffer 2520 Luxembourg, Luxembourg.
The Net Asset Value of the Sub-Fund is available on www.amundi.lu.
Depositary: CACEIS Bank, Luxembourg Branch. | # En quoi consiste ce produit ?
Type : Actions d’un compartiment d’Amundi Index Solutions, une SICAV.
Durée : La durée du Compartiment est illimitée. La Société de gestion peut dissoudre le fonds par liquidation ou par fusion avec un autre fonds conformément aux exigences légales.
Objectifs :
Ce Compartiment est géré passivement.
L’objectif de ce Compartiment est de répliquer la performance de l’indice S&P 500 ESG, et de minimiser l’écart de suivi entre la valeur d’actif nette du Compartiment et la performance de l’Indice. Le Compartiment vise à atteindre un niveau d’écart de suivi du Compartiment et de son indice qui ne dépassera normalement pas 1 %.
L’Indice est un Indice de Rendement Net Total : les dividendes nets d’impôt payés par les composants de l’Indice sont inclus dans le rendement de l’Indice.
L’Indice S&P 500 ESG (l’« Indice ») est un indice large, pondéré par la capitalisation boursière, qui mesure la performance des titres répondant à des critères de durabilité, tout en conservant une pondération globale par groupe sectoriel similaire à l’Indice S&P 500 (l’« Indice Parent »). L’indice S&P500 est un indice d’actions représentatif des principaux titres négociés aux États-Unis.
De plus amples informations sur la composition de l’indice et ses règles de fonctionnement sont disponibles dans le prospectus et à l’adresse : eu.spindices.com
La valeur de l’Indice est disponible sur Bloomberg (SPXESUN).
L’exposition à l’Indice est réalisée par une réplication directe, principalement en investissant directement dans des valeurs mobilières et/ou d’autres actifs éligibles représentant les composants de l’Indice dans une proportion extrêmement proche de leur proportion dans l’indice.
Le Gestionnaire d’investissement pourra utiliser des instruments dérivés afin de gérer les flux entrants et sortants, et également si cela permet une meilleure exposition à un composant de l’Indice. Afin de générer des revenus supplémentaires pour compenser ses coûts, le Compartiment peut
également conclure des opérations de prêt de titres.
Politique en matière de dividendes : l’action de capitalisation conserve automatiquement, et réinvestit, les revenus nets d’investissement au sein du Compartiment alors que l’action de distribution paie des dividendes annuellement.
La durée de détention minimale recommandée est de 5 ans.
Les actions peuvent être vendues ou rachetées (et/ou converties) chaque jour de négociation (sauf indication contraire dans le prospectus) au prix de négociation respectif (valeur d’actif nette) conformément aux statuts. De plus amples informations sont fournies dans le prospectus de l’OPCVM.
Investisseur de détail visé : Ce produit est destiné aux investisseurs ayant une connaissance de base et une expérience limitée ou inexistante des investissements dans des fonds visant à accroître la valeur de leur investissement sur la période de détention recommandée et qui sont prêts à prendre un niveau de risque élevé sur leur capital d’origine.
Remboursement et opérations de rachat : Les actions peuvent être vendues (remboursées) comme indiqué dans le prospectus au prix de transaction correspondant (valeur d’actif nette). De plus amples informations sont fournies dans le prospectus d’Amundi Index Solutions.
Comme il s’agit d’une catégorie d’actions de non-distribution, les revenus de l’investissement sont réinvestis. L’action de capitalisation conserve automatiquement, et réinvestit, tout le revenu attribuable au sein du Compartiment, accumulant ainsi de la valeur dans le cours des actions de capitalisation.
Informations complémentaires : Vous pouvez obtenir de plus amples informations sur le Compartiment, y compris le prospectus et les rapports financiers, gratuitement sur demande auprès de : Amundi Luxembourg S.A., 5, allée Scheffer 2520 Luxembourg, Luxembourg.
La Valeur d’actif nette du Compartiment est disponible sur www.amundi.lu.
Dépositaire : CACEIS Bank, succursale de Luxembourg. | # What is this product?
Type: Shares of a Sub-Fund of Amundi Index Solutions, a SICAV.
Term: The term of the Sub-Fund is unlimited. The Management Company may terminate the fund by liquidation or merger with another fund in accordance with legal requirements.
Objectives:
This Sub-Fund is passively managed.
The objective of this Sub-Fund is to track the performance of S&P 500 ESG Index, and to minimize the tracking error between the net asset value of the Sub-Fund and the performance of the Index. The Sub-Fund aims to achieve a level of tracking error of the Sub-Fund and its index that will not normally exceed 1%.
The Index is a Net Total Return Index: dividends net of tax paid by the index constituents are included in the Index return.
S&P 500 ESG Index (the "Index") is a broad-based, market-cap-weighted index that measures the performance of securities meeting sustainability criteria, while maintaining similar overall industry group weight as the S&P
500 (the "Parent Index"). The S&P500 Index is an equity index representative of the leading securities traded in the USA.
More information about the composition of the index and its operating rules are available in the prospectus and at: eu.spindices.com
The Index value is available via Bloomberg (SPXESUN).
The exposure to the Index will be achieved through a Direct Replication, mainly by making direct investments in transferable securities and/or other eligible assets representing the Index constituents in a proportion extremely close to their proportion in the index.
The Investment Manager will be able to use derivatives in order to deal with inflows and outflows and also if it allows a better exposition to an Index constituent. In order to generate additional income to offset its costs, the Sub-Fund may also enter into securities lending operations.
Dividend Policy : the accumulation share automatically retains, and re- invests, net investment incomes within the Sub-Fund when the distribution share pays dividends annually.
The minimum recommended holding term is 5 years.
Shares may be sold or redeemed (and/or converted) on any dealing day (except otherwise stated in the prospectus) at the respective dealing price (net asset value) in accordance with the articles of incorporation. Further details are provided in the prospectus of the UCITS.
Intended Retail Investor: This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds seeking to increase the value of their investment over the recommended holding period and who are prepared to take on a high level of risk to their original capital.
Redemption and Dealing: Shares may be sold (redeemed) as stated in the prospectus at the respective dealing price (net asset value). Further details are provided in the Amundi Index Solutions prospectus.
As this is a non-distributing share class, investment income is reinvested. the accumulation share automatically retains, and re-invests, all attributable income within the Sub-Fund; thereby accumulating value in the price of the accumulation shares.
More Information: You may get further information about the Sub-Fund, including the prospectus, and financial reports which are available at and free of charge on request from: Amundi Luxembourg S.A. at 5, allée Scheffer 2520 Luxembourg, Luxembourg.
The Net Asset Value of the Sub-Fund is available on www.amundi.lu.
Depositary: CACEIS Bank, Luxembourg Branch. | en | fr |
DOLFIN823 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Transaction fees received by the management company
Payable on each transaction or operation
A share
None
15% including taxes of the Fund’s outperformance, net of fixed management fees, relative to its benchmark index, provided the Fund’s performance is positive
4 Performance fee Net assets
G share None
I share None
J share 15% including taxes of the Fund’s outperformance, net of fixed management fees, relative to its
benchmark index, provided the Fund’s performance is positive
N share None
(*) The subfund may invest up to 10% of its assets in other UCIs if the management fees do not exceed 2.392%. For further information, please contact the management company.
A share of the management fees is paid to Fondation Groupe Primonial under the auspices of Fondation de France.
The breakdown is made known to the Board of Directors of the SICAV and all investors may request more detailed information from La Financière de l’Echiquier.
The management company may enjoy a tax credit for any donations made to this foundation.
The fees due for the management of the UCITS in application of 4° of II of Article L. 621-5-3 of the French Monetary and Financial Code; the exceptional and non-recurring duties, taxes, fees, and government rights (related to the subfund) are charged to the subfund.
In addition to the fees set out above, other fees may be borne by the subfund in certain circumstances, such as extraordinary and non- recurring costs relating to debt recovery or proceedings to assert a right, provided that these fees are consistently lower than the amounts recovered.
Furthermore, research expenses pursuant to article 314-21 of the AMF General Regulation may be billed to the subfund. Additional information on how these research expenses work is available from the management company.
Procedures for calculating the performance fee
Frequency of crystallisation of the performance fee and observation period
The frequency of crystallisation, i.e. the frequency at which the provisions for the performance fees can be definitively retained by the management company, is annual. The observation period runs from 1 January to 31 December.
However, the first observation period of the A share will be more than one year: from 1 July 2021 to 31 December 2022, and thereafter annually from 1 January to 31 December.
The performance reference period
The performance reference period is the period during which the performance is measured and compared to that of the benchmark, at the end of which the mechanism for compensating for past underperformance (or negative performance) can be reset. This period is set at five rolling years.
Benchmark
MSCI Europe Net Return
Calculation method
The performance fee is provisioned at each net asset value.
The performance fee is adjusted at each net asset value calculation, on the basis of 15% including all taxes of the outperformance of the fund compared to the benchmark, on the condition that the fund’s performance is positive (the net asset value is higher than the net asset value at the start of the period).
If the UCI underperforms the benchmark, this provision is adjusted through writebacks. Provision writebacks are capped at the level of the existing allocations.
The methodology applied for the calculation of the performance fee is based on the “fictional asset” calculation method, which simulates a fictional asset subject to the same subscription and redemption conditions as the original subfund, incremented by the performance of the benchmark. This fictional asset is then compared with the performance of the fund’s actual assets. The difference between the two assets therefore gives the fund’s outperformance relative to its benchmark.
Payment of the performance fee and catch-up period
- In the event that the fund has outperformed at the end of the observation period and that it has a positive performance, the management company takes the fees provisioned for and a new observation period starts.
- In the event that the fund has outperformed at the end of the observation period and has a negative performance, the management company takes no performance fee but a new observation period starts.
- In the case that the fund has underperformed its benchmark at the end of the observation period, no fee is charged and the initial observation period is extended by 12 months (catch-up period) so that this underperformance may be compensated for before a performance fee becomes payable again.
- The observation period may be extended as such by up to five years (reference period). Beyond that, if the residual underperformance has not been caught up, it will be abandoned. If a year of underperformance has occurred within this first 5-year period and has not been caught up by the end of this first period, a new period of up to 5 years will begin from this new year of underperformance. | Commissions de mouvement perçues par la société de gestion
Prélèvement sur chaque transaction ou opération
Action A
Néant
15% TTC de la surperformance de l'OPC, nette de frais de gestion fixes, par rapport à la performance de son indice de référence sous réserve que la performance de l'OPC soit positive
4 Commission de surperformance Actif net
Action G Néant
Action I Néant
Action J 15% TTC de la surperformance de l'OPC, nette de frais de gestion fixes, par rapport à la performance
de son indice de référence sous réserve que la performance de l'OPC soit positive
Action N Néant
(*) Le compartiment peut investir jusqu’à 10% de son actif dans d’autres OPC dont les frais de gestion maximum seront de 2.392%. Pour toute information complémentaire, vous pouvez contacter la société de gestion.
Une partie des frais de gestion est reversée à la Fondation Groupe Primonial sous l’égide de la Fondation de France.
La répartition est portée à la connaissance du Conseil d'Administration de la SICAV et tout investisseur peut demander une information plus détaillée à La Financière de l'Echiquier.
Le don réalisé au profit de cette fondation peut offrir à la société de gestion un droit à une exonération fiscale.
Les contributions dues pour la gestion de l’OPCVM en application du 4° du II de l’article L. 621-5-3 du code monétaire et financier; les impôts, taxes, redevances et droits gouvernementaux (en relation avec le compartiment) exceptionnels et non récurrents sont imputées au compartiment.
En sus des frais ci-dessus, d'autres frais peuvent être supportés par le compartiment dans certaines circonstances tels que des coûts exceptionnels et non récurrents en vue d'un recouvrement des créances ou d'une procédure pour faire valoir un droit, sous réserve que ces frais soient systématiquement inférieurs aux montants recouvrés.
De plus, des frais liés à la recherche au sens de l’article 314-21 du règlement général de l’AMF peuvent être facturés au compartiment. Des informations complémentaires sur le fonctionnement de ces frais de recherche sont disponibles auprès de la société de gestion.
Modaliés de calcul de la commission de surperformance
Fréquence de cristallisation de la commission de surperformance et période d'observation
La fréquence de cristallisation, à savoir la fréquence à laquelle les provisions de la commission de surperformance peuvent être définitivement acquises à la société de gestion est annuelle. La période d'observation s'étend du 1er janvier au 31 décembre.
Toutefois, la première période d'observation de l'action A sera supérieure à un an : du 1er juillet 2021 au 31 décembre 2022, elle sera ensuite tous les ans du 1er janvier au 31 décembre.
Période de référence de la performance
La période de référence de la performance est la période au cours de laquelle la performance est mesurée et comparée à celle de l’Indicateur de Référence et à l’issue de laquelle il est possible de réinitialiser le mécanisme de compensation de la sous-performance (ou performance négative) passée. Cette période est fixée à 5 ans glissants.
Indicateur de Référence
MSCI Europe Net Return
Méthode de calcul
La commission de surperformance est provisionnée à chaque valeur liquidative.
La provision de commission de surperformance est ajustée à l’occasion de chaque calcul de la valeur liquidative, sur la base de 15% TTC de la surperformance de l’OPC par rapport à l’Indicateur de Référence, sous réserve que la performance de l'OPC soit positive (la valeur liquidative est supérieure à la valeur liquidative de début de période).
Dans le cas d’une sous-performance de l’OPC par rapport à l’Indicateur de Référence, cette provision est réajustée par le biais de reprises sur provisions. Les reprises de provisions sont plafonnées à hauteur des dotations existantes.
La méthodologie appliquée pour le calcul de la commission de surperformance s’appuie sur la méthode de calcul de « l’actif fictif » qui permet de simuler un actif fictif subissant les mêmes conditions de souscriptions et rachats que l’OPC original, incrémenté de la performance de l’Indicateur de Référence. Cet actif fictif est ensuite comparé à la performance de l’actif réel de l’OPC. La différence entre les deux actifs donne donc la surperformance de l’OPC par rapport à son Indicateur de Référence.
Prélèvement de la commission de surperformance et période de rattrapage
- En cas de surperformance de l’OPC à l’issue de la période d'observation et de performance positive de l’OPC, la société de gestion perçoit les commissions provisionnées et une nouvelle période d'observation démarre.
- En cas de surperformance de l’OPC à l’issue de la période d'observation avec en parallèle une performance négative de l’OPC, la société de gestion ne perçoit aucunecommission mais une nouvelle période d'observation démarre.
- En cas de sous-performance de l’OPC par rapport à son indice de référence à l’issue de la période d'observation aucune commission n’est perçue et la période d'observation initiale est allongée de 12 mois (période de rattrapage) afin que cette sous-performance soit compenséeavant que des commissions de surperformance ne deviennent exigibles à nouveau.
- La période d’observation peut ainsi être allongée jusqu’à 5 ans (période de référence). Au-delà, si des sous-performances résiduelles n’ont pas été rattrapées, alors elles sont abandonnées. Si une autre année de sous-performance a eu lieu à l’intérieur de cette première période de 5 ans et qu’elle n’a pas été rattrapée à la fin de cette première période, une nouvelle période de 5 ans maximum s’ouvre à partir de cette nouvelle année de sous-performance. | Transaction fees received by the management company
Payable on each transaction or operation
A share
None
15% including taxes of the Fund’s outperformance, net of fixed management fees, relative to its benchmark index, provided the Fund’s performance is positive
4 Performance fee Net assets
G share None
I share None
J share 15% including taxes of the Fund’s outperformance, net of fixed management fees, relative to its
benchmark index, provided the Fund’s performance is positive
N share None
(*) The subfund may invest up to 10% of its assets in other UCIs if the management fees do not exceed 2.392%. For further information, please contact the management company.
A share of the management fees is paid to Fondation Groupe Primonial under the auspices of Fondation de France.
The breakdown is made known to the Board of Directors of the SICAV and all investors may request more detailed information from La Financière de l’Echiquier.
The management company may enjoy a tax credit for any donations made to this foundation.
The fees due for the management of the UCITS in application of 4° of II of Article L. 621-5-3 of the French Monetary and Financial Code; the exceptional and non-recurring duties, taxes, fees, and government rights (related to the subfund) are charged to the subfund.
In addition to the fees set out above, other fees may be borne by the subfund in certain circumstances, such as extraordinary and non- recurring costs relating to debt recovery or proceedings to assert a right, provided that these fees are consistently lower than the amounts recovered.
Furthermore, research expenses pursuant to article 314-21 of the AMF General Regulation may be billed to the subfund. Additional information on how these research expenses work is available from the management company.
Procedures for calculating the performance fee
Frequency of crystallisation of the performance fee and observation period
The frequency of crystallisation, i.e. the frequency at which the provisions for the performance fees can be definitively retained by the management company, is annual. The observation period runs from 1 January to 31 December.
However, the first observation period of the A share will be more than one year: from 1 July 2021 to 31 December 2022, and thereafter annually from 1 January to 31 December.
The performance reference period
The performance reference period is the period during which the performance is measured and compared to that of the benchmark, at the end of which the mechanism for compensating for past underperformance (or negative performance) can be reset. This period is set at five rolling years.
Benchmark
MSCI Europe Net Return
Calculation method
The performance fee is provisioned at each net asset value.
The performance fee is adjusted at each net asset value calculation, on the basis of 15% including all taxes of the outperformance of the fund compared to the benchmark, on the condition that the fund’s performance is positive (the net asset value is higher than the net asset value at the start of the period).
If the UCI underperforms the benchmark, this provision is adjusted through writebacks. Provision writebacks are capped at the level of the existing allocations.
The methodology applied for the calculation of the performance fee is based on the “fictional asset” calculation method, which simulates a fictional asset subject to the same subscription and redemption conditions as the original subfund, incremented by the performance of the benchmark. This fictional asset is then compared with the performance of the fund’s actual assets. The difference between the two assets therefore gives the fund’s outperformance relative to its benchmark.
Payment of the performance fee and catch-up period
- In the event that the fund has outperformed at the end of the observation period and that it has a positive performance, the management company takes the fees provisioned for and a new observation period starts.
- In the event that the fund has outperformed at the end of the observation period and has a negative performance, the management company takes no performance fee but a new observation period starts.
- In the case that the fund has underperformed its benchmark at the end of the observation period, no fee is charged and the initial observation period is extended by 12 months (catch-up period) so that this underperformance may be compensated for before a performance fee becomes payable again.
- The observation period may be extended as such by up to five years (reference period). Beyond that, if the residual underperformance has not been caught up, it will be abandoned. If a year of underperformance has occurred within this first 5-year period and has not been caught up by the end of this first period, a new period of up to 5 years will begin from this new year of underperformance. | en | fr |
DOLFIN824 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Where applicable, depending on the particular information stipulated in the Sub-Fund factsheets, investors may be required to bear fees and expenses arising from subscriptions, redemptions or conversions. Those fees may be due to the Sub-Fund and/ or the Distributor as stipulated in the Sub-Fund factsheet.
-
## Taxation | In funzione delle particolarità previste nelle schede informative dei Comparti, gli investitori possono essere tenuti a sostenere spese e commissioni per le sottoscrizioni, i rimborsi e le conversioni. Tali commissioni possono essere dovute al Comparto e/o al Distributore come stipulato nella scheda informativa del Comparto.
-
## Regime fiscale | Where applicable, depending on the particular information stipulated in the Sub-Fund factsheets, investors may be required to bear fees and expenses arising from subscriptions, redemptions or conversions. Those fees may be due to the Sub-Fund and/ or the Distributor as stipulated in the Sub-Fund factsheet.
-
## Taxation | en | it |
DOLFIN825 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Potential conflicts of interest
Within the scope of and in accordance with the applicable conflict management procedures and measures, the Board of Directors of the Invest- ment Company, the Management Company, Managing Board members and Supervisory Board members of the Management Company, the management, the fund manager, the designated distributors and the persons authorized to carry out the distribution, the Depositary, the investment advisor (if applicable), the administrative office, the shareholders, as well as all subsidiaries, affiliated companies, representatives or agents of the aforementioned entities and persons (“Associated Persons”):
- conduct among themselves or for the fund financial and banking transactions or other transactions, such as derivatives, securities lending and securities repurchase agree- ments, or enter into the corresponding contracts, including those that are directed at the fund’s investments in securities or at investments by an Associated Person in an investment company or undertaking, such investment being a constituent part of the fund’s assets, or be involved in such con- tracts or transactions;
- for their own accounts or for the accounts of third parties, invest in units, securities or assets of the same type as the components of the respective sub-fund’s assets and trade in them; and/or
- on their own behalf or on behalf of a third party, participate in the purchase or sale of securities or other investments to or from the Investment Company, through or jointly with the fund manager, the designated distributors and the persons appointed to carry out sales activities, the Depositary, the investment advisor, or a subsidiary, an affiliated company, representative or agent of these. | ### Potenzielle Interessenkonflikte
Im Rahmen und im Einklang mit den anwendbaren Verfahren und Maßnahmen zum Konfliktmanage ment können die Verwaltungsratsmitglieder der Investmentgesellschaft, die Verwaltungsgesell schaft, die Geschäftsleitung, der Fondsmanager, die benannten Vertriebsstellen und die mit der Durchführung des Vertriebs beauftragten Personen, die Verwahrstelle, gegebenenfalls der Anlagebera ter, die Administrationsstelle, der Anlageberater, die Anteilinhaber sowie sämtliche Tochtergesell schaften, verbundene Unternehmen, Vertreter oder Beauftragte der zuvor genannten Stellen und Personen („Verbundene Personen“):
- untereinander oder für den Fonds Finanz und Bankgeschäfte oder sonstige Transaktionen, wie Derivate, Wertpapierleihe und Wertpa pierpensionsgeschäfte, tätigen oder entspre chende Verträge eingehen, unter anderem solche, die auf Wertpapieranlagen des Fonds oder Anlagen einer Verbundenen Person in eine Investmentgesellschaft oder einen Organismus gerichtet sind, deren bzw. dessen Anlagen Bestandteil des Fondsver mögens sind, oder an solchen Verträgen oder Geschäften beteiligt sein;
- auf eigene Rechnung oder auf Rechnung Dritter Anlagen in Anteilen, Wertpapieren oder Vermögenswerten der gleichen Art wie die Bestandteile des jeweiligen Teilfonds vermögens tätigen und mit diesen handeln; und/oder
- im eigenen oder fremden Namen am Kauf oder Verkauf von Wertpapieren oder sonstigen Anlagen an oder von der Investmentgesell schaft teilnehmen, über die oder gemeinsam mit dem Fondsmanager, die benanntenVertriebsstellen und die mit der Durchführung des Vertriebs beauftragten Personen, der Verwahrstelle, dem Anlageberater oder einer Tochtergesellschaft, einem verbundenen Unternehmen, Vertreter oder Beauftragten derselben. | ### Potential conflicts of interest
Within the scope of and in accordance with the applicable conflict management procedures and measures, the Board of Directors of the Invest- ment Company, the Management Company, Managing Board members and Supervisory Board members of the Management Company, the management, the fund manager, the designated distributors and the persons authorized to carry out the distribution, the Depositary, the investment advisor (if applicable), the administrative office, the shareholders, as well as all subsidiaries, affiliated companies, representatives or agents of the aforementioned entities and persons (“Associated Persons”):
- conduct among themselves or for the fund financial and banking transactions or other transactions, such as derivatives, securities lending and securities repurchase agree- ments, or enter into the corresponding contracts, including those that are directed at the fund’s investments in securities or at investments by an Associated Person in an investment company or undertaking, such investment being a constituent part of the fund’s assets, or be involved in such con- tracts or transactions;
- for their own accounts or for the accounts of third parties, invest in units, securities or assets of the same type as the components of the respective sub-fund’s assets and trade in them; and/or
- on their own behalf or on behalf of a third party, participate in the purchase or sale of securities or other investments to or from the Investment Company, through or jointly with the fund manager, the designated distributors and the persons appointed to carry out sales activities, the Depositary, the investment advisor, or a subsidiary, an affiliated company, representative or agent of these. | en | de |
DOLFIN826 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Threadneedle (Lux) – Pan European ESG Equities
The Pan European ESG Equities Portfolio seeks to achieve capital appreciation through investment in companies with strong or improving environmental, social and governance (ESG) characteristics.
The Portfolio is actively managed, and invests principally in the equity securities of large companies domiciled in Europe or with significant European activities. The Portfolio may further invest in the equity securities of European Smaller Companies and Money Market Instruments. The Portfolio may use financial derivative instruments for hedging purposes.
The Sub-Advisor focuses on selecting companies with strong or improving ESG characteristics, as outlined in the Portfolio’s ESG Investment Guidelines. Those companies will demonstrate leadership through strong environmental, social, and governance practices. The Sub-Advisor will use measures that compare the ESG characteristics of the Portfolio against the MSCI Europe Index. This index also provides a helpful benchmark against which the financial performance can be compared. The MSCI Europe Index has been chosen for these purposes as a good representation of large and medium-sized companies within European developed market countries (including the UK). Accordingly, the index is not designed to specifically consider environmental or social characteristics.
Deviations from the index, including guidance on the level of risk relative to the index, will be considered as part of the Sub-Advisor’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index.
In keeping with its ESG Investment Guidelines, the Portfolio will not invest in some sectors and companies in the index.
The Net Asset Value of the Portfolio shall be expressed in Euro and investment decisions will be made from a Euro perspective. | #### Threadneedle (Lux) – Pan European ESG Equities
La Cartera Pan European ESG Equities trata de conseguir la revalorización del capital mediante la inversión en empresas con características medioambientales, sociales y de gobernanza (ESG) sólidas o en situación de mejoría.
La Cartera se gestiona activamente e invierte principalmente en valores de renta variable de grandes empresas domiciliadas en Europa o con actividades significativas en Europa. La Cartera también podrá invertir en valores de renta variable de Empresas Europeas Más Pequeñas e Instrumentos del Mercado Monetario. La Cartera puede utilizar instrumentos financieros derivados a efectos de cobertura.
El Subasesor se centra en la selección de empresas con características ESG sólidas o en situación de mejoría, según se describe en las directrices de inversión ESG de la Cartera. Estas empresas demostrarán su liderazgo a través de prácticas medioambientales, sociales y de gobernanza sólidas. El Subasesor empleará medidas para comparar las características ESG de la Cartera con respecto al MSCI Europe Index. Asimismo, este índice proporciona un índice de referencia útil para comparar el rendimiento financiero. El MSCI Europe Index se ha elegido a estos efectos como una representación adecuada de grandes y medianas empresas de países de mercados desarrollados europeos (incluido el Reino Unido). Por lo tanto, el índice no está diseñado para considerar específicamente las características ambientales o sociales.
Las desviaciones con respecto al índice, incluidas las consideraciones sobre el nivel de riesgo en relación con el índice, se considerarán como parte del proceso de supervisión de riesgos del Subasesor para garantizar que el nivel general de riesgo sea en su mayoría coherente con el índice. De acuerdo con su estrategia de gestión activa, puede haber una desviación significativa del índice.
Con arreglo a sus Directrices de inversión ESG, la Cartera no invertirá en algunos sectores y empresas del índice.
El Valor liquidativo de la Cartera se expresará en euros y las decisiones de inversión se adoptarán atendiendo a la evolución de esta moneda. | #### Threadneedle (Lux) – Pan European ESG Equities
The Pan European ESG Equities Portfolio seeks to achieve capital appreciation through investment in companies with strong or improving environmental, social and governance (ESG) characteristics.
The Portfolio is actively managed, and invests principally in the equity securities of large companies domiciled in Europe or with significant European activities. The Portfolio may further invest in the equity securities of European Smaller Companies and Money Market Instruments. The Portfolio may use financial derivative instruments for hedging purposes.
The Sub-Advisor focuses on selecting companies with strong or improving ESG characteristics, as outlined in the Portfolio’s ESG Investment Guidelines. Those companies will demonstrate leadership through strong environmental, social, and governance practices. The Sub-Advisor will use measures that compare the ESG characteristics of the Portfolio against the MSCI Europe Index. This index also provides a helpful benchmark against which the financial performance can be compared. The MSCI Europe Index has been chosen for these purposes as a good representation of large and medium-sized companies within European developed market countries (including the UK). Accordingly, the index is not designed to specifically consider environmental or social characteristics.
Deviations from the index, including guidance on the level of risk relative to the index, will be considered as part of the Sub-Advisor’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index.
In keeping with its ESG Investment Guidelines, the Portfolio will not invest in some sectors and companies in the index.
The Net Asset Value of the Portfolio shall be expressed in Euro and investment decisions will be made from a Euro perspective. | en | es |
DOLFIN827 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Performance in (GBP) | |
| --- | --- |
| Performance % | A2 (Net) | Index |
| 1 month | -1.4 | 0.1 |
| YTD | -2.8 | 0.6 |
| 1 year | -3.4 | 0.6 |
| 3 years (annualised) | 1.5 | 0.4 |
| 5 years (annualised) | 0.8 | 0.5 |
| 10 years (annualised) | 3.8 | 0.5 |
| | | |
| Calendar year returns % | A2 (Net) | Index |
| 2022 to 30 Jun 2022 | -3.6 | 0.4 |
| 2021 | 3.5 | 0.1 |
| 2020 | 2.2 | 0.2 |
| 2019 | 3.5 | 0.7 |
| 2018 | -3.3 | 0.6 |
| 2017 | 2.9 | 0.3 |
| 2016 | 1.2 | 0.4 |
| 2015 | 7.0 | 0.5 |
| 2014 | 4.4 | 0.5 |
| 2013 | 16.6 | 0.5 |
| 2012 | 4.3 | 0.5 | | | Performance en (GBP) | |
| --- | --- |
| Performance % | A2 (Nette) | Indice |
| 1 mois | -1.4 | 0.1 |
| Depuis le début de l’année | -2.8 | 0.6 |
| 1 an | -3.4 | 0.6 |
| 3 ans (annualisée) | 1.5 | 0.4 |
| 5 ans (annualisée) | 0.8 | 0.5 |
| 10 ans (annualisée) | 3.8 | 0.5 |
| | | |
| Performance annuelle % | A2 (Nette) | Indice |
| 2022 - 30 juin 2022 | -3.6 | 0.4 |
| 2021 | 3.5 | 0.1 |
| 2020 | 2.2 | 0.2 |
| 2019 | 3.5 | 0.7 |
| 2018 | -3.3 | 0.6 |
| 2017 | 2.9 | 0.3 |
| 2016 | 1.2 | 0.4 |
| 2015 | 7.0 | 0.5 |
| 2014 | 4.4 | 0.5 |
| 2013 | 16.6 | 0.5 |
| 2012 | 4.3 | 0.5 | | | Performance in (GBP) | |
| --- | --- |
| Performance % | A2 (Net) | Index |
| 1 month | -1.4 | 0.1 |
| YTD | -2.8 | 0.6 |
| 1 year | -3.4 | 0.6 |
| 3 years (annualised) | 1.5 | 0.4 |
| 5 years (annualised) | 0.8 | 0.5 |
| 10 years (annualised) | 3.8 | 0.5 |
| | | |
| Calendar year returns % | A2 (Net) | Index |
| 2022 to 30 Jun 2022 | -3.6 | 0.4 |
| 2021 | 3.5 | 0.1 |
| 2020 | 2.2 | 0.2 |
| 2019 | 3.5 | 0.7 |
| 2018 | -3.3 | 0.6 |
| 2017 | 2.9 | 0.3 |
| 2016 | 1.2 | 0.4 |
| 2015 | 7.0 | 0.5 |
| 2014 | 4.4 | 0.5 |
| 2013 | 16.6 | 0.5 |
| 2012 | 4.3 | 0.5 | | en | fr |
DOLFIN828 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### To ensure the Fund's compliance with FATCA, the FATCA Law and the Luxembourg IGA in accordance with the foregoing, The Fund may:
- request information or documentation, including W- 8 tax forms, a Global Intermediary Identification Number, if applicable, or any other valid evidence of a unit's FATCA registration with the IRS or a corresponding exemption, in order to ascertain such Shareholder's FATCA status;
- report information concerning a Shareholder and his account holding in the Fund to the Luxembourg tax authorities if such account is deemed a FATCA reportable account under the FATCA Law and the Luxembourg IGA;
- report information to the Luxembourg tax authorities (Administration des Contributions Directes) concerning payments to Shareholders with FATCA status of a non-participating foreign financial institution;
- deduct applicable US withholding taxes from certain payments made to a Shareholder by or on behalf of the Fund in accordance with FATCA, the FATCA Law and the Luxembourg IGA; and
- divulge any such personal information to any immediate payor of certain U.S. source income as may be required for withholding and reporting to occur with respect to the payment of such income. | ###### Um die Konformität des Fonds mit dem FATCA, dem FATCA-Gesetz und der Luxemburger IGA gemäß dem Vorstehenden sicherzustellen, kann der Fonds:
- Informationen oder Dokumente anfordern, darunter W8-Steuerformulare, ggf. eine globale Vermittleri- dentifikationsnummer (Global Intermediary Identifi- cation Number) oder einen anderen gültigen Nach- weis über die FATCA-Registrierung beim IRS oder eine entsprechende Befreiung, um den FATCA-Sta- tus eines solchen Aktionärs festzustellen;
- Informationen zu einem Aktionär und dessen Kon- tobestand im Fonds an die Luxemburger Steuerbe- hörden melden, falls ein solches Konto im Rahmen des FATCA-Gesetzes und der Luxemburger IGA als meldepflichtiges FATCA-Konto angesehen wird;
- Informationen an die Luxemburger Steuerbehörden (Administration des Contributions Directes) weiter- leiten, die Zahlungen an Aktionäre mit FATCA-Sta- tus eines nicht teilnehmenden ausländischen Finan- zinstituts betreffen;
- anwendbare US-Quellensteuern aus bestimmten Zahlungen, die vom oder im Namen des Fonds an einen Aktionär geleistet werden, gemäß dem FATCA, dem FATCA-Gesetz und der Luxemburger IGA einbehalten; und
- persönliche Informationen an alle unmittelbaren Zahler bestimmter Erträge aus US-Quellen weiter- geben, die zu Quellensteuer- und Meldezwecken hinsichtlich der Zahlung solcher Erträge erforderlich sein können. | ###### To ensure the Fund's compliance with FATCA, the FATCA Law and the Luxembourg IGA in accordance with the foregoing, The Fund may:
- request information or documentation, including W- 8 tax forms, a Global Intermediary Identification Number, if applicable, or any other valid evidence of a unit's FATCA registration with the IRS or a corresponding exemption, in order to ascertain such Shareholder's FATCA status;
- report information concerning a Shareholder and his account holding in the Fund to the Luxembourg tax authorities if such account is deemed a FATCA reportable account under the FATCA Law and the Luxembourg IGA;
- report information to the Luxembourg tax authorities (Administration des Contributions Directes) concerning payments to Shareholders with FATCA status of a non-participating foreign financial institution;
- deduct applicable US withholding taxes from certain payments made to a Shareholder by or on behalf of the Fund in accordance with FATCA, the FATCA Law and the Luxembourg IGA; and
- divulge any such personal information to any immediate payor of certain U.S. source income as may be required for withholding and reporting to occur with respect to the payment of such income. | en | de |
DOLFIN829 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Duration I The Fund was created on 28/01/2015 and its expected term is 99 years.
Objectives I Echiquier Robotics, a UCITS with “international equities” classification, is a dynamic fund seeking performance (net of management fees) over the recommended investment period of 5 years through exposure to the international equity markets through direct securities, UCI units, derivatives, or securities with embedded derivatives.
The UCITS implements an active and discretionary management strategy. Its management is based on rigorous stock picking with the stocks chosen following a process involving a qualitative and/or quantitative fundamental analysis of the companies in which the Fund invests.
The manager will select primarily companies in the robotics sector, including companies whose activity is indirectly related to the robotics sector (suppliers, service providers, etc.) in all geographical areas. Exposure to emerging markets is limited to 50% of the Fund’s net assets. The MSCI WORLD NET TOTAL RETURN (in EUR) index, calculated in euros with net dividends reinvested, may be used as an indicator for ex- post performance comparison. This index is used for illustrative purposes only insofar as it does not accurately reflect the fund’s strategy or its geographical and sectoral allocation. It is calculated in euros with net dividends reinvested. Investors are advised that the portfolio’s composition may differ from that of the benchmark index. At least 60% of Echiquier Robotics is exposed to European and international equity markets. The fund is exposed to companies of all capitalisation sizes. | ## Durée I L'OPC a été créé le 28/01/2015 et sa durée d'existence prévue est de 99 ans.
Objectifs I OPCVM de classification « Actions internationales », Echiquier Robotics est un fonds dynamique recherchant la performance (nette de frais de gestion), sur la durée de placement recommandée de 5 ans, à travers l’exposition sur les marchés des actions internationales par l’intermédiaire de titres vifs, parts d’OPC, de produits dérivés ou de titres intégrants des dérivés.
L'OPCVM met en œuvre une gestion active et discrétionnaire. Sa gestion s’appuie sur une sélection rigoureuse de titres « stock picking » obtenue au travers de la mise en œuvre d’un processus qui passe par une analyse fondamentale qualitative et/ou quantitative des entreprises dans lesquelles le fonds investit.
Le gérant sélectionnera principalement des entreprises agissant dans le secteur de la robotique, incluant les sociétés dont l’activité est indirectement liée au secteur de la robotique (fournisseurs, prestataires, etc…) sur toutes les zones géographiques. L'exposition aux pays émergents est limitée à 50% de l'actif net du fonds.
