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DOLFIN8900 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Subordinated and Senior Bonds Certain Master
Sub-Funds may invest in subordinated bonds which, in the case of insolvency of the issuer, rank below other debt instruments in relation to repayment, in particular below senior bonds which take priority over other debt instruments of the issuer. The chance of receiving any repayment of subordinated bonds on insolvency is reduced and therefore subordinated bonds represent a greater risk to the investor. Further, senior bonds will not necessarily receive the full amount they are owed.
Distressed Securities Some Master Sub-Funds may hold distressed securities. These securities may have become the subject of bankruptcy proceedings or in repayment default or have low credit ratings assessed by a credit rating agency. Distressed securities are speculative and involve significant risk. They may frequently not produce income while they are outstanding and may require the Master Sub-Fund to bear certain extraordinary expenses
in order to protect and recover its holding. This may diminish a Master Sub-Fund’s ability to achieve income. A Master Sub-Fund may subject to significant uncertainty as to the outcome of any plan in respect of the distressed securities (liquidation, re-organisation, exchange offer etc.) and ultimately the value derived from the distressed securities or form other assets or securities resulting from an exchange offer or reorganisation.
Concentration Risk Some Master Sub-Funds may concentrate their investments in a specific sector or country. This means that the Master Sub-Fund is more sensitive to specific economic, market, political or regulatory events related to the sector or country.
Volatility Futures Master Sub-Funds may invest in volatility futures and options. These futures and options are forms of exchange-traded derivatives. Volatility futures refer to the volatility implied in option pricing. The main rationale for investing in these futures is that the volatility can be viewed as an asset class on its own. Each Master Sub-Fund will only invest in volatility futures traded on regulated markets and the stock indices underlying the volatility indices will comply with article 44(1) of the 2010 Law. | ### Nachrangige und vorrangige Anleihen: Bestimmte Master-Teilfonds können in nachrangige Anleihen investieren, die im Falle der Insolvenz des Emittenten
hinsichtlich der Rückzahlung im Rang niedriger sind als andere Schuldinstrumente, insbesondere niedriger als vorrangige Anleihen, die anderen Schuldinstrumenten des Emittenten im Rang vorgehen. Die Wahrscheinlichkeit, nach einer Insolvenz eine Rückzahlung von nachrangigen Anleihen zu erhalten, ist verringert, und somit stellen nachrangige Anleihen für den Anleger ein größeres Risiko dar. Des Weiteren wird bei vorrangigen Anleihen nicht notwendigerweise der volle geschuldete Betrag ausgezahlt.
Notleidende Wertpapiere: Einige Master-Teilfonds können notleidende Wertpapiere halten. Diese Wertpapiere können Gegenstand eines Konkursverfahrens sein oder sich anderweitig mit der Rückzahlung in Verzug befinden, oder eine niedrige Bonitätseinstufung von einer Ratingagentur haben. Notleidende Wertpapiere sind spekulativ und beinhalten wesentliche Risiken. Sie haben oft keine Erträge, während sie sich im Umlauf befinden, und können es erforderlich machen, dass der Master-Teilfonds bestimmte außerordentliche Kosten trägt, um seinen Anteilsbesitz
zu schützen und zurückzuerlangen. Hierdurch kann die Fähigkeit eines Master-Teilfonds, Erträge zu erzielen, geschwächt werden. Ein Master-Teilfonds kann erheblichen Unsicherheiten unterliegen, was das Ergebnis eines Plans bezüglich der notleidenden Wertpapiere (Liquidation, Umstrukturierung, Tauschangebot usw.) und letztlich den Wert betri@, der sich aus den notleidenden Wertpapieren oder anderen, aus einem Tauschangebot oder einer Umstrukturierung stammenden Vermögenswerten oder Wertpapieren ergibt.
Konzentrationsrisiko: Einige Master-Teilfonds können ihre Anlagen in einem bestimmten Sektor oder Land konzentrieren. Das bedeutet, dass der Master-Teilfonds gegenüber bestimmten wirtschaftlichen, marktbezogenen, politischen oder regulatorischen Ereignissen, die den Sektor oder das Land betreffen, empfindlicher ist.
Volatilitäts-Futures: Master-Teilfonds können in Volatilitäts-Futures und Optionen investieren. Diese Futures und Optionen sind Formen börsengehandelter Derivate. Volatilitäts-Futures beziehen sich auf die in den Optionspreis enthaltene Volatilität. Die Hauptüberlegung bei Anlagen in diesen Futures ist, dass die Volatilität als eigene Anlageklasse gesehen werden kann. Die einzelnen Master-Teilfonds investieren nur in Volatilitäts-Futures, die an geregelten Märkten gehandelt werden, und die Aktienindizes, die die Basiswerte für die Volatilitätsindizes bilden, müssen Artikel 44(1) des Gesetzes von 2010 erfüllen. | ### Subordinated and Senior Bonds Certain Master
Sub-Funds may invest in subordinated bonds which, in the case of insolvency of the issuer, rank below other debt instruments in relation to repayment, in particular below senior bonds which take priority over other debt instruments of the issuer. The chance of receiving any repayment of subordinated bonds on insolvency is reduced and therefore subordinated bonds represent a greater risk to the investor. Further, senior bonds will not necessarily receive the full amount they are owed.
Distressed Securities Some Master Sub-Funds may hold distressed securities. These securities may have become the subject of bankruptcy proceedings or in repayment default or have low credit ratings assessed by a credit rating agency. Distressed securities are speculative and involve significant risk. They may frequently not produce income while they are outstanding and may require the Master Sub-Fund to bear certain extraordinary expenses
in order to protect and recover its holding. This may diminish a Master Sub-Fund’s ability to achieve income. A Master Sub-Fund may subject to significant uncertainty as to the outcome of any plan in respect of the distressed securities (liquidation, re-organisation, exchange offer etc.) and ultimately the value derived from the distressed securities or form other assets or securities resulting from an exchange offer or reorganisation.
Concentration Risk Some Master Sub-Funds may concentrate their investments in a specific sector or country. This means that the Master Sub-Fund is more sensitive to specific economic, market, political or regulatory events related to the sector or country.
Volatility Futures Master Sub-Funds may invest in volatility futures and options. These futures and options are forms of exchange-traded derivatives. Volatility futures refer to the volatility implied in option pricing. The main rationale for investing in these futures is that the volatility can be viewed as an asset class on its own. Each Master Sub-Fund will only invest in volatility futures traded on regulated markets and the stock indices underlying the volatility indices will comply with article 44(1) of the 2010 Law. | en | de |
DOLFIN8901 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# DEALING IN SHARES IN THE SECONDARY MARKET
It is the intention of the Company for each of its Funds to qualify as an ETF through having its Shares listed on one or more Relevant Stock Exchanges. The purpose of the listing of the Shares on Relevant Stock Exchanges is to enable investors to buy and sell Shares on the secondary market, normally via a broker/dealer or third party administrator, in smaller quantities than would be possible if they were to subscribe and/or redeem Shares through the Company in the primary market. Upon such listings there is an expectation that members of the Relevant Stock Exchanges will act as market makers and provide offer and bid prices at which the Shares can be purchased or sold, respectively, by investors in accordance with the requirements of the Relevant Stock Exchange. The spread between such bid and offer prices is typically monitored by the Relevant Stock Exchanges. Certain Authorised Participants who subscribe for Shares may act as market makers; other Authorised Participants are expected to subscribe for Shares in order to be able to offer to buy Shares from or sell Shares to their customers as part of their broker/dealer business. Through such Authorised Participants being able to subscribe for or redeem Shares, a liquid and efficient secondary market may develop over time on one or more Relevant Stock Exchanges and/or other stock exchanges as they meet secondary market demand for such Shares. Through the operation of such a secondary market, persons who are not Authorised Participants will be able to buy Shares from or sell Shares to other secondary market investors or market makers, broker/dealers, or other Authorised Participants at prices which should approximate, after currency conversion, the Net Asset Value of the Shares.
Unless otherwise stated in the Supplement for the relevant Fund, it is contemplated that application will be made to list the Shares of each Fund on one or more Relevant Stock Exchanges. The Company does not charge any transfer fee for purchases of Shares on the secondary market. Orders to buy Shares on the secondary market may incur costs over which the Company has no control. The approval of any listing particulars pursuant to the listing requirements of the Relevant Stock Exchange does not constitute a warranty or representation by such Relevant Stock Exchange as to the competence of the service providers or as to the adequacy of information contained in the listing particulars or the suitability of the Shares for investment or for any other purpose.
If the Directors decide to create additional Funds or Classes it may in its discretion apply for the Shares of such Funds to be listed on the Relevant Stock Exchange. For so long as the Shares of any Fund are listed on any Relevant Stock Exchange, the Fund shall endeavor to comply with the requirements of the Relevant Stock Exchange relating to those Shares. For the purposes of compliance with the national laws and regulations concerning the offering and/or listing of the Shares outside Ireland this document may have attached to it one or more documents setting out information relevant for the jurisdictions in which the Shares are offered for subscription. Each Class of Shares of a Fund may be listed on one or more Relevant Stock Exchanges, further details of which will be set out in the relevant Supplement.
Investors in the secondary market should be aware that the market price of a Share listed on a Relevant Stock Exchange may not reflect the Net Asset Value per Share. Any transactions in the Shares of a Fund on a Relevant Stock Exchange will be subject to the customary brokerage commissions and/or transfer taxes associated with the trading and settlement through the Relevant Stock Exchange. The settlement of trades in Shares on Relevant Stock Exchanges will be through the facilities of one or more Recognized Clearing Systems following applicable procedures which are available from the Relevant Stock Exchanges. Details in respect of the Clearstream International Settlement are outlined in the Prospectus under the heading “Dealing and Settlement”. There can be no guarantee once the Shares are listed on a Relevant Stock Exchange that they will remain listed. Investors wishing to purchase or redeem Shares on the secondary market should contact their broker or third party administrator. Further details of the Relevant Stock Exchanges for each Fund are set out in the relevant Supplement.
In circumstances where the market price of a Share listed on a Relevant Stock Exchange significantly varies from the Net Asset Value per Share, investors that have bought Shares on the secondary market will be offered a facility to sell Shares directly back to the Company. In such circumstances the Company will notify the Relevant Stock Exchange of the availability of this facility and the redemption price for any Shares so redeemed will be the Net Asset value per Share less applicable fees and costs (which shall not be excessive). Further details will be provided to investors by the Administrator at that time and the availability of any such redemption facility will be subject to completion and provision of certain documentation including anti-money laundering and terrorist financing checks. | # NÉGOCIER LES ACTIONS SUR LE MARCHÉ SECONDAIRE
La Société prévoit d’obtenir le statut d’ETF pour tous ses Fonds et, pour cela, d’inscrire ses Actions à la cotation d’un ou plusieurs Marchés réglementés appropriés. Ainsi, la cotation des Actions sur un Marché réglementé approprié permettra aux investisseurs d’acheter et de vendre des Actions sur le marché secondaire, normalement par l’intermédiaire d’une société de courtage ou d’un agent administratif tiers, mais en plus petites quantités que s’ils souscrivaient ou demandaient le rachat de leurs Actions directement via la Société sur le premier marché. Ces inscriptions à la cote devraient encourager les membres des Marchés boursiers appropriés à agir en tant que teneurs de marché et donc à fournir des cours acheteurs et vendeurs pour que les investisseurs puissent acheter et vendre des Actions conformément aux exigences du Marché boursier approprié. L’écart entre ces cours acheteurs et vendeurs est traditionnellement contrôlé par les Marchés boursiers appropriés. Certains Participants autorisés qui souscrivent des Actions peuvent agir en tant que teneurs de marché ; d’autres souscriront sans doute des Actions pour pouvoir proposer des Actions à acheter de, ou à vendre à, leurs clients dans le cadre de leur activité de courtiers. La capacité de ces Participants autorisés à souscrire ou racheter des Actions devrait permettre le développement d’un marché secondaire liquide et efficient sur un ou plusieurs Marchés boursiers appropriés et/ou bourses de valeurs au fur et à mesure qu’ils satisferont la demande d’un marché secondaire pour ces Actions. Le fonctionnement de ce marché secondaire permettra aux personnes qui ne sont pas des Participants autorisés d’acheter des Actions auprès de, et de vendre des Actions à, d’autres investisseurs ou teneurs de marché sur le marché secondaire, des courtiers ou autres Participants Autorisés à des cours proches, après conversion des devises, de la Valeur nette d’inventaire des Actions.
Sauf indication contraire dans le Supplément afférent au Fonds concerné, il est prévu de déposer une demande d’inscription à la cote des Actions de chaque Fonds sur un ou plusieurs Marché(s) boursier(s) approprié(s). La Société ne facture aucun frais de transfert sur l’achat d’Actions sur le marché secondaire. Les ordres d’achat d’Actions sur le marché secondaire peuvent donner lieu à des frais hors du contrôle de la Société. L’approbation des caractéristiques de cotation en vertu des exigences d’un Marché boursier approprié ne constitue pas une garantie ou une déclaration dudit Marché boursier approprié quant à la compétence des prestataires de services ou à la véracité des informations contenues dans les caractéristiques de cotation ou du caractère approprié des Actions aux fins d’investissement ou pour tout autre objectif.