L’indice MSCI WORLD NET TOTAL RETURN (en EUR), calculé en euros et dividendes nets réinvestis, pourra être utilisé comme indicateur de comparaison a posteriori de la performance. Cet indice est utilisé uniquement à titre indicatif dans la mesure où il ne reflète pas précisément, ni la stratégie du fonds, ni son allocation géographique et sectorielle. Il est calculé en euros et dividendes nets réinvestis. L’attention du souscripteur est attirée sur le fait que la composition du portefeuille pourra s’éloigner sensiblement de celle de son indicateur de référence. Echiquier Robotics est exposé à hauteur de 60% au moins sur les marchés actions européens et internationaux. Le fonds est exposé sur des capitalisations de toute taille. | ## Duration I The Fund was created on 28/01/2015 and its expected term is 99 years.
Objectives I Echiquier Robotics, a UCITS with “international equities” classification, is a dynamic fund seeking performance (net of management fees) over the recommended investment period of 5 years through exposure to the international equity markets through direct securities, UCI units, derivatives, or securities with embedded derivatives.
The UCITS implements an active and discretionary management strategy. Its management is based on rigorous stock picking with the stocks chosen following a process involving a qualitative and/or quantitative fundamental analysis of the companies in which the Fund invests.
The manager will select primarily companies in the robotics sector, including companies whose activity is indirectly related to the robotics sector (suppliers, service providers, etc.) in all geographical areas. Exposure to emerging markets is limited to 50% of the Fund’s net assets. The MSCI WORLD NET TOTAL RETURN (in EUR) index, calculated in euros with net dividends reinvested, may be used as an indicator for ex- post performance comparison. This index is used for illustrative purposes only insofar as it does not accurately reflect the fund’s strategy or its geographical and sectoral allocation. It is calculated in euros with net dividends reinvested. Investors are advised that the portfolio’s composition may differ from that of the benchmark index. At least 60% of Echiquier Robotics is exposed to European and international equity markets. The fund is exposed to companies of all capitalisation sizes. | en | fr |
DOLFIN830 | 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 | 19 EUR | 93 EUR |
| Annual cost impact* | 0.2% | 0.2% | | | 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 | 19 EUR | 93 EUR |
| Incidenza annuale dei costi* | 0,2% | 0,2% | | | Example Investment 10,000 EUR | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 19 EUR | 93 EUR |
| Annual cost impact* | 0.2% | 0.2% | | en | it |
DOLFIN831 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Objectives
Seeks to achieve an absolute positive return over the medium/long term by offering, without any geographical restriction, exposure to all types of debt in- struments, money market instruments and currencies.
The sub-fund invests directly or indirectly in bonds or financial instruments with a fixed interest rate, such as bonds of public or private issuers, zero-coupon bonds, convertible or non-convertible bonds, contingent convertibles, fixed or variable-rate bonds, inflation-indexed bonds, ABS, MBS, in money market in- struments and in currencies. | ## Obiettivi
Ricerca di un rendimento positivo assoluto a medio - lungo termine offrendo, senza limitazioni geografiche, un’esposizione ai titoli di credito di ogni tipo, agli strumenti del mercato monetario e alle valute.
Il comparto investe in modo diretto o indiretto in obbligazioni o uno strumento finanziario assimilato a un tasso d’interesse, quali obbligazioni di emittenti pub- blici o privati, a cedola zero, convertibile o meno, convertibili contingenti, a un tasso d’interesse fisso o variabile, indicizzato sull’inflazione, ABS, MBS, in strumenti del mercato monetario e in valute. | ## Objectives
Seeks to achieve an absolute positive return over the medium/long term by offering, without any geographical restriction, exposure to all types of debt in- struments, money market instruments and currencies.
The sub-fund invests directly or indirectly in bonds or financial instruments with a fixed interest rate, such as bonds of public or private issuers, zero-coupon bonds, convertible or non-convertible bonds, contingent convertibles, fixed or variable-rate bonds, inflation-indexed bonds, ABS, MBS, in money market in- struments and in currencies. | en | it |
DOLFIN832 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Emerging markets risks
Investing in emerging markets entails investing in countries that are not included in the category of “high per capita gross national product” according to the definition by the World Bank, among others, i.e. that are not classified as “developed” countries. In addition to the risks specific to the asset class, investments in those countries are generally subject to higher risks, in particular liquidity risk and general market risk. In emerging market countries, political, economic and social instability or diplomatic incidents can negatively impact investments. Additionally, increased risks may arise in connection
with the settlement of transactions in securities in these countries and harm investors, especially as it may not be general practice or even possible to deliver securities directly when payment is made in such countries. The country and transfer risks described are likewise particularly high in these countries.
In addition, the legal and regulatory environment and the accounting, auditing and reporting standards in emerging markets may differ significantly from the level and standard which is otherwise customary internationally, to the detriment of an investor. This can entail not only differences in state supervision and regulation, but also further risks associated with the assertion and settlement of claims by the fund. There may also be an increased depositary risk in such countries which may, in particular, also result from differing procurement methods for acquired assets. The markets in emerging market countries are generally more volatile and less liquid than markets in industrialised countries, leading to increased volatility in the unit values of the fund. | ### Riesgos de los mercados emergentes
Las inversiones en países emergentes (“mercados emergentes”) son inversiones en países que, conforme a la definición del Banco Mundial, entre otras, no entren dentro de la categoría de “ingreso nacional bruto per cápita alto”, es decir, que
no se clasifiquen como “desarrollados”. Las inversiones en estos países normalmente están sujetas a mayores riesgos (además de los riesgos específicos de la clase de inversión en concreto) y, de forma particular, al riesgo de liquidez y al riesgo general de mercado. En los países emergentes, la inestabilidad política, económica o social o los incidentes diplomáticos pueden ahuyentar a los posibles inversores. Además, en la tramitación de las transacciones en valores procedentes de estos países puede surgir un mayor volumen de riesgos y ocasionar perjuicios a los inversores, especialmente porque, por lo general, en ellos puede no ser posible o habitual efectuar una entrega de valores contra la realización de un pago. Los riesgos de país y de transferencia ya descritos también tienen una mayor incidencia en estos países.
Por otra parte, en los países emergentes el marco legal y regulatorio, así como los estándares contables, de auditoría y de presentación de informes, pueden diferir sustancialmente del nivel y los estándares habituales en el ámbito internacional en detrimento de los inversores. Esto no solo puede generar diferencias en cuanto a la supervisión y la regulación públicas, sino que también la reclamación y tramitación de derechos de crédito del fondo puede llevar asociados otros riesgos. En estos países también puede existir un mayor riesgo de custodia, que puede resultar especialmente de las diferentes formas de consecución de la propiedad en los activos financieros adquiridos. Los mercados de los países emergentes son por lo general más volátiles y menos líquidos que los de los países industrializados, lo que puede provocar mayores fluctuaciones en los valores liquidativos del fondo. | ### Emerging markets risks
Investing in emerging markets entails investing in countries that are not included in the category of “high per capita gross national product” according to the definition by the World Bank, among others, i.e. that are not classified as “developed” countries. In addition to the risks specific to the asset class, investments in those countries are generally subject to higher risks, in particular liquidity risk and general market risk. In emerging market countries, political, economic and social instability or diplomatic incidents can negatively impact investments. Additionally, increased risks may arise in connection
with the settlement of transactions in securities in these countries and harm investors, especially as it may not be general practice or even possible to deliver securities directly when payment is made in such countries. The country and transfer risks described are likewise particularly high in these countries.
In addition, the legal and regulatory environment and the accounting, auditing and reporting standards in emerging markets may differ significantly from the level and standard which is otherwise customary internationally, to the detriment of an investor. This can entail not only differences in state supervision and regulation, but also further risks associated with the assertion and settlement of claims by the fund. There may also be an increased depositary risk in such countries which may, in particular, also result from differing procurement methods for acquired assets. The markets in emerging market countries are generally more volatile and less liquid than markets in industrialised countries, leading to increased volatility in the unit values of the fund. | en | es |
DOLFIN833 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Past Performance
10%
5%
The charges you pay as an investor in the Fund go to cover Fund operating costs, including marketing and distribution costs.
These charges reduce the performance of your investment.
The entry and exit charges shown are maximum figures. In some cases you might pay less. You can find this out from your financial advisor.
The ongoing charges figure shown here is an estimate of the charges. Ongoing charges are the same for all investors.
For more about charges see the Fund’s prospectus, available at www.brookfield.com.
As the share class only recently began investment operations, there is insufficient data to provide a useful indication of past performance to this share class’ investors.
The MSCI World Index is shown for comparative purposes only.
0%
-5%
-10%
2015 2016 2017 2018 2019
Brookfield Global Renewables and Sustainable Infrastructure UCITS Fund | Risultati ottenuti nel passato
10%
5%
Le spese sostenute dall’investitore vengono utilizzate per pagare i costi operativi del Fondo, inclusi i costi per le attività promozionali e la distribuzione. Tali spese riducono la crescita potenziale del vostro investimento.
Sono indicate le spese di sottoscrizione e di rimborso massime. In alcuni casi possono essere inferiori. Per chiarimenti rivolgersi al proprio consulente finanziario.
L’importo relativo alle spese correnti qui riportato riflette una stima delle spese. Le spese correnti sono uguali per tutti gli investitori.
Per maggiori informazioni sulle spese, consultare il prospetto informativo del Fondo, disponibile sul sito internet www.brookfield.com.
Poiché la classe di azioni ha avviato le operazioni solo di recente, non vi sono dati sufficienti a fornire agli investitori di questa classe di azioni un’indicazione utile per i risultati ottenuti nel passato.
La performance dell’Indice MSCI World è riportata al solo scopo di confronto.
0%
-5%
-10%
2015 2016 2017 2018 2019
Brookfield Global Renewables and SustainablelInfrastructure UCITS Fund | Past Performance
10%
5%
The charges you pay as an investor in the Fund go to cover Fund operating costs, including marketing and distribution costs.
These charges reduce the performance of your investment.
The entry and exit charges shown are maximum figures. In some cases you might pay less. You can find this out from your financial advisor.
The ongoing charges figure shown here is an estimate of the charges. Ongoing charges are the same for all investors.
For more about charges see the Fund’s prospectus, available at www.brookfield.com.
As the share class only recently began investment operations, there is insufficient data to provide a useful indication of past performance to this share class’ investors.
The MSCI World Index is shown for comparative purposes only.
0%
-5%
-10%
2015 2016 2017 2018 2019
Brookfield Global Renewables and Sustainable Infrastructure UCITS Fund | en | it |
DOLFIN834 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Subscription and redemption on the primary market:
On the primary market, new Fund units are subscribed and/or redeemed in return for (i) cash or (ii) in-kind contribution/withdrawal of a basket of equities representative of the composition of the MSCI Emerging Markets Index complete with a “cash adjustment”.
In this market, initial subscriptions are only allowed in minimum quantities of 50000 units and subsequent subscriptions are only allowed in minimum quantities of one unit. Redemptions are made in whole units, with a minimum value of EUR 500,000 or equivalent in the currency of the unit per redemption request.
Orders for the subscription and redemption of Fund units are centralised on a daily basis by the Depositary, between 09:00 and 17:00 (Paris time), on days when the Paris Stock Exchange is open (the “Trading Day”). Subscription and redemption requests sent after 17:00 (Paris time) on a Trading Day will be processed as orders received between 09:00 and 17:00 (Paris time) on the next Trading Day.
A Trading Day is a working day on which the Fund’s NAV can be calculated and published.
The Fund’s NAV on a given trading day is calculated using the closing level of the euro-adjusted MSCI Europe Emerging Markets Index on that same day. The exchange rate used to convert the MSCI Emerging Markets Index value into euros is the WM Reuters reference rate at the final 16:00 GMT fixing on that same date.
Subscriptions/redemptions in cash only
Cash-only orders centralised by the Depositary between 09:00 and 17:00 (Paris time) on a given Trading Day will be executed on the basis of the net asset value of the following Trading Day.
Subscriptions/redemptions made by contributions/withdrawals to/from a basket of equities representing the composition of the MSCI Emerging Markets index
Orders centralised by the Depositary between 09:00 and 17:00 (Paris time) on a given Trading Day will be executed on the basis of the terms set by the Management Company at 17:00 (Paris time) on the following Trading Day, as follows:
- contribution of a portfolio of equities reflecting the MSCI Emerging Markets Index as determined by the Management Company, which the subscriber must deliver, and, where applicable,
- payment of a cash amount in euros to or from the Fund (“cash adjustment”) where a subscription/redemption order is for a minimum initial subscription of exactly 50,000 units and a minimum subsequent subscription of one unit. Redemptions are made in whole units, with a minimum value of EUR 500,000 or equivalent in the currency of the unit per redemption request. The cash adjustment will be equal to the difference in euros between the net asset value of the Fund units on that date and the value in euros of the equities to be delivered on the next day. | ## Conditions de souscription et de rachat des parts du Fonds sur le marché primaire :
Le marché primaire est le marché par lequel des parts nouvelles du Fonds sont souscrites et/ou rachetées contre (i) du numéraire ou (ii) des apports/retraits d’un panier d’actions représentatif de la composition de l’Indice MSCI Emerging Markets accompagné d’une « soulte ».
Sur ce marché, les souscriptions devront exclusivement porter sur un minimum de 50000 part(s) pour la souscription initiale minimum et sur un minimum d'une part pour les souscriptions ultérieures minimum. Les rachats s'effectuent en nombre entier de parts, avec un minimum de 500 000 EUR ou équivalent dans la devise de la part, par demande de rachat.
Les demandes de souscriptions et de rachats de parts du Fonds sont centralisées par le Dépositaire, entre 9h00 et 17h00 (heures de Paris), chaque jour de bourse à Paris (le « Jour de Bourse »). Les demandes de souscriptions et de rachats transmises après 17h00 (heure de Paris) un Jour de Bourse seront traitées comme des demandes reçues entre 9h00 et 17h00 (heures de Paris) le jour de Bourse suivant.
Un Jour de Bourse est un jour ouvré appartenant au calendrier de calcul et de publication de la valeur liquidative du Fonds.
La valeur liquidative du Fonds d’un Jour de Bourse est calculée en utilisant le cours de clôture de l’Indice MSCI Emerging Markets contrevalorisé en euro de ce même jour. Le taux de change utilisé pour convertir en euro la valeur de l’Indice MSCI Emerging Markets est le cours de référence au fixing de clôture de 16h00 GMT de WM Reuters de ce même jour.
Souscriptions/rachats réalisés exclusivement en numéraire
Les demandes centralisées par le Dépositaire entre 9h00 et 17h00 (heures de Paris) un Jour de Bourse, et réalisées exclusivement en numéraire, seront exécutées sur la base de la valeur liquidative du jour de Bourse suivant.
Souscriptions/rachats réalisés par apports/retraits d’un panier d’actions représentatif de la composition de l’Indice MSCI Emerging Markets
Les demandes centralisées par le Dépositaire entre 9h00 et 17h00 (heures de Paris) un Jour de Bourse seront exécutées sur la base des conditions déterminées par la Société de Gestion à 17h00 (heure de Paris) le jour de Bourse suivant, de la manière suivante :
- par apport d’un panier d’actions reflétant l’Indice MSCI Emerging Markets tel que déterminé par la Société de Gestion, que le souscripteur devra livrer, et le cas échéant,
- par apport d’un montant en espèces en euro payé ou reçu par le Fonds (la « soulte ») pour un ordre de souscription/rachat portant exactement sur un minimum de 50000 part(s) pour la souscription initiale minimum et sur un minimum d'une part pour les souscriptions ultérieures minimum. Les rachats s'effectuent en nombre entier de parts, avec un minimum de 500 000 EUR ou équivalent dans la devise de la part, par demande de rachat. La soulte sera égale à l’écart en euro entre la valeur liquidative des parts du Fonds ce jour et la valeur en euro des actions à livrer du jour suivant. | ## Subscription and redemption on the primary market:
On the primary market, new Fund units are subscribed and/or redeemed in return for (i) cash or (ii) in-kind contribution/withdrawal of a basket of equities representative of the composition of the MSCI Emerging Markets Index complete with a “cash adjustment”.
In this market, initial subscriptions are only allowed in minimum quantities of 50000 units and subsequent subscriptions are only allowed in minimum quantities of one unit. Redemptions are made in whole units, with a minimum value of EUR 500,000 or equivalent in the currency of the unit per redemption request.
Orders for the subscription and redemption of Fund units are centralised on a daily basis by the Depositary, between 09:00 and 17:00 (Paris time), on days when the Paris Stock Exchange is open (the “Trading Day”). Subscription and redemption requests sent after 17:00 (Paris time) on a Trading Day will be processed as orders received between 09:00 and 17:00 (Paris time) on the next Trading Day.
A Trading Day is a working day on which the Fund’s NAV can be calculated and published.
The Fund’s NAV on a given trading day is calculated using the closing level of the euro-adjusted MSCI Europe Emerging Markets Index on that same day. The exchange rate used to convert the MSCI Emerging Markets Index value into euros is the WM Reuters reference rate at the final 16:00 GMT fixing on that same date.
Subscriptions/redemptions in cash only
Cash-only orders centralised by the Depositary between 09:00 and 17:00 (Paris time) on a given Trading Day will be executed on the basis of the net asset value of the following Trading Day.
Subscriptions/redemptions made by contributions/withdrawals to/from a basket of equities representing the composition of the MSCI Emerging Markets index
Orders centralised by the Depositary between 09:00 and 17:00 (Paris time) on a given Trading Day will be executed on the basis of the terms set by the Management Company at 17:00 (Paris time) on the following Trading Day, as follows:
- contribution of a portfolio of equities reflecting the MSCI Emerging Markets Index as determined by the Management Company, which the subscriber must deliver, and, where applicable,
- payment of a cash amount in euros to or from the Fund (“cash adjustment”) where a subscription/redemption order is for a minimum initial subscription of exactly 50,000 units and a minimum subsequent subscription of one unit. Redemptions are made in whole units, with a minimum value of EUR 500,000 or equivalent in the currency of the unit per redemption request. The cash adjustment will be equal to the difference in euros between the net asset value of the Fund units on that date and the value in euros of the equities to be delivered on the next day. | en | fr |
DOLFIN835 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is this product?
Type: This investment fund is a sub-Fund of Legal & General ICAV, an open-ended umbrella type Irish collective asset-management vehicle with limited liability and segregated liability between Funds. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland.
Term: There is no fixed maturity date.
Objectives: The investment objective of the Fund is to provide investors with a return in line with the performance of the global high yield bond market, as represented by the JPMorgan ESG Global High Yield Corporate Custom Maturity Index (the “Index”). The Fund invests primarily in high yield bonds that are constituents of the Index. The Index constituents are across developed market and emerging market high yield issuers, including USD, EUR and GBP currencies and must be rated high yield. The Index includes only bonds that meet the index provider’s environmental, social and governance (“ESG”) rating criteria and criteria for high yield debt. The Fund will aim to replicate the Index by using index 'sampling' techniques to select securities and will ensure the Fund has similar characteristics as the Index whilst not necessarily holding all of the constituents of the Index. While the Fund is expected to track the Index as closely as possible, it typically will not match the performance of the targeted Index exactly. The bonds that the Fund invests in may be sub-investment grade. Sub-investment grade bonds are bonds that have been given a credit rating by a rating agency. Credit ratings give an indication of how likely it is that the issuer of a bond will be able to pay back interest and the loan on time. Sub-investment grade bonds are rated as higher risk. The Fund may use derivatives to • reduce risk or cost; or • generate additional capital or income with no, or an acceptably low, level of risk; or • manage the effect of currency exchange rates. The Fund may also engage in stock lending. This is when it lends its investments to third parties as a means of generating additional income and to off-set the costs of the Fund. The Fund's Prospectus gives more information about stock lending. The Fund is considered to be passively managed as it aims to replicate the Index by using index 'sampling' techniques. The Fund promotes a range of environmental and social characteristics which are met by tracking the Index. Further information on how such characteristics are met by the Fund can be found in the Fund Supplement.
Intended This Fund is designed for investors seeking income or growth from an investment in high yield bonds.You can buy or sell units on any normal
retail investor: business day. If we receive your instruction before 2pm (Irish time), units will be bought or sold at the next business day's price. Whilst investors can redeem at any time this Fund may not be appropriate for those who plan to withdraw their money within 5 years. The Index is a Total Return Index. The Fund's base currency is denominated in US dollar (USD). | # Um welche Art von Produkt handelt es sich?
Art: Dieser Investmentfonds ist ein Teilfonds des Legal & General ICAV, einem offenen irischen Organismus für gemeinsame Vermögensverwaltung mit Umbrella-Struktur, beschränkter Haftung und getrennter Haftung zwischen den Fonds. Der Fonds ist in Irland zugelassen und wird von der Central Bank of Ireland reguliert.
Laufzeit: Es gibt kein festes Fälligkeitsdatum.
Ziele: Das Anlageziel des Fonds besteht darin, den Anlegern eine Rendite zu bieten, die der Performance des globalen Marktes für Hochzinsanleihen, repräsentiert durch den JPMorgan ESG Global High Yield Corporate Custom Maturity Index (der „Index“), entspricht. Der Fonds investiert vornehmlich in Hochzinsanleihen, die Bestandteile des Index sind. Die Indexbestandteile beziehen sich auf Emittenten von Hochzinsanleihen aus Industrie- und Schwellenländern, einschließlich der Währungen USD, EUR und GBP, und müssen ein High-Yield-Rating aufweisen. Der Index umfasst nur Anleihen, die die Rating-Kriterien und Kriterien des Indexanbieters für Hochzinsanleihen in Bezug auf Umwelt, Soziales und Unternehmensführung („ESG“) erfüllen. Der Fonds ist bestrebt, den Index nachzubilden, indem er Sampling-Techniken für die Wertpapierauswahl einsetzt und sicherstellt, dass der Fonds ähnliche Merkmale wie der Index aufweist, ohne jedoch alle im Index vertretenen Werte halten zu müssen. Obwohl der Fonds die Entwicklung des Index so genau wie möglich nachvollziehen soll, wird seine Wertentwicklung in der Regel nicht vollständig identisch mit der des Zielindex sein. Die Anleihen, in die der Fonds investiert, können ein Sub-Investment-Grade-Rating aufweisen. Sub-Investment-Grade-Anleihen sind Anleihen, die von einer Rating-Agentur ein Kreditrating erhalten haben. Kreditratings geben Aufschluss darüber, wie wahrscheinlich es ist, dass der Emittent einer Anleihe in der Lage sein wird, Zinsen und den Kredit rechtzeitig zurückzuzahlen. Anleihen mit Sub-Investment-Grade-Rating werden als risikoreicher eingestuft. Der Fonds kann von Derivaten Gebrauch machen, um: • um das Risiko oder die Kosten zu reduzieren; oder • zusätzliches Kapital oder zusätzliche Erträge ohne oder mit einem annehmbar niedrigen Risikoniveau zu generieren; oder • die Auswirkung von Wechselkursen zu steuern. Der Fonds kann auch Wertpapierleihgeschäfte tätigen. Das bedeutet, dass er seine Anlagen an Dritte verleiht, um zusätzliche Erträge zu erzielen und die Kosten des Fonds auszugleichen. Der Fondsprospekt enthält weitere Informationen zu Wertpapierleihgeschäften. Der Fonds gilt als passiv verwaltet, da er versucht, den Index mithilfe von Index-„Sampling“-Techniken nachzubilden. Der Fonds bewirbt eine Reihe ökologischer und sozialer Merkmale, die durch die Nachbildung des Index erreicht werden. Weitere Informationen darüber, wie diese Merkmale vom Fonds erfüllt werden, sind der Fondsergänzung zu entnehmen.
Kleinanleger-Z ielgruppe:
Dieser Fonds richtet sich an Anleger, die Erträge oder Wachstum aus einer Anlage in Hochzinsanleihen anstreben.Sie können Anteile an jedem normalen Geschäftstag kaufen oder verkaufen. Wenn wir Ihren Auftrag vor 14:00 Uhr (Ortszeit Irland) erhalten, werden die Anteile zum Preis des nächsten Geschäftstages gekauft oder verkauft. Obwohl die Anleger ihr Geld jederzeit entnehmen können, ist dieser Fonds unter Umständen nicht für Anleger geeignet, die ihr Geld innerhalb eines Zeitraums von 5 Jahren wieder zurückziehen wollen. Der Index ist ein Total Return Index. Die Basiswährung des Fonds ist der US-Dollar (USD). | # What is this product?
Type: This investment fund is a sub-Fund of Legal & General ICAV, an open-ended umbrella type Irish collective asset-management vehicle with limited liability and segregated liability between Funds. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland.
Term: There is no fixed maturity date.
Objectives: The investment objective of the Fund is to provide investors with a return in line with the performance of the global high yield bond market, as represented by the JPMorgan ESG Global High Yield Corporate Custom Maturity Index (the “Index”). The Fund invests primarily in high yield bonds that are constituents of the Index. The Index constituents are across developed market and emerging market high yield issuers, including USD, EUR and GBP currencies and must be rated high yield. The Index includes only bonds that meet the index provider’s environmental, social and governance (“ESG”) rating criteria and criteria for high yield debt. The Fund will aim to replicate the Index by using index 'sampling' techniques to select securities and will ensure the Fund has similar characteristics as the Index whilst not necessarily holding all of the constituents of the Index. While the Fund is expected to track the Index as closely as possible, it typically will not match the performance of the targeted Index exactly. The bonds that the Fund invests in may be sub-investment grade. Sub-investment grade bonds are bonds that have been given a credit rating by a rating agency. Credit ratings give an indication of how likely it is that the issuer of a bond will be able to pay back interest and the loan on time. Sub-investment grade bonds are rated as higher risk. The Fund may use derivatives to • reduce risk or cost; or • generate additional capital or income with no, or an acceptably low, level of risk; or • manage the effect of currency exchange rates. The Fund may also engage in stock lending. This is when it lends its investments to third parties as a means of generating additional income and to off-set the costs of the Fund. The Fund's Prospectus gives more information about stock lending. The Fund is considered to be passively managed as it aims to replicate the Index by using index 'sampling' techniques. The Fund promotes a range of environmental and social characteristics which are met by tracking the Index. Further information on how such characteristics are met by the Fund can be found in the Fund Supplement.
Intended This Fund is designed for investors seeking income or growth from an investment in high yield bonds.You can buy or sell units on any normal
retail investor: business day. If we receive your instruction before 2pm (Irish time), units will be bought or sold at the next business day's price. Whilst investors can redeem at any time this Fund may not be appropriate for those who plan to withdraw their money within 5 years. The Index is a Total Return Index. The Fund's base currency is denominated in US dollar (USD). | en | de |
DOLFIN836 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le FCP peut être exposé sur des titres de petites et moyennes capitalisations. L’attention des investisseurs est attirée sur le fait que ces titres peuvent être moins liquides que les titres de grandes capitalisations, compte tenu des faibles volumes échangés. Ces titres sont susceptibles, surtout lors d’une baisse des marchés, de connaître à court terme, une volatilité des cours et des écarts importants entre prix de vente et prix d’achat. L’effet combiné de la volatilité des cours et de la liquidité restreinte de ces marchés peut affecter de manière négative la performance du FCP.
- Risque actions pays émergents :Le FCP peut être exposé, directement ou indirectement, sur des titres émis par des émetteurs des pays émergents. L’attention des investisseurs est attirée sur les conditions de fonctionnement et de surveillance de ces marchés qui peuvent s’écarter des standards prévalant sur les grandes places internationales. En effet, les mouvements de baisse de marchés de ces pays peuvent être plus marqués et plus rapides que dans les pays développés. Par ailleurs, les marchés financiers de ces pays offrent une liquidité moindre que celles des pays développés. En conséquence, cette exposition peut augmenter le niveau de risque du portefeuille.
- Risque de perte en capital :Le FCP n’offre aucune garantie de performance ou de capital et peut donc présenter un risque de perte en capital, notamment si la durée de détention est inférieure à l’horizon de placement recommandé. De ce fait, le capital initialement investi peut ne pas être entièrement restitué.
- Risque de liquiditéIl représente le risque qu'un marché financier, lorsque les volumes d'échanges sont faibles ou en cas de tensions sur ce marché, ne puisse absorber les volumes de ventes (ou d'achats) sans faire baisser (ou monter) significativement le prix des actifs.
- Risque de performance :La performance du FCP dépend des placements sélectionnés par la société de gestion selon ses anticipations sur l’évolution des marchés actions et taux. | El FIC podrá estar expuesto a títulos de compañías de pequeña y mediana capitalización bursátil. Advertimos a los inversores que dichos títulos pueden presentar una menor liquidez en comparación con valores de mayor capitalización bursátil, como consecuencia de los escasos volúmenes de negociación. Dichos títulos son susceptibles, sobre todo en escenarios bajistas de mercado, de registrar a corto plazo una elevada volatilidad de las cotizaciones y desviaciones importantes entre los precios de venta y los precios de compra. El efecto combinado de la volatilidad de las cotizaciones y de la liquidez restringida de estos mercados podría afectar negativamente a la rentabilidad del FIC.
- Riesgo ligado a las acciones de países emergentes:El FIC podrá estar expuesto, directa o indirectamente, a títulos emitidos por emisores de países emergentes. Advertimos a los inversores que las condiciones de funcionamiento y de supervisión de dichos mercados podrían desviarse de los estándares que prevalecen en las principales bolsas internacionales. En efecto, las tendencias bajistas en los mercados de dichos países podrían ser más intensas y más rápidas que en los países desarrollados. Además, los mercados financieros de dichos países ofrecen una menor liquidez en comparación con los países desarrollados. En consecuencia, dicha exposición podría incrementar el nivel de riesgo de la cartera.
- Riesgo de pérdida del capital invertido:El FIC no ofrece ninguna garantía de rentabilidad ni del capital, existiendo también un riesgo de pérdida del capital invertido, sobre todo si la duración de tenencia es inferior al horizonte de inversión recomendado. Por ello, el capital inicial invertido podría no ser restituido en su integridad.
- Riesgo de liquidezRepresenta el riesgo de que un mercado financiero, cuando los volúmenes de intercambio sean reducidos o en caso de tensiones en el mismo, no pueda absorber los volúmenes de ventas (o de compras) sin que disminuyan (o se incrementen) significativamente el precio de los activos.
- Riesgo de rentabilidad:La rentabilidad del FIC depende de las inversiones seleccionadas por la sociedad gestora de acuerdo con sus previsiones respecto de la evolución de los mercados de acciones y de tipos. | Le FCP peut être exposé sur des titres de petites et moyennes capitalisations. L’attention des investisseurs est attirée sur le fait que ces titres peuvent être moins liquides que les titres de grandes capitalisations, compte tenu des faibles volumes échangés. Ces titres sont susceptibles, surtout lors d’une baisse des marchés, de connaître à court terme, une volatilité des cours et des écarts importants entre prix de vente et prix d’achat. L’effet combiné de la volatilité des cours et de la liquidité restreinte de ces marchés peut affecter de manière négative la performance du FCP.
- Risque actions pays émergents :Le FCP peut être exposé, directement ou indirectement, sur des titres émis par des émetteurs des pays émergents. L’attention des investisseurs est attirée sur les conditions de fonctionnement et de surveillance de ces marchés qui peuvent s’écarter des standards prévalant sur les grandes places internationales. En effet, les mouvements de baisse de marchés de ces pays peuvent être plus marqués et plus rapides que dans les pays développés. Par ailleurs, les marchés financiers de ces pays offrent une liquidité moindre que celles des pays développés. En conséquence, cette exposition peut augmenter le niveau de risque du portefeuille.
- Risque de perte en capital :Le FCP n’offre aucune garantie de performance ou de capital et peut donc présenter un risque de perte en capital, notamment si la durée de détention est inférieure à l’horizon de placement recommandé. De ce fait, le capital initialement investi peut ne pas être entièrement restitué.
- Risque de liquiditéIl représente le risque qu'un marché financier, lorsque les volumes d'échanges sont faibles ou en cas de tensions sur ce marché, ne puisse absorber les volumes de ventes (ou d'achats) sans faire baisser (ou monter) significativement le prix des actifs.
- Risque de performance :La performance du FCP dépend des placements sélectionnés par la société de gestion selon ses anticipations sur l’évolution des marchés actions et taux. | fr | es |
DOLFIN837 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The ability, or perceived ability, of an issuer of a debt security to make timely payments of interest and principal on the security will affect the value of the security. It is possible that the ability of the issuer to meet its obligation will decline substantially during the period when a Fund owns securities of that issuer, or that the issuer will default on its obligations. An actual or perceived deterioration in the ability of an issuer to meet its obligations will likely have an adverse effect on the value of the issuer's securities.
If a security has been rated by more than one nationally recognised statistical rating organisation the Fund's Investment Manager may consider the highest rating for the purposes of determining whether the security is investment grade. A Fund will not necessarily dispose of a security held by it if its rating falls below investment grade, although the Fund's Investment Manager will consider whether the security continues to be an appropriate investment for the Fund. A Fund's Investment Manager considers whether a security is investment grade only at the time of purchase.
Some of the Funds will invest in securities which will not be rated by a nationally recognised statistical rating organisation, but the credit quality will be determined by the Investment Manager.
Credit risk is generally greater for investments issued at less than their face values and required to make interest payments only at maturity rather than at intervals during the life of the investment. Credit rating agencies base their ratings largely on the issuer's historical financial condition and the rating agencies' investment analysis at the time of rating. The rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition, and does not reflect an assessment of an investment's volatility and liquidity. Although investment grade investments generally have lower credit risk than investments rated below investment grade, they may share some of the risks of lower-rated investments, including the possibility that the issuers may be unable to make timely payments of interest and principal and thus default.
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#### Liquidity Risk | La valeur d’un titre de créance dépend de la capacité, réelle ou apparente, de l’émetteur à honorer le paiement des intérêts et du principal dans les délais impartis. Il se peut que l’émetteur manque à ses obligations ou que sa capacité à honorer ses obligations diminue considérablement durant la période de détention des titres par un Compartiment. Si la capacité (réelle ou apparente) d’un émetteur à honorer ses obligations diminue, la valeur des titres de l’émetteur concerné s’en verra très probablement affectée.
Dans le cas où un titre a été noté par plus d’une agence de notation statistique reconnue au niveau national, le Gestionnaire d’investissement du Compartiment peut prendre en considération la notation la plus élevée aux fins de déterminer si le titre appartient ou non à la catégorie investment grade. Un Compartiment ne cèdera pas forcément un titre dont la notation devient inférieure à investment grade, mais son Gestionnaire d’investissement se posera malgré tout la question de savoir s’il est approprié que le Compartiment continue à détenir le titre concerné. Le Gestionnaire d’investissement d’un Compartiment déterminera si un titre appartient à la catégorie investment grade uniquement au moment de l’achat. Certains Compartiments investiront dans des titres qui ne sont pas notés par une agence de notation statistique reconnue au niveau national, auquel cas la qualité de crédit sera déterminée par le Gestionnaire d’investissement.
Le risque de crédit est généralement plus élevé pour les titres émis en dessous du pair, dont les intérêts sont versés à l’échéance uniquement et non en plusieurs fois au cours de leur durée de vie. Au moment de déterminer la note de crédit d’un émetteur, les agences de notation analysent avant tout sa situation financière passée et présente et tiennent compte par ailleurs des évaluations formulées par d’autres agences de notation. La note attribuée à un titre quelconque ne reflète pas nécessairement la situation financière actuelle de l’émetteur et ne donne aucune indication quant à la volatilité et la liquidité du titre concerné. Si les titres investment grade impliquent généralement un risque de crédit moins élevé que les titres de rang inférieur, il n’en demeure pas moins qu’ils peuvent être exposés aux risques associés aux investissements moins bien notés, et notamment le risque que l’émetteur fasse défaut, en ce sens qu’il ne soit pas en mesure d’honorer les paiements d’intérêts et de principal dans les délais impartis.
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#### Risque de liquidité | The ability, or perceived ability, of an issuer of a debt security to make timely payments of interest and principal on the security will affect the value of the security. It is possible that the ability of the issuer to meet its obligation will decline substantially during the period when a Fund owns securities of that issuer, or that the issuer will default on its obligations. An actual or perceived deterioration in the ability of an issuer to meet its obligations will likely have an adverse effect on the value of the issuer's securities.
If a security has been rated by more than one nationally recognised statistical rating organisation the Fund's Investment Manager may consider the highest rating for the purposes of determining whether the security is investment grade. A Fund will not necessarily dispose of a security held by it if its rating falls below investment grade, although the Fund's Investment Manager will consider whether the security continues to be an appropriate investment for the Fund. A Fund's Investment Manager considers whether a security is investment grade only at the time of purchase.
Some of the Funds will invest in securities which will not be rated by a nationally recognised statistical rating organisation, but the credit quality will be determined by the Investment Manager.
Credit risk is generally greater for investments issued at less than their face values and required to make interest payments only at maturity rather than at intervals during the life of the investment. Credit rating agencies base their ratings largely on the issuer's historical financial condition and the rating agencies' investment analysis at the time of rating. The rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition, and does not reflect an assessment of an investment's volatility and liquidity. Although investment grade investments generally have lower credit risk than investments rated below investment grade, they may share some of the risks of lower-rated investments, including the possibility that the issuers may be unable to make timely payments of interest and principal and thus default.
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#### Liquidity Risk | en | fr |
DOLFIN838 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| L'indicateur de risque suppose que vous conservez le produit pendant 3 ans. L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer. Nous avons classé ce Fonds 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 capacité du Fonds à vous payer en soit affectée. Nous attirons votre attention sur le risque de change. Dans certaines circonstances, les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus. Pour de plus amples informations sur les risques auxquels le fonds est exposé, veuillez vous référer à la section « Descriptions des risques » du prospectus. Autres risques matériellement pertinents pour le PRIIP non repris dans l'indicateur synthétique de risque: |
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| Risque de concentration : Lorsque le fonds investit une grande partie de ses actifs dans un nombre limité d'industries, de secteurs, d'émetteurs ou dans une zone géographique limitée, il peut présenter davantage de risques qu'un fonds aux investissements plus diversifiés. |
| Risque lié aux instruments dérivés : Des variations légères de la valeur d'un actif sous-jacent peuvent donner lieu à d'importantes fluctuations de la valeur d'un instrument dérivé. Dans ce contexte, les instruments dérivés sont généralement fortement volatils, et ils exposent le fonds à des pertes potentielles substantiellement plus élevées que le coût d'un instrument dérivé. |
| Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | | | El indicador de riesgo se basa en el supuesto de que usted mantendrá el producto durante 3 años. El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle Hemos clasificado este producto en la clase de riesgo 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 la capacidad del Fondo para pagarle como muy improbable. Tenga presente el riesgo de cambio. En determinadas circunstancias, usted recibirá los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente. Si desea obtener más información sobre los riesgos a los que se expone el fondo, puede consultar el apartado titulado «Descripciones de los riesgos» del folleto. Otros riesgos de importancia significativa para el PRIIP no incluidos en el indicador resumido de riesgo: |
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| Riesgo de concentración: Si el fondo invierte una parte considerable de su patrimonio en un número reducido de industrias, sectores o emisores, o en una zona geográfica limitada, podría estar sujeto a mayores riesgos que un fondo que invierte de manera más diversificada. |
| Riesgo de derivados: Una pequeña fluctuación en el valor de un activo subyacente podría provocar grandes cambios en el valor de un derivado, por lo que los derivados suelen ser sumamente volátiles y el fondo queda expuesto a pérdidas potenciales que podrían ser mucho más significativas que el coste del derivado. |
| Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión. | | | L'indicateur de risque suppose que vous conservez le produit pendant 3 ans. L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer. Nous avons classé ce Fonds 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 capacité du Fonds à vous payer en soit affectée. Nous attirons votre attention sur le risque de change. Dans certaines circonstances, les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus. Pour de plus amples informations sur les risques auxquels le fonds est exposé, veuillez vous référer à la section « Descriptions des risques » du prospectus. Autres risques matériellement pertinents pour le PRIIP non repris dans l'indicateur synthétique de risque: |
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| Risque de concentration : Lorsque le fonds investit une grande partie de ses actifs dans un nombre limité d'industries, de secteurs, d'émetteurs ou dans une zone géographique limitée, il peut présenter davantage de risques qu'un fonds aux investissements plus diversifiés. |
| Risque lié aux instruments dérivés : Des variations légères de la valeur d'un actif sous-jacent peuvent donner lieu à d'importantes fluctuations de la valeur d'un instrument dérivé. Dans ce contexte, les instruments dérivés sont généralement fortement volatils, et ils exposent le fonds à des pertes potentielles substantiellement plus élevées que le coût d'un instrument dérivé. |
| Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | | fr | es |
DOLFIN839 | 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 2001. The share class was launched in 2005.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (GBP) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -11.7 | 14.8 | -10.0 | -26.3 | 52.5 | -9.0 | -16.7 | 7.8 | -30.8 | 42.7 |
| Constraint †¹ | -2.7 | 15.9 | -6.4 | -19.0 | 52.5 | -3.8 | -11.1 | 8.0 | -31.9 | 40.6 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en 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 2001. La clase de acciones se lanzó en 2005.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹MSCI World Energy 30% Buffer 10-40 Index (GBP) No está previsto que la rentabilidad del Fondo replique la del índice.
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | -11,7 | 14,8 | -10,0 | -26,3 | 52,5 | -9,0 | -16,7 | 7,8 | -30,8 | 42,7 |
| Limitación †¹ | -2,7 | 15,9 | -6,4 | -19,0 | 52,5 | -3,8 | -11,1 | 8,0 | -31,9 | 40,6 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
*Antes de 4 diciembre de 2020, el Fondo utilizaba un índice de referencia distinto, lo que se refleja en los datos del índice de referencia. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in 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 2001. The share class was launched in 2005.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (GBP) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -11.7 | 14.8 | -10.0 | -26.3 | 52.5 | -9.0 | -16.7 | 7.8 | -30.8 | 42.7 |
| Constraint †¹ | -2.7 | 15.9 | -6.4 | -19.0 | 52.5 | -3.8 | -11.1 | 8.0 | -31.9 | 40.6 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | en | es |
DOLFIN840 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# 6° RISK PROFILE
The fund invests in financial instruments and, where applicable, funds selected by the management company. The performance of these financial instruments and funds depends on the evolution and fluctuations of the market.
The risk factors described below are not exhaustive. It is up to each investor to analyse the risk associated with such an investment and to form his/her own opinion independent of CARMIGNAC GESTION, where necessary seeking the opinion of any advisers specialised in such matters in order to ensure that this investment is appropriate in relation to his/her financial situation.
- Risk associated with discretionary management: discretionary management is based on the expected evolution of the financial markets. The fund’s performance will depend on the companies selected and asset allocation chosen by the management company. There is a risk that the management company may not invest in the best performing companies.
- Risk associated with collateralised loan obligations (CLO) or asset-backed securities (ABS): the fund may invest in CLOs and ABS (including CMBS and MBS), in which case unitholders may be exposed to a higher level of credit risk. As these CLOs and ABS are backed by debts, the impairment of the value of the surety underlying the security, such as the non-payment of loans, may be reflected in a reduction in the value of the security itself and generate a loss for the fund.
- Interest rate risk: Interest rate risk is the risk that the net asset value may fall in the event of a change in interest rates. When the modified duration of the portfolio is positive, a rise in interest rates may lead to a reduction in the value of the portfolio. When the modified duration of the portfolio is negative, a fall in interest rates may lead to a reduction in the value of the portfolio.
- Risk associated with high yield bonds: a bond is considered a high-yield bond when its credit rating is below “investment grade”. The value of high yield bonds may fall more substantially and more rapidly than other bonds and negatively impact the net asset value of the fund which may decrease as a result.
- Credit risk: Credit risk is the risk that the issuer may default. Should the quality of issuers decline, for example in the event of a downgrade in their rating by the financial rating agencies, the value of the bonds may drop and lead to a fall in the fund's net asset value. | # 6° RISIKOPROFIL
Der Fonds legt in Finanzinstrumenten und gegebenenfalls in OGA an, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Finanzinstrumente und OGA sind sensibel gegenüber Entwicklungen und Risiken des Marktes.
Unter anderem sind die nachstehenden Risikofaktoren zu beachten. Ein jeder Anleger ist gehalten, das mit der betreffenden Anlage verbundene Risiko zu prüfen und sich unabhängig von CARMIGNAC GESTION seine eigene Meinung zu bilden und insbesondere in der Frage der Vereinbarkeit der betreffenden Anlage mit seiner finanziellen Situation gegebenenfalls die Stellungnahme von Fachleuten für diese Fragen einzuholen.
- Risiko in Verbindung mit der Verwaltung mit Ermessensspielraum: Die Verwaltung mit Ermessensspielraum beruht auf der Einschätzung der Entwicklung der Finanzmärkte. Die Performance des Fonds hängt von den Unternehmen, die von der Verwaltungsgesellschaft ausgewählt werden, sowie von der von ihr festgelegten Vermögensallokation ab. Es besteht das Risiko, dass die Verwaltungsgesellschaft nicht die performancestärksten Unternehmen auswählt.
- Risiko in Verbindung mit Collateralised Loan Obligations (CLO) oder forderungsbesicherten Wertpapieren (ABS): Der Fonds kann in CLO und ABS (einschließlich CMBS und MBS) anlegen, sodass die Anteilsinhaber in diesem Fall einem höheren Kreditrisiko ausgesetzt sein können. Da CLO und ABS mit Forderungen unterlegt sind, kann die Verringerung des Wertes der dem Titel zugrundeliegenden Sicherheit, beispielsweise die Nichtrückzahlung von Darlehen, zu einer Wertminderung des Titels selbst führen und einen Verlust für den Fonds bewirken.
- Zinsrisiko: Das Zinsrisiko führt bei Zinsschwankungen zu einem Rückgang des Nettoinventarwerts. Wenn die modifizierte Duration des Portfolios positiv ist, kann ein Zinsanstieg zu einem Rückgang des Portfoliowertes führen. Wenn die modifizierte Duration negativ ist, kann ein Zinsrückgang zu einem Rückgang des Portfoliowertes führen.
- Risiko im Zusammenhang mit spekulativen Wertpapieren: Ein Wertpapier wird als „spekulativ“ bezeichnet, wenn sein Rating unterhalb von „Investment Grade“ liegt. Der Wert dieser als „spekulativ“ eingestuften Anleihen kann in stärkerem Maße und schneller abnehmen als der anderer Anleihen und sich negativ auf den Nettoinventarwert des Fonds auswirken, d.h. der Nettoinventarwert kann sich verringern.
- Kreditrisiko: Das Kreditrisiko entspricht dem Risiko, dass der Emittent möglicherweise seinen Verpflichtungen nicht nachkommt. Wenn sich die Qualität von Emittenten verschlechtert, z. B. bei einer Rückstufung ihrer Bonität durch Ratingagenturen, können die Anleihen an Wert verlieren und eine Verringerung des Nettoinventarwerts des Fonds nach sich ziehen. | # 6° RISK PROFILE
The fund invests in financial instruments and, where applicable, funds selected by the management company. The performance of these financial instruments and funds depends on the evolution and fluctuations of the market.
The risk factors described below are not exhaustive. It is up to each investor to analyse the risk associated with such an investment and to form his/her own opinion independent of CARMIGNAC GESTION, where necessary seeking the opinion of any advisers specialised in such matters in order to ensure that this investment is appropriate in relation to his/her financial situation.
- Risk associated with discretionary management: discretionary management is based on the expected evolution of the financial markets. The fund’s performance will depend on the companies selected and asset allocation chosen by the management company. There is a risk that the management company may not invest in the best performing companies.
- Risk associated with collateralised loan obligations (CLO) or asset-backed securities (ABS): the fund may invest in CLOs and ABS (including CMBS and MBS), in which case unitholders may be exposed to a higher level of credit risk. As these CLOs and ABS are backed by debts, the impairment of the value of the surety underlying the security, such as the non-payment of loans, may be reflected in a reduction in the value of the security itself and generate a loss for the fund.
- Interest rate risk: Interest rate risk is the risk that the net asset value may fall in the event of a change in interest rates. When the modified duration of the portfolio is positive, a rise in interest rates may lead to a reduction in the value of the portfolio. When the modified duration of the portfolio is negative, a fall in interest rates may lead to a reduction in the value of the portfolio.
- Risk associated with high yield bonds: a bond is considered a high-yield bond when its credit rating is below “investment grade”. The value of high yield bonds may fall more substantially and more rapidly than other bonds and negatively impact the net asset value of the fund which may decrease as a result.
- Credit risk: Credit risk is the risk that the issuer may default. Should the quality of issuers decline, for example in the event of a downgrade in their rating by the financial rating agencies, the value of the bonds may drop and lead to a fall in the fund's net asset value. | en | de |
DOLFIN841 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances
price return index. This means that the index calculates the performance of the shares comprising the index on the basis that any dividends or distributions are not included in the index returns. To achieve the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may receive income in respect of the securities held by the fund. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is CHF. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas
rendimiento de precios. Esto significa que el índice calcula el rendimiento de las acciones que componen el índice basándose en que todos los dividendos o repartos no están incluidos en los ingresos del índice. Para lograr el objetivo, el fondo intentará replicar el índice comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá recibir ingresos en relación con los valores que tenga en su cartera. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es CHF. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances
price return index. This means that the index calculates the performance of the shares comprising the index on the basis that any dividends or distributions are not included in the index returns. To achieve the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may receive income in respect of the securities held by the fund. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is CHF. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN842 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Board of Directors has decided to amend the current denomination of the Company and its sub- funds from "Aberdeen Standard SICAV II" into "abrdn SICAV II", with effect as of the Effective Date.
The changes to the articles of incorporation of the Company for the change of its name need to be approved by an extraordinary general meeting of shareholders of the Company.
In addition, and related to the change of denomination the names of the following Funds will change as set out in the table below as at the Effective Date. | Il Consiglio di Amministrazione ha deciso di modificare l’attuale denominazione della Società e dei suoi comparti da “Aberdeen Standard SICAV II” in “abrdn SICAV II” con decorrenza dalla Data di efficacia.
Gli emendamenti allo statuto della Società per riflettere la modifica della denominazione vanno approvati da un’assemblea generale straordinaria degli azionisti della Società.
Inoltre, e in relazione al cambiamento di denominazione, alla Data di efficacia i nomi dei seguenti Fondi cambieranno come indicato nella tabella sottostante: | The Board of Directors has decided to amend the current denomination of the Company and its sub- funds from "Aberdeen Standard SICAV II" into "abrdn SICAV II", with effect as of the Effective Date.
The changes to the articles of incorporation of the Company for the change of its name need to be approved by an extraordinary general meeting of shareholders of the Company.
In addition, and related to the change of denomination the names of the following Funds will change as set out in the table below as at the Effective Date. | en | it |
DOLFIN843 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Specific risks connected with currency-hedged unit classes
Unit classes whose currency is not the currency of the Sub-fund in question are subject to foreign exchange risk that may be hedged using financial derivatives. Solely the unit class concerned pays the costs, liabilities and/or benefits connected with this hedging.
The use of financial derivatives for a single unit class may also result in counterparty and operational risks for investors in the fund’s other unit classes.
Hedging is used to reduce any exchange-rate fluctuations between the fund currency and the currency of the hedged unit class. The aim of this hedging strategy is to align the currency risk of the hedged unit class such that the performance of the hedged unit class tracks the performance of a unit class in the fund currency as closely as possible.
This hedging strategy can provide investors in the relevant unit class with considerable protection against the risk of a decline in the value of the unit class currency versus the value of the fund currency. However, it may also mean that investors in the hedged unit class are unable to benefit from any increase in value versus the fund currency. In the event of strong market turbulence in particular, it can also lead to incongruities between the fund’s currency position and the currency position of the hedged unit class.
Under some circumstances, in the event of a net inflow to the hedged unit class, this currency hedge may only take place or be adjusted subsequently, in which case it will not be reflected in the net asset value of the hedged unit class until a later date. | # Spezifische Risiken im Zusammenhang mit währungsgesicherten Anteilklassen
Anteilklassen, deren Währung nicht auf die jeweilige Fondswährung lautet, unterliegen einem Währungsrisiko, welches durch den Einsatz von Finanzderivaten abgesichert werden kann. Die mit dieser Absicherung zusammenhängenden Kosten, Verbindlichkeiten und/ oder Vorteile gehen aus- schließlich zulasten der betreffenden Anteilklasse.
Durch den Einsatz von Finanzderivaten für nur eine Anteilklasse können Kontrahentenrisiken und operationelle Risiken auch für die Investoren in anderen Anteilklassen des Fonds entstehen.
Die Absicherung wird eingesetzt, um etwaige Wechselkursschwankungen zwischen der Fondswährung und der abgesicherten Anteilklassenwährung zu senken. Mit dieser Absicherungsstrategie soll das Währungsrisiko der abgesicherten Anteilklasse so angeglichen werden, dass die Entwicklung der abgesicherten Anteilklasse der Entwicklung einer Anteilklasse in der Fondswährung möglichst genau folgt.
Der Einsatz dieser Absicherungsstrategie kann dem Anleger der betreffenden Anteilklasse einen erheblichen Schutz gegen das Risiko von Wertminderungen der Anteilklassenwährung zum Wert der Fondswährung bieten. Es kann aber auch dazu führen, dass die Anleger der abgesicherten An- teilklasse von einer Wertsteigerung gegenüber der Fondswährung nicht profitieren können. Es kann ebenso – insbesondere bei starken Marktverwerfungen – zu Inkongruenzen zwischen der Währungsposition des Fonds und der Währungsposition der abgesicherten Anteilklasse kommen.
Im Falle eines Nettoflusses in der abgesicherten Anteilklasse kann diese Währungsabsicherung unter Umständen erst nachträglich erfolgen bzw. angepasst werden, so dass sie sich erst zu einem späteren Zeitpunkt in dem Nettoinventarwert der abgesicherten Anteilklasse darstellt. | # Specific risks connected with currency-hedged unit classes
Unit classes whose currency is not the currency of the Sub-fund in question are subject to foreign exchange risk that may be hedged using financial derivatives. Solely the unit class concerned pays the costs, liabilities and/or benefits connected with this hedging.
The use of financial derivatives for a single unit class may also result in counterparty and operational risks for investors in the fund’s other unit classes.
Hedging is used to reduce any exchange-rate fluctuations between the fund currency and the currency of the hedged unit class. The aim of this hedging strategy is to align the currency risk of the hedged unit class such that the performance of the hedged unit class tracks the performance of a unit class in the fund currency as closely as possible.
This hedging strategy can provide investors in the relevant unit class with considerable protection against the risk of a decline in the value of the unit class currency versus the value of the fund currency. However, it may also mean that investors in the hedged unit class are unable to benefit from any increase in value versus the fund currency. In the event of strong market turbulence in particular, it can also lead to incongruities between the fund’s currency position and the currency position of the hedged unit class.
Under some circumstances, in the event of a net inflow to the hedged unit class, this currency hedge may only take place or be adjusted subsequently, in which case it will not be reflected in the net asset value of the hedged unit class until a later date. | en | de |
DOLFIN844 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Fund may also be exposed to trading difficulties or a temporary inability to trade certain securities in which the Fund invests, in the event of a counterparty defaulting on total return swaps (TRS).
Legal risk:
The use of temporary purchases and sales of securities and/or total return swaps (TRS) may create a legal risk, particularly relating to the swaps.
Liquidity risk:
The markets to which the Fund is exposed may occasionally and temporarily be affected by a lack of liquidity. These market disturbances may impact the price terms at which the Fund may have to liquidate, initiate or modify positions and may also cause the net asset value to fall.
Liquidity risk in a stock market:
The Fund’s market price may deviate from its indicative net asset value. The liquidity of the Fund’s units in a listing market may be affected by any suspension that could, in particular, but not only, be due to:
- the suspension or halting of the calculation of the MSCI Spain Index by the Index provider,
- the suspension of the market(s) on which are listed the underlyings of the MSCI Spain Index,
- a relevant listing market not being able to obtain or to calculate the Fund’s indicative net asset value,
- a violation by a market-maker of the rules applicable in the relevant listing market,
- failure of the systems, in particular of IT or electronic systems, in a relevant listing market,
- any other event that prevents the calculation of the Fund’s indicative net asset value or the trading of Fund units.
- Sustainability risk:the risk relating to an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential negative material impact on the value of the investment. | El Fondo también puede estar expuesto a dificultades de negociación o a una imposibilidad temporal de negociación de determinados valores en los que invierte el Fondo en caso de fallo de una contraparte de permutas financieras sobre la rentabilidad global (TRS).
Riesgo jurídico:
La utilización de las adquisiciones y cesiones temporales de títulos y/o permutas financieras sobre la rentabilidad global (TRS) puede conllevar un riesgo jurídico, en especial relativo a los contratos.
Riesgo de liquidez:
Los mercados a los que el fondo está expuesto pueden verse afectados temporal y ocasionalmente por una falta de liquidez. Estos desajustes de mercado pueden afectar a las condiciones de los precios a los que el fondo puede liquidar, iniciar o modificar posiciones y, por lo tanto, puede dar lugar a un descenso del valor liquidativo.
Riesgo de liquidez en un lugar de cotización:
La cotización bursátil del Fondo podría diferir de su valor liquidativo indicativo. La liquidez del Fondo en un lugar de cotización podría verse afectada por cualquier suspensión que podría deberse entre otras cosas a:
- una suspensión o cancelación de la cotización o del cálculo del Índice MSCI Spain por parte del proveedor del Índice;
- una suspensión del mercado (o de los mercados) de los subyacentes del Índice MSCI Spain;
- la imposibilidad por parte de un lugar de cotización para obtener o calcular el valor liquidativo indicativo del Fondo;
- un incumplimiento por parte de un creador de mercado de las reglas aplicables en un lugar de cotización determinado;
- un fallo en los sistemas informáticos o electrónicos principalmente de un lugar de cotización determinado,
- cualquier otro hecho que impida el cálculo del valor liquidativo indicativo del Fondo o la negociación de las participaciones del Fondo.
- Riesgo de sostenibilidad:es el riesgo asociado a un evento o una situación de carácter medioambiental, social o de gobernanza que, en caso de que se produzca, podría tener un impacto negativo significativo, real o potencial, sobre el valor de la inversión. | The Fund may also be exposed to trading difficulties or a temporary inability to trade certain securities in which the Fund invests, in the event of a counterparty defaulting on total return swaps (TRS).
Legal risk:
The use of temporary purchases and sales of securities and/or total return swaps (TRS) may create a legal risk, particularly relating to the swaps.
Liquidity risk:
The markets to which the Fund is exposed may occasionally and temporarily be affected by a lack of liquidity. These market disturbances may impact the price terms at which the Fund may have to liquidate, initiate or modify positions and may also cause the net asset value to fall.
Liquidity risk in a stock market:
The Fund’s market price may deviate from its indicative net asset value. The liquidity of the Fund’s units in a listing market may be affected by any suspension that could, in particular, but not only, be due to:
- the suspension or halting of the calculation of the MSCI Spain Index by the Index provider,
- the suspension of the market(s) on which are listed the underlyings of the MSCI Spain Index,
- a relevant listing market not being able to obtain or to calculate the Fund’s indicative net asset value,
- a violation by a market-maker of the rules applicable in the relevant listing market,
- failure of the systems, in particular of IT or electronic systems, in a relevant listing market,
- any other event that prevents the calculation of the Fund’s indicative net asset value or the trading of Fund units.
- Sustainability risk:the risk relating to an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential negative material impact on the value of the investment. | en | es |
DOLFIN845 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Composition of costs |
| --- |
| One-off costs upon entry or exit | If you exit after 1 year |
| Entry costs | 5.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 500 CHF |
| Exit costs | We do not charge an exit fee for this product. | 0 CHF |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.46 % of the value of your investment per year. | 65 CHF |
| Portfolio transaction costs | 0.81 % 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. | 81 CHF |
| Incidental costs taken under specific conditions | |
| Performance fees | We do not charge a performance fee for this product. | 0 CHF | | | Composizione dei costi |
| --- |
| Costi una tantum di ingresso o di uscita | In caso di vendita dell’investimento dopo 1 anno |
| Costi di ingresso | 5,00 % dell'importo che paghi quando entri in questo investimento. Questo è il massimo che ti verrà addebitato. La persona che ti vende il prodotto ti informerà dell'effettivo addebito. | 500 CHF |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto. | 0 CHF |
| Costi correnti | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,46 % del valore dell’investimento all’anno. | 65 CHF |
| Costi di transazione del portafoglio | 0,81 % del valore dell’investimento all’anno. 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. | 81 CHF |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Non addebitiamo una commissione di performance per questo prodotto. | 0 CHF | | | Composition of costs |
| --- |
| One-off costs upon entry or exit | If you exit after 1 year |
| Entry costs | 5.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 500 CHF |
| Exit costs | We do not charge an exit fee for this product. | 0 CHF |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.46 % of the value of your investment per year. | 65 CHF |
| Portfolio transaction costs | 0.81 % 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. | 81 CHF |
| Incidental costs taken under specific conditions | |
| Performance fees | We do not charge a performance fee for this product. | 0 CHF | | en | it |
DOLFIN846 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund was launched on 12 November 1993.
-7.0
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 12 noviembre 1993.
-7.0
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 12 November 1993.
-7.0
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN847 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Risk arising from investments in the emerging markets
Payment moratoriums and suspensions of payments in developing countries can result from various factors such as political instability, lax financial management, a lack of foreign currency reserves, capital flight, domestic conflicts or the lack of political will to continue servicing debt contracted previously.
The capacity of corporate issuers to meet their obligations may also be affected by these factors. Moreover, these issuers are subject to decrees, laws and regulations enacted by government authorities. These may include, inter alia, changes to exchange controls and the legal and regulatory regime, expropriation and nationalisation and new or increased taxes, such as withholding taxes.
Settlement or clearing systems are often less well organised than in developed markets. There is therefore a risk that the settlement or clearing of transactions may be delayed or cancelled. Market practices may require payment in advance of delivery of the securities or other instruments purchased, or delivery of the securities or other instruments sold before payment is received. In these circumstances, a default by the counterparty through which the transaction is executed or settled may result in a loss for a Sub-fund investing in these markets.
Uncertainties linked to an opaque legal environment, and the impossibility of establishing clear rights of ownership and legal rights may also be determining factors. The lack of reliable sources of information in these countries, accounting methods that do not meet international standards and the lack of financial or commercial controls are additional determining factors. | ##### Risiken in Verbindung mit Anlagen in Schwellenländern
Zahlungsaussetzungen und -ausfälle von Entwicklungsländern sind auf verschiedene Faktoren zurückzuführen wie politische Instabilität, schlechte Finanzverwaltung, knappe Devisenreserven, Kapitalflucht, interne Konflikte oder Mangel an politischem Willen zur Bedienung des Schuldendienstes.
Die Fähigkeit der Emittenten aus dem Privatsektor, ihren Verpflichtungen nachzukommen, kann ebenfalls durch diese Faktoren beeinträchtigt werden. Darüber hinaus sind diese Emittenten den Auswirkungen von Dekreten, Gesetzen und Verordnungen ausgesetzt, die von den Regierungsbehörden beschlossen werden. Hierzu gehören die Änderung von Devisenkontrollbestimmungen sowie der Gesetze und Vorschriften, Enteignungen und Verstaatlichungen sowie neue oder höhere Steuern wie beispielsweise die Quellensteuer.
Die Abwicklungs- und Clearingsysteme sind häufig weniger gut organisiert als in den Industrieländern. Daraus ergibt sich das Risiko, dass die Abwicklung oder das Clearing verzögert oder abgebrochen werden. Es kann vorkommen, dass aufgrund der vorherrschenden Marktpraktiken die Abrechnung einer Transaktion erfolgt, bevor die Wertpapiere oder sonstige erworbene Instrumente geliefert werden oder dass die Wertpapiere oder sonstige erworbene Instrumente übertragen werden, bevor die entsprechende Zahlung eingeht. Unter diesen Umständen kann der Ausfall des Kontrahenten, über den die Transaktion ausgeführt oder abgewickelt wird, zu Verlusten für den in diesen Märkten investierenden Teilfonds führen.
Die Unsicherheit aufgrund eines unklaren Rechtsumfelds oder die Unfähigkeit, klare Eigentumsrechte zu schaffen, stellen einen weiteren entscheidenden Faktor dar. Hinzu kommt der Mangel an zuverlässigen Informationsquellen in diesen Ländern, die Abweichung der Buchführungsnormen von internationalen Standards und die Abwesenheit von Finanz- oder Handelsbeschränkungen. | #### Risk arising from investments in the emerging markets
Payment moratoriums and suspensions of payments in developing countries can result from various factors such as political instability, lax financial management, a lack of foreign currency reserves, capital flight, domestic conflicts or the lack of political will to continue servicing debt contracted previously.
The capacity of corporate issuers to meet their obligations may also be affected by these factors. Moreover, these issuers are subject to decrees, laws and regulations enacted by government authorities. These may include, inter alia, changes to exchange controls and the legal and regulatory regime, expropriation and nationalisation and new or increased taxes, such as withholding taxes.
Settlement or clearing systems are often less well organised than in developed markets. There is therefore a risk that the settlement or clearing of transactions may be delayed or cancelled. Market practices may require payment in advance of delivery of the securities or other instruments purchased, or delivery of the securities or other instruments sold before payment is received. In these circumstances, a default by the counterparty through which the transaction is executed or settled may result in a loss for a Sub-fund investing in these markets.
Uncertainties linked to an opaque legal environment, and the impossibility of establishing clear rights of ownership and legal rights may also be determining factors. The lack of reliable sources of information in these countries, accounting methods that do not meet international standards and the lack of financial or commercial controls are additional determining factors. | en | de |
DOLFIN848 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Part VIII - General Meetings
- Annual general meetingsThe Company shall hold in each year a general meeting as its annual general meeting in addition to any other meeting in that year and shall specify the meeting as such in the notice calling it. Not more than fifteen months shall elapse between the date of one annual general meeting and that of the next Provided That so long as the Company holds its first annualgeneral meeting within eighteen months of its incorporation it need not hold it in the year of its incorporation or in the following year. Subsequent annual general meetings shall be held once in each year.
- | # Teil VIII – Hauptversammlungen
- JahreshauptversammlungenDie Gesellschaft hat jedes Jahr zusätzlich zu allen anderen Versammlungen im betreffenden Jahr eine Hauptversammlung als ihre Jahreshauptversammlung abzuhalten und diese Versammlung solchermaßen in der Einladung zu bezeichnen. Zwischen den einzelnen Jahreshauptversammlungen dürfen nicht mehr als 15 Monate verstreichen, mit der Maßgabe, dass, soweit die Gesellschaft ihre erste Jahreshauptversammlung innerhalb von 18 Monatennach ihrer Gründung abhält, sie diese Versammlung weder in ihrem Gründungsjahr noch im folgenden Jahr abhalten muss. Spätere Jahreshauptversammlungen sind jährlich abzuhalten.
- | # Part VIII - General Meetings
- Annual general meetingsThe Company shall hold in each year a general meeting as its annual general meeting in addition to any other meeting in that year and shall specify the meeting as such in the notice calling it. Not more than fifteen months shall elapse between the date of one annual general meeting and that of the next Provided That so long as the Company holds its first annualgeneral meeting within eighteen months of its incorporation it need not hold it in the year of its incorporation or in the following year. Subsequent annual general meetings shall be held once in each year.
- | en | de |
DOLFIN849 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles. Nous avons pris pour hypothèse :in 2023 vous récupéreriez le montant que vous avez investi (rendement annuel de 0 % ; pour les autres périodes de détention, la performance du Fonds est celle indiquée dans le scénario intermédiaire ; l’investissement est de SEK 10,000 ; aucun frais d’entrée n’est appliqué à l'investissement.
| Investissement SEK 10,000 | |
| --- | --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Coûts totaux | 173 SEK | 1,448 SEK |
| Incidence des coûts annuels (*) | 1.73 % | 1.91 % |
(* Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 11.95 % avant déduction des coûts et de 10.04 % après déduction. | # Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles. Hemos asumido que: in 2023 recuperaría usted el importe invertido (rendimiento anual del 0 % , y para los otros periodos de mantenimiento el Fondo obtiene los mismos resultados que en el escenario moderado; SEK y que se ha invertido 10,000; a la inversión no se le aplica carga alguna.
| Inversión SEK 10,000 | |
| --- | --- |
| Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Costes totales | 173 SEK | 1,448 SEK |
| Incidencia anual de los costes (*) | 1.73 % | 1.91 % |
(* Refleja la medida en que los costes pueden reducirle su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 11.95 % antes de deducir los costes y del
10.04 % después de deducir los costes. | # Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles. Nous avons pris pour hypothèse :in 2023 vous récupéreriez le montant que vous avez investi (rendement annuel de 0 % ; pour les autres périodes de détention, la performance du Fonds est celle indiquée dans le scénario intermédiaire ; l’investissement est de SEK 10,000 ; aucun frais d’entrée n’est appliqué à l'investissement.
| Investissement SEK 10,000 | |
| --- | --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Coûts totaux | 173 SEK | 1,448 SEK |
| Incidence des coûts annuels (*) | 1.73 % | 1.91 % |
(* Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 11.95 % avant déduction des coûts et de 10.04 % après déduction. | fr | es |
DOLFIN850 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In addition:
- the liquidity of the secondary market in any unsecured debt instruments may be sensitive to changes in financial markets;
- existing liquidity arrangements (for example, Repurchase Agreements by the issuing financial institution) might not protect the relevant Funds from having to sell these instruments at substantial discount below their principal amount, in case of financial distress of the issuing financial institutions;
- liability holders have a right to compensation if the treatment they receive in resolution is less favourable than the treatment they would have received under normal insolvency proceedings. This assessment must be based on an independent valuation of the financial institution. Compensation payments, if any, may be considerably later than contractual payment dates (in the same way that there may be a delay in recovering value in the event of an insolvency). | En outre :
- la liquidité du marché secondaire pour tous les instruments de dette non garantis peut être sensible aux changements des marchés financiers ;
- les accords existants relatifs à la liquidité (par exemple, des Contrats de Mise en Pension par l’établissement financier émetteur) peuvent ne pas protéger les Compartiments respectifs de la contrainte de vente de ces instruments à un tarif considérablement inférieur au montant en principal, en cas de détresse financière des établissements financiers émetteurs ;
- les titulaires de passifs ont un droit d’indemnisation si le traitement qu’ils reçoivent pour la résolution est moins favorable que celui qu’ils auraient reçu dans le cadre d’une procédure normale d’insolvabilité. Cet examen doit être basé sur une évaluation indépendante de l’établissement financier. Les indemnisations, le cas échéant, peuvent survenir beaucoup plus tard que les dates de paiement contractuelles (de même qu’il peut y avoir un retard dans le recouvrement de la valeur en cas d’insolvabilité). | In addition:
- the liquidity of the secondary market in any unsecured debt instruments may be sensitive to changes in financial markets;
- existing liquidity arrangements (for example, Repurchase Agreements by the issuing financial institution) might not protect the relevant Funds from having to sell these instruments at substantial discount below their principal amount, in case of financial distress of the issuing financial institutions;
- liability holders have a right to compensation if the treatment they receive in resolution is less favourable than the treatment they would have received under normal insolvency proceedings. This assessment must be based on an independent valuation of the financial institution. Compensation payments, if any, may be considerably later than contractual payment dates (in the same way that there may be a delay in recovering value in the event of an insolvency). | en | fr |
DOLFIN851 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Comgest Growth World Plus
SIGNIFICANT PORTFOLIO CHANGES for the financial period to 30 June 2021
| Purchases | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (USD) | Purchases |
| Activision Blizzard Inc | 3,386 | 322,636 | 13.81 |
| Shimano Inc | 900 | 216,305 | 9.26 |
| Verisk Analytics Inc | 1,291 | 212,982 | 9.12 |
| Costco Wholesale Corp | 516 | 188,806 | 8.08 |
| Amazon.com Inc | 48 | 167,460 | 7.17 |
| Alibaba Group Holding Ltd | 5,100 | 155,051 | 6.64 |
| Church & Dwight Co Inc | 1,435 | 118,143 | 5.06 |
| Visa Inc - A Shares | 486 | 102,315 | 4.38 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 13,000 | 79,094 | 3.39 |
| Experian PLC | 1,903 | 69,598 | 2.98 |
| Alphabet Inc - A Shares | 31 | 68,837 | 2.95 |
| Shin-Etsu Chemical Co Ltd | 400 | 65,210 | 2.79 |
| LVMH Moët Hennessy Louis Vuitton SE | 86 | 57,868 | 2.48 |
| Keyence Corp | 100 | 48,186 | 2.06 |
| Hoya Corp | 400 | 47,486 | 2.03 |
| Housing Development Finance Corp Ltd 30/06/2025 | 1,180 | 39,852 | 1.71 |
| Microsoft Corp | 154 | 38,470 | 1.65 |
| Taiwan Semiconductor Manufacturing Co Ltd | 308 | 36,047 | 1.54 |
| Intuit Inc | 80 | 32,392 | 1.39 |
| Eli Lilly & Co | 150 | 29,092 | 1.25 |
| NetEase Inc | 1,300 | 28,394 | 1.22 |
| AIA Group Ltd | 2,200 | 28,280 | 1.21 |
| Tencent Holdings Ltd | 300 | 23,711 | 1.01 |
| Sales 1 | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (USD) | Sales |
| Ping An Insurance Group Co of China Ltd - H Shares | 24,500 | 305,532 | 20.67 |
| SAP SE | 1,598 | 226,380 | 15.31 |
| Unilever PLC | 3,559 | 194,308 | 13.14 |
| Roche Holding AG | 472 | 156,957 | 10.62 |
| Autohome Inc | 2,291 | 148,808 | 10.07 |
| Hikari Tsushin Inc | 700 | 144,210 | 9.75 |
| NetEase Inc | 2,700 | 58,927 | 3.99 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 6,200 | 48,214 | 3.26 |