Si les Administrateurs décident de créer des Fonds ou Catégories supplémentaires, ils peuvent, à leur discrétion, demander l’inscription des Actions de ces Fonds à la cote d’un Marché boursier approprié. Tant que les Actions d’un Fonds seront cotées sur un Marché boursier approprié, ce Fonds s’efforcera de respecter les exigences dudit Marché relatives à ces Actions. Pour répondre aux besoins de conformité aux lois et réglementations nationales sur l’offre et/ou la cotation des Actions hors d’Irlande, le présent document peut être accompagné d’un ou plusieurs autres documents qui exposent les informations sur la juridiction dans laquelle les Actions sont proposées à la souscription. Toutes les Catégories d’Actions d’un Fonds peuvent être cotées sur un ou plusieurs Marchés boursiers appropriés, qui sont présentés en détail dans le Supplément afférent au Fonds concerné.
L’attention des investisseurs sur le marché secondaire est attirée sur le fait que le cours de marché d’une Action cotée sur un Marché boursier approprié peut être différent de la Valeur nette d’inventaire par Action. Les transactions d’Actions d’un Fonds sur un Marché boursier approprié supportent les commissions de courtage habituelles et les taxes de transfert associées à la négociation et au règlement via ce Marché boursier approprié. Le règlement des négociations d’Actions sur un Marché boursier approprié est effectué par un ou plusieurs Systèmes de compensation reconnus selon les procédures disponibles des Marchés boursiers appropriés. Les procédures de Règlement international Clearstream sont décrites dans le Prospectus dans la section intitulée « Négociation et Règlement ». Il ne peut être garanti que l’inscription à la cote des Actions sur un Marché boursier approprié sera maintenue. Il est recommandé aux investisseurs qui veulent acheter ou vendre des Actions sur le marché secondaire de consulter leur courtier ou un agent administratif tiers. Vous trouverez des renseignements détaillés sur le Marché boursier approprié de chaque Fonds dans le Supplément afférent à ce Fonds.
Si le prix du marché d’une Action coté sur un marché boursier donné varie fortement par rapport à la valeur nette d’inventaire par action, les investisseurs qui ont acheté les actions sur le marché secondaire pourront revendre les actions directement à la Société. Dans ces conditions, la Société informera le marché boursier correspondant de la disponibilité de cette option et le prix de rachat des actions correspondra à la valeur nette d’inventaire par action moins les frais et coûts applicables (qui doivent rester raisonnables). Des détails supplémentaires seront fournis aux investisseurs par l’agent administratif en temps opportun et la disponibilité de cette facilité de rachat sera soumise à la remise de certains documents, notamment les documents anti-blanchiment d’argent et financement du terrorisme. | # DEALING IN SHARES IN THE SECONDARY MARKET
It is the intention of the Company for each of its Funds to qualify as an ETF through having its Shares listed on one or more Relevant Stock Exchanges. The purpose of the listing of the Shares on Relevant Stock Exchanges is to enable investors to buy and sell Shares on the secondary market, normally via a broker/dealer or third party administrator, in smaller quantities than would be possible if they were to subscribe and/or redeem Shares through the Company in the primary market. Upon such listings there is an expectation that members of the Relevant Stock Exchanges will act as market makers and provide offer and bid prices at which the Shares can be purchased or sold, respectively, by investors in accordance with the requirements of the Relevant Stock Exchange. The spread between such bid and offer prices is typically monitored by the Relevant Stock Exchanges. Certain Authorised Participants who subscribe for Shares may act as market makers; other Authorised Participants are expected to subscribe for Shares in order to be able to offer to buy Shares from or sell Shares to their customers as part of their broker/dealer business. Through such Authorised Participants being able to subscribe for or redeem Shares, a liquid and efficient secondary market may develop over time on one or more Relevant Stock Exchanges and/or other stock exchanges as they meet secondary market demand for such Shares. Through the operation of such a secondary market, persons who are not Authorised Participants will be able to buy Shares from or sell Shares to other secondary market investors or market makers, broker/dealers, or other Authorised Participants at prices which should approximate, after currency conversion, the Net Asset Value of the Shares.
Unless otherwise stated in the Supplement for the relevant Fund, it is contemplated that application will be made to list the Shares of each Fund on one or more Relevant Stock Exchanges. The Company does not charge any transfer fee for purchases of Shares on the secondary market. Orders to buy Shares on the secondary market may incur costs over which the Company has no control. The approval of any listing particulars pursuant to the listing requirements of the Relevant Stock Exchange does not constitute a warranty or representation by such Relevant Stock Exchange as to the competence of the service providers or as to the adequacy of information contained in the listing particulars or the suitability of the Shares for investment or for any other purpose.
If the Directors decide to create additional Funds or Classes it may in its discretion apply for the Shares of such Funds to be listed on the Relevant Stock Exchange. For so long as the Shares of any Fund are listed on any Relevant Stock Exchange, the Fund shall endeavor to comply with the requirements of the Relevant Stock Exchange relating to those Shares. For the purposes of compliance with the national laws and regulations concerning the offering and/or listing of the Shares outside Ireland this document may have attached to it one or more documents setting out information relevant for the jurisdictions in which the Shares are offered for subscription. Each Class of Shares of a Fund may be listed on one or more Relevant Stock Exchanges, further details of which will be set out in the relevant Supplement.
Investors in the secondary market should be aware that the market price of a Share listed on a Relevant Stock Exchange may not reflect the Net Asset Value per Share. Any transactions in the Shares of a Fund on a Relevant Stock Exchange will be subject to the customary brokerage commissions and/or transfer taxes associated with the trading and settlement through the Relevant Stock Exchange. The settlement of trades in Shares on Relevant Stock Exchanges will be through the facilities of one or more Recognized Clearing Systems following applicable procedures which are available from the Relevant Stock Exchanges. Details in respect of the Clearstream International Settlement are outlined in the Prospectus under the heading “Dealing and Settlement”. There can be no guarantee once the Shares are listed on a Relevant Stock Exchange that they will remain listed. Investors wishing to purchase or redeem Shares on the secondary market should contact their broker or third party administrator. Further details of the Relevant Stock Exchanges for each Fund are set out in the relevant Supplement.
In circumstances where the market price of a Share listed on a Relevant Stock Exchange significantly varies from the Net Asset Value per Share, investors that have bought Shares on the secondary market will be offered a facility to sell Shares directly back to the Company. In such circumstances the Company will notify the Relevant Stock Exchange of the availability of this facility and the redemption price for any Shares so redeemed will be the Net Asset value per Share less applicable fees and costs (which shall not be excessive). Further details will be provided to investors by the Administrator at that time and the availability of any such redemption facility will be subject to completion and provision of certain documentation including anti-money laundering and terrorist financing checks. | en | fr |
DOLFIN8902 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Net Asset Value Publication: The Net Asset Value per share is available at www.axa-im.com, and at the registered office of the Management Company.
Tax Legislation: The Fund is subject to the tax laws and regulations of Ireland. Depending on your own country of residence this might have an impact on your investments. For further details, you should consult a tax adviser.
Liability Statement: AXA Investment Managers Paris may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
Switching between Funds: Shareholders may apply for any share classes of any Funds to be converted into share classes of another Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request. | ## Publicación del valor liquidativo: El valor liquidativo por acción está disponible en www.axa-im.com y en el domicilio social de la empresa.
Legislación fiscal: El Fondo está sometido a las leyes y normas fiscales de Irelanda. En función del país en el que usted resida, sus inversiones podrían verse afectadas. Si desea conocer más detalles, le recomendamos que consulte a un asesor fiscal.
Declaración de responsabilidad: AXA Investment Managers Paris responderá únicamente sobre la base de cualquier declaración incluida en este documento que sea errónea, inexacta o incoherente con la información correspondiente del folleto del Fondo.
Cambiar entre Fondos: Los accionistas pueden solicitar que cualquiera de las clases de acciones de cualquier Fondo sea convertida en clases de acciones de otro Fondo, siempre y cuando se cumplan las condiciones para acceder a la clase, tipo o subtipo de acciones objetivo en relación a este Fondo, sobre la base de sus valores liquidativos respectivos calculados el día de valoración siguiente a la recepción de la solicitud de conversión. | ## Net Asset Value Publication: The Net Asset Value per share is available at www.axa-im.com, and at the registered office of the Management Company.
Tax Legislation: The Fund is subject to the tax laws and regulations of Ireland. Depending on your own country of residence this might have an impact on your investments. For further details, you should consult a tax adviser.
Liability Statement: AXA Investment Managers Paris may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
Switching between Funds: Shareholders may apply for any share classes of any Funds to be converted into share classes of another Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request. | en | es |
DOLFIN8903 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The investment objective of the sub-fund is to outperform the benchmark MSCI World Net Total Return EUR Index (MSDEWIN Index). These investments in equities and other equity securities are made worldwide. The sub-fund is actively managed. The sub-fund is an equity fund.
The equity portion of the sub-fund assets will always be at least 51% (gross). When acquiring equities, the Fund may acquire certain permissible Chinese A- shares under the Shanghai and Shenzhen Hong Kong Stock Connect ("SHSC") Programme. The use of the SHSC programme serves as an additional investment opportunity for the Fund.
The sub-fund does not acquire units in funds (UCITS and/or UCIs), regardless of their legal form. The sub-fund is therefore eligible as a target fund as specified in Article 41(1)(e) of the Law of 2010.
Article 8 of Regulation (EU) 2019/2088 and Article 6 of Regulation (EU) 2020/852 (EU taxonomy) apply to this sub-fund. MainFirst Holding AG, to which the sub-fund investment manager belongs, has signed the UN PRI (UN-supported Principles for Responsible Investment). The sub-fund's sustainability strategy aims to demonstrate a better ESG risk profile than the benchmark on average. The benchmark used to guide the sub-fund's investment strategy does not focus on the fund's environmental and social characteristics. A description of the method of calculating the benchmark market can be found at www.msci.com. Detailed information on the Management Company's responsible investment principles and the naming of sustainability rating agencies used can be found at www.mainfirst.com.
In principle, investors may redeem their shares on any banking day in Luxembourg, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors. | # Objetivos y política de inversión
El objetivo de inversión del subfondo es superar la rentabilidad del índice de referencia MSCI World Net Total Return EUR Index (índice MSDEWIN). Estas inversiones en acciones y otros valores de participación se realizan en todo el mundo. Es un subfondo de gestión activa. Este subfondo es un fondo de acciones.
El porcentaje de acciones del patrimonio del subfondo será siempre de al menos el 51 % (bruto). A la hora de adquirir acciones, el fondo tiene la opción de adquirir acciones A chinas elegibles a través del programa Shanghai and Shenzhen Hong Kong Stock Connect («SHSC»). El uso del programa SHSC sirve como una oportunidad de inversión adicional para el fondo.
El subfondo no adquiere participaciones en fondos (OICVM u OIC), independientemente de su forma jurídica. Por lo tanto, el subfondo puede concebirse como fondo objetivo de conformidad con el artículo 41 (1) e) de la Ley de 2010.
El artículo 8 del Reglamento (UE) 2019/2088 y el artículo 6 del Reglamento (UE) 2020/852 (Taxonomía de la UE) se aplican a este subfondo. La MainFirst Holding AG, a la que pertenece el gestor de inversiones del subfondo, ha firmado los Principios para la Inversión Responsable promovidos por las Naciones Unidas (UN PRI, United Nations-supported Principles for Responsible Investment). La estrategia de sostenibilidad del subfondo tiene como objetivo presentar, de media, un perfil de riesgo ASG mejor que el del índice de referencia. El índice de referencia en el que se orienta la estrategia de inversión del subfondo no está orientado a las características medioambientales y sociales del fondo. Se puede consultar una descripción del método de cálculo del índice de referencia en www.msci.com. Puede encontrar información detallada sobre los principios de inversión responsable de la sociedad gestora y el nombre de las agencias de calificación de la sostenibilidad consultadas en www.mainfirst.com.
Por regla general, los inversores podrán reembolsar sus participaciones en cualquier día hábil a efectos bancarios en Luxemburgo, a excepción del 24 y el 31 de diciembre. Se podrá suspender el reembolso de las participaciones si esta medida resulta necesaria a la luz de circunstancias extraordinarias y teniendo en cuenta los intereses de los inversores. | # Objectives and investment policy
The investment objective of the sub-fund is to outperform the benchmark MSCI World Net Total Return EUR Index (MSDEWIN Index). These investments in equities and other equity securities are made worldwide. The sub-fund is actively managed. The sub-fund is an equity fund.
The equity portion of the sub-fund assets will always be at least 51% (gross). When acquiring equities, the Fund may acquire certain permissible Chinese A- shares under the Shanghai and Shenzhen Hong Kong Stock Connect ("SHSC") Programme. The use of the SHSC programme serves as an additional investment opportunity for the Fund.
The sub-fund does not acquire units in funds (UCITS and/or UCIs), regardless of their legal form. The sub-fund is therefore eligible as a target fund as specified in Article 41(1)(e) of the Law of 2010.
Article 8 of Regulation (EU) 2019/2088 and Article 6 of Regulation (EU) 2020/852 (EU taxonomy) apply to this sub-fund. MainFirst Holding AG, to which the sub-fund investment manager belongs, has signed the UN PRI (UN-supported Principles for Responsible Investment). The sub-fund's sustainability strategy aims to demonstrate a better ESG risk profile than the benchmark on average. The benchmark used to guide the sub-fund's investment strategy does not focus on the fund's environmental and social characteristics. A description of the method of calculating the benchmark market can be found at www.msci.com. Detailed information on the Management Company's responsible investment principles and the naming of sustainability rating agencies used can be found at www.mainfirst.com.
In principle, investors may redeem their shares on any banking day in Luxembourg, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors. | en | es |
DOLFIN8904 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
To the extent Shares are issued in dematerialised form, such Shares may also be transferred in accordance with the rules of the relevant Recognised Clearing System. Persons dealing in Recognised Clearing Systems may be required to provide a representation that any transferee is a Qualified Holder. The Directors may decline to register any transfer of Shares to any person or entity that is not a Qualified Holder.
If in consequence of a transfer the transferor or transferee would hold less than the relevant minimum holding, if there is such a minimum holding, or would otherwise infringe the restrictions on holding Shares outlined above or if the transfer might result in the Company incurring any liability to taxation or suffering pecuniary disadvantages which the Company might not otherwise have incurred or suffered, or the Company being required to register under the 1940 Act (or similar successor statute), or to register any class of Shares under the 1933 Act (or similar successor statute), the Directors may decline to register the transfer of a Share to such person. The registration of transfers may be suspended at such times and for such periods as the Directors may from time to time determine, provided always that such registration shall not be suspended for more than thirty days in any year. The Directors may decline to register any transfer of Shares unless the instrument of transfer is deposited at the registered office of the Company or at such other place as the Directors may reasonably require together with such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer. The transferee will be required to complete an Account Opening Form which includes a declaration that the proposed transferee is not a US Person or is acquiring Shares on behalf of a US Person.
- ConfirmationsA written confirmation of trade will be sent to the Authorised Participant following the Dealing Day. Shares will not normally be issued until such time as the Company is satisfied with all the information and documentation required to identify the applicant and is satisfied that the relevant Investments and Cash Component for in kind subscriptions or cash for cash subscriptions (including directed cash subscriptions) have been received by it.
- Mandatory Redemption of SharesInvestors are required to notify the Company immediately in the event that they cease to be Qualified Holders. Investors who cease to be Qualified Holders will be required to dispose of their Shares to Qualified Holders on the next Dealing Day thereafter unless the Shares are held pursuant to an exemption which would allow them to hold the Shares. The Company reserves the right to redeem or require the transfer of any Shares which are or become owned, directly or indirectly, by a non Qualified Holder. If any investor or beneficial owner of any Shares fails to disclose information requested by the Company regarding such investor or beneficial owner and, due to such non- disclosure or inadequate disclosure, the Directors believe that there is an issue regarding such person being a non- Qualified Holder, the Company shall have the right to redeem or require the transfer (in accordance with the provisions of the Articles) of the Shares held by or for the benefit of such person. | Sofern Anteile in stückeloser Form begeben werden, können diese Anteile ebenso entsprechend den Richtlinien des jeweiligen anerkannten Clearingsystems übertragen werden. Von Personen, die in anerkannten Clearingsystemen Abschlüsse tätigen, kann eine Erklärung verlangt werden, dass der Erwerber ein qualifizierter Inhaber ist. Der Verwaltungsrat kann die Registrierung einer Anteilsübertragung an eine Person oder eine Körperschaft, die kein qualifizierter Inhaber ist, verweigern.
Wenn aufgrund einer Übertragung der Bestand des Übertragenden oder des Übertragungsempfängers unter dem jeweiligen (gegebenenfalls geltenden) Mindestanteilsbestand liegt oder der Übertragende oder der Übertragungsempfänger die oben erwähnten Beschränkungen hinsichtlich des Anteilsbesitzes anderweitig verletzen würde oder wenn die Übertragung dazu führen könnte, dass der Gesellschaft Steuern oder finanzielle Nachteile entstehen, die ihr andernfalls nicht entstanden wären, oder dass die Gesellschaft gemäß dem Gesetz von 1940 (oder einem vergleichbaren Nachfolgegesetz) registriert werden muss oder dass die Gesellschaft eine Anteilklasse gemäß dem Gesetz von 1933 (oder einem vergleichbaren Nachfolgegesetz) registrieren muss, kann der Verwaltungsrat die Eintragung der Übertragung von Anteilen an eine solche Person ablehnen. Die Eintragung von Übertragungen kann zu gewissen Zeiten und für gewisse Zeiträume, die vom Verwaltungsrat von Zeit zu Zeit bestimmt werden, ausgesetzt werden, jedoch auf keinen Fall für mehr als dreißig Tage pro Jahr. Die Verwaltungsratsmitglieder können die Eintragung einer Anteilsübertragung zurückweisen, wenn die Übertragungsurkunde nicht gemeinsam mit anderen, von den Verwaltungsratsmitgliedern begründeterweise als Nachweis des Rechts des Übertragenden auf die Vornahme einer solchen Übertragung geforderten Nachweisen beim Geschäftssitz der Gesellschaft oder einem anderen, von der Gesellschaft begründeterweise geforderten Ort hinterlegt wird. Der Erwerber muss einen Kontoeröffnungsantrag ausfüllen, der eine Erklärung darüber enthält, dass der vorgeschlagene Erwerber keine US-Person ist bzw. die Anteile nicht im Auftrag einer US-Person erwirbt.
- BestätigungenDem zugelassenen Teilnehmer wird nach dem Handelstag eine schriftliche Handelsbestätigung zugeschickt. Anteile werden normalerweise erst dann ausgegeben, wenn die Gesellschaft hinsichtlich aller zur Identifizierung des Antragstellers erforderlichen Informationen und Unterlagen zufriedengestellt ist und sich davon überzeugt hat, dass sie die entsprechenden Wertpapiere sowie die Barkomponente bei Zeichnungen gegen Sachleistung oder den entsprechenden Barbetrag bei Barzeichnungen (einschließlich angewiesener Zeichnungen gegen Barzahlungen) erhalten hat.
- Zwangsweise Rücknahme von AnteilenAnleger sind verpflichtet, die Gesellschaft unverzüglich zu informieren, falls sie keine qualifizierten Inhaber mehr sind. Anleger, die keine qualifizierten Inhaber mehr sind, müssen ihre Anteile am nächsten Handelstag an qualifizierte Inhaber verkaufen, es sei denn, die Anteile werden unter einer Ausnahmeregelung gehalten, die ihnen den Anteilsbesitz erlaubt. Die Gesellschaft behält sich das Recht vor, Anteile, die direkt oder indirekt im Besitz eines nicht qualifizierten Inhabers sind oder in dessen Besitz gelangen, zurückzunehmen bzw. ihre Übertragung zu verlangen. Sollte ein Anleger oder wirtschaftlicher Eigentümer von Anteilen in Bezug auf diesen Anleger oderwirtschaftlichen Eigentümer von der Gesellschaft geforderte Informationen nicht offenlegen und aufgrund einer solchen unterlassenen oder unzureichenden Offenlegung der Verwaltungsrat der Ansicht sein, dass es sich bei einer solchen Person um einen nicht qualifizierten Inhaber handeln könnte, so ist die Gesellschaft berechtigt, die von oder zugunsten der betreffenden Person gehaltenen Anteile zurückzunehmen oder deren Übertragung (gemäß den Bestimmungen der Satzung) zu verlangen. | To the extent Shares are issued in dematerialised form, such Shares may also be transferred in accordance with the rules of the relevant Recognised Clearing System. Persons dealing in Recognised Clearing Systems may be required to provide a representation that any transferee is a Qualified Holder. The Directors may decline to register any transfer of Shares to any person or entity that is not a Qualified Holder.
If in consequence of a transfer the transferor or transferee would hold less than the relevant minimum holding, if there is such a minimum holding, or would otherwise infringe the restrictions on holding Shares outlined above or if the transfer might result in the Company incurring any liability to taxation or suffering pecuniary disadvantages which the Company might not otherwise have incurred or suffered, or the Company being required to register under the 1940 Act (or similar successor statute), or to register any class of Shares under the 1933 Act (or similar successor statute), the Directors may decline to register the transfer of a Share to such person. The registration of transfers may be suspended at such times and for such periods as the Directors may from time to time determine, provided always that such registration shall not be suspended for more than thirty days in any year. The Directors may decline to register any transfer of Shares unless the instrument of transfer is deposited at the registered office of the Company or at such other place as the Directors may reasonably require together with such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer. The transferee will be required to complete an Account Opening Form which includes a declaration that the proposed transferee is not a US Person or is acquiring Shares on behalf of a US Person.
- ConfirmationsA written confirmation of trade will be sent to the Authorised Participant following the Dealing Day. Shares will not normally be issued until such time as the Company is satisfied with all the information and documentation required to identify the applicant and is satisfied that the relevant Investments and Cash Component for in kind subscriptions or cash for cash subscriptions (including directed cash subscriptions) have been received by it.
- Mandatory Redemption of SharesInvestors are required to notify the Company immediately in the event that they cease to be Qualified Holders. Investors who cease to be Qualified Holders will be required to dispose of their Shares to Qualified Holders on the next Dealing Day thereafter unless the Shares are held pursuant to an exemption which would allow them to hold the Shares. The Company reserves the right to redeem or require the transfer of any Shares which are or become owned, directly or indirectly, by a non Qualified Holder. If any investor or beneficial owner of any Shares fails to disclose information requested by the Company regarding such investor or beneficial owner and, due to such non- disclosure or inadequate disclosure, the Directors believe that there is an issue regarding such person being a non- Qualified Holder, the Company shall have the right to redeem or require the transfer (in accordance with the provisions of the Articles) of the Shares held by or for the benefit of such person. | en | de |
DOLFIN8905 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Management Company may stipulate for the Fund that transferable securities, money market instruments, derivative financial instruments (derivatives) and other assets officially listed on a securities exchange are valued at the latest available closing price which provides a reliable valuation. Details regarding this can be found in the Annex to the Sales Prospectus for the relevant sub-funds.
If transferable securities, money market instruments, derivative financial instruments (derivatives) and other assets are officially listed on several stock exchanges, the one with the highest liquidity shall be applicable.
- Securities, money market instruments, derivative financial instruments (derivatives) and other investments which are not officially listed on a securities exchange (or whose stock exchange rate is not deemed representative, e.g. due to lack of liquidity) but which are traded on another regulated market, shall be valuated at a price no less than the bid price and no more than the offer price of the trading day preceding the valuation day, which the Investment Company considers, to the best of its knowledge, to be the best possible price at which the securities, money market instruments, derivative financial instruments (derivatives) and other investments can be sold. | Die Verwaltungsgesellschaft kann für den Fonds festlegen, dass Wertpapiere, Geldmarktinstrumente, abgeleitete Finanzinstrumente (Derivate) sowie sonstige Anlagen, die an einer Wertpapierbörse amtlich notiert sind, zum letzten verfügbaren Schlusskurs, der eine verlässliche Bewertung gewährleistet, bewertet werden. Dies findet im Anhang zum Verkaufsprospekt der betroffenen Teilfonds Erwähnung.
Soweit Wertpapiere, Geldmarktinstrumente, abgeleitete Finanzinstrumente (Derivate) sowie sonstige Anlagen an mehreren Wertpapierbörsen amtlich notiert sind, ist die Börse mit der höchsten Liquidität maßgeblich.
- Wertpapiere, Geldmarktinstrumente, abgeleitete Finanzinstrumente (Derivate) sowie sonstige Anlagen, die nicht an einer Wertpapierbörse amtlich notiert sind (oder deren Börsenkurse z.B. aufgrund mangelnder Liquidität als nicht repräsentativ angesehen werden), die aber an einem geregelten Markt gehandelt werden, werden zu einem Kurs bewertet, der nicht geringer als der Geldkurs und nicht höher als der Briefkurs des dem Bewertungstag vorhergehenden Handelstages sein darf und den die Investmentgesellschaft nach Treu und Glauben für den bestmöglichen Kurs hält, zu dem die Wertpapiere, Geldmarktinstrumente, abgeleiteten Finanzinstrumente (Derivate) sowie sonstigen Anlagen verkauft werden können. | The Management Company may stipulate for the Fund that transferable securities, money market instruments, derivative financial instruments (derivatives) and other assets officially listed on a securities exchange are valued at the latest available closing price which provides a reliable valuation. Details regarding this can be found in the Annex to the Sales Prospectus for the relevant sub-funds.
If transferable securities, money market instruments, derivative financial instruments (derivatives) and other assets are officially listed on several stock exchanges, the one with the highest liquidity shall be applicable.