| Johnson & Johnson | 269 | 45,333 | 3.07 |
| L’Oréal SA | 114 | 43,338 | 2.93 |
| Amadeus IT Group SA - A Shares | 628 | 40,495 | 2.74 |
| Eli Lilly & Co | 152 | 33,134 | 2.24 |
| Medtronic PLC | 276 | 32,596 | 2.21 |
1 Represents total sales during the financial period.
| Purchases | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (EUR) | Purchases |
| Activision Blizzard Inc | 29,270 | 2,335,659 | 12.87 |
| Experian PLC | 61,141 | 1,802,744 | 9.94 |
| Verisk Analytics Inc | 12,396 | 1,695,526 | 9.35 |
| Costco Wholesale Corp | 4,427 | 1,355,591 | 7.47 |
| Alibaba Group Holding Ltd | 49,000 | 1,219,716 | 6.72 |
| Amazon.com Inc | 394 | 1,151,033 | 6.34 |
| Visa Inc - A Shares | 5,438 | 922,275 | 5.08 |
| Church & Dwight Co Inc | 13,485 | 915,972 | 5.05 |
| Facebook Inc - A Shares | 3,165 | 735,347 | 4.05 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 143,100 | 728,339 | 4.01 |
| Alphabet Inc - A Shares | 356 | 602,951 | 3.32 |
| Microsoft Corp | 2,879 | 555,961 | 3.06 |
| Shin-Etsu Chemical Co Ltd | 3,500 | 478,544 | 2.64 |
| Hoya Corp | 4,700 | 477,363 | 2.63 |
| Intuit Inc | 1,069 | 417,995 | 2.30 |
| LVMH Moët Hennessy Louis Vuitton SE | 692 | 383,419 | 2.11 |
| Tencent Holdings Ltd | 4,700 | 295,550 | 1.63 |
| Keyence Corp | 700 | 280,921 | 1.55 |
| Taiwan Semiconductor Manufacturing Co Ltd | 1,580 | 152,636 | 0.84 |
| NetEase Inc | 7,300 | 132,063 | 0.73 |
| Sales | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (EUR) | Sales |
| Ping An Insurance Group Co of China Ltd - H Shares | 263,917 | 2,733,714 | 8.91 |
| SAP SE | 16,498 | 1,907,742 | 6.22 |
| Hikari Tsushin Inc | 9,900 | 1,659,826 | 5.41 |
| Unilever PLC | 34,679 | 1,570,151 | 5.12 |
| Roche Holding AG | 5,437 | 1,539,549 | 5.02 |
| Autohome Inc | 21,083 | 1,280,906 | 4.17 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 200,000 | 1,136,721 | 3.70 |
| Eli Lilly & Co | 6,129 | 1,050,024 | 3.42 |
| Hoya Corp | 9,000 | 921,970 | 3.00 |
| Taiwan Semiconductor Manufacturing Co Ltd | 9,105 | 919,915 | 3.00 |
| Microsoft Corp | 4,628 | 913,868 | 2.98 |
| NetEase Inc | 46,300 | 863,319 | 2.81 |
| L’Oréal SA | 2,641 | 848,230 | 2.76 |
| Heineken NV | 9,699 | 838,350 | 2.73 |
| Visa Inc - A Shares | 4,305 | 788,921 | 2.57 |
| Alibaba Group Holding Ltd | 30,700 | 764,931 | 2.49 |
| Walmart Inc | 6,708 | 764,863 | 2.49 |
| Medtronic PLC | 7,454 | 744,111 | 2.43 |
| Housing Development Finance Corp Ltd | 24,386 | 720,233 | 2.35 |
| Alphabet Inc - A Shares | 411 | 709,541 | 2.31 |
| Johnson & Johnson | 5,212 | 708,482 | 2.31 |
| Amadeus IT Group SA - A Shares | 11,601 | 655,236 | 2.14 |
| Tencent Holdings Ltd | 8,500 | 596,893 | 1.95 |
| AIA Group Ltd | 55,400 | 591,530 | 1.93 |
| Shin-Etsu Chemical Co Ltd | 4,100 | 579,495 | 1.89 |
| Fast Retailing Co Ltd | 800 | 571,898 | 1.86 |
| Facebook Inc - A Shares | 2,425 | 560,002 | 1.83 |
| MTU Aero Engines AG | 2,174 | 437,445 | 1.43 |
| Intuit Inc | 1,240 | 408,822 | 1.33 |
| Kweichow Moutai Co Ltd - A Shares | 1,400 | 378,208 | 1.23 |
| Daikin Industries Ltd | 2,000 | 347,760 | 1.13 |
| Becton Dickinson and Co | 1,624 | 335,259 | 1.09 |
| Ecolab Inc | 1,700 | 306,281 | 1.00 | | # Comgest Growth World Plus
WESENTLICHE BESTANDSVERÄNDERUNGEN für den Berichtszeitraum zum 30. Juni 2021
| Käufe | | | |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (USD) | Käufe |
| Activision Blizzard Inc | 3.386 | 322.636 | 13,81 |
| Shimano Inc | 900 | 216.305 | 9,26 |
| Verisk Analytics Inc | 1.291 | 212.982 | 9,12 |
| Costco Wholesale Corp | 516 | 188.806 | 8,08 |
| Amazon.com Inc | 48 | 167.460 | 7,17 |
| Alibaba Group Holding Ltd | 5.100 | 155.051 | 6,64 |
| Church & Dwight Co Inc | 1.435 | 118.143 | 5,06 |
| Visa Inc – A-Aktien | 486 | 102.315 | 4,38 |
| Inner Mongolia Yili Industrial Group Co Ltd – A-Aktien | 13.000 | 79.094 | 3,39 |
| Experian PLC | 1.903 | 69.598 | 2,98 |
| Alphabet Inc - A-Aktien | 31 | 68.837 | 2,95 |
| Shin-Etsu Chemical Co Ltd | 400 | 65.210 | 2,79 |
| LVMH Moët Hennessy Louis Vuitton SE | 86 | 57.868 | 2,48 |
| Keyence Corp | 100 | 48.186 | 2,06 |
| Hoya Corp | 400 | 47.486 | 2,03 |
| Housing Development Finance Corp Ltd 30.06.2025 | 1.180 | 39.852 | 1,71 |
| Microsoft Corp | 154 | 38.470 | 1,65 |
| Taiwan Semiconductor Manufacturing Co Ltd | 308 | 36.047 | 1,54 |
| Intuit Inc | 80 | 32.392 | 1,39 |
| Eli Lilly & Co | 150 | 29.092 | 1,25 |
| NetEase Inc | 1.300 | 28.394 | 1,22 |
| AIA Group Ltd | 2.200 | 28.280 | 1,21 |
| Tencent Holdings Ltd | 300 | 23.711 | 1,01 |
| Verkäufe1 | | | |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (USD) | Verkäufe |
| Ping An Insurance Group Co of China Ltd – H-Aktien | 24.500 | 305.532 | 20,67 |
| SAP SE | 1.598 | 226.380 | 15,31 |
| Unilever PLC | 3.559 | 194.308 | 13,14 |
| Roche Holding AG | 472 | 156.957 | 10,62 |
| Autohome Inc | 2.291 | 148.808 | 10,07 |
| Hikari Tsushin Inc | 700 | 144.210 | 9,75 |
| NetEase Inc | 2.700 | 58.927 | 3,99 |
| Inner Mongolia Yili Industrial Group Co Ltd – A-Aktien | 6.200 | 48.214 | 3,26 |
| Johnson & Johnson | 269 | 45.333 | 3,07 |
| L’Oréal SA | 114 | 43.338 | 2,93 |
| Amadeus IT Group SA – A-Aktien | 628 | 40.495 | 2,74 |
| Eli Lilly & Co | 152 | 33.134 | 2,24 |
| Medtronic PLC | 276 | 32.596 | 2,21 |
1 Steht für die gesamten Verkäufe im Berichtszeitraum.
| Käufe | | | |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Käufe |
| Activision Blizzard Inc | 29.270 | 2.335.659 | 12,87 |
| Experian PLC | 61.141 | 1.802.744 | 9,94 |
| Verisk Analytics Inc | 12.396 | 1.695.526 | 9,35 |
| Costco Wholesale Corp | 4.427 | 1.355.591 | 7,47 |
| Alibaba Group Holding Ltd | 49.000 | 1.219.716 | 6,72 |
| Amazon.com Inc | 394 | 1.151.033 | 6,34 |
| Visa Inc – A-Aktien | 5.438 | 922.275 | 5,08 |
| Church & Dwight Co Inc | 13.485 | 915.972 | 5,05 |
| Facebook Inc – A-Aktien | 3.165 | 735.347 | 4,05 |
| Inner Mongolia Yili Industrial Group Co Ltd – A-Aktien | 143.100 | 728.339 | 4,01 |
| Alphabet Inc - A-Aktien | 356 | 602.951 | 3,32 |
| Microsoft Corp | 2.879 | 555.961 | 3,06 |
| Shin-Etsu Chemical Co Ltd | 3.500 | 478.544 | 2,64 |
| Hoya Corp | 4.700 | 477.363 | 2,63 |
| Intuit Inc | 1.069 | 417.995 | 2,30 |
| LVMH Moët Hennessy Louis Vuitton SE | 692 | 383.419 | 2,11 |
| Tencent Holdings Ltd | 4.700 | 295.550 | 1,63 |
| Keyence Corp | 700 | 280.921 | 1,55 |
| Taiwan Semiconductor Manufacturing Co Ltd | 1.580 | 152.636 | 0,84 |
| NetEase Inc | 7.300 | 132.063 | 0,73 |
| Verkäufe | | | |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Verkäufe |
| Ping An Insurance Group Co of China Ltd – H-Aktien | 263.917 | 2.733.714 | 8,91 |
| SAP SE | 16.498 | 1.907.742 | 6,22 |
| Hikari Tsushin Inc | 9.900 | 1.659.826 | 5,41 |
| Unilever PLC | 34.679 | 1.570.151 | 5,12 |
| Roche Holding AG | 5.437 | 1.539.549 | 5,02 |
| Autohome Inc | 21.083 | 1.280.906 | 4,17 |
| Inner Mongolia Yili Industrial Group Co Ltd – A-Aktien | 200.000 | 1.136.721 | 3,70 |
| Eli Lilly & Co | 6.129 | 1.050.024 | 3,42 |
| Hoya Corp | 9.000 | 921.970 | 3,00 |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.105 | 919.915 | 3,00 |
| Microsoft Corp | 4.628 | 913.868 | 2,98 |
| NetEase Inc | 46.300 | 863.319 | 2,81 |
| L’Oréal SA | 2.641 | 848.230 | 2,76 |
| Heineken NV | 9.699 | 838.350 | 2,73 |
| Visa Inc – A-Aktien | 4.305 | 788.921 | 2,57 |
| Alibaba Group Holding Ltd | 30.700 | 764.931 | 2,49 |
| Walmart Inc | 6.708 | 764.863 | 2,49 |
| Medtronic PLC | 7.454 | 744.111 | 2,43 |
| Housing Development Finance Corp Ltd | 24.386 | 720.233 | 2,35 |
| Alphabet Inc - A-Aktien | 411 | 709.541 | 2,31 |
| Johnson & Johnson | 5.212 | 708.482 | 2,31 |
| Amadeus IT Group SA – A-Aktien | 11.601 | 655.236 | 2,14 |
| Tencent Holdings Ltd | 8.500 | 596.893 | 1,95 |
| AIA Group Ltd | 55.400 | 591.530 | 1,93 |
| Shin-Etsu Chemical Co Ltd | 4.100 | 579.495 | 1,89 |
| Fast Retailing Co Ltd | 800 | 571.898 | 1,86 |
| Facebook Inc – A-Aktien | 2.425 | 560.002 | 1,83 |
| MTU Aero Engines AG | 2.174 | 437.445 | 1,43 |
| Intuit Inc | 1.240 | 408.822 | 1,33 |
| Kweichow Moutai Co Ltd – A-Aktien | 1.400 | 378.208 | 1,23 |
| Daikin Industries Ltd | 2.000 | 347.760 | 1,13 |
| Becton Dickinson and Co | 1.624 | 335.259 | 1,09 |
| Ecolab Inc | 1.700 | 306.281 | 1,00 | | # Comgest Growth World Plus
SIGNIFICANT PORTFOLIO CHANGES for the financial period to 30 June 2021
| Purchases | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (USD) | Purchases |
| Activision Blizzard Inc | 3,386 | 322,636 | 13.81 |
| Shimano Inc | 900 | 216,305 | 9.26 |
| Verisk Analytics Inc | 1,291 | 212,982 | 9.12 |
| Costco Wholesale Corp | 516 | 188,806 | 8.08 |
| Amazon.com Inc | 48 | 167,460 | 7.17 |
| Alibaba Group Holding Ltd | 5,100 | 155,051 | 6.64 |
| Church & Dwight Co Inc | 1,435 | 118,143 | 5.06 |
| Visa Inc - A Shares | 486 | 102,315 | 4.38 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 13,000 | 79,094 | 3.39 |
| Experian PLC | 1,903 | 69,598 | 2.98 |
| Alphabet Inc - A Shares | 31 | 68,837 | 2.95 |
| Shin-Etsu Chemical Co Ltd | 400 | 65,210 | 2.79 |
| LVMH Moët Hennessy Louis Vuitton SE | 86 | 57,868 | 2.48 |
| Keyence Corp | 100 | 48,186 | 2.06 |
| Hoya Corp | 400 | 47,486 | 2.03 |
| Housing Development Finance Corp Ltd 30/06/2025 | 1,180 | 39,852 | 1.71 |
| Microsoft Corp | 154 | 38,470 | 1.65 |
| Taiwan Semiconductor Manufacturing Co Ltd | 308 | 36,047 | 1.54 |
| Intuit Inc | 80 | 32,392 | 1.39 |
| Eli Lilly & Co | 150 | 29,092 | 1.25 |
| NetEase Inc | 1,300 | 28,394 | 1.22 |
| AIA Group Ltd | 2,200 | 28,280 | 1.21 |
| Tencent Holdings Ltd | 300 | 23,711 | 1.01 |
| Sales 1 | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (USD) | Sales |
| Ping An Insurance Group Co of China Ltd - H Shares | 24,500 | 305,532 | 20.67 |
| SAP SE | 1,598 | 226,380 | 15.31 |
| Unilever PLC | 3,559 | 194,308 | 13.14 |
| Roche Holding AG | 472 | 156,957 | 10.62 |
| Autohome Inc | 2,291 | 148,808 | 10.07 |
| Hikari Tsushin Inc | 700 | 144,210 | 9.75 |
| NetEase Inc | 2,700 | 58,927 | 3.99 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 6,200 | 48,214 | 3.26 |
| Johnson & Johnson | 269 | 45,333 | 3.07 |
| L’Oréal SA | 114 | 43,338 | 2.93 |
| Amadeus IT Group SA - A Shares | 628 | 40,495 | 2.74 |
| Eli Lilly & Co | 152 | 33,134 | 2.24 |
| Medtronic PLC | 276 | 32,596 | 2.21 |
1 Represents total sales during the financial period.
| Purchases | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (EUR) | Purchases |
| Activision Blizzard Inc | 29,270 | 2,335,659 | 12.87 |
| Experian PLC | 61,141 | 1,802,744 | 9.94 |
| Verisk Analytics Inc | 12,396 | 1,695,526 | 9.35 |
| Costco Wholesale Corp | 4,427 | 1,355,591 | 7.47 |
| Alibaba Group Holding Ltd | 49,000 | 1,219,716 | 6.72 |
| Amazon.com Inc | 394 | 1,151,033 | 6.34 |
| Visa Inc - A Shares | 5,438 | 922,275 | 5.08 |
| Church & Dwight Co Inc | 13,485 | 915,972 | 5.05 |
| Facebook Inc - A Shares | 3,165 | 735,347 | 4.05 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 143,100 | 728,339 | 4.01 |
| Alphabet Inc - A Shares | 356 | 602,951 | 3.32 |
| Microsoft Corp | 2,879 | 555,961 | 3.06 |
| Shin-Etsu Chemical Co Ltd | 3,500 | 478,544 | 2.64 |
| Hoya Corp | 4,700 | 477,363 | 2.63 |
| Intuit Inc | 1,069 | 417,995 | 2.30 |
| LVMH Moët Hennessy Louis Vuitton SE | 692 | 383,419 | 2.11 |
| Tencent Holdings Ltd | 4,700 | 295,550 | 1.63 |
| Keyence Corp | 700 | 280,921 | 1.55 |
| Taiwan Semiconductor Manufacturing Co Ltd | 1,580 | 152,636 | 0.84 |
| NetEase Inc | 7,300 | 132,063 | 0.73 |
| Sales | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (EUR) | Sales |
| Ping An Insurance Group Co of China Ltd - H Shares | 263,917 | 2,733,714 | 8.91 |
| SAP SE | 16,498 | 1,907,742 | 6.22 |
| Hikari Tsushin Inc | 9,900 | 1,659,826 | 5.41 |
| Unilever PLC | 34,679 | 1,570,151 | 5.12 |
| Roche Holding AG | 5,437 | 1,539,549 | 5.02 |
| Autohome Inc | 21,083 | 1,280,906 | 4.17 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 200,000 | 1,136,721 | 3.70 |
| Eli Lilly & Co | 6,129 | 1,050,024 | 3.42 |
| Hoya Corp | 9,000 | 921,970 | 3.00 |
| Taiwan Semiconductor Manufacturing Co Ltd | 9,105 | 919,915 | 3.00 |
| Microsoft Corp | 4,628 | 913,868 | 2.98 |
| NetEase Inc | 46,300 | 863,319 | 2.81 |
| L’Oréal SA | 2,641 | 848,230 | 2.76 |
| Heineken NV | 9,699 | 838,350 | 2.73 |
| Visa Inc - A Shares | 4,305 | 788,921 | 2.57 |
| Alibaba Group Holding Ltd | 30,700 | 764,931 | 2.49 |
| Walmart Inc | 6,708 | 764,863 | 2.49 |
| Medtronic PLC | 7,454 | 744,111 | 2.43 |
| Housing Development Finance Corp Ltd | 24,386 | 720,233 | 2.35 |
| Alphabet Inc - A Shares | 411 | 709,541 | 2.31 |
| Johnson & Johnson | 5,212 | 708,482 | 2.31 |
| Amadeus IT Group SA - A Shares | 11,601 | 655,236 | 2.14 |
| Tencent Holdings Ltd | 8,500 | 596,893 | 1.95 |
| AIA Group Ltd | 55,400 | 591,530 | 1.93 |
| Shin-Etsu Chemical Co Ltd | 4,100 | 579,495 | 1.89 |
| Fast Retailing Co Ltd | 800 | 571,898 | 1.86 |
| Facebook Inc - A Shares | 2,425 | 560,002 | 1.83 |
| MTU Aero Engines AG | 2,174 | 437,445 | 1.43 |
| Intuit Inc | 1,240 | 408,822 | 1.33 |
| Kweichow Moutai Co Ltd - A Shares | 1,400 | 378,208 | 1.23 |
| Daikin Industries Ltd | 2,000 | 347,760 | 1.13 |
| Becton Dickinson and Co | 1,624 | 335,259 | 1.09 |
| Ecolab Inc | 1,700 | 306,281 | 1.00 | | en | de |
DOLFIN852 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# PAST PERFORMANCE
## 2 Past performance is not a reliable indicator of future performance
## 2 The performance shown takes into account all charges and costs
## 2 The Fund and this share class were launched in 2021
## % Return
## 2 The base currency of the Fund is USD. The past performance has been calculated in CHF
## Morgan Stanley Alpha Tracker UCITS Fund A CHF Morgan Stanley Alpha Tracker Index™ | # PERFORMANCES PASSÉES
## 2 Les performances passées ne constituent pas un indicateur fiable de la performance future
## 2 Les performances indiquées tiennent compte de l'ensemble des frais et coûts
## 2 Le Fonds et cette catégorie d'actions ont été lancés en 2021
## % de rendement
## 2 La devise de référence du Fonds est USD. Les performances passées ont été calculées en CHF
## Morgan Stanley Alpha Tracker UCITS Fund A CHF Morgan Stanley Alpha Tracker Index™ | # PAST PERFORMANCE
## 2 Past performance is not a reliable indicator of future performance
## 2 The performance shown takes into account all charges and costs
## 2 The Fund and this share class were launched in 2021
## % Return
## 2 The base currency of the Fund is USD. The past performance has been calculated in CHF
## Morgan Stanley Alpha Tracker UCITS Fund A CHF Morgan Stanley Alpha Tracker Index™ | en | fr |
DOLFIN853 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Other relevant information
Investors’ attention is drawn to the fact that the management style is discretionary and integrates environmental, social / societal and governance (ESG) criteria.
The Sub-Fund is also managed taking into consideration Responsible and Sustainable principles and promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR. Additional information on SRI strategy may be obtained in the prospectus of the Sub-Fund.
Further information about the share class’s Net Asset Value and the Sub-Fund’s documentation including the prospectus, the articles of incorporation, the most recent financial statements and the latest prices of shares are available free of charge at www.dnca-investments.com or at the registered office of the Management Company.
The past performance and the previous performance scenarios are available on www.dnca-investments.com. | # Altre informazioni rilevanti
Si richiama l'attenzione degli investitori sul fatto che lo stile di gestione è discrezionale e integra criteri di carattere ambientale, sociale e di governance (ESG).
Il Comparto è inoltre gestito tenendo conto dei principi di Responsabilità e Sostenibilità e promuove caratteristiche ambientali e/o sociali ai sensi dell'articolo 8 del regolamento SFDR. Ulteriori informazioni sulla strategia SRI sono disponibili nel prospetto informativo del Comparto.
Ulteriori informazioni sul Valore patrimoniale netto della classe di azioni e sulla documentazione del Comparto, tra cui il prospetto, lo statuto, i resoconti finanziari più recenti e le ultime quotazioni delle azioni, sono disponibili gratuitamente sul sito www.dnca- investments.com o presso la sede legale della Società di gestione.
I risultati ottenuti in passato e gli scenari di performance precedenti sono disponibili su www.dnca-investments.com. | # Other relevant information
Investors’ attention is drawn to the fact that the management style is discretionary and integrates environmental, social / societal and governance (ESG) criteria.
The Sub-Fund is also managed taking into consideration Responsible and Sustainable principles and promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR. Additional information on SRI strategy may be obtained in the prospectus of the Sub-Fund.
Further information about the share class’s Net Asset Value and the Sub-Fund’s documentation including the prospectus, the articles of incorporation, the most recent financial statements and the latest prices of shares are available free of charge at www.dnca-investments.com or at the registered office of the Management Company.
The past performance and the previous performance scenarios are available on www.dnca-investments.com. | en | it |
DOLFIN854 | Translate the following text in en into fr. 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 relevant environmental or social objectives by screening investments for: (i) minimum social safeguards and (ii) Principal Adverse Impact (“PAI”) indicator screens. Companies that pass both data screens, and have a measurable positive contribution to environmental or social objectives are considered sustainable investments.
With respect to the PAI screen, the Investment Adviser considers all mandatory PAI indicators that are relevant to the investment. The Investment Adviser uses all available data sources including company reported and third party vendors and have thresholds for each PAI indicator.
-
#### How have the indicators for adverse impacts on sustainability factors been taken into account? | Les investissements durables du Compartiment visent à ne pas causer de préjudice important à des objectifs environnementaux ou sociaux quels qu’ils soient en évaluant les investissements du point de vue : (i) des garanties sociales minimales et (ii) des indicateurs de principales incidences négatives (« PIN »). Les entreprises obtenant des résultats suffisants pour ces deux filtres et qui apportent une contribution positive mesurable à des objectifs environnementaux ou sociaux sont considérées comme des investissements durables.
En ce qui concerne le filtre des PIN, le Conseiller en Investissement tient compte de tous les indicateurs de PIN obligatoires pertinents pour l’investissement. Le Conseiller en Investissement utilise toutes les sources de données disponibles, y compris les rapports des entreprises et les fournisseur de données tiers, et applique des seuils à chaque indicateur de PIN.
-
#### Comment les indicateurs concernant les incidences négatives ont-ils été pris en considération ? | The Fund’s sustainable investments aim not to cause significant harm to any relevant environmental or social objectives by screening investments for: (i) minimum social safeguards and (ii) Principal Adverse Impact (“PAI”) indicator screens. Companies that pass both data screens, and have a measurable positive contribution to environmental or social objectives are considered sustainable investments.
With respect to the PAI screen, the Investment Adviser considers all mandatory PAI indicators that are relevant to the investment. The Investment Adviser uses all available data sources including company reported and third party vendors and have thresholds for each PAI indicator.
-
#### How have the indicators for adverse impacts on sustainability factors been taken into account? | en | fr |
DOLFIN855 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Recommended holding period: | 5 years |
| --- | --- |
| Example Investment: | €10000 |
| | If you exit after 1 year | If you exit after 5 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €6940 | €6780 |
| Average return each year | -30.60% | -7.48% |
| Unfavourable | What you might get back after costs | €7970 | €8010 |
| Average return each year | -20.30% | -4.34% |
| Moderate | What you might get back after costs | €10060 | €11210 |
| Average return each year | 0.60% | 2.31% |
| Favourable | What you might get back after costs | €11000 | €12630 |
| Average return each year | 10.00% | 4.78% | | | Periodo di detenzione raccomandato: | 5 anni |
| --- | --- |
| Esempio di investimento: | €10000 |
| | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| Scenari |
| Minimo | Non esiste un rendimento minimo garantito in caso di uscita prima di 5 anni. Potreste perdere il vostro intero investimento o parte di esso. |
| Stress | Possibile rimborso al netto dei costi | €6940 | €6780 |
| Rendimento medio per ciascun anno | -30.60% | -7.48% |
| Sfavorevole | Possibile rimborso al netto dei costi | €7970 | €8010 |
| Rendimento medio per ciascun anno | -20.30% | -4.34% |
| Moderato | Possibile rimborso al netto dei costi | €10060 | €11210 |
| Rendimento medio per ciascun anno | 0.60% | 2.31% |
| Favorevole | Possibile rimborso al netto dei costi | €11000 | €12630 |
| Rendimento medio per ciascun anno | 10.00% | 4.78% | | | Recommended holding period: | 5 years |
| --- | --- |
| Example Investment: | €10000 |
| | If you exit after 1 year | If you exit after 5 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €6940 | €6780 |
| Average return each year | -30.60% | -7.48% |
| Unfavourable | What you might get back after costs | €7970 | €8010 |
| Average return each year | -20.30% | -4.34% |
| Moderate | What you might get back after costs | €10060 | €11210 |
| Average return each year | 0.60% | 2.31% |
| Favourable | What you might get back after costs | €11000 | €12630 |
| Average return each year | 10.00% | 4.78% | | en | it |
DOLFIN856 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund may hold short positions via derivative instruments for currency positioning purposes.
Positions expressing the Fund’s currency hedging involve long exposures in one currency and short exposures in another currency, either explicitly or implicitly.
Currency exposure including cross-currency positions, which are not related to the Fund’s bond and cash equivalent positions, may be assumed. The Company will enter into such transactions with first-class financial institutions.
The Company generally does not intend to systematically hedge currency exposures in each Fund back to any currency. However, the Company has appointed JPMorgan Chase Bank, N.A. to provide a systematic passive currency-hedging overlay on a significant part of the assets of the relevant Fund attributable to Hedged Equivalent Classes and Dividend-distributing Hedged Equivalent Classes in order to reduce the exposure of such Classes to currencies other than the currency referred to in the relevant Class’ designation as described under “The Classes”.
- in order to adjust the credit exposure and/or interest rate exposure, to buy and sell put options, warrants and future contracts;
- in order to adjust the interest rate exposure, linked to interest rates such as interest rate swaps; and
- in order to adjust the credit exposure, subject to it being provided for in the relevant Fund’s Information Sheet in Annex 2, financial derivative instruments related to credit risks, such as credit default swaps whereby one counterparty (the protection buyer) pays the other a fixed periodic fee for the specified life of the agreement, in return for a contingent payment by the protection seller upon occurrence of a credit event of a predetermined reference issuer. A credit event is commonly defined as a downgrading of the rating assigned by a rating agency, bankruptcy, insolvency, receivership, material adverse restructuring of debt or failure to meet payment obligations when due. The Company will enter into such transactions with first-class financial institutions. | Der Fonds kann zum Zweck der Währungspositionierung Short-Positionen über derivative Finanzinstrumente halten.
Positionen, die zur Währungsabsicherung des Fonds dienen, beinhalten Long-Engagements in einer Währung und Short-Engagements in einer anderen Währung, entweder explizit oder implizit.
Es können Währungspositionen eingegangen werden, einschließlich Cross-Currency-Positionen, die in keiner Beziehung zu den Positionen des Fonds in Anleihen oder Zahlungsmitteläquivalenten stehen.
Die Gesellschaft führt solche Transaktionen mit erstklassigen Finanzinstituten durch.
Die Gesellschaft zielt im Allgemeinen nicht darauf ab, ihre Währungspositionen in allen Fonds gegen andere Währungen abzusichern. Die Gesellschaft hat jedoch die J. P. Morgan Chase Bank, N.A. damit beauftragt, an einem erheblichen Teil der Vermögenswerte des entsprechenden Fonds, die sich den äquivalenten Hedged-Anteilsklassen und ausschüttenden äquivalenten Hedged-Anteilsklassen zuordnen lassen, ein systematisches passives Hedging mit Währungs-Overlay durchzuführen, um das Investment dieser Anteilsklassen in Währungen zu reduzieren, bei denen es sich nicht um die Währung handelt, die in der Bezeichnung der entsprechenden Anteilsklasse unter „Die Anteilsklassen“ angegeben ist.
- um das Kreditrisiko und/oder das Zinsrisiko anzupassen, den Kauf oder Verkauf von Put-Optionen, Optionsscheinen und Terminkontrakten
- um das Zinsrisiko anzupassen, das mit zinsgebundenen Instrumenten wie etwa Zinsswaps verknüpft ist; und
- um das Kreditrisiko anzupassen, sofern dies im maßgeblichen Fondsinformationsblatt in Anhang 2 vorgesehen ist, mit Bonitätsrisiken verbundene derivative Finanzinstrumente wie Credit Default Swaps, bei denen eine Gegenpartei (der Sicherungsnehmer) der anderen für die festgelegte Vertragslaufzeit regelmäßig eine feste Gebühr zahlt und im Gegenzug im Falle eines Kreditereignisses eines zuvor bestimmten Referenzschuldners vom Sicherungsgeber eine bedingte Zahlung erhält. Ein Kreditereignis wird üblicherweise als eine Herabstufung des von einer Rating-Agentur erteilten Ratings, ein Konkurs, eine Insolvenz, Zwangsverwaltung, wesentliche Umschuldung zum Nachteil der Gläubiger oder Nichterfüllung von Zahlungsverpflichtungen bei deren Fälligkeit definiert. Die Gesellschaft schließt derartige Geschäfte mit erstklassigen Finanzinstituten ab. | The Fund may hold short positions via derivative instruments for currency positioning purposes.
Positions expressing the Fund’s currency hedging involve long exposures in one currency and short exposures in another currency, either explicitly or implicitly.
Currency exposure including cross-currency positions, which are not related to the Fund’s bond and cash equivalent positions, may be assumed. The Company will enter into such transactions with first-class financial institutions.
The Company generally does not intend to systematically hedge currency exposures in each Fund back to any currency. However, the Company has appointed JPMorgan Chase Bank, N.A. to provide a systematic passive currency-hedging overlay on a significant part of the assets of the relevant Fund attributable to Hedged Equivalent Classes and Dividend-distributing Hedged Equivalent Classes in order to reduce the exposure of such Classes to currencies other than the currency referred to in the relevant Class’ designation as described under “The Classes”.
- in order to adjust the credit exposure and/or interest rate exposure, to buy and sell put options, warrants and future contracts;
- in order to adjust the interest rate exposure, linked to interest rates such as interest rate swaps; and
- in order to adjust the credit exposure, subject to it being provided for in the relevant Fund’s Information Sheet in Annex 2, financial derivative instruments related to credit risks, such as credit default swaps whereby one counterparty (the protection buyer) pays the other a fixed periodic fee for the specified life of the agreement, in return for a contingent payment by the protection seller upon occurrence of a credit event of a predetermined reference issuer. A credit event is commonly defined as a downgrading of the rating assigned by a rating agency, bankruptcy, insolvency, receivership, material adverse restructuring of debt or failure to meet payment obligations when due. The Company will enter into such transactions with first-class financial institutions. | en | de |
DOLFIN857 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment units
Up to 10% of the value of the Fund may be invested in units in target funds, provided that they are open-ended domestic and foreign investment funds.
The Company selects the target fund to be acquired either in accordance with said target fund's terms and conditions of investment or its investment focus, or its most recent annual or semi-annual report. It may acquire all permitted types of units in domestic investment funds and investment corporations with variable capital and units in EU UCITS and open-ended investment funds (which are not EU UCITS) man- aged by EU management companies or foreign management companies. The Company is not restricted in its selection with regard to the target fund's origin or location.
The target funds may invest a maximum of up to 10% in units of other open-end investment funds in accordance with their terms and conditions of investment. For AIF units, the following requirements must also be met:
- The target fund must have been approved in accordance with statutory rules subjecting it to effective prudential supervision for the protection of investors, and there must be adequate provision for en- suring cooperation between the supervisory authorities.
- The level of protection provided to investors must be equivalent to that enjoyed by an investor in a domestic UCITS, in particular with regard to the separation of the management and custody of as- sets, lending and borrowing, as well as the short-selling of transferable securities and money market instruments.
- The business operations of the target fund must be the subject of annual and semi-annual reports that permit investors to form an assessment of the assets and liabilities, as well as the income and operations, over the reporting period.
- The target fund must be a public fund for which there is no limit as to the number of units and the investors have a right to redeem said units.
No more than 20% of the Fund's value may be invested in units of a single target fund. No more than 30% of the Fund's overall value may be invested in AIFs. The Company may not acquire on behalf of the Fund more than 25% of the units issued by a target fund.
Target funds may temporarily restrict or suspend the redemption of units within the legal framework. In this case, the Company may not return the units in the target fund to the Management Company or Custodian of a target fund against payment of the redemption price or may only return them to a limited extent (see also the section entitled “Risk information – Risks associated with investing in investment units”). The Company's website (https://www.universal-investment.com) provides information as to whether and to what extent the Fund holds units of target funds that have currently suspended the redemption of units. | # Investmentanteile
Bis zu 10% des Wertes des Fonds darf in Anteilen an Zielfonds investiert werden, sofern diese offene in- und ausländische Investmentvermögen sind.
Die Gesellschaft wählt die zu erwerbenden Zielfonds entweder nach den Anlagebestimmungen bzw. nach dem Anlageschwerpunkt dieser Zielfonds oder nach dem letzten Jahres- oder Halbjahresbericht der Zielfonds aus. Es können alle zulässigen Arten von Anteilen an inländischen Sondervermögen und Invest- mentaktiengesellschaften mit veränderlichem Kapital sowie von Anteilen an EU-OGAW und von EU-Ver- waltungsgesellschaften oder ausländischen Verwaltungsgesellschaften verwalteten offenen Investment- vermögen, die keine EU-OGAW sind, erworben werden. Bei der Auswahl unterliegt die Gesellschaft hin- sichtlich der Herkunft oder des Sitzes des Zielfonds keiner Beschränkung.
Die Zielfonds dürfen nach ihren Anlagebedingungen höchstens bis zu 10 % in Anteile an anderen offe- nen Investmentvermögen investieren. Für Anteile an AIF gelten darüber hinaus folgende Anforderungen:
- Der Zielfonds muss nach Rechtsvorschriften zugelassen worden sein, die ihn einer wirksamen öffent- lichen Aufsicht zum Schutz der Anleger unterstellen, und es muss eine ausreichende Gewähr für eine befriedigende Zusammenarbeit zwischen den Aufsichtsbehörden bestehen.
- Das Schutzniveau der Anleger muss gleichwertig zu dem Schutzniveau eines Anlegers in einem in- ländischen OGAW sein, insbesondere im Hinblick auf Trennung von Verwaltung und Verwahrung der Vermögensgegenstände, für die Kreditaufnahme und -gewährung sowie für Leerverkäufe von Wertpapieren und Geldmarktinstrumenten.
- Die Geschäftstätigkeit des Zielfonds muss Gegenstand von Jahres- und Halbjahresberichten sein und den Anlegern erlauben, sich ein Urteil über das Vermögen und die Verbindlichkeiten sowie die Er- träge und die Transaktionen im Berichtszeitraum zu bilden.
- Der Zielfonds muss ein Publikumsfonds sein, bei dem die Anzahl der Anteile nicht zahlenmäßig be- grenzt ist und die Anleger ein Recht zur Rückgabe der Anteile haben.
In Anteile an einem einzigen Zielfonds dürfen nur bis zu 20 % des Wertes des Fonds angelegt werden. In AIF dürfen insgesamt nur bis zu 30 % des Wertes des Fonds angelegt werden. Die Gesellschaft darf für Rechnung des Fonds nicht mehr als 25 % der ausgegebenen Anteile eines Zielfonds erwerben.
Zielfonds können im gesetzlichen Rahmen zeitweise die Rücknahme von Anteilen beschränken oder aus- setzen. Dann kann die Gesellschaft die Anteile an dem Zielfonds nicht oder nur eingeschränkt bei der Verwaltungsgesellschaft oder Verwahrstelle des Zielfonds gegen Auszahlung des Rücknahmepreises zu- rückgeben (siehe auch den Abschnitt „Risikohinweise – Risiken im Zusammenhang mit der Investition in Investmentanteile“). Auf der Internetseite der Gesellschaft ist unter https://www.universal-invest- ment.com aufgeführt, ob und in welchem Umfang der Fonds Anteile von Zielfonds hält, die derzeit die Rücknahme von Anteilen ausgesetzt haben. | # Investment units
Up to 10% of the value of the Fund may be invested in units in target funds, provided that they are open-ended domestic and foreign investment funds.
The Company selects the target fund to be acquired either in accordance with said target fund's terms and conditions of investment or its investment focus, or its most recent annual or semi-annual report. It may acquire all permitted types of units in domestic investment funds and investment corporations with variable capital and units in EU UCITS and open-ended investment funds (which are not EU UCITS) man- aged by EU management companies or foreign management companies. The Company is not restricted in its selection with regard to the target fund's origin or location.
The target funds may invest a maximum of up to 10% in units of other open-end investment funds in accordance with their terms and conditions of investment. For AIF units, the following requirements must also be met:
- The target fund must have been approved in accordance with statutory rules subjecting it to effective prudential supervision for the protection of investors, and there must be adequate provision for en- suring cooperation between the supervisory authorities.
- The level of protection provided to investors must be equivalent to that enjoyed by an investor in a domestic UCITS, in particular with regard to the separation of the management and custody of as- sets, lending and borrowing, as well as the short-selling of transferable securities and money market instruments.
- The business operations of the target fund must be the subject of annual and semi-annual reports that permit investors to form an assessment of the assets and liabilities, as well as the income and operations, over the reporting period.
- The target fund must be a public fund for which there is no limit as to the number of units and the investors have a right to redeem said units.
No more than 20% of the Fund's value may be invested in units of a single target fund. No more than 30% of the Fund's overall value may be invested in AIFs. The Company may not acquire on behalf of the Fund more than 25% of the units issued by a target fund.