- Securities, money market instruments, derivative financial instruments (derivatives) and other investments which are not officially listed on a securities exchange (or whose stock exchange rate is not deemed representative, e.g. due to lack of liquidity) but which are traded on another regulated market, shall be valuated at a price no less than the bid price and no more than the offer price of the trading day preceding the valuation day, which the Investment Company considers, to the best of its knowledge, to be the best possible price at which the securities, money market instruments, derivative financial instruments (derivatives) and other investments can be sold. | en | de |
DOLFIN8906 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Charges
The charges you pay are used to pay the cost of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
One-off charges taken before or after you invest
Entry charge 2.00%
Exit charge none
This is the maximum that might be taken out of your money before it is invested.
Charges taken from the fund over a year
Ongoing charge 0.59%
Charges taken from the fund under certain specific conditions
Performance fees none
The entry and exit charges shown are maximum figures. In some cases, you might pay less - you can find this out from your Financial Adviser.
The ongoing charges figure is based on expenses for the twelve month period ending December 2017. This figure is adjusted with implemented budget changes for 2017. This figure may vary from year to year. It excludes:
- Performance fees
- Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in an other collective investment undertakingFor more information about charges, please refer to the Fees and Expenses section of the prospectus which is available at www.axa-im.com. | # Frais
Les frais dont vous vous acquittez sont destinés à couvrir les coûts d'exploitation du fonds, y compris les coûts de commercialisation et de distribution des parts. Ces frais réduisent la croissance potentielle des investissements.
Frais ponctuels prélevés avant ou après investissement
Frais d’entrée 2,00 %
Frais de sortie Aucun
Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi.
Frais prélevés par le fonds sur une année
Frais courants 0,59 %
Frais prélevés par le fonds dans certaines circonstances
L'utilisation de telles stratégies peut également induire un effet de levier, qui peut accroître l'effet des mouvements du marché sur le Compartiment et engendrer un risque de pertes importantes.
Les frais d'entrée et de sortie indiqués constituent des maximums. Dans certains cas, il peut arriver que vous ayez moins à payer ; vous pouvez obtenir le montant effectif de ces frais auprès de votre conseiller financier.
Les frais courants se basent sur les dépenses encourues pendant la période de douze mois close fin décembre 2017. Ils sont ajustés en fonction des modifications budgétaires mises en place pour 2017. Ces frais peuvent varier d'une année à l'autre. Ils excluent :
- les commissions de performance
- les frais de transaction, excepté dans le cas de frais d'entrée / de sortie payés par le Compartiment lors de l'achat ou la vente de parts d'un autre organisme de placement collectifPour plus d'informations sur les frais, veuillez consulter la section« Frais » du prospectus, disponible sur le site www.axa-im.com.
Commission de performance
Aucune | # Charges
The charges you pay are used to pay the cost of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
One-off charges taken before or after you invest
Entry charge 2.00%
Exit charge none
This is the maximum that might be taken out of your money before it is invested.
Charges taken from the fund over a year
Ongoing charge 0.59%
Charges taken from the fund under certain specific conditions
Performance fees none
The entry and exit charges shown are maximum figures. In some cases, you might pay less - you can find this out from your Financial Adviser.
The ongoing charges figure is based on expenses for the twelve month period ending December 2017. This figure is adjusted with implemented budget changes for 2017. This figure may vary from year to year. It excludes:
- Performance fees
- Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in an other collective investment undertakingFor more information about charges, please refer to the Fees and Expenses section of the prospectus which is available at www.axa-im.com. | en | fr |
DOLFIN8907 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Compartiment vise un rendement total supérieur à celui de l'indice Bloomberg Barclays Global Aggregate Corporates Bond couvert en USD en investissant dans un portefeuille de titres à revenu fixe investment grade, tout en prenant en considération les aspects ESG. La mesure dans laquelle le portefeuille et la performance du Compartiment peuvent dévier de celles de l'indice de référence n'est pas limitée. Dans le cadre du processus d'investissement, la composition du portefeuille du Compartiment est laissée à la libre appréciation du Gestionnaire, qui peut s'exposer à des entreprises, pays ou secteurs ne figurant pas dans l'indice de référence.
Pour atteindre son objectif, le Compartiment investira au moins 65% de ses actifs nets dans des titres à revenu fixe de qualité investment grade.
Conformément à l'Article 8 du SFDR, le Compartiment promeut des caractéristiques environnementales et sociales ainsi que des investissements adoptant des pratiques de bonne gouvernance, mais il n'a pas pour objectif l'Investissement durable. Plus précisément, le Compartiment investit en priorité dans les titres d'émetteurs dont les activités et/ou la conduite suivent une approche responsable et appropriée des critères ESG.
L'évaluation ESG est réalisée par le Gestionnaire au niveau de chaque titre à revenu fixe détenu et les Facteurs de durabilité appliqués par le Compartiment sont contraignants, indépendamment de la matérialité de l'investissement. Le Compartiment vise à n'investir que dans les titres à revenu fixe contribuant à l'atteinte des caractéristiques ESG promues par le Compartiment. L'indice de référence du Compartiment n'applique pas les considérations ESG spécifiques auxquelles se soumet le Compartiment, et n'est, par conséquent, utilisé qu'à des fins de comparaison des performances.
Le Compartiment s'adresse aux investisseurs disposant d'un horizon de placement de moyen à long terme (3 à 5 ans) désireux d'investir dans un portefeuille géré activement, composé de titres à revenu fixe investment grade.
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#### BlueBay Funds – BlueBay Total Return Credit Fund | El objetivo de inversión del Subfondo consiste en lograr una rentabilidad total superior a la del índice Bloomberg Barclays Global Agreggate Corporates Bond en USD con cobertura, invirtiendo en una cartera de valores de renta fija con calificación investment grade, teniendo en cuenta al mismo tiempo los factores ambientales, sociales y de gobierno corporativo (ASG). No existe ninguna restricción en cuanto al grado de desviación de la cartera y la rentabilidad del Subfondo con respecto al índice de referencia. Como parte del proceso de inversión, la Gestora de inversiones puede decidir, a su entera discreción, la composición de la cartera del Subfondo y podrá adquirir exposición a sociedades, países o sectores que no formen parte del índice de referencia.
Con el fin de conseguir este objetivo, el Subfondo invertirá al menos el 65% de su patrimonio neto en valores de renta fija que cuenten con una calificación investment grade.
De conformidad con el artículo 8 del SFDR, el Subfondo promueve características ambientales y sociales, así como inversiones que observan buenas prácticas de gobernanza, pero no tiene como objetivo inversiones sostenibles. En concreto, el Subfondo privilegia la inversión en emisores cuyas actividades o conducta se ajustan a un enfoque ASG apropiado y responsable.
La evaluación ASG de la Gestora de inversiones se aplica a todos los valores de renta fija en cartera, y los factores de sostenibilidad adoptados por el Subfondo son vinculantes, con independencia de la materialidad de la inversión. El Subfondo pretende invertir exclusivamente en valores de renta fija que contribuyan al logro de las características ASG promovidas por el Subfondo. El índice de referencia del Subfondo no tiene en cuenta ninguno de los criterios ASG específicos que se aplican al Subfondo y, por lo tanto, solo se utiliza a efectos de comparación de la rentabilidad.
El Subfondo ha sido concebido para inversores con un horizonte de inversión de medio a largo plazo (de 3 a 5 años) que busquen una cartera gestionada activamente de valores de renta fija con calificación investment grade.
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#### BlueBay Funds – BlueBay Total Return Credit Fund | Le Compartiment vise un rendement total supérieur à celui de l'indice Bloomberg Barclays Global Aggregate Corporates Bond couvert en USD en investissant dans un portefeuille de titres à revenu fixe investment grade, tout en prenant en considération les aspects ESG. La mesure dans laquelle le portefeuille et la performance du Compartiment peuvent dévier de celles de l'indice de référence n'est pas limitée. Dans le cadre du processus d'investissement, la composition du portefeuille du Compartiment est laissée à la libre appréciation du Gestionnaire, qui peut s'exposer à des entreprises, pays ou secteurs ne figurant pas dans l'indice de référence.
Pour atteindre son objectif, le Compartiment investira au moins 65% de ses actifs nets dans des titres à revenu fixe de qualité investment grade.
Conformément à l'Article 8 du SFDR, le Compartiment promeut des caractéristiques environnementales et sociales ainsi que des investissements adoptant des pratiques de bonne gouvernance, mais il n'a pas pour objectif l'Investissement durable. Plus précisément, le Compartiment investit en priorité dans les titres d'émetteurs dont les activités et/ou la conduite suivent une approche responsable et appropriée des critères ESG.
L'évaluation ESG est réalisée par le Gestionnaire au niveau de chaque titre à revenu fixe détenu et les Facteurs de durabilité appliqués par le Compartiment sont contraignants, indépendamment de la matérialité de l'investissement. Le Compartiment vise à n'investir que dans les titres à revenu fixe contribuant à l'atteinte des caractéristiques ESG promues par le Compartiment. L'indice de référence du Compartiment n'applique pas les considérations ESG spécifiques auxquelles se soumet le Compartiment, et n'est, par conséquent, utilisé qu'à des fins de comparaison des performances.
Le Compartiment s'adresse aux investisseurs disposant d'un horizon de placement de moyen à long terme (3 à 5 ans) désireux d'investir dans un portefeuille géré activement, composé de titres à revenu fixe investment grade.
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#### BlueBay Funds – BlueBay Total Return Credit Fund | fr | es |
DOLFIN8908 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objective and Investment Policy
## Investment Objective
The Sub-Fund investment objective is to seek performance by investing in corporate and government bonds and money market instruments issued worldwide over a medium term period.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in global corporate and government bonds issued worldwide. The following investment decisions are undertaken after comprehensive macro and microeconomic analysis of the market:
- asset allocation across different types of bonds
- duration positioning (duration measures, in number of years, the portfolio's sensitivity to interest rate variations)
- geographical allocation
- issuer selectionThe Sub-Fund invests in debt securities (investment grade and/or high yield), including inflation-linked bonds, and money market instruments issued by governments and corporations located anywhere in the world, including emerging markets.
The Investment Manager may invest less than 20% of its assets in assets issued by securitization vehicles or equivalent (such as assets backed securities (ABS), Collateralised Debt Obligations (CDO), Collateralized Loan Obligations (CLO) or any similar assets).
Within the limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or | # Objetivos y política de inversión
## Objetivo de Inversión
El objetivo de inversión del Subfondo es obtener rentabilidad a medio plazo invirtiendo en bonos corporativos y de gobierno, e instrumentos del mercado monetarios emitidos por todo el mundo.
## Política de inversión
El Subfondo está gestionado activamente con el fin de captar oportunidades en bonos públicos y corporativos internacionales emitidos por todo el mundo. Las siguientes decisiones de inversión se toman tras un análisis microeconómico y macroeconómico exhaustivo del mercado:
- distribución de activos en diferentes tipos de bonos
- posicionamiento en duración (la duración mide, en años, la sensibilidad de la cartera a las variaciones de tipos de interés)
- distribución geográfica
- selección de emisoresEl Subfondo invierte en títulos de deuda (de primera calidad crediticia - investment grade - y/o alto rendimiento -high yield-), incluidos valores de renta fija vinculados a la inflación, e instrumentos del mercado monetario emitidos por gobiernos y grandes empresas ubicadas en cualquier parte del mundo, incluso en los mercados emergentes.
El gestor de inversiones podrá invertir menos del 20% de sus activos en activos emitidos por instrumentos de titulización o equivalentes (como títulos respaldados por activos [ABS], títulos con garantía de deuda [CDO], títulos con garantía de préstamos [CLO] o activos similares). | # Objective and Investment Policy
## Investment Objective
The Sub-Fund investment objective is to seek performance by investing in corporate and government bonds and money market instruments issued worldwide over a medium term period.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in global corporate and government bonds issued worldwide. The following investment decisions are undertaken after comprehensive macro and microeconomic analysis of the market:
- asset allocation across different types of bonds
- duration positioning (duration measures, in number of years, the portfolio's sensitivity to interest rate variations)
- geographical allocation
- issuer selectionThe Sub-Fund invests in debt securities (investment grade and/or high yield), including inflation-linked bonds, and money market instruments issued by governments and corporations located anywhere in the world, including emerging markets.
The Investment Manager may invest less than 20% of its assets in assets issued by securitization vehicles or equivalent (such as assets backed securities (ABS), Collateralised Debt Obligations (CDO), Collateralized Loan Obligations (CLO) or any similar assets).
Within the limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or | en | es |
DOLFIN8909 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
After giving prior notice to the relevant Shareholders, the Board may redeem all of the Shares in question on the first Valuation Day after the end of the notice period, at an NAV that reflects the anticipated liquidation costs but with no other redemption charge.
Should the SICAV need to liquidate, one or more liquidators appointed by the Shareholders’ meeting will liquidate the SICAV’s assets in the best interest of the Shareholders and will distribute the net proceeds (after deduction of any costs relating to the liquidation) to Shareholders in proportion to the Shares they are holding.
Amounts from any liquidations that are not claimed promptly by Shareholders will be deposited in escrow with the Caisse de Consignation. Amounts still unclaimed when the statute of limitations runs out will be forfeited according to Luxembourg law. | Después de enviar una notificación previa a los accionistas afectados, el Consejo podrá reembolsar la totalidad de las acciones en cuestión el día de valoración subsiguiente al término del período de preaviso, a un valor liquidativo que refleje los costes de liquidación anticipada pero sin ningún otro cargo de reembolso.
En el supuesto de que sea necesario liquidar la SICAV, uno o más liquidadores nombrados por la junta de accionistas liquidarán los activos de la SICAV, en el interés superior de los accionistas, y distribuirán a estos los ingresos netos (tras deducir los costes de liquidación) a prorrata del número de acciones de las que sean titulares.
Los importes resultantes de la liquidación que no sean reclamados de manera puntual por los accionistas se depositarán en una cuenta de plica en la Caisse de Consignation. Los importes que aún no hayan sido reclamados al agotarse el plazo de prescripción se perderán, de acuerdo con la legislación luxemburguesa. | After giving prior notice to the relevant Shareholders, the Board may redeem all of the Shares in question on the first Valuation Day after the end of the notice period, at an NAV that reflects the anticipated liquidation costs but with no other redemption charge.
Should the SICAV need to liquidate, one or more liquidators appointed by the Shareholders’ meeting will liquidate the SICAV’s assets in the best interest of the Shareholders and will distribute the net proceeds (after deduction of any costs relating to the liquidation) to Shareholders in proportion to the Shares they are holding.
Amounts from any liquidations that are not claimed promptly by Shareholders will be deposited in escrow with the Caisse de Consignation. Amounts still unclaimed when the statute of limitations runs out will be forfeited according to Luxembourg law. | en | es |
DOLFIN8910 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# MACRO AND MARKET REVIEW
Similar to the July rally, markets recovered during October due to factors now familiar to investors – an overall under-exposure to growth markets (equities and corporate bonds) ahead of a corporate earnings season that turned out to be less dreadful than expected. Adding to this cocktail of improving market sentiment was the growing sense that the US Federal Reserve's actions would lead inflation to stabilise over the next few months, which was more than enough to see an increase in risk appetite.
Equities benefited greatly from this situation, with the global indices (MSCI) gaining 7.2% in October. Value stocks again outperformed growth stocks (9.6% vs 4.6%, respectively), in line with the broader rotation of 2022. Beyond styles, geographic performances were relatively heterogeneous, with US and European equities delivering 7.9% and 6.2%, respectively, while emerging equities declined by 3.1%. The underperformance here is nothing more than a marker of a more challenging economic environment for this group of countries, led by China. This recovery in risk has been accompanied by a slowdown in the pace of interest rate hikes. While US 10-year yields rose by 54 bps in August and 64 bps in September, they only increased by 22 bps in October. The performance of global government bonds was only - 0.06% for the month, compared to -2.3% and -2.5% in August and September – a little respite for bond investors. The important message of the month was probably best reflected in real rates, which fell by 14
bps, with US 10-yr Treasuries decelerating to settle around 1.5%. The USD reacted to this global wave of stabilisation with a performance close to 0. Finally, commodities returned to positive performance (+2%, BCOM), driven by the Energy component (+4.1%).
The question for the investment world now becomes: is the improved sentiment enough to turn this recovery into a rally? For the moment, there are a growing number of indications that economic activity is weakening, making the possibility of a recession in 2023 increasingly likely. If this happens, only a quick and significant pivot by central banks could prevent the worst: will they be flexible enough? It is difficult to say, and, for the moment, caution is the order of the day. | # ANALISI MACROECONOMICA E DEL MERCATO
Analogamente a quanto avvenuto nel rally di luglio, a ottobre i mercati si sono ripresi sulla scorta di fattori ormai noti agli investitori: una generale sottoesposizione ai mercati di crescita (azioni e obbligazioni governative) in vista di una stagione degli utili che si è rivelata meno terribile del previsto. In aggiunta a questa miscela di sentiment di mercato in miglioramento, si è diffusa la sensazione che le azioni della Federal Reserve porteranno a una stabilizzazione dell’inflazione nei prossimi mesi, e questo è bastato a vedere una maggiore propensione al rischio.
Le azioni hanno ampiamente beneficiato di questa situazione, con gli indici globali (MSCI) in rialzo del 7,2% a ottobre. I titoli value hanno nuovamente sovraperformato quelli di crescita (9,6% rispetto al 4,6%, rispettivamente), in linea con la più ampia rotazione del 2022. Al di là degli stili, le performance geografiche sono state relativamente eterogenee, con le azioni statunitensi ed europee in rialzo del 7,9% e 6,2% rispettivamente, mentre le azioni dei mercati emergenti hanno ceduto il 3,1%. Questa sottoperformance non è altro che un segnale del contesto economico più complesso per questo gruppo di paesi, con la Cina in testa. La ripresa del rischio è stata accompagnata da un rallentamento dei rialzi dei tassi d’interesse. I rendimenti dei titoli statunitensi a 10 anni sono aumentati di 54 bps ad agosto e di 64 bps a settembre, ma solo di 22 bps a ottobre. La performance delle obbligazioni governative globali è calata solo di -0,06%, rispetto a - 2,3% e -2,5% ad agosto e settembre, portando un po’ di sollievo agli investitori obbligazionari. L’andamento del mese si riflette probabilmente al meglio nei tassi reali, che sono scesi di 14 bps, con i Treasury statunitensi a 10 anni che hanno rallentato attestandosi intorno
all'1,5%. L’USD ha reagito a questa ondata globale di stabilizzazione con una performance vicina a 0. Infine, le commodity sono tornate in territorio positivo (+2%, BCOM), trainate dall’Energia (+4,1%).
La domanda per il mondo dell’investimento ora è: il sentiment migliorato è sufficiente per trasformare questa ripresa in rally? Al momento, un numero crescente di segnali indicano un indebolimento dell’attività economica, rendendo sempre più probabile la possibilità di una recessione nel 2023. In questo caso, solo una svolta rapida e significativa delle banche centrali potrebbe evitare il peggio: saranno abbastanza flessibili? È difficile dare una risposta e, per il momento, la cautela è opportuna. | # MACRO AND MARKET REVIEW
Similar to the July rally, markets recovered during October due to factors now familiar to investors – an overall under-exposure to growth markets (equities and corporate bonds) ahead of a corporate earnings season that turned out to be less dreadful than expected. Adding to this cocktail of improving market sentiment was the growing sense that the US Federal Reserve's actions would lead inflation to stabilise over the next few months, which was more than enough to see an increase in risk appetite.
Equities benefited greatly from this situation, with the global indices (MSCI) gaining 7.2% in October. Value stocks again outperformed growth stocks (9.6% vs 4.6%, respectively), in line with the broader rotation of 2022. Beyond styles, geographic performances were relatively heterogeneous, with US and European equities delivering 7.9% and 6.2%, respectively, while emerging equities declined by 3.1%. The underperformance here is nothing more than a marker of a more challenging economic environment for this group of countries, led by China. This recovery in risk has been accompanied by a slowdown in the pace of interest rate hikes. While US 10-year yields rose by 54 bps in August and 64 bps in September, they only increased by 22 bps in October. The performance of global government bonds was only - 0.06% for the month, compared to -2.3% and -2.5% in August and September – a little respite for bond investors. The important message of the month was probably best reflected in real rates, which fell by 14
bps, with US 10-yr Treasuries decelerating to settle around 1.5%. The USD reacted to this global wave of stabilisation with a performance close to 0. Finally, commodities returned to positive performance (+2%, BCOM), driven by the Energy component (+4.1%).
The question for the investment world now becomes: is the improved sentiment enough to turn this recovery into a rally? For the moment, there are a growing number of indications that economic activity is weakening, making the possibility of a recession in 2023 increasingly likely. If this happens, only a quick and significant pivot by central banks could prevent the worst: will they be flexible enough? It is difficult to say, and, for the moment, caution is the order of the day. | en | it |
DOLFIN8911 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### the NAV of the shares is calculated in accordance with the law and the articles of incorporation.
The depositary must use reasonable care in exercising its functions and is liable for the loss or theft of any financial instrument held in custody. In such case, the depositary must return a financial instrument of identical type or the corresponding amount to the SICAV without undue delay unless it proves that the loss is the result of an external event beyond its reasonable control. In compliance with Luxembourg law, the depositary is liable to the SICAV and its shareholders for any loss incurred by the depositary or resulting from its failure to execute or from its wrongful execution of its duties. It may entrust assets to third party banks, financial institutions or clearinghouses but this will not affect its liability. The list of such delegates or the potential conflict of interest that may arise from such delegation is available on the website of the depositary caceis.com section “veille réglementaire”. Such list may be updated from time to time.
A complete list of all correspondents/third party custodians may be obtained, free of charge and upon request, from the Depositary. Up-to-date information regarding the identity of the Depositary, the description of its duties and of conflicts of interest that may arise, the safekeeping functions delegated by the Depositary and any conflicts of interest that may arise from such a delegation are also made available to investors on the website of the Depositary, as mentioned above, and upon request. There are many situations in which a conflict of interest may arise, notably when the Depositary delegates its safekeeping functions or when the Depositary also performs other tasks on behalf of the UCITS, such as administrative agency and registrar agency services. These situations and the conflicts of interest thereto related have been identified by the Depositary. In order to protect the UCITS’ and its shareholders’ interests and comply with applicable regulations, a policy and procedures designed to prevent situations of conflicts of interest and monitor them when they arise have been set in place within the Depositary, aiming namely at : | ### calcul de la VL des actions conformément à la loi et aux Statuts.
Le dépositaire doit prendre toutes les mesures raisonnables pour exercer ses fonctions et est responsable du vol ou de la perte de tout instrument financier dont il a la garde. Dans de tels cas, le dépositaire doit restituer un instrument financier de type identique ou le montant correspondant à la SICAV sans retard inutile, sauf s'il prouve que la perte résulte d'un événement extérieur échappant raisonnablement à sa volonté. Conformément à la loi luxembourgeoise, le dépositaire est aussi responsable à l’égard de la SICAV et de ses actionnaires de toute perte subie par lui ou résultant de la négligence ou de la mauvaise exécution de ses tâches. Le dépositaire peut confier les actifs à des banques, institutions financières ou chambres de compensation tierces, sans que cela n’affecte sa responsabilité. La liste de ces délégataires ou des conflits d’intérêts potentiels pouvant résulter de ces délégations est disponible sur le site Internet du dépositaire caceis.com section « veille réglementaire ». Cette liste peut être modifiée en tant que de besoin.
Une liste complète de tous les correspondants/dépositaires tiers peut être obtenue gratuitement et sur demande auprès du Dépositaire. Des informations actualisées concernant l’identité du Dépositaire, la description de ses tâches et des conflits d’intérêts potentiels, des fonctions de conservation déléguées par le Dépositaire et de tout conflit d’intérêts pouvant découler d’une telle délégation sont également mises à la disposition des investisseurs sur le site Internet du Dépositaire, mentionné ci-avant, et sur demande. Les situations dans lesquelles un conflit d'intérêts peut se manifester sont légion, surtout lorsque le Dépositaire délègue ses fonctions de garde ou lorsque le Dépositaire exerce également d'autres tâches pour le compte de l'UCITS comme des services d'agent administratif et des services de registre. Ces situations et les conflits d’intérêts inhérents ont été identifiés par le Dépositaire. Afin de protéger les intérêts de l’UCITS et de ses actionnaires et de se conformer aux réglementations en vigueur, une politique et des procédures conçues pour prévenir l’apparition de conflits d’intérêts et les contrôler lorsqu’ils se présentent ont été mises en place au sein du Dépositaire, dans le but principal : | ### the NAV of the shares is calculated in accordance with the law and the articles of incorporation.
The depositary must use reasonable care in exercising its functions and is liable for the loss or theft of any financial instrument held in custody. In such case, the depositary must return a financial instrument of identical type or the corresponding amount to the SICAV without undue delay unless it proves that the loss is the result of an external event beyond its reasonable control. In compliance with Luxembourg law, the depositary is liable to the SICAV and its shareholders for any loss incurred by the depositary or resulting from its failure to execute or from its wrongful execution of its duties. It may entrust assets to third party banks, financial institutions or clearinghouses but this will not affect its liability. The list of such delegates or the potential conflict of interest that may arise from such delegation is available on the website of the depositary caceis.com section “veille réglementaire”. Such list may be updated from time to time.