Target funds may temporarily restrict or suspend the redemption of units within the legal framework. In this case, the Company may not return the units in the target fund to the Management Company or Custodian of a target fund against payment of the redemption price or may only return them to a limited extent (see also the section entitled “Risk information – Risks associated with investing in investment units”). The Company's website (https://www.universal-investment.com) provides information as to whether and to what extent the Fund holds units of target funds that have currently suspended the redemption of units. | en | de |
DOLFIN858 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectif d'investissement
Le fonds se concentre sur des actions de croissance européennes dont la capitalisation boursière minimale est de 5 milliards EUR au moment de l’achat. Le fonds s’engage notamment auprès des principaux émetteurs de carbone afin de les sensibiliser aux questions climatiques. L’objectif d’investissement consiste à générer une appréciation du capital sur le long terme. | # Objetivo de inversión
El fondo se centra en acciones de crecimiento europeas que tengan una capitalización bursátil mínima de 5.000 millones de euros en el momento de la compra. El fondo presta especial atención a los grandes emisores de dióxido de carbono a fin de promover la conciencia climática. El objetivo de inversión es lograr crecimiento de capital a largo plazo. | # Objectif d'investissement
Le fonds se concentre sur des actions de croissance européennes dont la capitalisation boursière minimale est de 5 milliards EUR au moment de l’achat. Le fonds s’engage notamment auprès des principaux émetteurs de carbone afin de les sensibiliser aux questions climatiques. L’objectif d’investissement consiste à générer une appréciation du capital sur le long terme. | fr | es |
DOLFIN859 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Furthermore, certain transactions are entered into on the basis of complex legal documents. Such documents may be difficult to enforce or may be the subject of a dispute as to interpretation in certain circumstances.
- Reinvestment of collateral riskFollowing reinvestment of collateral as defined above, the entirety of the risk considerations set out in this section regarding regular investments apply.
- Liquidity riskA number of the financial derivative instruments that the Investment Manager is likely to use will be traded over-the-counter, rather than on recognised exchanges. There is risk with such investments, that the more bespoke they become and the more complex they become the harder it is to unwind the positions at market prices. However it is the intention of the Investment Manager to invest mainly in financial derivative instruments which have a liquid underlying investment that is traded on a recognised exchange in order to reduce the exposure to liquidity risk.
- Basis riskBasis risk is the risk of loss due to a divergence in the difference between two rates or prices. There will be occasions where the Fund will use financial derivative instruments such as sector swaps to hedge out existing market exposure to a particular basket of stocks. Although the underlying constituents of the swap used may be similar to the basket of stocks being hedged against, it is likely that there will be differences in the composition and this may have an adverse impact on the hedging arrangement.
- Cash flow riskWith most derivative contracts the counterparty will require the investor to place a margin payment with it at the outset of the contract, and this margin payment will be subject to additional top-ups if and when the market moves against the investor. There is a risk therefore that the Investment Manager will have insufficient cash in the Fund to meet the margin calls necessary to sustain its position in a derivative contract. In such circumstances the Investment Manager will either have to close out the position, or dispose of other assets in the Fund to raise the required margin call. | Par ailleurs, certaines transactions sont conclues sur la base de documents juridiques complexes. Il peut être difficile de faire exécuter de tels documents qui peuvent aussi faire l'objet d'un différend d'interprétation dans certaines circonstances.
- Risque lié au réinvestissement de garantiesSuite au réinvestissement de garanties tel que défini ci-dessus, l'ensemble des facteurs de risque établis à la présente section concernant des investissements s'appliquent.
- Risque de liquiditéCertains instruments financiers dérivés dans lesquels le Gestionnaire de portefeuille est susceptible d’investir seront négociés sur des marchés de gré à gré plutôt que sur des bourses reconnues. Ces investissements comportent un risque dans la mesure où plus ils sont personnalisés et complexes, plus il sera difficile de dénouer les positions aux prix du marché. Cela dit, il est dans l’intention du Gestionnaire de portefeuille d’investir essentiellement dans des instruments financiers dérivés dont le sous-jacent est liquide et qui sont négociés sur une bourse reconnue afin de limiter l’exposition du Compartiment au risque de liquidité.
- Risque de baseLe risque de base correspond au risque de perte découlant d’un changement de la relation entre deux taux ou deux prix. Il peut arriver que le Compartiment utilise des instruments financiers dérivés tels que des swaps sectoriels dans le but de couvrir une exposition existante à un panier d’actions donné. Si les sous-jacents du swap peuvent être similaires au panier d’actions sur lequel porte la couverture, il se peut que leur composition ne soit pas tout à fait identique, ce qui peut avoir un impact défavorable sur la couverture mise en place.
- Risque lié aux flux de trésorerieDans la plupart des contrats dérivés, la contrepartie établit à la conclusion du contrat une marge à verser par l’investisseur, et cette marge peut être relevée ultérieurement si et quand le marché évolue en défaveur de l’investisseur. Le risque existe dès lors que le Gestionnaire de portefeuille ne puisse trouver au sein du Compartiment les liquidités suffisantes pour satisfaire aux appels de marge destinés à maintenir sa position dans le contrat dérivé. Dans ce cas, le54Gestionnaire de portefeuille devra soit clôturer sa position, soit céder d’autres actifs du Compartiment de manière à pouvoir satisfaire à l’appel de marge. | Furthermore, certain transactions are entered into on the basis of complex legal documents. Such documents may be difficult to enforce or may be the subject of a dispute as to interpretation in certain circumstances.
- Reinvestment of collateral riskFollowing reinvestment of collateral as defined above, the entirety of the risk considerations set out in this section regarding regular investments apply.
- Liquidity riskA number of the financial derivative instruments that the Investment Manager is likely to use will be traded over-the-counter, rather than on recognised exchanges. There is risk with such investments, that the more bespoke they become and the more complex they become the harder it is to unwind the positions at market prices. However it is the intention of the Investment Manager to invest mainly in financial derivative instruments which have a liquid underlying investment that is traded on a recognised exchange in order to reduce the exposure to liquidity risk.
- Basis riskBasis risk is the risk of loss due to a divergence in the difference between two rates or prices. There will be occasions where the Fund will use financial derivative instruments such as sector swaps to hedge out existing market exposure to a particular basket of stocks. Although the underlying constituents of the swap used may be similar to the basket of stocks being hedged against, it is likely that there will be differences in the composition and this may have an adverse impact on the hedging arrangement.
- Cash flow riskWith most derivative contracts the counterparty will require the investor to place a margin payment with it at the outset of the contract, and this margin payment will be subject to additional top-ups if and when the market moves against the investor. There is a risk therefore that the Investment Manager will have insufficient cash in the Fund to meet the margin calls necessary to sustain its position in a derivative contract. In such circumstances the Investment Manager will either have to close out the position, or dispose of other assets in the Fund to raise the required margin call. | en | fr |
DOLFIN860 | 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 | 0.55%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | | Gastos detraídos del Fondo cada año |
| --- |
| Gastos corrientes | 0,55%** |
| Gastos detraídos del Fondo en determinadas condiciones |
| Comisión de rentabilidad | Ninguna | | | Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.55%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | en | es |
DOLFIN861 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Investment Objective and Policies
The investment objective of the Invesco GBP Corporate Bond UCITS ETF (the "Fund") is to achieve the total return performance of the Bloomberg Barclays Sterling Liquid Corporate Bond Index (the "Reference Index") less fees, expenses and transaction costs.
In order to achieve the investment objective, the Company will employ a sampling strategy ("Sampling Strategy"), which includes the use of quantitative analysis, to select securities from the Reference Index using factors such as the index weighted average duration and credit quality.
Where consistent with its investment objective, and in conjunction with the use of a Sampling Strategy the Fund may also hold some securities which are not component securities of the Reference Index, but are of a similar nature to them and whose risk and return characteristics either (a) closely resemble the risk and return characteristics of constituents of the Reference Index or of the Reference Index as a whole, (b) whose addition improves the quality of the replication of the Reference Index, or (c) whose future inclusion into the Reference Index is anticipated. The level of sampling will vary over the life of the Fund depending on asset levels of the Fund, as certain asset levels may make replication uneconomical or impractical, and the nature of the components of the Reference Index. It is generally expected that the Fund will hold less than the total number of securities in the Reference Index however, the Investment Manager reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective.
Further information in relation to how the Fund will seek to track the Reference Index is set out in section 4 “Investment Objective and Policies” of the Prospectus. The Fund may hold ancillary liquid assets and use efficient portfolio management techniques in accordance with the requirements of the Central Bank. | #### Anlageziel und -politik
Das Anlageziel des Invesco GBP Corporate Bond UCITS ETF (der „Fonds“) ist es, die Wertentwicklung des Bloomberg Barclays Sterling Liquid Corporate Bond Index (der „Referenzindex“) abzüglich Gebühren, Kosten und Transaktionskosten zu erzielen.
Um das Anlageziel zu erreichen setzt die Gesellschaft eine Stichprobenstrategie („Stichprobenstrategie“) ein, zu der der Einsatz einer quantitativen Analyse zur Auswahl der Wertpapiere aus dem Referenzindex zählt, die Faktoren wie die indexgewichtete durchschnittliche Duration und Kreditqualität nutzt. Soweit mit seinem Anlageziel vereinbar und im Zusammenhang mit dem Einsatz einer Stichprobenstrategie kann der Fonds auch Wertpapiere halten, die zwar keine Komponenten des Referenzindex sind, aber von ähnlichem Charakter, und deren Risiko- Rendite-Merkmale entweder (a) den Risiko-Rendite- Merkmalen der Komponenten des Referenzindex insgesamt stark ähneln oder (b) deren Berücksichtigung die Qualität der Nachbildung des Referenzindex verbessert oder (c) mit deren künftiger Aufnahme in den Referenzindex gerechnet wird. Der Umfang der Stichproben variiert über die Laufzeit des Fonds in Abhängigkeit von der Höhe des Fondsvermögens, da die Nachbildung bei einem bestimmten Vermögensstand unwirtschaftlich oder undurchführbar sein kann, sowie in Abhängigkeit der Art der Referenzindexkomponenten.
Generell wird vorausgesetzt, dass der Fonds weniger als die Gesamtzahl der im Referenzindex erfassten Wertpapiere hält, doch der Anlageverwalter behält sich das Recht vor, so viele Wertpapiere zu halten, wie seiner Ansicht nach nötig sind, um das Anlageziel des Fonds zu erreichen. Weitere Informationen darüber, wie der Fonds den Referenzindex nachzubilden versucht, sind Abschnitt 4, „Anlageziel und -politik”, des Prospekts zu entnehmen. Der Fonds darf zusätzliche liquide Vermögenswerte besitzen und effiziente Portfoliomanagementtechniken gemäß den Anforderungen der Zentralbank einsetzen. | #### Investment Objective and Policies
The investment objective of the Invesco GBP Corporate Bond UCITS ETF (the "Fund") is to achieve the total return performance of the Bloomberg Barclays Sterling Liquid Corporate Bond Index (the "Reference Index") less fees, expenses and transaction costs.
In order to achieve the investment objective, the Company will employ a sampling strategy ("Sampling Strategy"), which includes the use of quantitative analysis, to select securities from the Reference Index using factors such as the index weighted average duration and credit quality.
Where consistent with its investment objective, and in conjunction with the use of a Sampling Strategy the Fund may also hold some securities which are not component securities of the Reference Index, but are of a similar nature to them and whose risk and return characteristics either (a) closely resemble the risk and return characteristics of constituents of the Reference Index or of the Reference Index as a whole, (b) whose addition improves the quality of the replication of the Reference Index, or (c) whose future inclusion into the Reference Index is anticipated. The level of sampling will vary over the life of the Fund depending on asset levels of the Fund, as certain asset levels may make replication uneconomical or impractical, and the nature of the components of the Reference Index. It is generally expected that the Fund will hold less than the total number of securities in the Reference Index however, the Investment Manager reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective.
Further information in relation to how the Fund will seek to track the Reference Index is set out in section 4 “Investment Objective and Policies” of the Prospectus. The Fund may hold ancillary liquid assets and use efficient portfolio management techniques in accordance with the requirements of the Central Bank. | en | de |
DOLFIN862 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Latin American Fund – Modification de l’indice de référence
Le Compartiment investit au moins 70 % du total de son actif dans des titres de participation de sociétés domiciliées ou exerçant la majeure partie de leurs activités économiques en Amérique latine.
Le Compartiment est géré de façon active et son indice de référence actuel en matière de risque, le MSCI Emerging Markets Latin America Index (l’« Indice Actuel »), est représentatif de l’univers d’investissement potentiel du Compartiment et est conçu pour assurer la conformité avec les règles OPCVM. Toutefois, l’Indice Actuel rend difficile la gestion active des titres faisant l’objet des investissements et crée un risque de violation des règles OPCVM, ainsi que la nécessité d’un rééquilibrage extraordinaire afin de rétablir la conformité avec les règles OPCVM. Ceci a obligé le Gestionnaire d’investissement à réévaluer le niveau de risque actif pris par le Compartiment (c’est-à-dire le degré d’écart par rapport à l’Indice Actuel).
Les Administrateurs estiment qu’il est dans le meilleur intérêt des investisseurs de changer l’indice de référence du Compartiment pour une version sur mesure de l’Indice Actuel conçu pour assurer la conformité avec les règles OPCVM : « MSCI EM Latin America 10/40 Index » (le « Nouvel Indice ») à compter de la Date d’effet. La conception du Nouvel Indice le rend moins susceptible de violer les règles OPCVM.
En complément d’une meilleure prise en compte de l’univers d’investissement potentiel du Compartiment, le Nouvel Indice remplacera l’Indice Actuel comme outil de mesure de la performance du Compartiment, à compter de la Date d’effet. | # Fondo Latin American - Cambio del índice de referencia
El Fondo invierte al menos el 70% de su patrimonio total en valores de renta variable de empresas domiciliadas o que ejercen la mayor parte de su actividad económica en Latinoamérica.
El Fondo es de gestión activa y su actual índice de referencia de riesgo, el MSCI Emerging Markets Latin America (el ”Índice Actual“), es representativo del universo de inversión del Fondo y está concebido para garantizar el cumplimiento de la normativa OICVM. No obstante, el Índice Actual dificulta la gestión activa de los valores en los que se invierte y genera un riesgo de incumplimiento de la normativa OICVM y, por tanto, la necesidad de un reequilibrio extraordinario para restituir el cumplimiento de tal normativa. Ello ha creado la necesidad de que la Gestora de Inversiones reevalúe el nivel de riesgo activo asumido por el Fondo (es decir, el grado de desviación del Índice Actual).
Los Consejeros consideran que lo mejor para los inversores es cambiar el índice de referencia del Fondo por una versión personalizada del Índice Actual diseñada para garantizar el cumplimiento de la normativa OICVM: "Índice MSCI EM Latin America 10/40" (el ”Nuevo Índice“) a partir de la Fecha de Entrada en Vigor. El diseño del Nuevo Índice posibilita una menor probabilidad de infringir la normativa OICVM.
Además de reflejar mejor el universo de inversión del Fondo, el Nuevo Índice sustituirá al Índice Actual como medio para cuantificar la rentabilidad del Fondo a partir de la Fecha de Entrada en Vigor. | # Latin American Fund – Modification de l’indice de référence
Le Compartiment investit au moins 70 % du total de son actif dans des titres de participation de sociétés domiciliées ou exerçant la majeure partie de leurs activités économiques en Amérique latine.
Le Compartiment est géré de façon active et son indice de référence actuel en matière de risque, le MSCI Emerging Markets Latin America Index (l’« Indice Actuel »), est représentatif de l’univers d’investissement potentiel du Compartiment et est conçu pour assurer la conformité avec les règles OPCVM. Toutefois, l’Indice Actuel rend difficile la gestion active des titres faisant l’objet des investissements et crée un risque de violation des règles OPCVM, ainsi que la nécessité d’un rééquilibrage extraordinaire afin de rétablir la conformité avec les règles OPCVM. Ceci a obligé le Gestionnaire d’investissement à réévaluer le niveau de risque actif pris par le Compartiment (c’est-à-dire le degré d’écart par rapport à l’Indice Actuel).
Les Administrateurs estiment qu’il est dans le meilleur intérêt des investisseurs de changer l’indice de référence du Compartiment pour une version sur mesure de l’Indice Actuel conçu pour assurer la conformité avec les règles OPCVM : « MSCI EM Latin America 10/40 Index » (le « Nouvel Indice ») à compter de la Date d’effet. La conception du Nouvel Indice le rend moins susceptible de violer les règles OPCVM.
En complément d’une meilleure prise en compte de l’univers d’investissement potentiel du Compartiment, le Nouvel Indice remplacera l’Indice Actuel comme outil de mesure de la performance du Compartiment, à compter de la Date d’effet. | fr | es |
DOLFIN863 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Management Company fee aims at
- remunerating the Management Company on a monthly basis for the central administration services that it provides to the SICAV, including control services;
- remunerating the CACEIS Bank, Luxembourg Branch for its functions of Central Administration, Transfer Agent and Registrar;
- engaging marketing and advertising expenses.
- Absolute/relative performance fees
- Absolute performance feesShare class PF not combined with a High Water MarkShares Classes PF of the Sub-fund(s) concerned, if any, will charge, each separately and at the end of the Financial year, a performance fee at the maximum rate to be disclosed on the Website and at the Registered Office of the annual performance calculated on each Valuation date on the basis of the Net asset value per Share, before deduction of the performance fee. The first period for calculating the performance fee will begin on the launch date of each Class, unless provided for otherwise below and in the annex to the Prospectus. For Shares redeemed during the Financial year, the cumulative provision of the performance fees during the same period shall be crystallized and charged at the end of the period to the Management Company. The calculated percentage of performance is applied to the total net assets of each of the Classes. | Lo scopo della tassa amministrativa è di :
- Remunerare la Società di gestione su base mensile per i servizi di amministrazione centrale forniti al Fondo, compresi i servizi di revisione;
- Remunerare CACEIS Bank, Luxembourg Branch per le sue funzioni di amministrazione centrale, agente di trasferimento e conservatore;
- Sostenere spese di marketing e pubblicità.
- Commissione di performance assoluta/relativa
- Commissione di performance assolutaAzioni di classe PF non soggette a un "High Water MarkLe classi di azioni PF dei relativi comparti, se presenti, saranno soggette al pagamento di una commissione di performance, ciascuna separatamente e alla fine dell'anno finanziario, al tasso massimo pubblicato sul sito web e presso la sede legale, basato sulla performance annuale calcolata ad ogni Data di Valutazione sulla base del Valore Patrimoniale Netto per Azione, prima della deduzione della commissione di performance. Il primo periodo di calcolo della commissione di performance avrà inizio alla data di lancio di ciascuna classe, salvo diversamente indicato di seguito e nell'Appendice al Prospetto. Per quanto riguarda le Azioni rimborsate durante l'esercizio finanziario, l'accantonamento accumulato per le commissioni di performance durante lo stesso periodo sarà cristallizzato e addebitato alla Società di gestione alla fine del periodo. La percentuale di performance calcolata viene applicata al patrimonio netto totale di ciascuna Classe. | The Management Company fee aims at
- remunerating the Management Company on a monthly basis for the central administration services that it provides to the SICAV, including control services;
- remunerating the CACEIS Bank, Luxembourg Branch for its functions of Central Administration, Transfer Agent and Registrar;
- engaging marketing and advertising expenses.
- Absolute/relative performance fees
- Absolute performance feesShare class PF not combined with a High Water MarkShares Classes PF of the Sub-fund(s) concerned, if any, will charge, each separately and at the end of the Financial year, a performance fee at the maximum rate to be disclosed on the Website and at the Registered Office of the annual performance calculated on each Valuation date on the basis of the Net asset value per Share, before deduction of the performance fee. The first period for calculating the performance fee will begin on the launch date of each Class, unless provided for otherwise below and in the annex to the Prospectus. For Shares redeemed during the Financial year, the cumulative provision of the performance fees during the same period shall be crystallized and charged at the end of the period to the Management Company. The calculated percentage of performance is applied to the total net assets of each of the Classes. | en | it |
DOLFIN864 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## The Fund's benchmark is the MSCI Europe TR Net local Index, which represents the European equity market. The Fund is actively managed and
aims to outperform the benchmark index over the long term. Most of the fund's securities can be part of the benchmark index. The investment manager can, at its discretion and in accordance with the prospectus, also invest in securities that are not included in the benchmark index in order to take advantage of specific investment opportunities. The Fund portfolio may significantly deviate from the benchmark index in terms of the selection and weighting of Fund investments.
In application of its investment policy, the Fund promotes environmental or social characteristics but does not specifically pursue sustainable investment. The Fund does not use a benchmark index to achieve the environmental or social objectives it promotes. | ## Le Fonds est aligné sur l'indice de référence MSCI Europe TR Net local Index, qui représente le marché actions européen. Géré activement, le
Fonds cherche à surperformer cet indice de référence à long terme. En règle générale, la majorité des titres du Fonds fait partie de l'indice de référence. A sa seule discrétion et conformément au prospectus, le gestionnaire peut également investir dans des titres ne faisant pas partie de l'indice de référence afin de tirer parti d'opportunités de placement spécifiques. Le portefeuille du Fonds peut s'écarter significativement de l'Indice de référence, tant en matière de sélection que de pondération des placements.
En application de sa politique d'investissement, le Fonds promeut des caractéristiques environnementales ou sociales, mais ne poursuit pas d'objectif d'investissement durable. Le fonds n'utilise pas d'indice de référence pour atteindre les caractéristiques environnementales ou sociales qu'il promeut. | ## The Fund's benchmark is the MSCI Europe TR Net local Index, which represents the European equity market. The Fund is actively managed and
aims to outperform the benchmark index over the long term. Most of the fund's securities can be part of the benchmark index. The investment manager can, at its discretion and in accordance with the prospectus, also invest in securities that are not included in the benchmark index in order to take advantage of specific investment opportunities. The Fund portfolio may significantly deviate from the benchmark index in terms of the selection and weighting of Fund investments.
In application of its investment policy, the Fund promotes environmental or social characteristics but does not specifically pursue sustainable investment. The Fund does not use a benchmark index to achieve the environmental or social objectives it promotes. | en | fr |
DOLFIN865 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
If your order is delayed in processing because of a suspension, you will be notified of the suspension within 7 days of your request, and of its termination. If a suspension lasts for more than 7 days, all investors will be notified.
- Limit how many shares are redeemed on a single business day. On any business day, no fund will be obligated to process redemptions that, in total, are equal to more than 10% of its net assets. Redemption orders in excess of the 10% limit may be delayed for processing at the next business day in priority to later redemptions received by us. A fund will only limit redemptions when necessary to preserve the interests of all shareholders.
- Extend the redemption payment period, in exceptional circumstances and/or when the liquidity of a fund does not permit payment within the normal timeframe. Under such circumstances, payment will be made as soon as reasonably practicable, and in any case within 15 calendar days (unless shorter periods apply due to local rules and regulations in particular jurisdictions).
- Accept securities as payment for shares, or fulfil redemption payments with securities (in-kind payments). In cases where you wish to request a purchase or redemption in-kind, you must get advance approval from us. In-kind payments will be subject to a special report of the SICAV’s auditor. Normally, you will be responsible for the payment of all costs associated with the in-kind nature of the transaction (valuation of the securities, broker fees, compulsory audit report, etc.). | Gli azionisti i cui ordini non vengono evasi a causa di una sospensione vengono informati di tale circostanza entro sette giorni dalla loro richiesta e anche della cessazione della sospensione. Se una sospensione dura più di sette giorni, tutti gli investitori vengono informati.
- Limitare il numero di azioni rimborsate in un unico giorno lavorativo. In un qualsiasi giorno lavorativo, nessun comparto è tenuto a evadere rimborsi che, in totale, ammontano a più del 10% del suo patrimonio netto. L'esecuzione degli ordini di rimborso eccedenti il limite del 10% può essere rinviata al giorno lavorativo successivo, nel qual caso viene trattata in via prioritaria rispetto agli ordini di rimborso ricevuti successivamente. Un comparto limita i rimborsi solo quando necessario per tutelare gli interessi di tutti gli azionisti.
- Prolungare il periodo di pagamento dei rimborsi, in circostanze eccezionali e/o quando la liquidità di un comparto non consente il pagamento entro i tempi normali. In tali circostanze, il pagamento sarà effettuato non appena ragionevolmente possibile, e in ogni caso entro 15 giorni solari (a meno che non si applichino periodi più brevi ai sensi di norme e regolamenti locali in particolari giurisdizioni).
- Accettare titoli come pagamento di azioni o effettuare pagamenti di rimborsi sotto forma di titoli (pagamenti in natura). Gli investitori che desiderano richiedere un acquisto o un rimborso in natura devono ottenere l'approvazione anticipata della SICAV. I pagamenti in natura sono soggetti a una relazione speciale della società di revisione della SICAV. Tutti i costi associati al pagamento in natura della transazione (valutazione dei titoli, spese di intermediazione, relazione obbligatoria della società di revisione, ecc.) sono normalmente a carico degli investitori richiedenti. | If your order is delayed in processing because of a suspension, you will be notified of the suspension within 7 days of your request, and of its termination. If a suspension lasts for more than 7 days, all investors will be notified.
- Limit how many shares are redeemed on a single business day. On any business day, no fund will be obligated to process redemptions that, in total, are equal to more than 10% of its net assets. Redemption orders in excess of the 10% limit may be delayed for processing at the next business day in priority to later redemptions received by us. A fund will only limit redemptions when necessary to preserve the interests of all shareholders.
- Extend the redemption payment period, in exceptional circumstances and/or when the liquidity of a fund does not permit payment within the normal timeframe. Under such circumstances, payment will be made as soon as reasonably practicable, and in any case within 15 calendar days (unless shorter periods apply due to local rules and regulations in particular jurisdictions).
- Accept securities as payment for shares, or fulfil redemption payments with securities (in-kind payments). In cases where you wish to request a purchase or redemption in-kind, you must get advance approval from us. In-kind payments will be subject to a special report of the SICAV’s auditor. Normally, you will be responsible for the payment of all costs associated with the in-kind nature of the transaction (valuation of the securities, broker fees, compulsory audit report, etc.). | en | it |
DOLFIN866 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La valeur d’un Compartiment peut baisser en raison de facteurs affectant le marché en général ou des secteurs d’activités particuliers représentés sur les marchés. La valeur d’un titre détenu par un Compartiment peut diminuer en raison d’une modification réelle ou perçue de la situation du marché en général, qui n’est pas particulièrement liée à une société spécifique, comme une conjoncture défavorable, réelle ou perçue, des variations des perspectives générales de bénéfices des entreprises, des variations des taux d’intérêt ou de change ou un sentiment défavorable des investisseurs en général. Elle peut également diminuer en raison de facteurs qui affectent un ou plusieurs secteurs d’activité en particulier, comme des pénuries de main-d’œuvre ou l’augmentation des coûts de production et la situation de la concurrence au sein d’un secteur d’activité. En période de repli généralisé de l’économie, plusieurs catégories d’actifs peuvent perdre de la valeur simultanément. Les crises économiques peuvent être difficiles à prédire en raison de la spéculation sur les facteurs inflationnistes, fiscaux et monétaires.
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## Risque de l’émetteur | El valor de un Subfondo puede disminuir debido a factores que afecten a las condiciones del mercado en general o a sectores específicos representados en los mercados. El valor de un título mantenido en un Subfondo puede rebajarse debido a un cambio real o percibido en las condiciones generales de mercado que no esté específicamente relacionado con una sociedad en concreto, como condiciones económicas adversas reales o percibidas, cambios en las perspectivas generales de los beneficios empresariales, variaciones en los tipos de interés o de cambio o un sentimiento adverso del inversor en general. El declive también puede producirse debido a factores que afecten a un sector o sectores concretos, como escasez de mano de obra o aumento en los costes de producción e incremento de la competencia dentro de un sector. Durante una recesión general en la economía, el valor de las clases de activos múltiples puede disminuir simultáneamente. Las recesiones económicas pueden ser difíciles de predecir debido a la especulación en factores inflacionarios, fiscales y monetarios.
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## Riesgo del emisor | La valeur d’un Compartiment peut baisser en raison de facteurs affectant le marché en général ou des secteurs d’activités particuliers représentés sur les marchés. La valeur d’un titre détenu par un Compartiment peut diminuer en raison d’une modification réelle ou perçue de la situation du marché en général, qui n’est pas particulièrement liée à une société spécifique, comme une conjoncture défavorable, réelle ou perçue, des variations des perspectives générales de bénéfices des entreprises, des variations des taux d’intérêt ou de change ou un sentiment défavorable des investisseurs en général. Elle peut également diminuer en raison de facteurs qui affectent un ou plusieurs secteurs d’activité en particulier, comme des pénuries de main-d’œuvre ou l’augmentation des coûts de production et la situation de la concurrence au sein d’un secteur d’activité. En période de repli généralisé de l’économie, plusieurs catégories d’actifs peuvent perdre de la valeur simultanément. Les crises économiques peuvent être difficiles à prédire en raison de la spéculation sur les facteurs inflationnistes, fiscaux et monétaires.
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## Risque de l’émetteur | fr | es |
DOLFIN867 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Fees and Expenses
All of the fees and expenses payable in respect of a Fund are paid as one single fee. This is referred to as the total expense ratio or “TER”. The TER does not include extraordinary costs and certain ong oing costs and expenses as outlined below.
After deduction and payment of Directors’ fees and expenses and the Auditors’ fees and expenses, (both of which are includ ed in the TER), the balance of the TER is paid to the Management Company, and the Management Company is then responsible for the payment of all operational expenses of the Company. This includes, but is not limited to, fees and expenses of the Depositary, Administrator, and Company Secretary. The Management Company may pay part or all of its fees to any person that invests in or provides services to the Company or in respect of any Fund.
##### The Man ag ement Company will also be responsible for the payment of the following fees and expenses:
- the cost of listing and maintaining a listing of Shares on any Listing Stock Exchange;
- the cost of convening and holding Directors’ and Shareholders’ meetings;
- professional fees and expenses for leg al and other consulting services;
- the costs and expenses of prep aring, printing, publishing and distributing prospectuses, supplements, annual and semi-annual reports and other documents to current and prospective Shareholders;
- the costs and expenses arising from any licensing or other fees payable to any Index Provider or other licensor of intellectual property, trad emarks or service marks used by the Company;
- the costs and expenses of any investment adviser appointed by the Investment Man ag er;
- all establishment costs of the Company and the Funds not otherwise referred to above; and
- such other costs and expenses (excluding non-recurring and extraordinary costs and expenses) as may arise from time to time and which have been approved by the Directors as necessary or appropriate for the continued operation of the Company or of any Fund.
##### The TER does not include extraordinary costs and certain ongoing costs and expenses (including but not limited to
transaction charges, stamp duty or other taxes on the investments of the Company, including duty charges for portfolio re-balancing, withholding taxes, commissions and brokerage fees incurred with respect to the Company’s investments, interest on borrowings and bank charges incurred in neg otiating, effecting or varying the terms of such borrowings, any commissions charged by intermediaries in relation to an investment in the Fund and such extraordinary or exceptional costs and expenses (if any) as may arise from time to time, such as material litigation in relation to the Company, all of which will be paid separately out of the assets of the relevant Fund). The TER also excludes Embedded Costs which, if applicable, will be incurred in addition to the TER out of the assets of the relevant Fund.
The TER is calculated and accrued daily from the Net Asset Value of each Fund and payable monthly in arrears. The TER of each Fund of the Company is as listed in the Relevant Supplement. If a Fund’s expenses exceed the TER outlined above in relation to operating the funds, the Investment Manager will cover any shortfall from its own assets.
Remuneration Policy and Practices
The Man ag ement Company is subject to remun eration policies, procedures and practices (together, the “Remuneration Policy”) which complies with the UCITS Directive . The Remun eration Policy is consistent with and promotes sound and effective risk management. It is designed not to encourage risk-taking which is inconsistent with the risk profile of the Funds. The Remuneration Policy is in line with the business strategy, objectives, values and interests of the Company and the Funds. It includes measures to avoid conflicts of interest. The Remun eration Policy applies to staff whose professional activities have a material impact on the risk profile of the Company or the Funds, and ensures that no individual will be involved in determining or approving their own remuneration. The Remun eration Policy will be reviewed annually. Details of the up-to-date Remun eration Policy are contained within the Annual Report and Audited Financial Statements un der Appendix II Remuneratoin Policy (unaudited), which are available on the Website. The Remun eration Policy will also be made available for inspection and may be obtained, free of charge, at the registered office of the Company.
The global State Street remun eration policy applies to the Investment Man ag er’s employees. Such remun eration policy is consistent with and promotes sound and effective risk management and does not encourage risk taking that is inconsistent with the risk profile of the Funds managed by the Company. | # Commissions et frais
Les commissions et frais à payer par un Compartiment sont intégralement réglés sous forme de commission unique. Il s’agit du total des frais sur encours ou « TFE ». Le TFE n’inclut pas les coûts extraordinaires ni certaines charges et dépenses courantes, comme cela est indiqué ci-dessous.
Après déduction et règlement des commissions et frais des Administrateurs et des commissions et frais des Commissaires aux comptes (respectivement inclus dans le TFE), le solde du TFE est payé à la Société de gestion, et la Société de gestion est ensuite responsable du règlement de toutes les charges d’exploitation de la Société. Ceci inclut, entre autres, les commissions et frais du Gestionnaire d’investissement, du Dépositaire, de l’Agent administratif et du Secrétaire de la Société. La Société de gestion peut payer une partie ou la totalité de ses commissions à toute personne investissant dans ou fournissant des services à la Société ou concernant tout Compartiment.
##### La Société de gestion sera aussi responsable du paiement des commissions et frais suivants :
- le coût de l’établissement et du maintien d’une inscription des Actions à la cote d’une Bourse de valeurs ;
- le coût de la convocation et de la tenue des réunions des Administrateurs et des assemblées des Actionnaires ;
- les honoraires professionnels et débours liés aux services juridiques et autres services de conseil ;
- les coûts et dépenses résultant de la préparation, de l’impression, de la publication et de la diffusion des prospectus, suppléments, rapports annuels et semi- annuels et autres documents pour les Actionnaires existants et potentiels ;
- les coûts et charges résultant de toute commission de licence ou autre payable à tout fournisseur d’indice ou autre donneur de licence de propriété intellectuelle, marque de commerce ou marque de service utilisée par la Société ;
- les coûts et dépenses de tout conseiller d’investissement nommé par le Gestionnaire d’investissement ;
- tous les coûts de constitution de la Société et des Compartiments non mentionnés ci-dessus ; et
- tous autres frais et charges (excluant les frais et charges non récurrents et extraordinaires) pouvant ponctuellement survenir et ayant été approuvés par les Administrateurs comme nécessaires ou justifiés pour la continuité d’exploitation de la Société ou des Compartiments.
Le TFE n’inclut pas les coûts extraordinaires ni certaines charges et dépenses courantes (y compris mais sans s’y limiter, les frais de transaction, les droits de timbre ou les autres taxes sur les investissements de la Société, incluant les droits de rééquilibrage de portefeuille, les impôts retenus à la source, les commissions de courtage et autres commissions provenant des investissements de la Société, les intérêts courus sur les emprunts contractés et les charges bancaires provenant de la négociation, de l’établissement et de la modification des termes desdits emprunts, toutes commissions imputées par les intermédiaires au regard une opération d’investissement d’un Compartiment, et les coûts et dép enses extraordinaires (s’il en est) susceptibles de survenir le cas échéant, comme en cas de litiges importants liés à la Société dont la totalité serait payée séparément en dehors des actifs du Compartiment correspondant). Le TFE inclut également les Coûts intégrés, lesquels seront, le cas échéant, prélevés en sus dudit TFE sur les actifs du Compartiment concerné.
Le TFE est calculé et cumulé chaque jour sur la base de la Valeur liquidative de chaque Compartiment et payable mensuellement à terme échu. Le TFE de tout Compartiment de la Société est celui indiqué dans le Supplément correspondant. Si les frais d’un compartiment excèdent le TFE mentionné ci-dessus relativement à l’exploitation des compartiments, le Gestionnaire d’investissement couvrira les déficits en recourant à ses propres actifs.
Politiques et pratiques de rémunération
##### La Société de gestion est assujettie à des politiques, procédures et pratiques de rémunération (ensemble, la
« Politique de rémunération ») qui sont conformes à la Directive OPCVM. La Politique de rémunération est conforme à, et favorise, une gestion valable et effective du risque. Elle est conçue afin de ne pas encourager la prise de risque excessive, laquelle est incompatible avec le profil de risque des Compartiments. La Politique de rémunération est adaptée aux stratégies, aux objectifs, aux valeurs et aux intérêts commerciaux de la Société et des Compartiments. Elle inclut en outre des mesures qui visent à éviter les conflits d’intérêts. La Politique de rémunération est applicable au personnel dont les activités professionnelles ont une incidence importante sur le profil de risque de la Société ou des Compartiments, et garantit que nul individu ne puisse être impliqué dans la détermination ou l’approbation de sa propre rémunération. La Politique de rémunération sera révisée annuellement. Les détails relatifs à la Politique de rémunération actualisée sont indiqués dans le Rapport annuel et les États financiers audités à l’Annexe II « Politique de rémunération (non auditée) », disponibles sur le site Internet. La Politique de rémunération sera également mise à disposition pour consultation et peut être obtenue gracieusement au siège social de la Société.
La politique de rémunération mondiale de State Street s’applique aux employés du Gestionnaire d’investissement. Cette politique de rémunération est conforme à, et favorise, une gestion valable et effective du risque et ne saurait encourager la prise de risque excessive, laquelle est incompatible avec le profil de risque des Compartiments. | # Fees and Expenses
All of the fees and expenses payable in respect of a Fund are paid as one single fee. This is referred to as the total expense ratio or “TER”. The TER does not include extraordinary costs and certain ong oing costs and expenses as outlined below.
After deduction and payment of Directors’ fees and expenses and the Auditors’ fees and expenses, (both of which are includ ed in the TER), the balance of the TER is paid to the Management Company, and the Management Company is then responsible for the payment of all operational expenses of the Company. This includes, but is not limited to, fees and expenses of the Depositary, Administrator, and Company Secretary. The Management Company may pay part or all of its fees to any person that invests in or provides services to the Company or in respect of any Fund.