A complete list of all correspondents/third party custodians may be obtained, free of charge and upon request, from the Depositary. Up-to-date information regarding the identity of the Depositary, the description of its duties and of conflicts of interest that may arise, the safekeeping functions delegated by the Depositary and any conflicts of interest that may arise from such a delegation are also made available to investors on the website of the Depositary, as mentioned above, and upon request. There are many situations in which a conflict of interest may arise, notably when the Depositary delegates its safekeeping functions or when the Depositary also performs other tasks on behalf of the UCITS, such as administrative agency and registrar agency services. These situations and the conflicts of interest thereto related have been identified by the Depositary. In order to protect the UCITS’ and its shareholders’ interests and comply with applicable regulations, a policy and procedures designed to prevent situations of conflicts of interest and monitor them when they arise have been set in place within the Depositary, aiming namely at : | en | fr |
DOLFIN8912 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Global Aggregate Bond Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of global investment-grade debt (i.e. bond) markets and currently is made up of four regional indices (i.e. the Bloomberg Barclays US Aggregate Index, the Bloomberg Barclays Pan-European Aggregate Index, the Bloomberg Barclays Asian-Pacific Aggregate Index and the Bloomberg Barclays Canadian Aggregate Index) as well as other Bloomberg Barclays index-eligible securities not already included in these four indices. The FI securities that make up the Index may be issued or guaranteed by governments, public international bodies or companies and will pay income according to a fixed and/or floating rate of interest. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness).
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Bloomberg Barclays Global Aggregate Bond Index, el índice de referencia del Fondo (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y realizable, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible venderlos.
El Índice mide la rentabilidad de los mercados mundiales de deuda (es decir, bonos) con categoría de inversión y actualmente está compuesto por cuatro índices de ámbito regional (el Bloomberg Barclays US Aggregate Index, el Bloomberg Barclays Pan-European Aggregate Index, el Bloomberg Barclays Asian-Pacific Aggregate Index y el Bloomberg Barclays Canadian Aggregate Index), además de otros valores que cumplen los criterios de los índices de Bloomberg Barclays y que no están incluidos en estos cuatro índices. Los valores que RF que componen el Índice pueden ser emitidos o garantizados por gobiernos, organismos públicos internacionales o empresas, y pagarán rendimientos con arreglo a un tipo de interés fijo o variable. En el momento de su inclusión en el Índice, los valores de RF tendrán un nivel de grado de inversión (es decir, cumplirán un nivel específico de solvencia).
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Está previsto que la utilización de IFD esté limitada.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos sobre las acciones).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Global Aggregate Bond Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of global investment-grade debt (i.e. bond) markets and currently is made up of four regional indices (i.e. the Bloomberg Barclays US Aggregate Index, the Bloomberg Barclays Pan-European Aggregate Index, the Bloomberg Barclays Asian-Pacific Aggregate Index and the Bloomberg Barclays Canadian Aggregate Index) as well as other Bloomberg Barclays index-eligible securities not already included in these four indices. The FI securities that make up the Index may be issued or guaranteed by governments, public international bodies or companies and will pay income according to a fixed and/or floating rate of interest. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness).
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8913 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: MSCI Europe Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE SYNERGY R EUR
Benchmark
A : The Sub-Fund and the Class were created on 22/01/2016 following the merger by absorption of Class E of the French Edmond de Rothschild EUROPE SYNERGY (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class E of the Absorbed Sub-Fund. | ## Índice de referencia: MSCI Europe Index, calculado con los dividendos netos reinvertidos.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE SYNERGY R EUR
Índice de referencia
A: El Subfondo y la Clase se crearon el 22 de enero de 2016 tras la fusión por absorción de la Clase E del fondo francés Edmond de Rothschild EUROPE SYNERGY (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase E del Subfondo absorbido. | ## Benchmark: MSCI Europe Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE SYNERGY R EUR
Benchmark
A : The Sub-Fund and the Class were created on 22/01/2016 following the merger by absorption of Class E of the French Edmond de Rothschild EUROPE SYNERGY (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class E of the Absorbed Sub-Fund. | en | es |
DOLFIN8914 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
All of the fund’s current accounts (including those in different currencies) that actually and legally form only part of a single current account are designated as a single current account in connection with net fund assets. Current accounts in foreign currencies, if applicable, are converted into the currency of the fund.
Interest is calculated on the basis of the terms of the relevant individual account.
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## Information for Swiss investors
- Securities numbers:Ethna-DEFENSIV unit class (A): Securities no. 3058302Ethna-DEFENSIV unit class (T): Securities no. 3087284 Ethna-DEFENSIV unit class (SIA-A): Securities no. 20364140 Ethna-DEFENSIV unit class (SIA-T): Securities no. 20364332 Ethna-DEFENSIV unit class (R-A): Securities no. 26479972 Ethna-DEFENSIV unit class (R-T): Securities no. 26480219Ethna-DEFENSIV unit class (SIA CHF-T): Securities no. 26480260
- Total expense ratio (TER) in accordance with the guidelines issued by the Swiss Funds & Asset Management Association (SFAMA) on 16 May 2008:Commissions and costs incurred in the management of the collective investment scheme must be disclosed using the internationally recognised measure known as the "Total Expense Ratio (TER)". This figure expresses the total of those commissions and costs which are incurred by the assets of the collective investment scheme on an ongoing basis (operating expense) retrospectively as a percentage of net assets and is to be calculated using the following formula:Total operating expense in UA*TER % = x 100Average net assets in UA** UA = Units in the currency of account of the collective investment schemeFor newly established funds, the TER is to be calculated for the first time using the statement of operations published in the first annual or semi-annual report. Operating expense may be converted to a 12-month period. The median of month-end values over the period under review is used to calculate the average value for fund assets. | Todas las cuentas corrientes del fondo (incluidas las denominadas en diferentes monedas), que desde el punto de vista fáctico y jurídico solo son parte de una cuenta bancaria unitaria, se presentan como una única cuenta corriente en la composición del patrimonio neto del Fondo. Las cuentas corrientes en moneda extranjera, en su caso, se convierten en la divisa del Fondo.
Como base para el cálculo de los intereses se aplican las condiciones de cada cuenta.
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## Información para los inversores suizos
- Números de los valores:Ethna-DEFENSIV Clase de participaciones (A): Núm. de valor 3058302Ethna-DEFENSIV Clase de participaciones (T): Núm. de valor 3087284 Ethna-DEFENSIV Clase de participaciones (SIA-A): Núm. de valor 20364140 Ethna-DEFENSIV Clase de participaciones (SIA-T): Núm. de valor 20364332 Ethna-DEFENSIV Clase de participaciones (R-A): Núm. de valor 26479972 Ethna-DEFENSIV Clase de participaciones (R-T): Núm. de valor 26480219Ethna-DEFENSIV Clase de participaciones (SIA CHF-T): Núm. de valor 26480260
- Ratio de gastos totales (TER) conforme a la directriz de la Swiss Funds & Asset Management Association (SFAMA) de 16 de mayo de 2008:Las comisiones y los gastos devengados por la gestión de la inversión colectiva deben revelarse mediante el índice conocido internacionalmente como ratio de gastos totales («Total Expense Ratio», TER). Este ratio expresa de forma retrospectiva como28 porcentaje del patrimonio neto la totalidad de aquellas comisiones y gastos que se cargan sucesivamente al patrimonio de lainversión colectiva (gastos operativos), y debe calcularse en principio según la siguiente fórmula:Gastos operativos totales en RE*TER % = x 100Patrimonio neto medio en RE** RE = unidades en la moneda base de la institución de inversión colectivaEn el caso de los fondos recién constituidos, el TER debe calcularse la primera vez tomando como referencia la cuenta de resultados publicada en el primer Informe anual o semestral. En su caso, los gastos operativos deben convertirse a un periodo de 12 meses. Como promedio del patrimonio del fondo se toma la media de los valores de fin de mes del periodo analizado. | All of the fund’s current accounts (including those in different currencies) that actually and legally form only part of a single current account are designated as a single current account in connection with net fund assets. Current accounts in foreign currencies, if applicable, are converted into the currency of the fund.
Interest is calculated on the basis of the terms of the relevant individual account.
-
## Information for Swiss investors
- Securities numbers:Ethna-DEFENSIV unit class (A): Securities no. 3058302Ethna-DEFENSIV unit class (T): Securities no. 3087284 Ethna-DEFENSIV unit class (SIA-A): Securities no. 20364140 Ethna-DEFENSIV unit class (SIA-T): Securities no. 20364332 Ethna-DEFENSIV unit class (R-A): Securities no. 26479972 Ethna-DEFENSIV unit class (R-T): Securities no. 26480219Ethna-DEFENSIV unit class (SIA CHF-T): Securities no. 26480260
- Total expense ratio (TER) in accordance with the guidelines issued by the Swiss Funds & Asset Management Association (SFAMA) on 16 May 2008:Commissions and costs incurred in the management of the collective investment scheme must be disclosed using the internationally recognised measure known as the "Total Expense Ratio (TER)". This figure expresses the total of those commissions and costs which are incurred by the assets of the collective investment scheme on an ongoing basis (operating expense) retrospectively as a percentage of net assets and is to be calculated using the following formula:Total operating expense in UA*TER % = x 100Average net assets in UA** UA = Units in the currency of account of the collective investment schemeFor newly established funds, the TER is to be calculated for the first time using the statement of operations published in the first annual or semi-annual report. Operating expense may be converted to a 12-month period. The median of month-end values over the period under review is used to calculate the average value for fund assets. | en | es |
DOLFIN8915 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,590 EUR -84.12% | 1,920 EUR -28.09% |
| Unfavourable¹ | What you might get back after costs Average return each year | 8,480 EUR -15.25% | 8,850 EUR -2.41% |
| Moderate² | What you might get back after costs Average return each year | 10,600 EUR 5.96% | 13,220 EUR 5.74% |
| Favourable³ | What you might get back after costs Average return each year | 13,250 EUR 32.48% | 15,640 EUR 9.35% | | | 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 | 1.590 EUR -84,12% | 1.920 EUR -28,09% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.480 EUR -15,25% | 8.850 EUR -2,41% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.600 EUR 5,96% | 13.220 EUR 5,74% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.250 EUR 32,48% | 15.640 EUR 9,35% | | | Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,590 EUR -84.12% | 1,920 EUR -28.09% |
| Unfavourable¹ | What you might get back after costs Average return each year | 8,480 EUR -15.25% | 8,850 EUR -2.41% |
| Moderate² | What you might get back after costs Average return each year | 10,600 EUR 5.96% | 13,220 EUR 5.74% |
| Favourable³ | What you might get back after costs Average return each year | 13,250 EUR 32.48% | 15,640 EUR 9.35% | | en | es |
DOLFIN8916 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Dès lors que la performance depuis le début de l’exercice dépasse la performance de l’indicateur de référence et si aucune sous-performance passée ne doit encore être compensée, une provision quotidienne de 20% maximum de cette surperformance est constituée. En cas de sous- performance, par rapport à cet indice, une reprise quotidienne de provision est effectuée à hauteur de 20% maximum de cette sous- performance à concurrence des dotations constituées depuis le début de l’année. Le taux effectif de la commission de surperformance est de 20% pour les parts A, B et E à l’exception des parts A JPY et B JPY pour lesquelles le taux effectif est de 10%. Toute sous-performance de la part par rapport à l'Indicateur de référence au cours de la période de référence de 5 ans ou depuis le lancement de la part (la période la plus courte étant retenue) est compensée avant qu'une commission de surperformance ne devienne exigible. 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 en sous-performance. La performance du fonds est représentée par la valeur de ses actifs bruts, nette de tous frais, avant provision de la commission de surperformance et en tenant compte des souscriptions et des rachats. La commission de surperformance pourrait également être due si la part a surperformé l'indice de référence mais a affiché une performance négative. Si le fonds est éligible à la provision d’une commission de surperformance, alors :
- En cas de souscriptions, un mécanisme de neutralisation de l’«effet volume» de ces parts souscrites dans le calcul de la commission de surperformance est appliqué. Il consiste à retirer systématiquement de la provision quotidienne la quote-part de la commission de surperformance effectivement provisionnée induite par ces nouvelles parts souscrites ;
- En cas de rachats, la quote-part de la provision de la commission de surperformance correspondant aux parts rachetées est acquise à la société de gestion selon le principe de « cristallisation ». | Si la rentabilidad desde el inicio del ejercicio supera la rentabilidad del indicador de referencia, y si no debe recuperarse todavía ninguna rentabilidad inferior pasada, se constituirá una provisión diaria del 20% como máximo de dicha diferencia de rentabilidad. En caso de diferencia negativa de rentabilidad respecto a dicho índice, se realizará una recuperación diaria de la provisión de un 20% como máximo de dicha diferencia de rentabilidad hasta el importe de las dotaciones constituidas desde el comienzo del año. El porcentaje efectivo de la comisión de rentabilidad asciende al 20% para las participaciones A, B y E, con la excepción de las participaciones A JPY y B JPY, para las cuales el porcentaje efectivo es del 10%. Cualquier rentabilidad inferior de la participación con respecto al indicador de referencia durante el periodo de referencia de 5 años o desde el lanzamiento de la participación (se utiliza el periodo más corto) se recuperará antes de que una comisión de rentabilidad resulte exigible. Si se registra otro año de rentabilidad inferior durante este primer periodo de 5 años y dicha rentabilidad inferior no se recupera al final de este primer periodo, comienza otro nuevo periodo de 5 años como máximo a partir de este nuevo año de rentabilidad inferior. La rentabilidad del fondo se expresa a través del valor de sus activos brutos, neto de gastos, antes de la provisión de la comisión de rentabilidad y teniendo en cuenta las suscripciones y los reembolsos. La comisión de rentabilidad también resultará pagadera si la participación obtiene una rentabilidad negativa pero superior a la del índice de referencia. Si el fondo es elegible para la provisión de una comisión de rentabilidad, entonces:
- En los casos de suscripción, se aplicará un mecanismo de neutralización del «efecto volumen» de estas participaciones suscritas en el cálculo de la comisión de rentabilidad. Se trata de retirar sistemáticamente de la provisión diaria la parte proporcional de la comisión de rentabilidad efectivamente provisionada generada por estas nuevas participaciones suscritas.