##### The Man ag ement Company will also be responsible for the payment of the following fees and expenses:
- the cost of listing and maintaining a listing of Shares on any Listing Stock Exchange;
- the cost of convening and holding Directors’ and Shareholders’ meetings;
- professional fees and expenses for leg al and other consulting services;
- the costs and expenses of prep aring, printing, publishing and distributing prospectuses, supplements, annual and semi-annual reports and other documents to current and prospective Shareholders;
- the costs and expenses arising from any licensing or other fees payable to any Index Provider or other licensor of intellectual property, trad emarks or service marks used by the Company;
- the costs and expenses of any investment adviser appointed by the Investment Man ag er;
- all establishment costs of the Company and the Funds not otherwise referred to above; and
- such other costs and expenses (excluding non-recurring and extraordinary costs and expenses) as may arise from time to time and which have been approved by the Directors as necessary or appropriate for the continued operation of the Company or of any Fund.
##### The TER does not include extraordinary costs and certain ongoing costs and expenses (including but not limited to
transaction charges, stamp duty or other taxes on the investments of the Company, including duty charges for portfolio re-balancing, withholding taxes, commissions and brokerage fees incurred with respect to the Company’s investments, interest on borrowings and bank charges incurred in neg otiating, effecting or varying the terms of such borrowings, any commissions charged by intermediaries in relation to an investment in the Fund and such extraordinary or exceptional costs and expenses (if any) as may arise from time to time, such as material litigation in relation to the Company, all of which will be paid separately out of the assets of the relevant Fund). The TER also excludes Embedded Costs which, if applicable, will be incurred in addition to the TER out of the assets of the relevant Fund.
The TER is calculated and accrued daily from the Net Asset Value of each Fund and payable monthly in arrears. The TER of each Fund of the Company is as listed in the Relevant Supplement. If a Fund’s expenses exceed the TER outlined above in relation to operating the funds, the Investment Manager will cover any shortfall from its own assets.
Remuneration Policy and Practices
The Man ag ement Company is subject to remun eration policies, procedures and practices (together, the “Remuneration Policy”) which complies with the UCITS Directive . The Remun eration Policy is consistent with and promotes sound and effective risk management. It is designed not to encourage risk-taking which is inconsistent with the risk profile of the Funds. The Remuneration Policy is in line with the business strategy, objectives, values and interests of the Company and the Funds. It includes measures to avoid conflicts of interest. The Remun eration Policy applies to staff whose professional activities have a material impact on the risk profile of the Company or the Funds, and ensures that no individual will be involved in determining or approving their own remuneration. The Remun eration Policy will be reviewed annually. Details of the up-to-date Remun eration Policy are contained within the Annual Report and Audited Financial Statements un der Appendix II Remuneratoin Policy (unaudited), which are available on the Website. The Remun eration Policy will also be made available for inspection and may be obtained, free of charge, at the registered office of the Company.
The global State Street remun eration policy applies to the Investment Man ag er’s employees. Such remun eration policy is consistent with and promotes sound and effective risk management and does not encourage risk taking that is inconsistent with the risk profile of the Funds managed by the Company. | en | fr |
DOLFIN868 | 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 ?
Un investisseur peut détenir son investissement pendant toute période, mais une période de 5 ans est recommandée.
La période de détention recommandée de 5 ans a été sélectionnée à des fins d’illustration uniquement. Les investissements à revenu fixe doivent être considérés comme des investissements à long terme, mais il n’y a pas de période de détention minimale (ou maximale) pour les Actions. Les Actions peuvent être vendues par des investisseurs ordinaires par le biais d’un intermédiaire (par exemple un courtier) lorsque les marchés sur lesquels ils négocient sont ouverts. Un intermédiaire est susceptible d’appliquer une commission aux achats et ventes.
La période mentionnée ci-dessus a été définie conformément aux caractéristiques du produit. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
Un inversor puede mantener su inversión durante cualquier período, pero se recomiendan 5 años.
El período de mantenimiento recomendado de 5 años ha sido seleccionado con fines meramente ilustrativos. Las inversiones en renta fija se deben considerar inversiones a largo plazo; sin embargo, no existe un período de mantenimiento mínimo (o máximo) para las Participaciones. Los inversores ordinarios pueden vender las Participaciones a través de un intermediario (p. ej., un agente de valores) cuando los mercados en los que se negocian están abiertos. Es probable que un intermediario aplique una comisión a las compras y ventas.
Este plazo se ha definido de acuerdo con las características del producto. | # Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée ?
Un investisseur peut détenir son investissement pendant toute période, mais une période de 5 ans est recommandée.
La période de détention recommandée de 5 ans a été sélectionnée à des fins d’illustration uniquement. Les investissements à revenu fixe doivent être considérés comme des investissements à long terme, mais il n’y a pas de période de détention minimale (ou maximale) pour les Actions. Les Actions peuvent être vendues par des investisseurs ordinaires par le biais d’un intermédiaire (par exemple un courtier) lorsque les marchés sur lesquels ils négocient sont ouverts. Un intermédiaire est susceptible d’appliquer une commission aux achats et ventes.
La période mentionnée ci-dessus a été définie conformément aux caractéristiques du produit. | fr | es |
DOLFIN869 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc USD between 28/02/2022-31/05/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,677
-3.2%
USD 10,242
0.5% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc USD entre 28/02/2022-31/05/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 677 USD
-3,2%
10 242 USD
0,5% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc USD between 28/02/2022-31/05/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,677
-3.2%
USD 10,242
0.5% | en | es |
DOLFIN870 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Costs over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- EUR 10,000 is invested.
| If you exit after 1 year | If you exit after 2 years |
| --- | --- |
| Total costs EUR | 483 EUR | 646 EUR |
| Annual cost impact (*) | 4,8 % | 3,2 % each year |
(*)This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 4.5% before costs and 1.3% after costs. | # Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles.
Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- Se invierten EUR 10.000.
| En caso de salida después de 1 año | En caso de salida después de 2 años |
| --- | --- |
| Costes totales EUR | 480 EUR | 639 EUR |
| Incidencia anual de los costes (*) | 4,8 % | 3,2 % por año |
(*)Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 4,5 % antes de deducir los costes y del 1,3 % después de deducir los costes. | # Costs over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- EUR 10,000 is invested.
| If you exit after 1 year | If you exit after 2 years |
| --- | --- |
| Total costs EUR | 483 EUR | 646 EUR |
| Annual cost impact (*) | 4,8 % | 3,2 % each year |
(*)This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 4.5% before costs and 1.3% after costs. | en | es |
DOLFIN871 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### COUNTERPARTIES TO DERIVATIVES AND TECHNIQUES
The Fund or the Management Company as its authorised delegate must approve counterparties before they can serve as such for the Fund. To be approved a counterparty must:
- be considered creditworthy by the Management Company
- undergo analysis applicable to the counterparty’s intended activity, which can include a review of such aspects as company management, liquidity, profitability, corporate structure, capital adequacy and asset quality, as well as the regulatory framework in the relevant jurisdiction. While thereare no predetermined legal status or geographical criteria applied to the selection process, these elements are typically taken into account.
- comply with prudential rules considered by the CSSF as equivalent to EU prudential rules
- typically have a public credit rating of at least A-No counterparty to a Sub-Fund derivative can serve as an Investment Manager of a Sub-Fund or otherwise have any control or approval over the composition or management of a Sub-Fund’s investments or transactions or over the assets underlying a derivative. | ##### GEGENPARTEIEN VON DERIVATEN UND TECHNIKEN
Der Fonds oder die Verwaltungsgesellschaft als dessen bevollmächtigte Vertreterin muss Gegenparteien genehmigen, bevor sie als Gegenparteien für den Fonds dienen können. Um genehmigt zu werden, muss eine Gegenpartei:
- von der Verwaltungsgesellschaft als kreditwürdig angesehen werden
- einer Analyse hinsichtlich der beabsichtigten Tätigkeit der Gegenpartei unterzogen werden, die eine Überprüfung von Aspekten wie die Geschäftsführung, die Liquidität, die Rentabilität, die Unternehmensstruktur, die Kapitaladäquanz und die Qualität der Vermögenswerte sowie den aufsichtsrechtlichen Rahmen in der betreffenden Rechtsordnung umfassen kann. In Bezug auf den rechtlichen Status und geografische Kriterien bestehen für den Auswahlprozess zwar keinerlei Vorgaben, jedoch werden diese Charakteristika üblicherweise berücksichtigt.
- Bestimmungen unterliegen, die die CSSF als mindestens ebenso streng wie diejenigen erachtet, die durch europäisches Recht festgelegt sind
- typischerweise mit einem öffentlichen Kreditrating von mindestens A- bewertet seinEine Gegenpartei für ein Derivat eines Teilfonds kann nicht als Anlageverwalter eines Teilfonds tätig sein oder auf sonstige Weise eine Kontrolle oder Zustimmungsbefugnis über die Zusammensetzung oder die Verwaltung der Anlagen oder Transaktionen eines Teilfonds oder über die Vermögenswerte, die einem Derivat zugrunde liegen, haben. | ##### COUNTERPARTIES TO DERIVATIVES AND TECHNIQUES
The Fund or the Management Company as its authorised delegate must approve counterparties before they can serve as such for the Fund. To be approved a counterparty must:
- be considered creditworthy by the Management Company
- undergo analysis applicable to the counterparty’s intended activity, which can include a review of such aspects as company management, liquidity, profitability, corporate structure, capital adequacy and asset quality, as well as the regulatory framework in the relevant jurisdiction. While thereare no predetermined legal status or geographical criteria applied to the selection process, these elements are typically taken into account.
- comply with prudential rules considered by the CSSF as equivalent to EU prudential rules
- typically have a public credit rating of at least A-No counterparty to a Sub-Fund derivative can serve as an Investment Manager of a Sub-Fund or otherwise have any control or approval over the composition or management of a Sub-Fund’s investments or transactions or over the assets underlying a derivative. | en | de |
DOLFIN872 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 167.00 USD | 981.00 USD |
| Impact on return (RIY) per year | 1.68% | 1.72% | | | Investimento: 10.000 USD | in caso di disinvestimento dopo 1 anno | in caso di disinvestimento dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | 167.00 USD | 981.00 USD |
| Impatto sul rendimento (RIY) annuo | 1.68% | 1.72% | | | Investment USD 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 167.00 USD | 981.00 USD |
| Impact on return (RIY) per year | 1.68% | 1.72% | | en | it |
DOLFIN873 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 1,890 | USD 1,940 |
| | Average return each year % | -81.10% | -27.96% |
| Unfavourable scenario | What you might get back after costs | USD 5,990 | USD 5,070 |
| | Average return each year % | -40.10% | -12.70% |
| Moderate scenario | What you might get back after costs | USD 10,060 | USD 11,500 |
| | Average return each year % | 0.60% | 2.83% |
| Favourable scenario | What you might get back after costs | USD 17,270 | USD 21,300 |
| | Average return each year % | 72.70% | 16.33% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 1.890 | USD 1.940 |
| | Rendimiento medio cada año | -81,10% | -27,96% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 5.990 | USD 5.070 |
| | Rendimiento medio cada año | -40,10% | -12,70% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.060 | USD 11.500 |
| | Rendimiento medio cada año | 0,60% | 2,83% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 17.270 | USD 21.300 |
| | Rendimiento medio cada año | 72,70% | 16,33% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 1,890 | USD 1,940 |
| | Average return each year % | -81.10% | -27.96% |
| Unfavourable scenario | What you might get back after costs | USD 5,990 | USD 5,070 |
| | Average return each year % | -40.10% | -12.70% |
| Moderate scenario | What you might get back after costs | USD 10,060 | USD 11,500 |
| | Average return each year % | 0.60% | 2.83% |
| Favourable scenario | What you might get back after costs | USD 17,270 | USD 21,300 |
| | Average return each year % | 72.70% | 16.33% | | en | es |
DOLFIN874 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Past Performance
## These charges are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find this out from your financial adviser. You may be charged a dilution levy on entry to or exit from the Fund.
## The ongoing charges figure is an estimate based on the last year’s expenses, for the year ending December, 2020. This figure may vary from year to year. It excludes:
## Performance fees
## Portfolio transaction costs, except in the case of an entry/exit charge paid by the Company when buying or selling shares in another collective investment undertaking.
For more information about charges and the waiver, please see the Fees and Expenses section of the prospectus and the supplement for the Fund, which are available at https://www.tokiomarineam.com/uk/ucits/index.html.
50%
40%
30%
20%
10%
0%
-10%
-20%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
## Past performance is not a reliable indicator of future results.
## The figures display how much the share classes in the Fund increased or decreased in value during each year.
## Past performance is calculated based on the net
Fund -6.7% 2.3% 24.7% 10.2% 30.6% 3.3% 12.1% -11.3% 21.4% 28.2%
Index* -9.8% 6.0% 21.2% 10.1% 23.7% 7.3% 11.1% -10.0% 22.2% 3.3%
## *Data Source: TOPIX Total Return Index (Euro) is subject to the proprietary right owned by Tokyo Stock Exchange, Inc. (TSE)
## asset value of the Fund after deduction of charges. The fund was launched in August 2010.
## The performance of the share class is not tracking the index in the chart. | # Risultati ottenuti nel passato
Queste spese sono usate per coprire i costi di gestione del Fondo, compresi i costi legati alla sua commercializzazione e alla distribuzione. Queste spese riducono la potenziale crescita dell’investimento.
Sono indicate le spese di sottoscrizione e rimborso massime. In alcuni casi gli importi da pagare possono essere inferiori; il consulente finanziario saprà fornire tutte le informazioni in merito. Potrebbe essere addebitato un contributo anti-diluizione alla sottoscrizione o all’uscita dal Fondo.
## L’importo delle spese correnti è una stima basata sulle spese dell’anno precedente, conclusosi a dicembre 2020. Tale cifra può variare di anno in anno. Esclude:
## Commissioni legate alla performance
## Costi delle operazioni di portafoglio, salvo in caso di spese di sottoscrizione/rimborso pagate dalla Società quando si acquistano o vendono azioni di un altro organismo di investimento collettivo.
Per ulteriori informazioni su spese ed esoneri, consultare la sezione Commissioni e spese del prospetto e del supplemento del Fondo, disponibili all’indirizzo https://www.tokiomarineam.com/uk/ucits/index.html.
50%
40%
30%
20%
10%
0%
-10%
-20%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
## I risultati ottenuti nel passato non sono un indicatore affidabile dei risultati futuri.
## Le cifre mostrano quanto il valore delle classi di azioni del Fondo sia aumentato o diminuito nel corso di ogni anno.
## La performance passata è calcolata in base al
Fund -6.7% 2.3% 24.7% 10.2% 30.6% 3.3% 12.1% -11.3% 21.4% 28.2%
Index* -9.8% 6.0% 21.2% 10.1% 23.7% 7.3% 11.1% -10.0% 22.2% 3.3%
## *Fonte dei dati: TOPIX Total Return Index (EUR) è soggetto al diritto di proprietà detenuto da Tokyo Stock Exchange, Inc. (TSE)
## valore patrimoniale netto del Fondo al netto delle spese.
## Il fondo è stato lanciato nell’agosto 2010.
## La performance della classe di azioni non segue l'indice nel grafico. | # Past Performance
## These charges are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find this out from your financial adviser. You may be charged a dilution levy on entry to or exit from the Fund.
## The ongoing charges figure is an estimate based on the last year’s expenses, for the year ending December, 2020. This figure may vary from year to year. It excludes:
## Performance fees
## Portfolio transaction costs, except in the case of an entry/exit charge paid by the Company when buying or selling shares in another collective investment undertaking.
For more information about charges and the waiver, please see the Fees and Expenses section of the prospectus and the supplement for the Fund, which are available at https://www.tokiomarineam.com/uk/ucits/index.html.
50%
40%
30%
20%
10%
0%
-10%
-20%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
## Past performance is not a reliable indicator of future results.
## The figures display how much the share classes in the Fund increased or decreased in value during each year.
## Past performance is calculated based on the net
Fund -6.7% 2.3% 24.7% 10.2% 30.6% 3.3% 12.1% -11.3% 21.4% 28.2%
Index* -9.8% 6.0% 21.2% 10.1% 23.7% 7.3% 11.1% -10.0% 22.2% 3.3%
## *Data Source: TOPIX Total Return Index (Euro) is subject to the proprietary right owned by Tokyo Stock Exchange, Inc. (TSE)
## asset value of the Fund after deduction of charges. The fund was launched in August 2010.
## The performance of the share class is not tracking the index in the chart. | en | it |
DOLFIN875 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of this Fund is to generate consistent medium-term capital appreciation, while at the same time taking into considera- tion sustainability aspects (LGT Sustainable Investing). The Fund will seek to achieve the investment policy by investing primarily in a broad range of fixed income securities (such as bonds, which can be government and/or corporate bonds and can be fixed and/or floating rate, where appropriate and may be investment grade or below investment grade, as determined by Standard & Poor's Rat- ing Group or any similar recognised ratings agency) and instru- ments issued by private or public debtors all over the world. The in- dividual securities are selected by the asset manager. The Fund may invest up to 25% of its net asset value in convertible bonds and warrant-linked bonds, and may also invest to a lesser extent in equities, equity linked securities and warrants. The Fund may invest in derivatives (financial instruments derived from other securities or
assets) for hedging purposes, efficient portfolio management and / or investment purposes. The Fund’s portfolio is actively managed. The Fund aims to deliver better returns than its benchmark, the Bloomberg Barclays Global Aggregate Ex-Securitized (EUR) (TR) In- dex. The Manager may use the index as a universe when selecting individual securities. However, the Manager may also invest to a limited extent in securities, which do not form part of the index.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 4 years.
-
# Risk and Reward Profile | El objetivo de este Fondo es generar una revalorización coherente del capital a medio plazo, teniendo en cuenta al mismo tiempo los aspectos de sostenibilidad (LGT Sustainable Investing).
El Fondo tratará de cumplir la política de inversión invirtiendo princi- palmente en una amplia gama de valores de renta fija (como los bonos, que pueden ser estatales o corporativos y que pueden emi- tirse a renta fija o variable, según resulte apropiado, situándose en el nivel del grado de inversión, o por debajo de este, según determi- ne la agencia de calificación de riesgos Standard & Poor's o cual- quier otra entidad calificadora que goce de reconocimiento similar) e instrumentos emitidos por deudores privados o públicos de todo el mundo. Los valores individuales son seleccionados por el gestor de activos. El Fondo podrá invertir hasta el 25 % de su valor liquida- tivo en bonos convertibles y bonos vinculados a garantías, así como, en menor medida, en valores de renta variable, valores vinculados a la renta variable y warrants.
El Fondo podrá invertir en derivados (instrumentos financieros deri- vados de otros valores o activos) con fines de cobertura, de gestión eficiente de la cartera y/o de inversión. La cartera del Fondo se ges-
tiona de forma activa. El objetivo del Fondo es obtener una mejor rentabilidad que su índice de referencia, el Índice Bloomberg Barcla- ys Global Aggregate Ex-Securitized (EUR) (TR). El Gestor podrá usar el índice como un universo a la hora de seleccionar valores indivi- duales. No obstante, el Gestor de inversiones también podrá invertir de forma limitada en valores que no formen parte del índice.
El Fondo podrá tener posiciones en efectivo y equivalentes de efec- tivo.
Los inversores podrán negociar acciones del Fondo diariamente. To- dos los ingresos generados por el Fondo se reinvierten en el Fondo, lo que aumenta el valor de las acciones.
Los costes de transacción de la cartera pueden tener un impacto importante en el rendimiento.
El Fondo puede no resultar adecuado para aquellos inversores que planeen retirar su dinero en menos de 4 años.
-
# Perfil de riesgo y beneficio | The objective of this Fund is to generate consistent medium-term capital appreciation, while at the same time taking into considera- tion sustainability aspects (LGT Sustainable Investing). The Fund will seek to achieve the investment policy by investing primarily in a broad range of fixed income securities (such as bonds, which can be government and/or corporate bonds and can be fixed and/or floating rate, where appropriate and may be investment grade or below investment grade, as determined by Standard & Poor's Rat- ing Group or any similar recognised ratings agency) and instru- ments issued by private or public debtors all over the world. The in- dividual securities are selected by the asset manager. The Fund may invest up to 25% of its net asset value in convertible bonds and warrant-linked bonds, and may also invest to a lesser extent in equities, equity linked securities and warrants. The Fund may invest in derivatives (financial instruments derived from other securities or
assets) for hedging purposes, efficient portfolio management and / or investment purposes. The Fund’s portfolio is actively managed. The Fund aims to deliver better returns than its benchmark, the Bloomberg Barclays Global Aggregate Ex-Securitized (EUR) (TR) In- dex. The Manager may use the index as a universe when selecting individual securities. However, the Manager may also invest to a limited extent in securities, which do not form part of the index.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 4 years.
-
# Risk and Reward Profile | en | es |
DOLFIN876 | 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 disruptive commerce are those that the investment team believes are substantially focused on and/or are expected to substantially benefit from electronic commerce (or “e- commerce”), auctions, the sharing economy, electronic payment capabilities (“e-payments”), drop shipping, direct marketing or significant decreases intransport and delivery costs. 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 del comercio disruptivo del Fondo son aquellas que ―en opinión del equipo de inversiones― se centran básicamente en comercio electrónico, subastas, economía colaborativa, capacidades de pagos electrónicos, triangulación de envíos, comercialización directa o descensos significativos en los gastos detransporte y reparto. 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 disruptive commerce are those that the investment team believes are substantially focused on and/or are expected to substantially benefit from electronic commerce (or “e- commerce”), auctions, the sharing economy, electronic payment capabilities (“e-payments”), drop shipping, direct marketing or significant decreases intransport and delivery costs. The Fund may have a substantial part of its portfolio invested in companies located or traded in the US. | en | es |
DOLFIN877 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The figures do not take into account your personal tax situation, which may also affect how much you get back.
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 489 EUR | 1,287 EUR |
| Annual cost impact (*) | 4.9% | 2.3% each year |
This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 4,0 % before costs and 1,4 % after costs. | # Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 489 EUR | 1,287 EUR |
| Incidence des coûts annuels (*) | 4.9% | 2.3% chaque année |
Ceci illustre comment les coûts réduisent votre rendement chaque année tout au long de la période de détention. Cela montre par exemple que si vous sortez au terme de la période de détention recommandée, votre rendement moyen par an devrait être de 4,0% avant imputation des coûts et de 1,4% après imputation des coûts. | # The figures do not take into account your personal tax situation, which may also affect how much you get back.
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 489 EUR | 1,287 EUR |
| Annual cost impact (*) | 4.9% | 2.3% each year |
This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 4,0 % before costs and 1,4 % after costs. | en | fr |
DOLFIN878 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Sub-Fund which is managed in accordance with the Green Transition Strategy invests primarily
- in Green Bonds financing climate change mitigation or adaptation projects or other environmental sustainability projects, notably in the following fields: energy efficiency, renewable energy, raw materials, water and land, waste management, greenhouse gas emissions reduction, biodiversity preservation or circular economy,and/orAllianz Global Investors Fund
- in Equities and / or Debt Securities whose issuers explicitly commit to future improvements in sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers participating to the SBTi initiative,and/or
- in Debt Securities issued by sovereign issuers which have bindingly ratified the Paris Agreement, and which have a sufficient Freedom House Index score. | Los Compartimentos gestionados de acuerdo con la Estrategia de Transición verde invierten principalmente
- en bonos verdes que financian proyectos de mitigación o adaptación del cambio climático u otros proyectos de sostenibilidad medioambiental, especialmente en los siguientes campos: eficiencia energética, energía renovable, materias primas, agua y tierra, gestión de residuos, reducción de emisiones de gases de efecto invernadero, conservación de la biodiversidad o economía circular,y/o
- en renta variable y/o títulos-valores de deuda cuyos emisores se comprometen expresamente a mejorar los resultados de sostenibilidad en el futuro, dentro de un plazo predefinido, lo que incluye, entre otros instrumentos, los títulos-valores de emisores que forman parte de la iniciativa SBTi,y/oAllianz Global Investors Fund
- en títulos-valores de deuda emitidos por emisores soberanos que han ratificado de forma vinculante el Acuerdo de París y que tienen una puntuación suficiente en el Freedom House Index. | A Sub-Fund which is managed in accordance with the Green Transition Strategy invests primarily
- in Green Bonds financing climate change mitigation or adaptation projects or other environmental sustainability projects, notably in the following fields: energy efficiency, renewable energy, raw materials, water and land, waste management, greenhouse gas emissions reduction, biodiversity preservation or circular economy,and/orAllianz Global Investors Fund
- in Equities and / or Debt Securities whose issuers explicitly commit to future improvements in sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers participating to the SBTi initiative,and/or
- in Debt Securities issued by sovereign issuers which have bindingly ratified the Paris Agreement, and which have a sufficient Freedom House Index score. | en | es |
DOLFIN879 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In the event that for any reason the value of the net assets of any Class of Shares within a Sub- Fund has decreased to, or has not reached, an amount determined by the Board of Directors to be the minimum level for such Class to be operated in an economically efficient manner or in order to proceed to an economic rationalization, the Board of Directors may decide to amend the rights attached to any Class of Shares so as to include them in any other existing Class of Shares and redesignate the Shares of the Class or Classes concerned as Shares of another Class. Such decision will be subject to the right of the relevant shareholders to request, without any charges, the redemption of their Shares or, where possible, the conversion of those Shares into Shares of other Classes within the same Sub-Fund or into Shares of same or other Classes within another Sub- Fund.
In addition to the Prospectus, the KIIDs, the annual and semi-annual reports, copies of the following documents can be obtained, free of charge, during office hours on any Business Day in Luxembourg from the registered office of the SICAV at 5, allée Scheffer, L-2520 Luxembourg:
- Articles of Incorporation;
- Management Company Agreement between the SICAV and the Management Company;
- Investment Management Agreement between the Management Company, the SICAV and the Investment Manager;
- Central Administration Services Agreement between the Management Company, the SICAV and the Central Administration Agent,
- Global Distribution Agreement between the Management Company, the SICAV and the Global Distributor,
- Depositary Agreement between the Depositary, the SICAV and the Management Company,
- Domiciliary Services Agreement between the Domiciliary Agent and the SICAV. | Qualora, per qualsivoglia ragione, il valore del patrimonio netto di una Classe di Azioni di un Comparto scenda fino a, oppure non raggiunga, un importo stabilito dal Consiglio di Amministrazione quale soglia minima per la gestione economicamente efficiente di tale Classe, o al fine di procedere a una razionalizzazione economica, il Consiglio di Amministrazione potrà decidere di modificare i diritti associati a una Classe di Azioni per poterli includere in un’altra Classe di Azioni in essere, e rinominare le Azioni della Classe o delle Classi interessate come Azioni di un’altra Classe. Tale decisione sarà soggetta al diritto degli Azionisti interessati di richiedere, a titolo gratuito, il rimborso delle proprie Azioni oppure, ove possibile, la loro conversione in Azioni di altre Classi all’interno dello stesso Comparto o in Azioni della stessa o di altre Classi di un altro Comparto.
Oltre al Prospetto, ai KIID e alle relazioni annuali e semestrali, è possibile ottenere copie gratuite dei seguenti documenti presso la sede legale della SICAV all’indirizzo 5, allée Scheffer L-2520 Lussemburgo, negli orari d’ufficio di qualsiasi Giorno Lavorativo in Lussemburgo:
- lo Statuto;
- il Contratto di Società di Gestione stipulato tra la SICAV e la Società di Gestione;
- il Contratto di Gestione degli Investimenti stipulato tra la Società di Gestione, la SICAV e il Gestore degli Investimenti;
- il Contratto per i Servizi di Amministrazione Centrale stipulato tra la Società di Gestione, laSICAV e l’Agente Amministrativo Centrale;
- il Contratto di Distribuzione Globale stipulato tra la Società di Gestione, la SICAV e il Distributore Globale;
- il Contratto di Deposito stipulato tra il Depositario, la SICAV e la Società di Gestione;
- il Contratto di Servizi di Domiciliazione stipulato tra l’Agente Domiciliatario e la SICAV. | In the event that for any reason the value of the net assets of any Class of Shares within a Sub- Fund has decreased to, or has not reached, an amount determined by the Board of Directors to be the minimum level for such Class to be operated in an economically efficient manner or in order to proceed to an economic rationalization, the Board of Directors may decide to amend the rights attached to any Class of Shares so as to include them in any other existing Class of Shares and redesignate the Shares of the Class or Classes concerned as Shares of another Class. Such decision will be subject to the right of the relevant shareholders to request, without any charges, the redemption of their Shares or, where possible, the conversion of those Shares into Shares of other Classes within the same Sub-Fund or into Shares of same or other Classes within another Sub- Fund.
In addition to the Prospectus, the KIIDs, the annual and semi-annual reports, copies of the following documents can be obtained, free of charge, during office hours on any Business Day in Luxembourg from the registered office of the SICAV at 5, allée Scheffer, L-2520 Luxembourg:
- Articles of Incorporation;
- Management Company Agreement between the SICAV and the Management Company;
- Investment Management Agreement between the Management Company, the SICAV and the Investment Manager;
- Central Administration Services Agreement between the Management Company, the SICAV and the Central Administration Agent,
- Global Distribution Agreement between the Management Company, the SICAV and the Global Distributor,
- Depositary Agreement between the Depositary, the SICAV and the Management Company,
- Domiciliary Services Agreement between the Domiciliary Agent and the SICAV. | en | it |
DOLFIN880 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Article 7 – Restrictions on the issue of units
The Management Company must observe the laws and regulations of all countries in which units are offered for sale when issuing units.
The Management Company may reject a purchase order at any time at its choosing or may temporarily restrict, suspend or completely cease the issue of units if such a measure appears necessary in order to protect the interests of the investors or the Fund.
Moreover, at any time, and in exchange for payment of the redemption price, the Management Company may repurchase units held by investors excluded from purchasing or possessing units.
Incoming payments for purchase orders that have not been carried out shall be refunded immediately by the Depositary or Paying Agent without including interest. | # Artikel 7 - Beschränkungen der Ausgabe von Anteilen
Die Verwaltungsgesellschaft hat bei der Ausgabe von Anteilen die Gesetze und Vorschriften aller Länder, in welchen Anteile angeboten werden, zu beachten.
Die Verwaltungsgesellschaft kann jederzeit aus eigenem Ermessen einen Kaufantrag zurückweisen oder die Ausgabe von Anteilen zeitweilig beschränken, aussetzen oder endgültig einstellen, falls eine solche Maßnahme zum Schutz der Anleger oder des Fonds erforderlich erscheint.
Weiterhin kann die Verwaltungsgesellschaft jederzeit Anteile gegen Zahlung des Rücknahme- preises zurückkaufen, die von Anlegern gehalten werden, welche vom Erwerb oder Besitz von Anteilen ausgeschlossen sind.
Auf nicht ausgeführte Kaufanträge eingehende Zahlungen werden von der Verwahrstelle bzw. Zahlstelle unverzüglich zinslos zurückgezahlt. | # Article 7 – Restrictions on the issue of units
The Management Company must observe the laws and regulations of all countries in which units are offered for sale when issuing units.
The Management Company may reject a purchase order at any time at its choosing or may temporarily restrict, suspend or completely cease the issue of units if such a measure appears necessary in order to protect the interests of the investors or the Fund.
Moreover, at any time, and in exchange for payment of the redemption price, the Management Company may repurchase units held by investors excluded from purchasing or possessing units.
Incoming payments for purchase orders that have not been carried out shall be refunded immediately by the Depositary or Paying Agent without including interest. | en | de |
DOLFIN881 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
3,353,398 Taylor Wimpey Plc 4,391,601 0.90
United States of America - 181,489,988
(31 December 2022: 239,875,764) 181,489,988 37.36
85,624 AbbVie Inc 11,408,970 2.35
8,055 Broadcom Inc 6,948,887 1.43 | 3.353.398 Taylor Wimpey Plc 4.391.601 0,90
Vereinigte Staaten von Amerika - 181.489.988
(31. Dezember 2022: 239.875.764) 181.489.988 37,36
85.624 AbbVie Inc 11.408.970 2,35
8.055 Broadcom Inc 6.948.887 1,43 | 3,353,398 Taylor Wimpey Plc 4,391,601 0.90
United States of America - 181,489,988
(31 December 2022: 239,875,764) 181,489,988 37.36
85,624 AbbVie Inc 11,408,970 2.35
8,055 Broadcom Inc 6,948,887 1.43 | en | de |
DOLFIN882 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Availability
Information regarding (i) the availability of Classes in each country where the Shares of the SICAV will be sold, (ii) the availability of Distributing and/or Non-Distributing Shares, (iii) the Pricing Currency (U.S. dollars, euro, £ sterling and/or any other freely convertible currency as the SICAV may determine from time to time) in which Shares of any Class shall be available, (iv) the entities through which such Classes will be available, (v) the minimum initial subscription and holding requirements within the relevant Classes and (vi) the availability of Hedged Classes will be included in the relevant country specific information.
Investors should note however that some Sub-Funds and/or Classes may not be available to all investors. The Classes and their particular fee levels are set by market practices that vary from channel to channel and from country to country. Their financial adviser can give investors information about which Sub-Funds and/or Classes are offered by such advisors in their country of residence.
The SICAV reserves the right to offer only one or more Class(es) for subscription by investors in any particular jurisdiction in order to conform to local law, custom or business practice or for any other reason. In addition, the SICAV and the Distributor and its Agents may adopt standards applicable to classes of investors or transactions which permit or restrict investment in a particular Class by an investor.
The suitability of any particular Class, distribution option or Pricing Currency depends on many factors specific to each individual investor. Shareholders should consult their financial advisers to determine the implications and factors involved in any investment in a particular Class. | ## Verfügbarkeit
Informationen hinsichtlich (i) der Verfügbarkeit von Klassen in den einzelnen Ländern, in denen die Anteile der SICAV verkauft werden, (ii) der Verfügbarkeit von ausschüttenden und/oder thesaurierenden Anteilen, (iii) der Berichtswährung, in der die Anteile einer Klasse erhältlich sind (USD, Euro, Pfund Sterling und/oder eine sonstige frei konvertible Währung, die die SICAV jeweils bestimmen kann), (iv) der Rechtssubjekte, über die diese Klassen erhältlich sind, (v) der Anforderungen bezüglich des Mindestbetrags für eine Erstzeichnung und des Besitzes in den jeweiligen Klassen und (vi) der Verfügbarkeit von abgesicherten Klassen sind den betreffenden länderspezifischen Informationen zu entnehmen.
Die Anleger sollten jedoch beachten, dass einige Teilfonds und/oder Klassen möglicherweise nicht für alle Anleger verfügbar sind. Die Klassen und die für sie geltenden Gebühren werden nach Marktusancen festgelegt, die von Vertriebskanal zu Vertriebskanal und von Land zu Land variieren. Die Anleger können bei ihren Finanzberatern Informationen darüber erhalten, welche Teilfonds und/oder Klassen von den betreffenden Beratern in ihrem Wohnsitzland angeboten werden.
Die SICAV behält sich das Recht vor, den Anlegern in einem bestimmten Land nur eine oder mehrere Klasse(n) zur Zeichnung anzubieten, um die örtlichen Gesetze, Sitten oder Geschäftsusancen einzuhalten oder aus jedem anderen Grund. Außerdem können die SICAV und die Vertriebsgesellschaft und ihre Vertreter für Klassen von Anlegern oder Transaktionen Standards festlegen, mit denen die Zeichnung einer bestimmten Klasse durch einen Anleger erlaubt oder eingeschränkt wird.
Die Eignung einer bestimmten Klasse, Vertriebsalternative oder Berichtswährung hängt von mehreren Faktoren ab, die für jeden Privatanleger spezifisch sind. Anteilsinhaber sollten sich an ihre Finanzberater wenden, um die Konsequenzen und ausschlaggebenden Faktoren einer Investition in eine bestimmte Klasse zu erfahren. | ## Availability
Information regarding (i) the availability of Classes in each country where the Shares of the SICAV will be sold, (ii) the availability of Distributing and/or Non-Distributing Shares, (iii) the Pricing Currency (U.S. dollars, euro, £ sterling and/or any other freely convertible currency as the SICAV may determine from time to time) in which Shares of any Class shall be available, (iv) the entities through which such Classes will be available, (v) the minimum initial subscription and holding requirements within the relevant Classes and (vi) the availability of Hedged Classes will be included in the relevant country specific information.
Investors should note however that some Sub-Funds and/or Classes may not be available to all investors. The Classes and their particular fee levels are set by market practices that vary from channel to channel and from country to country. Their financial adviser can give investors information about which Sub-Funds and/or Classes are offered by such advisors in their country of residence.
The SICAV reserves the right to offer only one or more Class(es) for subscription by investors in any particular jurisdiction in order to conform to local law, custom or business practice or for any other reason. In addition, the SICAV and the Distributor and its Agents may adopt standards applicable to classes of investors or transactions which permit or restrict investment in a particular Class by an investor.
The suitability of any particular Class, distribution option or Pricing Currency depends on many factors specific to each individual investor. Shareholders should consult their financial advisers to determine the implications and factors involved in any investment in a particular Class. | en | de |
DOLFIN883 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In certain countries the redemption price may be reduced by local taxes and other charges. The corresponding share lapses upon payment of the redemption price.
- Payment of the redemption price and any other payments to the shareholders are made via the Depositary or the paying agents. The Depositary shall only be obliged to make payment, insofar as there are no legal provisions, such as exchange control regulations, or other circumstances beyond the Depositary's control forming an obstacle to the transfer of the redemption price to the country of the applicant.
- The Investment Company may buy back shares unilaterally against payment of the redemption price, insofar as this is in the interests of or in order to protect the shareholders, the Investment Company or one or more sub- funds.3. The exchange of all shares or some shares into shares of another sub-fund takes place based on the relevant net asset value per share of the respective sub-fund subject to an exchange fee amounting to a maximum of 1% of the net asset value per share of the shares to be subscribed, the minimum being, however, the difference between the front-load fee of the sub-fund of the shares to be exchanged and the front-load fee of the sub-fund in which there is an exchange. If no exchange fee is charged, this is specified for the sub-fund in question in the relevant Annex to this Prospectus. | Der Rücknahmepreis kann sich aufgrund in bestimmten Ländern anfallender Steuern und anderer Belastungen vermindern. Mit Auszahlung des Rücknahmepreises erlischt die entsprechende Aktie.
- Die Auszahlung des Rücknahmepreises sowie etwaige sonstige Zahlungen an die Aktionäre erfolgen über die Depotbank sowie über die Zahlstellen. Die Depotbank ist nur insoweit zur Zahlung verpflichtet als keine gesetzlichen Bestimmungen, z.B. devisenrechtliche Vorschriften oder andere von der Depotbank nicht beeinflussbare Umstände, die Überweisung des Rücknahmepreises in das Land des Antragstellers verbieten.
- Die Investmentgesellschaft kann Aktien einseitig gegen Zahlung des Rücknahmepreises zurückkaufen, soweit dies im Interesse oder zum Schutz der Aktionäre, der Investmentgesellschaft oder eines oder mehrerer Subfonds erforderlich erscheint. Der Umtausch sämtlicher Aktien oder eines Teils derselben in Aktien eines anderen Subfonds erfolgt auf der Grundlage des massgeblichen Nettoinventarwertes pro Aktie der betreffenden Subfonds unter Berücksichtigung einer Umtauschprovision in Höhe von maximal 1% des Nettoinventarwertes pro Aktie der zu zeichnenden Aktie, mindestens jedoch in Höhe der Differenz des Ausgabeaufschlags des Subfonds der umzutauschenden Aktie zu dem Ausgabeaufschlag des Subfonds in welchen ein Umtausch erfolgt. Falls keine Umtauschprovision erhoben wird, wird dies für den betroffenen Subfonds in dem jeweiligen Anhang zum Prospekt erwähnt. | In certain countries the redemption price may be reduced by local taxes and other charges. The corresponding share lapses upon payment of the redemption price.
- Payment of the redemption price and any other payments to the shareholders are made via the Depositary or the paying agents. The Depositary shall only be obliged to make payment, insofar as there are no legal provisions, such as exchange control regulations, or other circumstances beyond the Depositary's control forming an obstacle to the transfer of the redemption price to the country of the applicant.
- The Investment Company may buy back shares unilaterally against payment of the redemption price, insofar as this is in the interests of or in order to protect the shareholders, the Investment Company or one or more sub- funds.3. The exchange of all shares or some shares into shares of another sub-fund takes place based on the relevant net asset value per share of the respective sub-fund subject to an exchange fee amounting to a maximum of 1% of the net asset value per share of the shares to be subscribed, the minimum being, however, the difference between the front-load fee of the sub-fund of the shares to be exchanged and the front-load fee of the sub-fund in which there is an exchange. If no exchange fee is charged, this is specified for the sub-fund in question in the relevant Annex to this Prospectus. | en | de |
DOLFIN884 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Information Security Risk
Like other business enterprises, the use of the internet and other electronic media and technology exposes the Company, the Company’s service providers, and their respective operations, to potential risks from information security attacks or incidents (collectively, “cyber-events”). Cyber-events may include, for example, unauthorised access to systems, networks or devices (such as, for example, through “hacking” activity), infection from computer viruses or other malicious software code, and attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality. In addition to intentional cyber-events, unintentional cyber-events can occur, such as, for example, the inadvertent release of confidential information. Any cyber-event could adversely impact the Company and the Shareholders, and cause a Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. A cyber-event may cause the Company, a Fund, or the Company’s service providers to lose proprietary information, suffer data corruption, lose operational capacity (such as, for example, the loss of the ability to process transactions, calculate the Net Asset Value of a Fund or allow Shareholders to transact business) and/or fail to comply with applicable privacy and other laws. Among other potentially harmful effects, cyber-events also may result in theft, unauthorised monitoring and failures in the physical infrastructure or operating systems that support the Company and the Company’s service providers. In addition, cyber-events affecting issuers in which a Fund invests could cause the Fund’s investments to lose value. | # Informationssicherheitsrisiko
Wie andere Unternehmen auch, setzt die Nutzung des Internets und anderer elektronischer Medien und Technologien die Gesellschaft, die Dienstleister der Gesellschaft und deren jeweilige Geschäftstätigkeit potenziellen Risiken durch Angriffe oder Vorfälle im Bereich der Informationssicherheit (zusammenfassend als „Cyber-Ereignisse“ bezeichnet) aus. Zu den Cyber- Ereignissen gehören beispielsweise der unerlaubte Zugriff auf Systeme, Netzwerke oder Geräte (wie z. B. über Hackerangriffe), die Infektion durch Computerviren oder andere Malware sowie Angriffe, die Funktionen, Geschäftsprozesse oder den Internetzugriff und Internetfunktionen schließen, lahm legen, verlangsamen oder auf andere Weise stören. Neben absichtlichen Cyber-Ereignissen können auch unbeabsichtigte Cyber-Ereignisse vorkommen, wie beispielsweise die unbeabsichtigte Freigabe vertraulicher Informationen. Jedes Cyber-Ereignis könnte sich nachteilig auf die Gesellschaft und die Anteilinhaber auswirken und dazu führen, dass ein Fonds finanzielle Verluste und Kosten erleidet und dass ihm aufsichtsrechtliche Strafen, Reputationsschäden und zusätzliche Compliance-Kosten im Zusammenhang mit Korrekturmaßnahmen entstehen. Ein Cyber-Ereignis kann dazu führen, dass die Gesellschaft, ein Fonds oder die Dienstleister der Gesellschaft geschützte Informationen verlieren, Datenbeschädigungen erleiden, Betriebskapazitäten verlieren (wie z. B. der Verlust der Fähigkeit, Transaktionen zu verarbeiten, den Nettoinventarwert eines Fonds zu berechnen oder Anteilinhabern die Durchführung von Transaktionen zu ermöglichen) und/oder geltende Datenschutz- und andere Vorschriften nicht einhalten. Neben anderen potenziell schädlichen Auswirkungen können Cyber- Ereignisse auch zu Diebstahl, unbefugter Überwachung und Ausfällen der physischen Infrastruktur oder der Betriebssysteme führen, die die Gesellschaft und die Dienstanbieter der Gesellschaft unterstützen. Darüber hinaus können Cyber-Ereignisse, die Emittenten betreffen, in die ein Fonds investiert, zu einem Wertverlust der Anlagen des Fonds führen. | # Information Security Risk
Like other business enterprises, the use of the internet and other electronic media and technology exposes the Company, the Company’s service providers, and their respective operations, to potential risks from information security attacks or incidents (collectively, “cyber-events”). Cyber-events may include, for example, unauthorised access to systems, networks or devices (such as, for example, through “hacking” activity), infection from computer viruses or other malicious software code, and attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality. In addition to intentional cyber-events, unintentional cyber-events can occur, such as, for example, the inadvertent release of confidential information. Any cyber-event could adversely impact the Company and the Shareholders, and cause a Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. A cyber-event may cause the Company, a Fund, or the Company’s service providers to lose proprietary information, suffer data corruption, lose operational capacity (such as, for example, the loss of the ability to process transactions, calculate the Net Asset Value of a Fund or allow Shareholders to transact business) and/or fail to comply with applicable privacy and other laws. Among other potentially harmful effects, cyber-events also may result in theft, unauthorised monitoring and failures in the physical infrastructure or operating systems that support the Company and the Company’s service providers. In addition, cyber-events affecting issuers in which a Fund invests could cause the Fund’s investments to lose value. | en | de |
DOLFIN885 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# FOR PERSONS DOMICILED IN PANAMA:
This is not a public offering. This document is only for the exclusive use of institutional investors. The securities mentioned in this document have not been registered with nor fall under the supervision of the Superintendence of the Securities Market of Panama. The distribution of this document and the offering of shares may be restricted in certain jurisdictions. The above information is for general guidance only, and it is the responsibility of any person or persons in possession of this document and wishing to make application for shares to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for shares should inform themselves as to legal requirements also applying and any applicable exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. This document does not constitute an offer or solicitation to any person in any jurisdiction in which such offer, or solicitation is not authorised or to any person to whom it would be unlawful to make such offer or solicitation. | # POUR LES PERSONNES DOMICILIÉES AU PANAMA :
La présente offre n’est pas une offre publique. Ce document est réservé à l’usage exclusif des investisseurs institutionnels. Les titres dont fait mention le présent document n’ont pas été enregistrés auprès de la Surintendance du marché des valeurs mobilières du Panama et ne sont pas soumis à sa supervision. Il est possible que la distribution du présent document et l’offre d’actions fassent l’objet de restrictions dans certaines juridictions. Il incombe à toute personne en possession du présent Prospectus et à toute personne souhaitant souscrire des actions de s’informer sur toutes les lois et réglementations applicables dans tous les pays pertinents et de les respecter. Les investisseurs potentiels doivent s’informer sur les exigences légales qui s’appliquent ainsi que sur les réglementations de contrôle des changes et sur les impôts applicables dans les pays où ils sont domiciliés ou dont ils sont citoyens ou résidents. Le présent Prospectus ne constitue pas une offre ou une sollicitation de qui que ce soit dans quelque pays que ce soit où une telle offre est illicite ou dans lequel la personne faisant une telle offre ou sollicitation n’est pas habilitée à le faire ou à toute personne à laquelle il est illicite de faire une telle offre ou sollicitation. | # FOR PERSONS DOMICILED IN PANAMA:
This is not a public offering. This document is only for the exclusive use of institutional investors. The securities mentioned in this document have not been registered with nor fall under the supervision of the Superintendence of the Securities Market of Panama. The distribution of this document and the offering of shares may be restricted in certain jurisdictions. The above information is for general guidance only, and it is the responsibility of any person or persons in possession of this document and wishing to make application for shares to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for shares should inform themselves as to legal requirements also applying and any applicable exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. This document does not constitute an offer or solicitation to any person in any jurisdiction in which such offer, or solicitation is not authorised or to any person to whom it would be unlawful to make such offer or solicitation. | en | fr |
DOLFIN886 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
All sums recoverable by the Company as a result of any such trust as is described in Article 4(or) shall be credited against any concurrent liability pursuant to the implied terms set out in Article 4(or).
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## Article 4(t) of the Articles of Association shall be amended as follows: | Tutte le somme recuperabili dalla Società a seguito di un trust come quello descritto nell’Articolo 4(r) saranno accreditate a fronte di qualsiasi responsabilità concorrente ai sensi dei termini impliciti di cui all’Articolo 4(r).
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## Si modifica l’articolo 4(t) dello Statuto come segue: | All sums recoverable by the Company as a result of any such trust as is described in Article 4(or) shall be credited against any concurrent liability pursuant to the implied terms set out in Article 4(or).
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## Article 4(t) of the Articles of Association shall be amended as follows: | en | it |
DOLFIN887 | 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 ans Exemple d'investissement: €10000 Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Il n'y a pas de garantie de rendement minimum si vous quittez l'activité avant 5 ans. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €1700 | €1730 |
| Rendement annuel moyen | -83.00% | -29.59% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8130 | €8130 |
| Rendement annuel moyen | -18.70% | -4.06% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €11100 | €16330 |
| Rendement annuel moyen | 11.00% | 10.31% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €14440 | €18930 |
| Rendement annuel moyen | 44.40% | 13.61% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: €10000 En caso de salida después de 1 año Escenarios | En caso de salida después de 5 años |
| --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Usted podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €1700 | €1730 |
| Rendimiento medio cada año | -83.00% | -29.59% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €8130 | €8130 |
| Rendimiento medio cada año | -18.70% | -4.06% |
| Moderado | Lo que podría recibir tras deducir los costes | €11100 | €16330 |
| Rendimiento medio cada año | 11.00% | 10.31% |
| Favorable | Lo que podría recibir tras deducir los costes | €14440 | €18930 |
| Rendimiento medio cada año | 44.40% | 13.61% | | | Période de détention recommandée: 5 ans Exemple d'investissement: €10000 Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Il n'y a pas de garantie de rendement minimum si vous quittez l'activité avant 5 ans. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €1700 | €1730 |
| Rendement annuel moyen | -83.00% | -29.59% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8130 | €8130 |
| Rendement annuel moyen | -18.70% | -4.06% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €11100 | €16330 |
| Rendement annuel moyen | 11.00% | 10.31% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €14440 | €18930 |
| Rendement annuel moyen | 44.40% | 13.61% | | fr | es |
DOLFIN888 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The ongoing charge figure for Class A EUR Accumulating is based on estimated expenses for the year ending December 2021.
As this Share Class is newly established the ongoing charges figure is based on estimated annual expenses for the first year of operation.
The Fund's annual report for each financial year will include details on the exact charges made. The amount charged may vary from year to year. It excludes performance fees and portfolio transaction costs other than entry and exit charges for investing in other investment funds (where relevant).
For more information about fees and expenses, including any performance fees, please see the sections entitled “Fees and Expenses” of the ICAV’s prospectus and the Fund’s supplement available at www.gqgpartners.com or from Northern Trust International Fund Administration Services (Ireland) Limited (the “Administrator”).
As of the date of this document there is insufficient data to provide a useful indication of past performance to investors.
Past performance may not necessarily be repeated and is no guarantee or projection of future results.
The past performance which will be shown here will take account of all charges and costs.
Performance will be calculated in the currency of the present share class. The Fund was authorized on 3 December 2018 and the share class was launched on 13 December 2021.
The Fund is actively managed and is not managed in reference to a benchmark index. However the Fund uses the MSCI All Country World (Net) Index, Bloomberg Ticker M1WD, to compare performance and used as a benchmark for calculating performance fees. | La cifra de gastos corrientes correspondiente a Clase A EUR Capitalización se basa en una estimación de los gastos del ejercicio finalizado en diciembre de 2021.
Dado que esta Clase de Acciones es de reciente creación, la cifra de gastos corrientes se basa en una estimación de los gastos anuales de su primer año de existencia.
El informe anual del Fondo correspondiente a cada ejercicio financiero presentará de manera pormenorizada los gastos exactos cobrados. El importe de los gastos puede variar de un año a otro. No incluye las comisiones de rentabilidad ni los costes de transacción de la cartera, salvo los gastos de entrada y salida que deba abonar el Fondo para invertir en otros fondos de inversión (si procede).
Si desea más información sobre comisiones y gastos, incluidas las comisiones de rentabilidad, consulte la sección «Fees and Expenses» del folleto de la ICAV y el suplemento del Fondo, que están disponibles en www.gqgpartners.com, o solicítela a Northern Trust International Fund Administration Services (Ireland) Limited (el «Agente administrativo»).
Los datos disponibles en la fecha del presente documento son insuficientes para proporcionar a los inversores una indicación de la rentabilidad histórica que resulte de utilidad.
La rentabilidad histórica puede no repetirse y no constituye ninguna garantía ni proyección de los resultados futuros.
La rentabilidad histórica que se muestre aquí tendrá en cuenta todos los gastos y costes.
La rentabilidad se calculará en la moneda de la clase de acciones actual. El Fondo fue autorizado el 3 de diciembre de 2018 y la clase de acciones se lanzó el 13 de diciembre de 2021.
El Fondo se gestiona activamente y no se gestiona atendiendo a un índice de referencia. No obstante, el Fondo emplea el MSCI All Country World (Net) Index, con Ticker Bloomberg M1WD, a efectos de comparar la rentabilidad, y lo utiliza como referencia para calcular las comisiones de rentabilidad. | The ongoing charge figure for Class A EUR Accumulating is based on estimated expenses for the year ending December 2021.
As this Share Class is newly established the ongoing charges figure is based on estimated annual expenses for the first year of operation.
The Fund's annual report for each financial year will include details on the exact charges made. The amount charged may vary from year to year. It excludes performance fees and portfolio transaction costs other than entry and exit charges for investing in other investment funds (where relevant).
For more information about fees and expenses, including any performance fees, please see the sections entitled “Fees and Expenses” of the ICAV’s prospectus and the Fund’s supplement available at www.gqgpartners.com or from Northern Trust International Fund Administration Services (Ireland) Limited (the “Administrator”).
As of the date of this document there is insufficient data to provide a useful indication of past performance to investors.
Past performance may not necessarily be repeated and is no guarantee or projection of future results.
The past performance which will be shown here will take account of all charges and costs.
Performance will be calculated in the currency of the present share class. The Fund was authorized on 3 December 2018 and the share class was launched on 13 December 2021.
The Fund is actively managed and is not managed in reference to a benchmark index. However the Fund uses the MSCI All Country World (Net) Index, Bloomberg Ticker M1WD, to compare performance and used as a benchmark for calculating performance fees. | en | es |
DOLFIN889 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Information on the receipt of retrocession fees must be disclosed in accordance with the provisions of the Federal Act on Financial Services relating thereto.
Rebates:
Within the Swiss distribution framework, the Management Company and its representatives may, upon request, pay rebates directly to investors. The objective of rebates is to reduce the fees or costs incurred by the investor in question. Rebates are permitted subject to the following conditions:
- they are financed using fees destined for the management of the Management Company and therefore do not constitute an additional charge on the fund’s assets;
- they are awarded on the basis of objective criteria; and
- they are awarded under the same time conditions and to the same extent to all investors who meet the objective criteria and have requested rebates. | L’information sur la réception de rétrocessions est régie par les dispositions de la loi fédérale sur les services financiers s’y rapportant.
Rabais :
Dans le cadre de la distribution en Suisse, la Société de gestion et ses mandataires peuvent, sur demande, verser des rabais directement aux investisseurs. L’objectif des rabais est de réduire les frais ou coûts supportés par l’investisseur en question. Les rabais sont autorisés sous réserve des points suivants :
- ils sont payés sur des frais de la direction de la Société de gestion e et ne sont donc pas imputés en sus sur la fortune du fonds ;
- ils sont accordés sur la base de critères objectifs ; et
- ils sont accordés aux mêmes conditions temporelles et dans la même mesure à tous les investisseurs remplissant les critères objectifs et demandant des rabais. | Information on the receipt of retrocession fees must be disclosed in accordance with the provisions of the Federal Act on Financial Services relating thereto.
Rebates:
Within the Swiss distribution framework, the Management Company and its representatives may, upon request, pay rebates directly to investors. The objective of rebates is to reduce the fees or costs incurred by the investor in question. Rebates are permitted subject to the following conditions:
- they are financed using fees destined for the management of the Management Company and therefore do not constitute an additional charge on the fund’s assets;
- they are awarded on the basis of objective criteria; and
- they are awarded under the same time conditions and to the same extent to all investors who meet the objective criteria and have requested rebates. | en | fr |
DOLFIN890 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Opinion
In performing the mandate entrusted to us by the management company, we carried out our audit of the annual accounts of the undertaking for collective investment CANDRIAM INDEX ARBITRAGE in the form of a fonds commun de placement (FCP) for the financial year ended 30 September 2020, as appended to this report.
We certify that the annual financial statements are, in conformity with French accounting rules and principles, accurate and consistent, and give a true and fair view of the financial performance of the previous financial year as well as the financial situation and assets of the FCP at the end of this financial year. | # Opinione
Nello svolgimento della missione affidataci dalla Società di Gestione, abbiamo eseguito la revisione del bilancio d'esercizio dell’organismo di investimento collettivo CANDRIAM INDEX ARBITRAGE sotto forma di fondo comune di investimento, relativa all'esercizio chiuso al settembre 2020 così come allegato alla presente relazione.
Si certifica che i conti annuali sono, rispetto alle regole e ai principi contabili francesi, regolari e sinceri e danno un’immagine fedele del risultato delle operazioni dell’esercizio appena trascorso, così come della situazione finanziaria e del patrimonio del Fondo comune di investimento alla fine del presente esercizio. | # Opinion
In performing the mandate entrusted to us by the management company, we carried out our audit of the annual accounts of the undertaking for collective investment CANDRIAM INDEX ARBITRAGE in the form of a fonds commun de placement (FCP) for the financial year ended 30 September 2020, as appended to this report.
We certify that the annual financial statements are, in conformity with French accounting rules and principles, accurate and consistent, and give a true and fair view of the financial performance of the previous financial year as well as the financial situation and assets of the FCP at the end of this financial year. | en | it |
DOLFIN891 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### NOUVELLE-ZÉLANDE
Le présent Prospectus n’a pas été et ne sera pas déposé auprès du Teneur de Registre des Prestataires de services financiers en Nouvelle-Zélande et n’est pas une déclaration de divulgation de produits en vertu de la Financial Markets Conduct Act de 2013.
Les seuls investisseurs basés en Nouvelle-Zélande qui sont autorisés à investir dans les Actions et auxquels l’offre contenue dans le présent Prospectus est faite sont des investisseurs auxquels la divulgation conformément à la Financial Markets Conduct Act de 2013 n’est pas requise en vertu de la clause 3(2) de l’Annexe 1 de la Financial Markets Conduct Act de 2013. Plus précisément, les investisseurs qui sont des « investisseurs de gros » au sens de la Clause 3(2) de l’Annexe 1 de la Financial Markets Conduct Act de 2013, relevant d’une ou plusieurs des catégories d’« investisseurs de gros » suivantes : (1) une personne qui est une « société de placement » au sens de la Clause 37 de l’Annexe 1 de la Financial Markets Conduct Act de 2013, (2) une personne qui satisfait aux critères d’activité d’investissement spécifiés à la Clause 38 de l’Annexe 1 de la Financial Markets Conduct Act de 2013, (3) une personne « importante » au sens de la Clause 39 de l’Annexe 1 de la Financial Markets Conduct Act de 2013 ou (4) une personne qui est une « agence d’État » au sens de la Clause 40 de l’Annexe 1 de la Financial Markets Conduct Act de 2013, ou dans d’autres cas où il n’y a aucune infraction à la Financial Markets Conduct Act de 2013.
Le présent Prospectus n’est pas destiné à être une offre de vente ou de souscription à des personnes en Nouvelle- Zélande qui exigent que des informations prescrites leur soient communiquées conformément à la Partie 3 de la Financial Markets Conduct Act de 2013. Les résidents néo-zélandais sont invités à solliciter leurs propres conseils juridiques, fiscaux et financiers quant aux implications de l’investissement dans les Actions. | ### NUEVA ZELANDA
El presente Folleto no se ha presentado ni se presentará ante el Agente de Registro de Proveedores de Servicios Financieros de Nueva Zelanda y no es una declaración de divulgación de productos conforme a la Ley de Conducta de los Mercados Financieros de 2013.
Los únicos inversores con domicilio en Nueva Zelanda que pueden invertir en las Acciones, y a los que se dirige la oferta descrita en el presente Folleto, son inversores con respecto a los cuales no existe obligación de divulgación en virtud del apartado 3(2) del anexo 1 de la Ley de Conducta de los Mercados Financieros de 2013. En concreto, los inversores que son “inversores mayoristas” en el sentido de la cláusula 3(2) del anexo 1 de la Ley de Conducta de los Mercados financieros de 2013, que son personas que se encuentran dentro de una o más de las siguientes categorías de “inversores mayoristas”: (1) una persona que sea una “empresa de inversión” en el sentido de la cláusula 37 del anexo 1 de la Ley de Conducta de los Mercados Financieros de 2013, (2) una persona que cumpla los criterios de actividad de inversión especificados en la cláusula 38 del anexo 1 de la Ley de Conducta de los Mercados Financieros de 2013, (3) una persona “grande” en el sentido de la cláusula 39 del anexo 1 de la Ley de Conducta de los Mercados Financieros de 2013 o (4) una persona que sea una “administración pública” en el sentido de la cláusula 40 del anexo 1 de la Ley de Conducta de los Mercados Financieros de 2013, o en otras circunstancias en las que no se contravenga la Ley de Conducta de los Mercados Financieros de 2013.
El presente Folleto no pretende ser una oferta de venta o suscripción a personas de Nueva Zelanda con respecto a las cuales exista obligación de divulgación de conformidad con la parte 3 de la Ley de Conducta de los Mercados Financieros de 2013. Los residentes en Nueva Zelanda deben procurarse asesoramiento jurídico, fiscal y financiero propio en torno a las implicaciones de invertir en las Acciones. | ### NOUVELLE-ZÉLANDE
Le présent Prospectus n’a pas été et ne sera pas déposé auprès du Teneur de Registre des Prestataires de services financiers en Nouvelle-Zélande et n’est pas une déclaration de divulgation de produits en vertu de la Financial Markets Conduct Act de 2013.
Les seuls investisseurs basés en Nouvelle-Zélande qui sont autorisés à investir dans les Actions et auxquels l’offre contenue dans le présent Prospectus est faite sont des investisseurs auxquels la divulgation conformément à la Financial Markets Conduct Act de 2013 n’est pas requise en vertu de la clause 3(2) de l’Annexe 1 de la Financial Markets Conduct Act de 2013. Plus précisément, les investisseurs qui sont des « investisseurs de gros » au sens de la Clause 3(2) de l’Annexe 1 de la Financial Markets Conduct Act de 2013, relevant d’une ou plusieurs des catégories d’« investisseurs de gros » suivantes : (1) une personne qui est une « société de placement » au sens de la Clause 37 de l’Annexe 1 de la Financial Markets Conduct Act de 2013, (2) une personne qui satisfait aux critères d’activité d’investissement spécifiés à la Clause 38 de l’Annexe 1 de la Financial Markets Conduct Act de 2013, (3) une personne « importante » au sens de la Clause 39 de l’Annexe 1 de la Financial Markets Conduct Act de 2013 ou (4) une personne qui est une « agence d’État » au sens de la Clause 40 de l’Annexe 1 de la Financial Markets Conduct Act de 2013, ou dans d’autres cas où il n’y a aucune infraction à la Financial Markets Conduct Act de 2013.
Le présent Prospectus n’est pas destiné à être une offre de vente ou de souscription à des personnes en Nouvelle- Zélande qui exigent que des informations prescrites leur soient communiquées conformément à la Partie 3 de la Financial Markets Conduct Act de 2013. Les résidents néo-zélandais sont invités à solliciter leurs propres conseils juridiques, fiscaux et financiers quant aux implications de l’investissement dans les Actions. | fr | es |
DOLFIN892 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The reference currency is the euro (EUR).
0.2%
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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # La divisa de referencia es el euro (EUR).
0,2%
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-0,1%
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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # The reference currency is the euro (EUR).
0.2%
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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | en | es |
DOLFIN893 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Please note that the fees stated above are maximum rates. Actual fees and entry charges are indicated in the section headed “ODDO BHF Polaris Moderate”. However, the Company reserves the right to raise fees up to the maximum fee rates.
The Company has not agreed any cap on the expenses or transaction costs referred to above under paragraphs 5 and
6. Transaction costs are expected to be up to 0.01% of Fund assets. This estimate may be exceeded where additional costs are shown to exist. The amount of transaction costs borne by the Fund depends on the number of transactions actually carried out during the financial year. Expenses are expected to amount to up to 0.03% of Fund assets. This estimate may be exceeded where additional costs are shown to exist. The Fund will only bear the expenses and transaction costs that are actually incurred, irrespective of whether they fall below or exceed the amount of any cap. Actual expenses and transaction costs charged can be found in the annual report.
A material amount of the fees paid to the Company from the Fund, as well as part of the entry charge (if levied), may be used to remunerate distribution firms for the brokering of Fund units on the basis of the volume of units brokered. The amount of the distribution charges is measured for each sales channel based on the volume brokered. The Company also grants further benefits to its distributors in the form of non-cash support (e.g. staff training), which are likewise connected to the brokerage services. Such benefits are not contrary to the interests of the investors, but are designed to further improve the quality of the services provided by the distribution firms.
The Company and the Depositary may at their discretion agree partial refunds of management/depositary fees with individual investors. This will come into consideration in particular if institutional investors directly invest large amounts on a long-term basis. Queries in relation to such matters should be directed to the Retail Funds Sales Department at the Company.
REMUNERATION OF THIRD PARTIES
The management of the Fund is outsourced to ODDO BHF Trust GmbH, which receives remuneration from the Company's management fee.
SPECIAL CONSIDERATIONS WITH INVESTMENT FUND UNITS
In addition to the management fee, the target fund costs – in particular the depositary fee, performance fees, other fees, entry charges and exit charges, reimbursement of expenses and other costs – are charged directly or indirectly to the Fund.
The annual and half-yearly report discloses the entry charges and exit charges that were charged to the Fund in the period under review for the subscription and redemption of units in the target fund. The fee that was charged to the Fund by a German or foreign company or a company with which the Company is associated by way of a substantial direct or indirect holding for managing the target fund units held in the Fund is also disclosed.
INDICATION OF TOTAL EXPENSE RATIO (ONGOING CHARGES)
Management expenses incurred by the Fund are disclosed in the annual report and presented as a proportion of the
average fund size (“total expense ratio”). Management expenses comprise the fees for the management of the Fund and the depositary fees, plus the additional expenses that may be charged to the Fund (see under “Management and other charges” and “Special considerations with investment fund units”). The total expense ratio does not include charges and ancillary expenses incurred upon the purchase and sale of assets (transaction costs).
DIFFERENT PRICES QUOTED BY DISTRIBUTORS
If third parties advise the investor on unit purchases or broker a sale, they may disclose charges or expense ratios which do not match the details of charges given in this Prospectus and in the Key Information Document and may exceed the total expense ratio described here. In particular, this may be because the third party has added on the costs of its own activity (e.g. brokerage, advice or custody account management). The third party may also include one-off costs such as entry charges, and will generally use different calculation methods or estimates for the expenses incurred at Fund level, which may in particular include the Fund’s transaction costs. Discrepancies in quoted costs may arise both in pre- contract information and in regular information on charges on an existing fund investment provided in the course of a long-term customer relationship.
REMUNERATION POLICY | Bitte beachten Sie, dass es sich bei den vorgenannten Vergütungen um Höchstsätze handelt. Die tatsächlich erhobenen Vergütungen sowie der Ausgabeaufschlag werden im Abschnitt „ODDO BHF Polaris Moderate“ angegeben. Die Ge- sellschaft behält sich jedoch vor, die Vergütung bis zu dem maximalen Vergütungssatz anzuheben.
Ein Höchstbetrag für den Ersatz von vorstehend unter Absatz 5 genannten Aufwendungen und vorstehend unter Ab- satz 6 genannten Transaktionskosten hat die Gesellschaft nicht vereinbart. Die zu erwartenden Transaktionskosten be- tragen bis zu 0,01 Prozent des Fondsvermögens. Dieser geschätzte Betrag kann bei nachgewiesenen Mehrkosten über- schritten werden. Die Höhe der von dem Fonds zu tragenden Transaktionskosten hängt von der Anzahl der tatsächlich durchgeführten Transaktionen während des Geschäftsjahres ab. Die zu erwartenden Aufwendungen betragen bis zu 0,03 Prozent des Fondsvermögens. Dieser geschätzte Betrag kann bei nachgewiesenen Mehrkosten überschritten werden. Der Fonds wird nur die tatsächlichen Aufwendungen und Transaktionskosten tragen, selbst wenn diese den Höchstbetrag unterschreiten oder überschreiten. Die tatsächlich belasteten Aufwendungen und Transaktionskosten sind dem Jahresbericht zu entnehmen.
Ein wesentlicher Teil der aus dem Fonds an die Gesellschaft geleisteten Vergütung sowie ein Teil des Ausgabeauf- schlags – sofern er erhoben wird – kann als Vergütung an Vertriebsgesellschaften für die Vermittlung von Anteilen an Fonds auf den Bestand von vermittelten Anteilen verwendet werden. Die Höhe der Vertriebskosten wird je nach Ver- triebsweg in Abhängigkeit vom Bestand des vermittelten Fondsvolumens bemessen. Daneben gewährt die Gesellschaft ihren Vertriebsgesellschaften weitere Zuwendungen in Form von unterstützenden Sachleistungen (z.B. Mitarbeiter- schulungen), die ebenfalls mit den Vermittlungsleistungen in Zusammenhang stehen. Die Zuwendungen stehen den In- teressen des Anlegers nicht entgegen, sondern sind darauf ausgelegt, die Qualität der Dienstleistungen der Vertriebs- gesellschaften weiter zu verbessern.
Die Gesellschaft und die Verwahrstelle kann nach ihrem freien Ermessen mit einzelnen Anlegern die teilweise Rückzah- lung von vereinnahmter Verwaltungs-/Verwahrstellenvergütung vereinbaren. Dies kommt insbesondere dann in Be- tracht, wenn institutionelle Anleger direkt Großbeträge nachhaltig investieren. Ansprechpartner bei der Gesellschaft für solche Fragen ist der Bereich „Vertriebsservice Publikumsfonds“.
VERGÜTUNG DRITTER
Das Fondsmanagement ist an die ODDO BHF Trust GmbH ausgelagert, welche eine Vergütung aus der Verwaltungs- vergütung der Gesellschaft erhält.
BESONDERHEITEN BEIM ERWERB VON INVESTMENTANTEILEN
Neben der Verwaltungsvergütung wird der Fonds mittelbar oder unmittelbar mit den Kosten des Zielfonds, insbeson- dere der Verwahrstellenvergütung, erfolgsbezogenen Vergütungen, sonstigen Vergütungen, Ausgabeaufschlägen und Rücknahmeabschlägen, Aufwendungserstattungen und sonstigen Kosten belastet.
Im Jahres- und Halbjahresbericht werden die Ausgabeaufschläge und Rücknahmeabschläge offengelegt, die dem Fonds im Berichtszeitraum für den Erwerb und die Rücknahme von Anteilen an Zielfonds berechnet worden sind. Ferner wird die Vergütung offengelegt, die dem Fonds von einer in- oder ausländischen Gesellschaft oder einer Gesellschaft, mit der die Gesellschaft durch eine wesentliche unmittelbare oder mittelbare Beteiligung verbunden ist, als Verwaltungsvergü- tung für die im Fonds gehaltenen Zielfondsanteile berechnet wurde.
ANGABE EINER GESAMTKOSTENQUOTE (LAUFENDE KOSTEN)
Im Jahresbericht werden die im Geschäftsjahr zu Lasten des Fonds angefallenen Verwaltungskosten offengelegt und als Quote des durchschnittlichen Fondsvolumens ausgewiesen (Gesamtkostenquote). Die Verwaltungskosten setzen sich zusammen aus der Vergütung für die Verwaltung des Fonds, der Vergütung der Verwahrstelle sowie den Aufwen- dungen, die dem Fonds zusätzlich belastet werden können (siehe Abschnitt „Verwaltungs- und sonstige Kosten“ sowie
„Besonderheiten beim Erwerb von Investmentanteilen“). Die Gesamtkostenquote beinhaltet keine Nebenkosten und Kosten, die beim Erwerb und der Veräußerung von Vermögensgegenständen entstehen (Transaktionskosten).
ABWEICHENDER KOSTENAUSWEIS DURCH VERTRIEBSSTELLEN
Wird der Anleger beim Erwerb von Anteilen durch Dritte beraten oder vermitteln diese den Kauf, weisen sie ihm gege- benenfalls Kosten oder Kostenquoten aus, die nicht mit den Kostenangaben in diesem Prospekt und im Basisinformati- onsblatt deckungsgleich sind und die hier beschriebene Gesamtkostenquote übersteigen können. Grund dafür kann ins- besondere sein, dass der Dritte die Kosten seiner eigenen Tätigkeit (z.B. Vermittlung, Beratung oder Depotführung) zu- sätzlich berücksichtigt. Darüber hinaus berücksichtigt er gegebenenfalls auch einmalige Kosten wie Ausgabeaufschläge und benutzt in der Regel andere Berechnungsmethoden oder auch Schätzungen für die auf Fondsebene anfallenden Kos- ten, die insbesondere die Transaktionskosten des Fonds mit umfassen. Abweichungen im Kostenausweis können sich sowohl bei Informationen vor Vertragsschluss ergeben als auch bei regelmäßigen Kosteninformationen über die beste- hende Fondsanlage im Rahmen einer dauerhaften Kundenbeziehung.
VERGÜTUNGSPOLITIK | Please note that the fees stated above are maximum rates. Actual fees and entry charges are indicated in the section headed “ODDO BHF Polaris Moderate”. However, the Company reserves the right to raise fees up to the maximum fee rates.
The Company has not agreed any cap on the expenses or transaction costs referred to above under paragraphs 5 and
6. Transaction costs are expected to be up to 0.01% of Fund assets. This estimate may be exceeded where additional costs are shown to exist. The amount of transaction costs borne by the Fund depends on the number of transactions actually carried out during the financial year. Expenses are expected to amount to up to 0.03% of Fund assets. This estimate may be exceeded where additional costs are shown to exist. The Fund will only bear the expenses and transaction costs that are actually incurred, irrespective of whether they fall below or exceed the amount of any cap. Actual expenses and transaction costs charged can be found in the annual report.
A material amount of the fees paid to the Company from the Fund, as well as part of the entry charge (if levied), may be used to remunerate distribution firms for the brokering of Fund units on the basis of the volume of units brokered. The amount of the distribution charges is measured for each sales channel based on the volume brokered. The Company also grants further benefits to its distributors in the form of non-cash support (e.g. staff training), which are likewise connected to the brokerage services. Such benefits are not contrary to the interests of the investors, but are designed to further improve the quality of the services provided by the distribution firms.
The Company and the Depositary may at their discretion agree partial refunds of management/depositary fees with individual investors. This will come into consideration in particular if institutional investors directly invest large amounts on a long-term basis. Queries in relation to such matters should be directed to the Retail Funds Sales Department at the Company.
REMUNERATION OF THIRD PARTIES
The management of the Fund is outsourced to ODDO BHF Trust GmbH, which receives remuneration from the Company's management fee.
SPECIAL CONSIDERATIONS WITH INVESTMENT FUND UNITS
In addition to the management fee, the target fund costs – in particular the depositary fee, performance fees, other fees, entry charges and exit charges, reimbursement of expenses and other costs – are charged directly or indirectly to the Fund.
The annual and half-yearly report discloses the entry charges and exit charges that were charged to the Fund in the period under review for the subscription and redemption of units in the target fund. The fee that was charged to the Fund by a German or foreign company or a company with which the Company is associated by way of a substantial direct or indirect holding for managing the target fund units held in the Fund is also disclosed.
INDICATION OF TOTAL EXPENSE RATIO (ONGOING CHARGES)
Management expenses incurred by the Fund are disclosed in the annual report and presented as a proportion of the
average fund size (“total expense ratio”). Management expenses comprise the fees for the management of the Fund and the depositary fees, plus the additional expenses that may be charged to the Fund (see under “Management and other charges” and “Special considerations with investment fund units”). The total expense ratio does not include charges and ancillary expenses incurred upon the purchase and sale of assets (transaction costs).
DIFFERENT PRICES QUOTED BY DISTRIBUTORS
If third parties advise the investor on unit purchases or broker a sale, they may disclose charges or expense ratios which do not match the details of charges given in this Prospectus and in the Key Information Document and may exceed the total expense ratio described here. In particular, this may be because the third party has added on the costs of its own activity (e.g. brokerage, advice or custody account management). The third party may also include one-off costs such as entry charges, and will generally use different calculation methods or estimates for the expenses incurred at Fund level, which may in particular include the Fund’s transaction costs. Discrepancies in quoted costs may arise both in pre- contract information and in regular information on charges on an existing fund investment provided in the course of a long-term customer relationship.
REMUNERATION POLICY | en | de |
DOLFIN894 | 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 d’investissement
Le Fonds vise à accroître la valeur de votre investissement dans le temps par la croissance du capital.
## Politique d’investissement
Dans des conditions de marché normales, le Fonds investit généralement au moins 80 % de ses actifs dans des titres d'émetteurs qui, selon le Gestionnaire d'investissement, s'inscrivent positivement avec les enjeux de l'investissement durable. Ces sociétés peuvent posséder n'importe quelle capitalisation boursière et domiciliées dans n'importe quel pays, y compris les pays émergents. Le Fonds investit généralement dans au moins trois pays et au moins 40 % dans des titres de capital de sociétés non américaines.
Le Gestionnaire d'investissement investit dans des titres qui sont, selon lui, positivement exposés à des enjeux d'investissement durable à vocation environnementale ou sociale dérivés des Objectifs de développement durable des Nations Unies (ODD de l'ONU).
Le Gestionnaire d'investissement privilégie davantage des critères de sélection positifs, notamment en analysant l'exposition aux facteurs environnementaux, sociaux et de gouvernance (ESG) de chaque titre ou émetteur, par rapport à des critères négatifs généraux pour évaluer l'exposition d'un émetteur à ces facteurs ESG.
Le Fonds peut être exposé à n’importe quelle devise.
Le Fonds a recours à des instruments dérivés à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et d’investissement.
## Investissement responsable
Le Fonds est classé dans l'article 9 du SFDR. Pour plus d'informations, veuillez vous reporter aux informations relatives au développement durable dans le prospectus.
## Indice de référence
MSCI All Country World Index utilisé à des fins de comparaison de performance.
Le Fonds fait l'objet d'une gestion active et le Gestionnaire d'Investissement n'est pas limité par son indice de référence. Veuillez consulter le prospectus du Fonds pour obtenir plus d'informations.
## Devise du Fonds
La devise de référence du Fonds est USD.
## Devise de la catégorie de parts
La devise de référence de la catégorie de parts est USD.
## Politique de distribution
Cette catégorie de parts n’est pas une catégorie de parts de distribution. Le revenu et les plus-values réalisés par le Fonds sont réinvestis.
## Fréquence des opérations de rachat
Les parts peuvent être rachetées les jours où la Bourse de New York et les banques luxembourgeoises sont ouvertes.
## Glossaire
Instruments dérivés : instruments financiers dont la valeur est liée à un ou plusieurs taux, indices, cours boursiers ou autres valeurs.
Pays émergents : états dont les économies et marchés de titres sont moins bien établis.
Actions : titres représentatifs d’une participation dans une société.
Autres objectifs d’investissement : conformément à l’objectif et à la politique d’investissement du Fonds, signifie obtenir une exposition.
Thèmes liés à l’investissement durable : thèmes qui découlent des ODD des Nations unies tels que la santé, le climat et l’autonomisation. Les thèmes liés à l’investissement durable sont susceptibles d'évoluer au fil du temps.
Objectifs de développement durable des Nations unies (« ODD ») : un ensemble de 17 objectifs qui représentent les ambitions des Nations unies pour parvenir à un monde meilleur à l’horizon 2030. Ces 17 objectifs visent à répondre aux défis liés à la prospérité économique, à l’environnement, au développement durable et à l'intégration sociale.
SFDR : Règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 sur les informations à fournir en matière de développement durable dans le secteur des services financiers. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de Inversión
El Fondo trata de aumentar el valor de su inversión con el tiempo mediante el crecimiento del capital.
## Política de inversión
En condiciones normales de mercado, el Fondo suele invertir, como mínimo, un 80% de sus activos en títulos de renta variable de emisores que la Sociedad Gestora considera que están alineados de forma positiva con temas de inversión sostenible. Estas empresas pueden tener cualquier capitalización bursátil y estar ubicadas en cualquier país, incluidos los mercados emergentes. El Fondo invierte normalmente en un mínimo de tres países diferentes y, al menos, un 40% en títulos de renta variable de empresas no estadounidenses.
La Sociedad Gestora invierte en títulos que considera que están expuestos de manera positiva a temas de inversión sostenible orientados al medioambiente o a la sociedad y derivados de los Objetivos de Desarrollo Sostenible de la ONU.
La Sociedad Gestora hace hincapié en criterios de selección positiva, en particular analizando la exposición a factores medioambientales, sociales y de gobierno corporativo (ESG) de cada título o emisor, más que en filtrados negativos de base amplia al evaluar la exposición de un emisor a estos factores ESG.
El Fondo puede tener exposición a cualquier divisa.
El Fondo hace uso de derivados con fines de cobertura (reducción de riesgos), gestión eficaz de la cartera e inversión.
## Inversión responsable
El Fondo entra en la categoría del artículo 9 del Reglamento SFDR. Si desea más información, consulte las referencias a la divulgación de información relativa a la sostenibilidad del folleto.
## Índice de referencia
MSCI All Country World Index se emplea para comparar la rentabilidad.
El Fondo se gestiona de forma activa, y el Gestor de Inversiones no está limitado por su índice de referencia. Consulte el folleto del Fondo para obtener más información.
## Divisa del compartimento
La divisa de referencia del Fondo es USD.
## Divisa de la clase de acciones
La divisa de referencia de la clase de acciones es USD.
## Política de reparto
Esta clase de acciones es una clase de acciones de acumulación. Los ingresos y las plusvalías en capital generados por el Fondo se reinvierten.
## Amortización
Las acciones pueden amortizarse cualquier día en el que tanto la Bolsa de Nueva York como los bancos en Luxemburgo estén abiertos.
## Glosario
Derivados: Instrumentos financieros cuyo valor está vinculado a uno o más tipos, índices, precios de acciones u otros valores.
Países de mercados emergentes: Países cuyas economías y mercados de valores están menos consolidados.
Renta variable: Valores que representan una participación en el capital de una sociedad.
Otros fines de inversión: significa aumentar la exposición de forma acorde con el objetivo y la política de inversión del Fondo.
Temas de inversión sostenible: aquellos temas de inversión derivados de los ODS de la ONU, tales como salud, clima y empoderamiento. Los temas de inversión sostenible pueden cambiar con el tiempo.
Objetivos de Desarrollo Sostenible de la ONU (ODS): un conjunto de 17 objetivos que representan la visión a la que aspiran las Naciones Unidas de cómo podría ser el mundo en 2030. Estas 17 metas abordan la prosperidad económica, la sostenibilidad medioambiental y la inclusión social.
Reglamento SFDR: Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo, de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. | # OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
## Objectif d’investissement
Le Fonds vise à accroître la valeur de votre investissement dans le temps par la croissance du capital.
## Politique d’investissement
Dans des conditions de marché normales, le Fonds investit généralement au moins 80 % de ses actifs dans des titres d'émetteurs qui, selon le Gestionnaire d'investissement, s'inscrivent positivement avec les enjeux de l'investissement durable. Ces sociétés peuvent posséder n'importe quelle capitalisation boursière et domiciliées dans n'importe quel pays, y compris les pays émergents. Le Fonds investit généralement dans au moins trois pays et au moins 40 % dans des titres de capital de sociétés non américaines.
Le Gestionnaire d'investissement investit dans des titres qui sont, selon lui, positivement exposés à des enjeux d'investissement durable à vocation environnementale ou sociale dérivés des Objectifs de développement durable des Nations Unies (ODD de l'ONU).
Le Gestionnaire d'investissement privilégie davantage des critères de sélection positifs, notamment en analysant l'exposition aux facteurs environnementaux, sociaux et de gouvernance (ESG) de chaque titre ou émetteur, par rapport à des critères négatifs généraux pour évaluer l'exposition d'un émetteur à ces facteurs ESG.
Le Fonds peut être exposé à n’importe quelle devise.
Le Fonds a recours à des instruments dérivés à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et d’investissement.
## Investissement responsable
Le Fonds est classé dans l'article 9 du SFDR. Pour plus d'informations, veuillez vous reporter aux informations relatives au développement durable dans le prospectus.
## Indice de référence
MSCI All Country World Index utilisé à des fins de comparaison de performance.
Le Fonds fait l'objet d'une gestion active et le Gestionnaire d'Investissement n'est pas limité par son indice de référence. Veuillez consulter le prospectus du Fonds pour obtenir plus d'informations.
## Devise du Fonds
La devise de référence du Fonds est USD.
## Devise de la catégorie de parts
La devise de référence de la catégorie de parts est USD.
## Politique de distribution
Cette catégorie de parts n’est pas une catégorie de parts de distribution. Le revenu et les plus-values réalisés par le Fonds sont réinvestis.
## Fréquence des opérations de rachat
Les parts peuvent être rachetées les jours où la Bourse de New York et les banques luxembourgeoises sont ouvertes.
## Glossaire
Instruments dérivés : instruments financiers dont la valeur est liée à un ou plusieurs taux, indices, cours boursiers ou autres valeurs.
Pays émergents : états dont les économies et marchés de titres sont moins bien établis.
Actions : titres représentatifs d’une participation dans une société.
Autres objectifs d’investissement : conformément à l’objectif et à la politique d’investissement du Fonds, signifie obtenir une exposition.
Thèmes liés à l’investissement durable : thèmes qui découlent des ODD des Nations unies tels que la santé, le climat et l’autonomisation. Les thèmes liés à l’investissement durable sont susceptibles d'évoluer au fil du temps.
Objectifs de développement durable des Nations unies (« ODD ») : un ensemble de 17 objectifs qui représentent les ambitions des Nations unies pour parvenir à un monde meilleur à l’horizon 2030. Ces 17 objectifs visent à répondre aux défis liés à la prospérité économique, à l’environnement, au développement durable et à l'intégration sociale.
SFDR : Règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 sur les informations à fournir en matière de développement durable dans le secteur des services financiers. | fr | es |
DOLFIN895 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### The question of the dissolution of the Company shall further be referred to the general meeting whenever the share capital falls below one-fourth of the minimum capital.
In such an event the general meeting shall be held without any quorum requirement and the dissolution may be decided upon by the Shareholders holding one-fourth of the votes of the Shares represented at the meeting.
The meeting must be convened so that it is held within a period of forty days from ascertainment that the net assets of the Company have fallen below two-thirds or one-fourth of the legal minimum, as the case may be.
In the event of the dissolution of the Company, the liquidation shall be carried out by one or more liquidators, who may be natural persons or legal entities and who shall be appointed by the general meeting of Shareholders. The latter will determine their powers and compensation.
The liquidator(s) shall convene the general meeting of shareholders so that it is held within a period of one month where shareholders representing one tenth of the corporate capital require them to do so by means of a written request with an indication of the agenda.
The liquidation will take place in accordance with the Law of 2010 on undertakings for collective investment, specifying the distribution amongst the Shareholders of the net liquidation proceeds after deduction of liquidation costs; the liquidation proceeds shall be distributed to Shareholders in proportion to their rights, taking parities into due consideration. | ##### La questione inerente allo scioglimento della Società dovrà altresì essere sottoposta all’assemblea generale qualora il capitale sociale scenda al di sotto di un quarto del capitale minimo.
In tal caso, quest’ultima delibererà senza necessità di un quorum specifico; lo scioglimento potrà essere dichiarato dagli Azionisti in possesso di un quarto dei voti spettanti alle Azioni rappresentate all'assemblea.
L’assemblea deve essere convocata entro quaranta giorni dalla constatazione della riduzione del patrimonio netto della Società al di sotto dei due terzi o di un quarto del minimo legale, a seconda dei casi.
In caso di scioglimento della Società, si procederà alla liquidazione a cura di uno o più liquidatori, persone fisiche o giuridiche, che saranno nominati dall’assemblea generale degli Azionisti. Quest’ultima ne determinerà i poteri e la remunerazione.
Il liquidatore o i liquidatori convocano l’assemblea generale degli azionisti in modo che essa si tenga entro un mese qualora gli azionisti che rappresentano un decimo del capitale sociale ne facciano richiesta scritta con l’indicazione dell’ordine del giorno.
La liquidazione avviene conformemente alla legge del 2010 relativa agli organismi d'investimento collettivo del risparmio, con indicazione delle modalità di distribuzione tra gli Azionisti del ricavato netto della liquidazione, al netto delle relative spese; i proventi della liquidazione sono distribuiti agli Azionisti in proporzione ai loro diritti, tenuto conto delle parità. | ##### The question of the dissolution of the Company shall further be referred to the general meeting whenever the share capital falls below one-fourth of the minimum capital.
In such an event the general meeting shall be held without any quorum requirement and the dissolution may be decided upon by the Shareholders holding one-fourth of the votes of the Shares represented at the meeting.
The meeting must be convened so that it is held within a period of forty days from ascertainment that the net assets of the Company have fallen below two-thirds or one-fourth of the legal minimum, as the case may be.
In the event of the dissolution of the Company, the liquidation shall be carried out by one or more liquidators, who may be natural persons or legal entities and who shall be appointed by the general meeting of Shareholders. The latter will determine their powers and compensation.
The liquidator(s) shall convene the general meeting of shareholders so that it is held within a period of one month where shareholders representing one tenth of the corporate capital require them to do so by means of a written request with an indication of the agenda.
The liquidation will take place in accordance with the Law of 2010 on undertakings for collective investment, specifying the distribution amongst the Shareholders of the net liquidation proceeds after deduction of liquidation costs; the liquidation proceeds shall be distributed to Shareholders in proportion to their rights, taking parities into due consideration. | en | it |
DOLFIN896 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Key Investor Information Document
This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of this Fund. You are advised to read it so you can make an informed decision about whether to invest.
Sparinvest SICAV - Ethical Global Value USD R X H
ISIN LU1947922636
This Fund is managed by Sparinvest S.A., a subsidiary of Sparinvest Holdings SE.
## Objectives & Investment Policy
The Fund, by using the value approach for stock selection, aims at providing a positive return over the long term.
The Fund invests at least 2/3 of its total net assets in developed markets equity securities and/or equity-equivalent securities (such as ADR/GDR) and up to 1/3 of its total net assets in developed markets convertible securities and/or warrants on transferable securities.
The Fund does not use derivatives to protect the portfolio against currency fluctuations.
The Fund can hold up to 15% in cash.
The Fund applies an ethical screening, which may exclude certain companies or securities from investment. Screening criteria have reference to involvement in the production and/or distribution of certain goods or services, such as for example alcohol, gambling, tobacco, pornography, military equipment, oil sands and thermal coal, and also to compliance with
international norms for human rights, the environment, labour standards and anti-corruption.
There is no limitation in terms of currency of investments.
The Fund’s reference currency is EUR. The Share Class’ currency is USD. The Share Class is hedged against the Fund's reference currency.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days.
## Risk and Reward Profile
Lower Risk Higher Risk
Typically lower Rewards Typically Higher Rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The risk/reward indicator shows the relation between risk and return. Category 1 does not mean a risk free investment.
The ranking on the scale is determined by the fluctuations in the value of the Fund over the past five years. Large fluctuations result in higher risk and a ranking to the right on the scale. Small fluctuations result in lower risk and a ranking to the left on the scale.
The Fund is rated 6. The Fund is in this specific category due to the nature of its investments, meaning that the historical returns the SRRI is based on, has shown a level of volatility higher than 15% but less than 25%.
The risk category is not guaranteed and may change over time as historical data does not necessarily give a reliable indication of the future risk profile of the Fund.
When investing in this Fund you need to take the following risk factors into account:
- Stock market risk: The stock markets fluctuate widely and are influenced by companies' internal affairs and the industries the companies invest in. Fluctuations can also be caused by the political, regulative and economical state of the countries that are represented in the portfolio.
- Country risk: Investments in foreign stocks on developed markets give a different currency exposure than that of domestic stocks. This might give you a smaller or larger currency exposure measured in USD. The exposure means that the risk will be different from that of your domestic stock market.
- Company specific risk: Some stocks may fluctuate widely from the general fluctuations of the market due to currency and sector exposure, but also due to the managerial affairs in the company, etc.
The above mentioned list of risk factors is not exhaustive. Other factors may influence the pricing of the underlying securities and therefore the value of the Fund’s investments. For more information on risks the Fund is exposed to, please refer to the section 5.III “Risk factors” of the Prospectus.
Page 1/2 | # Documento de datos fundamentales para el inversor
El presente documento recoge los datos fundamentales sobre este fondo que el inversor debe conocer. No se trata de material de promoción comercial. La ley exige que se facilite esta información para ayudarle a comprender la naturaleza y los riesgos del fondo. Es aconsejable que lea el documento para poder tomar una decisión fundada sobre la conveniencia o no de invertir en él.
Sparinvest SICAV - Ethical Global Value USD R X H
ISIN LU1947922636
Este fondo es gestionado por Sparinvest S.A., una filial de Sparinvest Holdings SE.
## Objetivos y política de inversión
El Fondo trata de proporcionar una rentabilidad positiva a largo plazo, mediante un enfoque de valor para la selección de valores.
El Fondo invierte al menos dos terceras partes de sus activos netos totales en valores de renta variable de mercados desarrollados y/o valores equivalentes a renta variable (como ADR/GDR) y hasta una tercera parte de sus activos netos totales en valores convertibles de los mercados desarrollados y/o warrants sobre valores mobiliarios.
El Fondo no utiliza derivados para proteger la cartera frente a las fluctuaciones de divisas.
El Fondo puede mantener hasta el 15 % en posiciones de tesorería.
El Fondo aplica un filtro ético que puede descartar determinadas empresas o valores para la inversión. Los criterios del filtro están relacionados con la participación en la producción y/o distribución de determinados productos o servicios, como por ejemplo el alcohol, el juego, el tabaco, la pornografía, los equipamientos militares, las arenas bituminosas y el carbón térmico; así como relacionados con el cumplimiento de normas internacionales en
materia de derechos humanos, el medio ambiente, normas laborales y lucha contra la corrupción.
No existen limitaciones en cuanto a la divisa de las inversiones.
La divisa de referencia del Fondo es EUR. La divisa de referencia de la Clase de acciones es USD. La Clase de acciones está cubierta contra la divisa de referencia del Fondo.
La Clase de acciones es de acumulación, es decir, los rendimientos generados por el Fondo se reinvierten para incrementar el valor de sus inversiones.
El fondo se gestiona de forma activa.
Recomendación: Este Fondo puede no ser apropiado para inversores que prevean retirar su dinero en 5 años.
Mediante solicitud, usted puede comprar y reembolsar sus acciones en los días hábiles bancarios completos de Luxemburgo.
## Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Remuneración generalmente menor Remuneración generalmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El indicador de riesgo y remuneración muestra la relación entre el riesgo y la rentabilidad. La categoría 1 es una inversión que no está libre de riesgos.
La clasificación del Fondo en la escala está determinada por las fluctuaciones en el valor del Fondo a lo largo de los últimos 5 años. Las grandes fluctuaciones se traducen en un riesgo alto y en una clasificación a la derecha de la escala. Las fluctuaciones pequeñas se traducen en un riesgo menor y en una clasificación a la izquierda de la escala.
El Fondo tiene una calificación en una categoría 6. El Fondo se encuentra en esta categoría específica debido a la naturaleza de sus inversiones, lo que significa que los rendimientos históricos en los que se basa el SRRI han mostrado un nivel de volatilidad de más del 15% pero menos del 25%.
La clasificación del Fondo en la escala no es permanente y puede cambiar con el tiempo, ya que los datos históricos no necesariamente proporcionan una indicación fiable del perfil de riesgo futuro del Fondo.
Al invertir en este Fondo debe tener en cuenta los siguientes factores de riesgo:
*Riesgo bursátil: Los mercados bursátiles fluctúan ampliamente y se ven influidos por los asuntos internos de las empresas y los sectores en los cuales la sociedades invierten. Las fluctuaciones también pueden ser causadas por la situación política, normativa y económica de los países representados en la cartera.
*Riesgo país: Las inversiones en valores extranjeros en los mercados desarrollados proporcionan una exposición cambiaria distinta a la de los valores nacionales. Esto podría otorgarle una exposición cambiaria menor o mayor, medida en USD. La exposición significa que el riesgo será diferente del de su mercado bursátil nacional.
*Riesgo específico de la sociedad: Algunos valores pueden fluctuar ampliamente de las fluctuaciones generales del mercado debido a la exposición cambiaria y por sectores, pero también debido a los asuntos de gestión de la sociedad, etc.
La lista de factores de riesgo mencionada anteriormente no es exhaustiva. Otros factores pueden influir en el precio de los valores subyacentes y, por lo tanto, en el Fondo. Para más información sobre los riesgos a los que está expuesto el Fondo, consulte el apartado 5.III «Factores de riesgo» del Folleto.
Página 1/2 | # Key Investor Information Document
This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of this Fund. You are advised to read it so you can make an informed decision about whether to invest.
Sparinvest SICAV - Ethical Global Value USD R X H
ISIN LU1947922636
This Fund is managed by Sparinvest S.A., a subsidiary of Sparinvest Holdings SE.
## Objectives & Investment Policy
The Fund, by using the value approach for stock selection, aims at providing a positive return over the long term.
The Fund invests at least 2/3 of its total net assets in developed markets equity securities and/or equity-equivalent securities (such as ADR/GDR) and up to 1/3 of its total net assets in developed markets convertible securities and/or warrants on transferable securities.
The Fund does not use derivatives to protect the portfolio against currency fluctuations.
The Fund can hold up to 15% in cash.
The Fund applies an ethical screening, which may exclude certain companies or securities from investment. Screening criteria have reference to involvement in the production and/or distribution of certain goods or services, such as for example alcohol, gambling, tobacco, pornography, military equipment, oil sands and thermal coal, and also to compliance with
international norms for human rights, the environment, labour standards and anti-corruption.
There is no limitation in terms of currency of investments.
The Fund’s reference currency is EUR. The Share Class’ currency is USD. The Share Class is hedged against the Fund's reference currency.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days.
## Risk and Reward Profile
Lower Risk Higher Risk
Typically lower Rewards Typically Higher Rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The risk/reward indicator shows the relation between risk and return. Category 1 does not mean a risk free investment.
The ranking on the scale is determined by the fluctuations in the value of the Fund over the past five years. Large fluctuations result in higher risk and a ranking to the right on the scale. Small fluctuations result in lower risk and a ranking to the left on the scale.
The Fund is rated 6. The Fund is in this specific category due to the nature of its investments, meaning that the historical returns the SRRI is based on, has shown a level of volatility higher than 15% but less than 25%.
The risk category is not guaranteed and may change over time as historical data does not necessarily give a reliable indication of the future risk profile of the Fund.
When investing in this Fund you need to take the following risk factors into account:
- Stock market risk: The stock markets fluctuate widely and are influenced by companies' internal affairs and the industries the companies invest in. Fluctuations can also be caused by the political, regulative and economical state of the countries that are represented in the portfolio.
- Country risk: Investments in foreign stocks on developed markets give a different currency exposure than that of domestic stocks. This might give you a smaller or larger currency exposure measured in USD. The exposure means that the risk will be different from that of your domestic stock market.
- Company specific risk: Some stocks may fluctuate widely from the general fluctuations of the market due to currency and sector exposure, but also due to the managerial affairs in the company, etc.
The above mentioned list of risk factors is not exhaustive. Other factors may influence the pricing of the underlying securities and therefore the value of the Fund’s investments. For more information on risks the Fund is exposed to, please refer to the section 5.III “Risk factors” of the Prospectus.
Page 1/2 | en | es |
DOLFIN897 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Duration is a measure of sensitivity of the fund value to changes in interest rates.
Effective duration is a duration calculation for bonds with embedded options (such as a call or a put option). It takes into account that expected cash flows will fluctuate as interest rates change and affect a bond’s price.
The effective duration of a fund is calculated by a market weighted sum of the effective duration of each individual instrument. The effect of derivatives such as bond futures and interest rate swaps are included in the calculation. | ### Die Duration misst die Empfindlichkeit des Fonds für Zinsänderungen.
Die effektive Duration ist eine Durationsberechnung für Anleihen mit eingebetteten Optionen (wie Kauf- oder Verkaufsoptionen). Sie berücksichtigt, dass die erwarteten Geldflüsse schwanken, wenn die Zinsen steigen oder fallen und den Kurs einer Anleihe beeinflussen.
Berechnet wird die effektive Duration eines Fonds als mit dem Marktwert gewichtete Summe der effektiven Duration jedes einzelnen gehaltenen Anlageinstruments. Der Effekt von Derivaten wie Anleihe-Futures und Zinsswaps fließt in die Berechnung mit ein. | ### Duration is a measure of sensitivity of the fund value to changes in interest rates.
Effective duration is a duration calculation for bonds with embedded options (such as a call or a put option). It takes into account that expected cash flows will fluctuate as interest rates change and affect a bond’s price.
The effective duration of a fund is calculated by a market weighted sum of the effective duration of each individual instrument. The effect of derivatives such as bond futures and interest rate swaps are included in the calculation. | en | de |
DOLFIN898 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Transferable Securities and Money Market instruments
- Transferable Securities and Money Market Instruments admitted to or dealt in on a Regulated Market;
- Transferable Securities and Money Market Instruments dealt in on an Other Regulated Market in a Member State;
- Transferable Securities and Money Market Instruments admitted to official listing on a Regulated Market in an Other State or dealt in on an Other Regulated Market in an Other State;
- recently issued Transferable Securities and Money Market Instruments, provided that:
- the terms of the issue include an undertaking that application will be made for admission to official listing on a Regulated Market or on an Other Regulated Market provided that the choice of the stock has been provided for in the management regulations or the instruments of incorporation of the UCITS, and
- such admission is secured within a year of issue. | Strumenti Finanziari e Strumenti del Mercato Monetario
- Strumenti Finanziari e Strumenti del Mercato Monetario ammessi o negoziati in un Mercato Regolamentato;
- Strumenti Finanziari e Strumenti del Mercato Monetario negoziati in un Altro Mercato Regolamentato di uno Stato Membro;
- Strumenti Finanziari e Strumenti del Mercato Monetario ammessi alla quotazione ufficiale in un Mercato Regolamentato di un Altro Stato o negoziati in un Altro Mercato Regolamentato di un Altro Stato;
- Strumenti Finanziari e Strumenti del Mercato Monetario di recente emissione, purché:
- le condizioni di emissione prevedano l’impegno a presentare una richiesta di ammissione alla quotazione ufficiale in un Mercato Regolamentato o in un Altro Mercato Regolamentato a condizione che la scelta del titolo sia prevista nel regolamento di gestione o nello statuto dell’OIVCM, e
- tale ammissione sia ottenuta entro un anno dall’emissione. | Transferable Securities and Money Market instruments
- Transferable Securities and Money Market Instruments admitted to or dealt in on a Regulated Market;
- Transferable Securities and Money Market Instruments dealt in on an Other Regulated Market in a Member State;
- Transferable Securities and Money Market Instruments admitted to official listing on a Regulated Market in an Other State or dealt in on an Other Regulated Market in an Other State;
- recently issued Transferable Securities and Money Market Instruments, provided that:
- the terms of the issue include an undertaking that application will be made for admission to official listing on a Regulated Market or on an Other Regulated Market provided that the choice of the stock has been provided for in the management regulations or the instruments of incorporation of the UCITS, and
- such admission is secured within a year of issue. | en | it |
DOLFIN899 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## OBJECTIVES
The objective of investing in ODDO BHF Exklusiv: Polaris Balanced is to generate attractive asset growth with limited volatility using a value- based approach and constructing a portfolio of sub-fund investments with above-average sustainability. The sub-fund invests worldwide in a balanced combination of equities, bonds and money market investments. The equity allocation fluctuates between 35% and 60%. Fixed income investments comprise primarily government and corporate bonds as well as Pfandbriefe. Up to 10% of assets can be invested in units of investment funds and ETFs. Up to 10% of assets can also be invested in precious metal certificates. The sub-fund may also be managed using financial futures. In accordance with Article 8 of the SFDR**, the Fund Manager incorporates sustainability risks into its investment process by taking into account both the ESG (environmental, social and governance) characteristics of investment decisions and any significant negative impacts that investment decisions may have on sustainability factors. The investment process is based on ESG integration, normative screening (including UN Global Compact, controversial weapons), sector exclusions and a best-in-class approach. The sub-fund is therefore subject to environmental, social and ethical (“ESG” – Environmental, Social and Governance) restrictions with regard to assets. The management company observes and applies the United Nations Principles for Responsible Investment (“UN PRI”) with respect to environmental, social
and governance issues in its engagement activities, e.g. by exercising voting rights, actively exercising shareholder and creditor rights and through dialogue with issuers. Issuers that significantly violate the requirements of the UN Global Compact are excluded.
Companies included in the MSCI ACWI Index*** (the “parent index”) represent the starting point for the sub-fund’s investment universe for both equities and corporate bonds. The sub-fund may also invest in companies or issuers from OECD countries with a market capitalisation of at least EUR 100 million or with at least EUR 100 million in bonds issued. An ESG filter is applied, resulting in the exclusion of at least 20% of the companies included in the parent Index. At least 90% of the issuers are assessed with regard to their ESG record (excluding target fund investments, precious metals certificates and money market instruments). The focus is on companies and countries with a high sustainability performance. The target is an average sustainability rating of “A” for the sub-fund's assets.
The sub-fund is actively managed and follows the STOXX Europe 50 (NR)® (40%), the JPM EMU Investment Grade 1-10 years® (40%), the MSCI USA® (10%) and the JPM Euro Cash 1 M® (10%) as its benchmark indices****, which form the basis for internal risk management. It seeks to outperform the benchmark rather than replicate it exactly. As a result, significant differences, both positive and negative, are possible. For that reason, sub-fund performance may differ significantly from the performance of the given benchmark indices.
The fund manager has full control over the composition of the assets in the sub-fund. While the sub-fund will generally hold assets that are components of the benchmark, it may invest in such components to different degrees and also hold assets that are not components of the benchmark. | ## OBJECTIFS
L'ODDO BHF Exklusiv: Polaris Balanced a pour objectif de générer une croissance du capital attrayante, pour une volatilité réduite, au travers de placements axés sur la valeur et de la mise en œuvre d'investissements plus durables que la moyenne. Le compartiment investit dans des proportions équilibrées dans des actions, des obligations et des placements sur le marché monétaire à l'échelle mondiale. La part des actions varie entre 35 et 60 %. Les placements obligataires se composent d’obligations d’État et d’entreprises ainsi que d’obligations hypothécaires. Jusqu'à 10 % du portefeuille-titres peuvent être investis dans des parts de fonds de placement et d'ETF. Jusqu'à 10 % du portefeuille-titres peuvent également être investis dans des certificats représentatifs de métaux précieux. Dans le cadre de la gestion du compartiment, il est également possible de recourir à des instruments financiers à terme. Conformément à l’article 8 du règlement SFDR**, le gérant du Fonds intègre les risques de durabilité dans son processus d’investissement en tenant compte des critères ESG (environnementaux, sociaux et de gouvernance) lors de la prise de décisions d’investissement ainsi que des principales incidences négatives de ces décisions sur les facteurs de durabilité. Le processus d’investissement repose sur l’intégration ESG, les exclusions normatives (notamment, Pacte mondial des Nations Unies, armes controversées), les exclusions sectorielles et une approche « best- in-class ». Les actifs dans lesquels le compartiment investit sont par conséquent soumis à des restrictions liées aux critères environnementaux, sociaux et de gouvernance (ESG). La Société de gestion observe les Principes pour l'investissement responsable des
Nations unies (« UN PRI ») en ce qui concerne les questions environnementales, sociales et de gouvernance et les applique également dans ses activités d'engagement, par exemple en exerçant ses droits de vote, en promouvant activement les droits des actionnaires et des créanciers et en dialoguant avec les émetteurs. Les émetteurs qui contreviennent de façon importante aux exigences du Pacte mondial des Nations unies sont exclus.
Les entreprises figurant dans l'indice MSCI ACWI*** (l'« Indice parent ») constituent l'univers d'investissement initial du compartiment, tant pour les actions que pour les obligations d'entreprises. En complément, le compartiment peut investir dans des entreprises ou des émetteurs des pays de l'OCDE affichant une capitalisation boursière ou un volume d'obligations émises d'au moins 100 millions d'euros. L'application d'un filtre ESG se traduit par l'exclusion d'au moins 20 % des sociétés reprises au sein de l'Indice parent. Au moins 90 % des émetteurs des titres en portefeuille sont évalués au regard de leur bilan ESG (à l'exception des investissements dans des fonds cibles, des certificats représentatifs de métaux précieux et des instruments du marché monétaire). L'accent est placé sur les entreprises et les pays qui affichent de solides performances en matière de durabilité. L'objectif est que la note de durabilité moyenne des actifs du compartiment s'établisse à « A ».
Le compartiment fait l’objet d’une gestion active. Son indice de référence**** est composé du STOXX Europe 50 (NR)® (40 %), du JPM EMU Investment Grade 1-10 years® (40 %), du MSCI USA® (10 %) et du JPM Euro Cash 1 M® (10 %) et constitue la base de la gestion interne des risques. Le compartiment ne le réplique pas à l’identique, mais vise à le surperformer, de sorte que d’importantes variations, tant à la hausse qu’à la baisse, sont possibles par rapport à l’indice de référence. C’est pourquoi la performance du compartiment peut s’écarter sensiblement de celle de l’indice de référence indiqué.
Le gérant du Fonds dispose des pleins pouvoirs sur la composition des actifs du compartiment. Si le compartiment détiendra en règle générale des actifs qui sont des composantes de l’indice de référence, il peut investir dans ces composantes à des degrés divers et détenir également des actifs qui ne sont pas des composantes de l’indice de référence. | ## OBJECTIVES
The objective of investing in ODDO BHF Exklusiv: Polaris Balanced is to generate attractive asset growth with limited volatility using a value- based approach and constructing a portfolio of sub-fund investments with above-average sustainability. The sub-fund invests worldwide in a balanced combination of equities, bonds and money market investments. The equity allocation fluctuates between 35% and 60%. Fixed income investments comprise primarily government and corporate bonds as well as Pfandbriefe. Up to 10% of assets can be invested in units of investment funds and ETFs. Up to 10% of assets can also be invested in precious metal certificates. The sub-fund may also be managed using financial futures. In accordance with Article 8 of the SFDR**, the Fund Manager incorporates sustainability risks into its investment process by taking into account both the ESG (environmental, social and governance) characteristics of investment decisions and any significant negative impacts that investment decisions may have on sustainability factors. The investment process is based on ESG integration, normative screening (including UN Global Compact, controversial weapons), sector exclusions and a best-in-class approach. The sub-fund is therefore subject to environmental, social and ethical (“ESG” – Environmental, Social and Governance) restrictions with regard to assets. The management company observes and applies the United Nations Principles for Responsible Investment (“UN PRI”) with respect to environmental, social
and governance issues in its engagement activities, e.g. by exercising voting rights, actively exercising shareholder and creditor rights and through dialogue with issuers. Issuers that significantly violate the requirements of the UN Global Compact are excluded.
Companies included in the MSCI ACWI Index*** (the “parent index”) represent the starting point for the sub-fund’s investment universe for both equities and corporate bonds. The sub-fund may also invest in companies or issuers from OECD countries with a market capitalisation of at least EUR 100 million or with at least EUR 100 million in bonds issued. An ESG filter is applied, resulting in the exclusion of at least 20% of the companies included in the parent Index. At least 90% of the issuers are assessed with regard to their ESG record (excluding target fund investments, precious metals certificates and money market instruments). The focus is on companies and countries with a high sustainability performance. The target is an average sustainability rating of “A” for the sub-fund's assets.
The sub-fund is actively managed and follows the STOXX Europe 50 (NR)® (40%), the JPM EMU Investment Grade 1-10 years® (40%), the MSCI USA® (10%) and the JPM Euro Cash 1 M® (10%) as its benchmark indices****, which form the basis for internal risk management. It seeks to outperform the benchmark rather than replicate it exactly. As a result, significant differences, both positive and negative, are possible. For that reason, sub-fund performance may differ significantly from the performance of the given benchmark indices.
The fund manager has full control over the composition of the assets in the sub-fund. While the sub-fund will generally hold assets that are components of the benchmark, it may invest in such components to different degrees and also hold assets that are not components of the benchmark. | en | fr |
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