- En los casos de reembolso, se abonará a la sociedad gestora la parte proporcional de la provisión de la comisión de rentabilidad correspondiente a las participaciones reembolsadas, de acuerdo con el principio de «cristalización». | Dès lors que la performance depuis le début de l’exercice dépasse la performance de l’indicateur de référence et si aucune sous-performance passée ne doit encore être compensée, une provision quotidienne de 20% maximum de cette surperformance est constituée. En cas de sous- performance, par rapport à cet indice, une reprise quotidienne de provision est effectuée à hauteur de 20% maximum de cette sous- performance à concurrence des dotations constituées depuis le début de l’année. Le taux effectif de la commission de surperformance est de 20% pour les parts A, B et E à l’exception des parts A JPY et B JPY pour lesquelles le taux effectif est de 10%. Toute sous-performance de la part par rapport à l'Indicateur de référence au cours de la période de référence de 5 ans ou depuis le lancement de la part (la période la plus courte étant retenue) est compensée avant qu'une commission de surperformance ne devienne exigible. 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 en sous-performance. La performance du fonds est représentée par la valeur de ses actifs bruts, nette de tous frais, avant provision de la commission de surperformance et en tenant compte des souscriptions et des rachats. La commission de surperformance pourrait également être due si la part a surperformé l'indice de référence mais a affiché une performance négative. Si le fonds est éligible à la provision d’une commission de surperformance, alors :
- En cas de souscriptions, un mécanisme de neutralisation de l’«effet volume» de ces parts souscrites dans le calcul de la commission de surperformance est appliqué. Il consiste à retirer systématiquement de la provision quotidienne la quote-part de la commission de surperformance effectivement provisionnée induite par ces nouvelles parts souscrites ;
- En cas de rachats, la quote-part de la provision de la commission de surperformance correspondant aux parts rachetées est acquise à la société de gestion selon le principe de « cristallisation ». | fr | es |
DOLFIN8917 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
A CDSC is levied on any Class T Share redeemed within three years of subscription. Shares will be redeemed on a first in, first out basis, so that the first Class T Shares redeemed are the shares of the Fund that have been held for the longest period.
At the end of the CDSC holding period, Shareholders in Class T Shares will automatically be switched into shares of the equivalent Class A Share of the same Fund, free of charge at the next scheduled monthly conversion date (to be fixed by the Management Company) after the third anniversary of issue. This conversion may give rise to tax liability for investors in certain jurisdictions.
The CDSC may be waived, at the discretion of a Principal Distributor, in whole or in part. Any CDSC collected shall be payable to the Management Company for onward transmission to the relevant Distributor or, where the Management Company is acting in its capacity as Distributor, retained by the Management Company.
There is no CDSC imposed on:
- the redemption of distributing Class T Shares purchased through the reinvestment of distributions on Class T Shares of funds making distributions; or
- Shareholders in Class T Shares that switch all or part of their shareholdings to another Class T Share in the same Fund, or another Class T Share of a different Fund in the Company, will not trigger CDSC. In such cases, the CDSC holding period is transferred to the receiving Class T Share at the point of switch and associated rights are preserved. | Viene applicata una CSVD a tutte le azioni di Classe T riscattate entro tre anni dalla sottoscrizione. Le Azioni dovranno essere riscattate su base first in, first out , pertanto le prime Azioni di Classe T sono le azioni del Comparto detenute per il periodo più lungo.
Alla fine del periodo di detenzione CSVD, le Azioni di Classe T verranno automaticamente convertite in azioni delle Classe A equivalenti dello stesso Comparto, gratuitamente e alla prossima data di conversione mensile programmata (dalla Società di gestione) dopo il terzo anno dall’emissione. Tale conversione potrebbe comportare debiti d’imposta per gli investitori in determinate giurisdizioni.
La CSVD potrà essere derogata, a discrezione di un Distributore principale, in toto o in parte. Ognuna di queste CSVD sarà dovuta alla Società di gestione per la successiva trasmissione al Distributore pertinente o, laddove la Società di gestione agisca nella sua veste di Distributore, trattenuta dalla medesima.
Non verranno applicate CSVD:
- al rimborso o alla distribuzione di Azioni di Classe T acquistate tramite il reinvestimento di distribuzioni su Azioni di Classe T dei comparti che effettuano distribuzioni; o
- Gli Azionisti di Azioni di Classe T che convertono la totalità o una parte delle loro Azioni in altre Azioni di Classe T all’interno dello stesso Comparto o di un Comparto diverso non saranno soggetti a CSVD. In tali casi, le CSVD per il periodo di possesso sono trasferite alle Azioni di Classe T ricevute al momento della conversione e i diritti associati rimangono preservati. | A CDSC is levied on any Class T Share redeemed within three years of subscription. Shares will be redeemed on a first in, first out basis, so that the first Class T Shares redeemed are the shares of the Fund that have been held for the longest period.
At the end of the CDSC holding period, Shareholders in Class T Shares will automatically be switched into shares of the equivalent Class A Share of the same Fund, free of charge at the next scheduled monthly conversion date (to be fixed by the Management Company) after the third anniversary of issue. This conversion may give rise to tax liability for investors in certain jurisdictions.
The CDSC may be waived, at the discretion of a Principal Distributor, in whole or in part. Any CDSC collected shall be payable to the Management Company for onward transmission to the relevant Distributor or, where the Management Company is acting in its capacity as Distributor, retained by the Management Company.
There is no CDSC imposed on:
- the redemption of distributing Class T Shares purchased through the reinvestment of distributions on Class T Shares of funds making distributions; or
- Shareholders in Class T Shares that switch all or part of their shareholdings to another Class T Share in the same Fund, or another Class T Share of a different Fund in the Company, will not trigger CDSC. In such cases, the CDSC holding period is transferred to the receiving Class T Share at the point of switch and associated rights are preserved. | en | it |
DOLFIN8918 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Amundi AM Broker Committees include Management Directors or their representatives, representatives of the Amundi Intermédiation trading desk, an operations manager, a Risk Control manager and a Compliance manager.
In order to justify inclusion in the Amundi Intermédiation shortlist, counterparties are assessed by several teams, which give opinions on various criteria:
- counterparty risk: the Amundi Credit Risk team, under the governance of the Amundi Group Credit Risk Committee, is in charge of assessing each counterparty on the basis of precise criteria (shareholding, financial profile, governance, etc.);
- quality of order execution: the operational teams charged with the execution of orders within the Amundi Group assess the execution quality based on a series of factors depending on the type of instruments and markets concerned (quality of trading information, prices obtained, quality of settlement);
- quality of post-execution processing. | I Comitati Broker di Amundi AM sono composti dai Direttori di gestione o loro rappresentanti, dai rappresentanti del desk di negoziazione di Amundi Intermédiation, da un responsabile dell’amministrazione, da un responsabile di Controllo dei rischi e da un responsabile della Conformità.
La valutazione delle controparti al fine di giustificarne l'inserimento nell'elenco di raccomandazioni di Amundi Intermédiation coinvolge la partecipazione di più team che si pronunciano in funzione di diversi criteri:
- rischio di controparte: il team Rischi di Credito di Amundi, sotto la governance del Comitato Rischio di Credito del gruppo Amundi, è incaricato di valutare ciascuna controparte sulla base di criteri specifici (azionariato, profilo finanziario, governance, ecc.);
- qualità di esecuzione degli ordini: i team operativi incaricati dell'esecuzione degli ordini in seno al gruppo Amundi valutano la qualità di esecuzione sulla base di una serie di elementi in funzione del tipo di strumento e dei mercati coinvolti (qualità delle informazioni di trading, prezzi ottenuti, qualità del regolamento);
- qualità del trattamento post esecuzione. | The Amundi AM Broker Committees include Management Directors or their representatives, representatives of the Amundi Intermédiation trading desk, an operations manager, a Risk Control manager and a Compliance manager.
In order to justify inclusion in the Amundi Intermédiation shortlist, counterparties are assessed by several teams, which give opinions on various criteria:
- counterparty risk: the Amundi Credit Risk team, under the governance of the Amundi Group Credit Risk Committee, is in charge of assessing each counterparty on the basis of precise criteria (shareholding, financial profile, governance, etc.);
- quality of order execution: the operational teams charged with the execution of orders within the Amundi Group assess the execution quality based on a series of factors depending on the type of instruments and markets concerned (quality of trading information, prices obtained, quality of settlement);
- quality of post-execution processing. | en | it |
DOLFIN8919 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment of 10,000 GBP | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 94 GBP | 913 GBP |
| Cost impact* | 0.94% | 1.07% | | | Inversión de 10 000 GBP | Si lo vende después de 1 año | Si lo vende después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 94 GBP | 913 GBP |
| Incidencia de los costes* | 0,94 % | 1,07 % | | | Investment of 10,000 GBP | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 94 GBP | 913 GBP |
| Cost impact* | 0.94% | 1.07% | | en | es |
DOLFIN8920 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Management Risk
Each Fund is subject to management risk because it is an actively managed investment portfolio. The Investment Advisors will apply investment techniques and risk analyses in making investment decisions for the Funds, but there can be no guarantee that these will produce the desired results. Certain securities or other instruments in which a Fund seeks to invest may not be available in the quantities desired. In such circumstances, the Investment Advisor may determine to purchase other securities or instruments as substitutes. Such substitute securities or instruments may not perform as intended, which could result in losses to the Fund. To the extent a Fund employs strategies targeting perceived pricing inefficiencies, arbitrage strategies or similar strategies, it is subject to the risk that the pricing or valuation of the securities and instruments involved in such strategies may change unexpectedly, which may result in reduced returns or losses to the Fund.
Additionally, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Investment Advisors in connection with managing the Funds and may also adversely affect the ability of the Funds to achieve their investment objectives. | ##### Verwaltungsrisiko
Jeder Teilfonds unterliegt Verwaltungsrisiken, da er über ein aktiv verwaltetes Anlageportfolio verfügt. Die Anlageberater wenden Anlagetechniken und Risikoanalysen beim Treffen von Anlageentscheidungen für die Teilfonds an, es besteht jedoch keine Garantie, dass diese die erwünschten Ergebnisse erzielen. Bestimmte Wertpapiere oder andere Instrumente, in die ein Teilfonds anlegen möchte, stehen eventuell nicht im gewünschten Umfang zur Verfügung. In einem solchen Fall kann die Anlageberatungsgesellschaft bestimmen, ersatzweise andere Wertpapiere oder Instrumente zu erwerben. Diese Ersatzwertpapiere oder -instrumente entwickeln sich eventuell nicht wie gewünscht, was zu Verlusten für den Teilfonds führen kann. In dem Umfang, in dem ein Teilfonds Strategien einsetzt, die auf wahrgenommene Preisineffizienzen, Arbitragestrategien oder ähnliche Strategien abzielen, unterliegt er dem Risiko, dass sich die Preisfindung oder Bewertung von Wertpapieren und Instrumenten, die an dieser Strategie beteiligt sind, unerwartet ändern kann, was zu verringerten Erträgen oder Verlusten für den Teilfonds führen kann.
Darüber hinaus können rechtliche, aufsichtsrechtliche oder Steuerbeschränkungen, -richtlinien oder - entwicklungen die Anlagetechniken beeinflussen, die der Anlageberatungsgesellschaft im Zusammenhang mit der Verwaltung der Teilfonds zur Verfügung stehen, und sie können ebenfalls die Fähigkeit des Teilfonds beeinträchtigen, ihre Anlageziele zu erreichen. | #### Management Risk
Each Fund is subject to management risk because it is an actively managed investment portfolio. The Investment Advisors will apply investment techniques and risk analyses in making investment decisions for the Funds, but there can be no guarantee that these will produce the desired results. Certain securities or other instruments in which a Fund seeks to invest may not be available in the quantities desired. In such circumstances, the Investment Advisor may determine to purchase other securities or instruments as substitutes. Such substitute securities or instruments may not perform as intended, which could result in losses to the Fund. To the extent a Fund employs strategies targeting perceived pricing inefficiencies, arbitrage strategies or similar strategies, it is subject to the risk that the pricing or valuation of the securities and instruments involved in such strategies may change unexpectedly, which may result in reduced returns or losses to the Fund.
Additionally, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Investment Advisors in connection with managing the Funds and may also adversely affect the ability of the Funds to achieve their investment objectives. | en | de |
DOLFIN8921 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
This is an Irish UCITS variable capital umbrella investment company with segregated liability between sub-funds authorised by the Central Bank of Ireland.
## Term
This product has no fixed term. The product may be liquidated under limited circumstances as detailed in the prospectus.
## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve capital growth by investing primarily in shares of a limited number of companies of all sizes traded or listed in Japan.
The fund shall invest primarily in equity and equity-related securities in Japan. The fund may invest 20% of the value of the fund in non-Japanese companies that have business activities in Japan. Due to the highly concentrated nature of the portfolio, the fund is likely to have a higher annualised volatility than a more diversified portfolio.
The fund is considered to be actively managed in reference to the index (Topix Index) by virtue of the fact that it uses the index for performance comparison purposes. However, the index is not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the index.
## Intended retail investor
The fund is intended for retail and institutional investors. The fund may not be appropriate for investors who plan to withdraw their money within 5 years.
The fund is suitable for investors seeking long term capital appreciation and who are prepared to accept a moderate level of volatility.
For full investment objectives and policy details please refer to the prospectus.
## Other Information
Investors may switch their investment into shares of other funds upon request and further details can be found in the prospectus. Investors may redeem their investment on each business day of the fund. | # ¿Qué es este producto?
## Tipo
Se trata de una sociedad de inversión de capital variable OICVM irlandesa, de tipo paraguas y con responsabilidad segregada entre subfondos, autorizada por el Banco Central de Irlanda.
## Plazo
Este producto no tiene plazo fijo. El producto puede liquidarse en determinadas circunstancias, tal como se detalla en el folleto.
## Objetivos
Los ingresos que el Fondo genere se capitalizarán y reinvertirán en nombre de los inversores.
El fondo pretende lograr la revalorización del capital, invirtiendo principalmente en acciones de empresas negociadas o cotizadas en Japón.
El fondo invertirá principalmente en valores japoneses de renta variable y asimilados a renta variable. Hasta el 20 % del patrimonio del fondo podrá ser invertido en empresas no japonesas que tengan actividades empresariales en Japón. Debido al carácter altamente concentrado de la cartera, es probable que el fondo tenga una volatilidad anualizada mayor que una cartera más diversificada.
Se considera que el fondo se gestiona de manera activa, con referencia al índice (Topix) porque emplea este último para comparar las rentabilidades. Sin embargo, el índice no se utiliza para definir la composición de la cartera del fondo ni como objetivo de rentabilidad, y el fondo puede estar invertido en su totalidad en valores que no sean componentes del índice.
## Inversor minorista al que va dirigido
El fondo está destinado a inversores minoristas e institucionales. Este fondo podría no ser adecuado para inversores que tengan previsto retirar su dinero en un plazo de 5 años.
El fondo es adecuado para inversores que busquen la revalorización del capital a largo plazo, y que estén dispuestos a aceptar un nivel moderado de volatilidad.
Para consultar todos los detalles de los objetivos y la política de inversión, consulte el folleto.
## Información adicional
Los inversores podrán canjear su inversión por participaciones de otros fondos si lo solicitan; en el folleto puede encontrarse información más detallada. Los inversores pueden obtener el reembolso de su inversión en cada día hábil del fondo. | # What is this product?
## Type
This is an Irish UCITS variable capital umbrella investment company with segregated liability between sub-funds authorised by the Central Bank of Ireland.
## Term
This product has no fixed term. The product may be liquidated under limited circumstances as detailed in the prospectus.
## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve capital growth by investing primarily in shares of a limited number of companies of all sizes traded or listed in Japan.
The fund shall invest primarily in equity and equity-related securities in Japan. The fund may invest 20% of the value of the fund in non-Japanese companies that have business activities in Japan. Due to the highly concentrated nature of the portfolio, the fund is likely to have a higher annualised volatility than a more diversified portfolio.
The fund is considered to be actively managed in reference to the index (Topix Index) by virtue of the fact that it uses the index for performance comparison purposes. However, the index is not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the index.
## Intended retail investor
The fund is intended for retail and institutional investors. The fund may not be appropriate for investors who plan to withdraw their money within 5 years.
The fund is suitable for investors seeking long term capital appreciation and who are prepared to accept a moderate level of volatility.
For full investment objectives and policy details please refer to the prospectus.
## Other Information
Investors may switch their investment into shares of other funds upon request and further details can be found in the prospectus. Investors may redeem their investment on each business day of the fund. | en | es |
DOLFIN8922 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
* Période de détention recommandée.
** 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 2,37 % avant déduction des coûts et de -0,57 % après cette déduction.
Ces chiffres comprennent les coûts de distribution maximaux que la personne vous vendant le produit peut vous facturer(4,50 % du montant investi / 450 EUR). Cette personne vous informera des coûts de distribution réels.
Si vous avez investi dans ce produit dans le cadre d’un contrat d’assurance, les coûts indiqués n’incluent pas les coûts supplémentaires que vous pourriez éventuellement supporter. | * Período de mantenimiento recomendado.
** Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 2,37 % antes de deducir los costes y del -0,57 % después de deducir los costes.
Estas cifras incluyen la comisión de distribución máxima que puede cobrar la persona que le vende el producto (4,50 % del importe invertido/450 EUR). Esta persona le informará de la comisión de distribución real.
Si invierte en este producto en el marco de un contrato de seguros, los costes indicados no incluyen los costes adicionales que podría soportar. | * Période de détention recommandée.
** 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 2,37 % avant déduction des coûts et de -0,57 % après cette déduction.
Ces chiffres comprennent les coûts de distribution maximaux que la personne vous vendant le produit peut vous facturer(4,50 % du montant investi / 450 EUR). Cette personne vous informera des coûts de distribution réels.
Si vous avez investi dans ce produit dans le cadre d’un contrat d’assurance, les coûts indiqués n’incluent pas les coûts supplémentaires que vous pourriez éventuellement supporter. | fr | es |
DOLFIN8923 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# SFDR:
With reference to the regulation known as the “SFDR Regulation” (Regulation (EU) 2019/2088 of the European Parliament of 27 November 2019 on sustainability‐related disclosures in the financial services sector), this UCITS is not covered by either Article 8 or by Article 9 of SFDR, and consequently forms part of the category of funds covered by Article 6.
The main criteria taken into consideration in investment decisions are macro-economic analysis, the analysis of capital flows and the relative valuation of the markets.
Even if the management company or its delegate for investment management (hereinafter “Investment Manager”) may decide to exclude certain investments for regulatory reasons or in order to apply Group policies (including for reasons related to sustainability risk), this UCITS does not systematically integrate sustainability-related risks into its investment decisions. Nor does it evaluate the likely impact of sustainability-related risks on investments for the reasons mentioned above.
Sustainability-related risk is to be interpreted as defined in the SFDR Regulation. The definition is reproduced in the Risk Profile section. | # SFDR :
Dans le cadre du règlement dit “SFDR” (Règlement (UE) 2019/2088 du Parlement Européen du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financiers), cet OPCVM ne relève ni de l’article 8 ni de l’article 9 de SFDR et, par conséquent, appartient à la catégorie des fonds visés par l’article 6.
Les critères principaux pris en compte dans les décisions d’investissement sont l'analyse macro- économique, l'analyse des flux de capitaux et la valorisation relative des marchés.
Même si la société de gestion ou son délégataire de gestion financière (ci-après le « gestionnaire financier ») peuvent être amenés à exclure certains investissements pour des raisons réglementaires ou en application de politiques Groupe (y compris sur des fondements liés au risque de durabilité), cet OPCVM n’intègre pas les risques en matière de durabilité dans ses décisions d’investissement de manière systématique. Il n’effectue pas non plus d’évaluation des incidences probables des risques en matière de durabilité sur ses investissements pour les raisons évoquées ci- dessus.
Le risque en matière de durabilité doit s’entendre tel que défini dans SFDR. La définition est reprise dans la rubrique Profil de Risque. | # SFDR:
With reference to the regulation known as the “SFDR Regulation” (Regulation (EU) 2019/2088 of the European Parliament of 27 November 2019 on sustainability‐related disclosures in the financial services sector), this UCITS is not covered by either Article 8 or by Article 9 of SFDR, and consequently forms part of the category of funds covered by Article 6.
The main criteria taken into consideration in investment decisions are macro-economic analysis, the analysis of capital flows and the relative valuation of the markets.
Even if the management company or its delegate for investment management (hereinafter “Investment Manager”) may decide to exclude certain investments for regulatory reasons or in order to apply Group policies (including for reasons related to sustainability risk), this UCITS does not systematically integrate sustainability-related risks into its investment decisions. Nor does it evaluate the likely impact of sustainability-related risks on investments for the reasons mentioned above.
Sustainability-related risk is to be interpreted as defined in the SFDR Regulation. The definition is reproduced in the Risk Profile section. | en | fr |
DOLFIN8924 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
ESG scores, as defined by an internal proprietary framework, can be made available to assist in the ESG evaluation of securities’ issuers. ESG integration is systematically applied to all investment strategies. The process to integrate and embed ESG factors in the investment decision-making processes is guided by formal ESG Integration Guidelines. However, the way and the extent to which ESG integration, including ESG scores, is embedded in each investment process is determined by its Investment Manager, who is fully responsible in this respect.
- Stewardship: It is designed to enhance the long-term value of shareholdings and the management of long-term risk for clients, as part of BNP PARIBAS ASSET MANAGEMENT’s commitment to act as an efficient and diligent steward of assets. Stewardship activities include the following categories of engagement:
- Company Engagement: the aim is to foster, through dialogue with companies, corporate governance best practices, social responsibility and environmental stewardship. A key component of company engagement is voting at annual general meetings. BNP PARIBAS ASSET MANAGEMENT publishes detailed proxy-voting guidelines on a range of ESG issues.
- Public Policy Engagement: BNP PARIBAS ASSET MANAGEMENT aims to embed sustainability considerations more fully into the markets in which it invests and in the rules that guide and govern company behavior as per its Public Policy StewardshipStrategy. | Les scores ESG, tels que définis par une méthodologie interne propriétaire, peuvent être mis à disposition pour faciliter l’évaluation ESG des émetteurs de titres. L’intégration des critères ESG est systématiquement appliquée à toutes les stratégies d’investissement. Le processus visant à intégrer et renforcer les facteurs ESG dans les processus de prise de décisions d’investissement est déterminé par des règles d’intégration formelles des critères ESG. Cependant, la manière dont l’intégration des critères ESG, notamment les scores ESG, est intégrée et son degré d’intégration dans chaque processus d’investissement sont déterminés au cas par cas par le Gestionnaire d’actifs concerné, qui est entièrement responsable à cet égard.
- Stewardship (Engagement et dialogue): il est conçu pour améliorer la valeur à long terme des participations et la gestion du risque à long terme pour les clients, dans le cadre de l’engagement de BNP PARIBAS ASSET MANAGEMENT d’agir comme un gestionnaire d’actifs efficace et diligent. Les activités de « stewardship » comprennent les catégories d’engagement suivantes :
- Engagement de la société : l’objectif est de favoriser, par le dialogue avec les sociétés, les meilleures pratiques en matière de gouvernance d’entreprise, la responsabilité sociale et la gestion environnementale. Un élément clé de l’engagement de la société est le vote lors des assemblées générales annuelles. BNP PARIBAS ASSET MANAGEMENT publie des directives détaillées de vote par procuration sur une série de questions ESG.
- Engagement en matière de politiques publiques : BNP PARIBAS ASSET MANAGEMENT vise à intégrer plus pleinement les considérations de durabilité sur les marchés sur lesquels elle investit et dans les règles qui déterminent et régissent le comportement de la société conformément à sa Stratégie d’engagement en matière de politiques publiques. | ESG scores, as defined by an internal proprietary framework, can be made available to assist in the ESG evaluation of securities’ issuers. ESG integration is systematically applied to all investment strategies. The process to integrate and embed ESG factors in the investment decision-making processes is guided by formal ESG Integration Guidelines. However, the way and the extent to which ESG integration, including ESG scores, is embedded in each investment process is determined by its Investment Manager, who is fully responsible in this respect.
- Stewardship: It is designed to enhance the long-term value of shareholdings and the management of long-term risk for clients, as part of BNP PARIBAS ASSET MANAGEMENT’s commitment to act as an efficient and diligent steward of assets. Stewardship activities include the following categories of engagement:
- Company Engagement: the aim is to foster, through dialogue with companies, corporate governance best practices, social responsibility and environmental stewardship. A key component of company engagement is voting at annual general meetings. BNP PARIBAS ASSET MANAGEMENT publishes detailed proxy-voting guidelines on a range of ESG issues.
- Public Policy Engagement: BNP PARIBAS ASSET MANAGEMENT aims to embed sustainability considerations more fully into the markets in which it invests and in the rules that guide and govern company behavior as per its Public Policy StewardshipStrategy. | en | fr |
DOLFIN8925 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund may enter into TRS/CFDs for investment purposes and for efficient portfolio management. It may only conduct Securities Financing Transactions for efficient portfolio management.
In this context, efficient portfolio management purposes include: the reduction of risk, the reduction of costs and the generation of additional capital or income for the Fund with a level of risk that is consistent with the risk profile of the Fund.
If the Fund invests in TRS and/or CFDs and/or Securities Financing Transactions, the relevant asset or index may be comprised of Equity or Debt Securities, Money Market Instruments or other eligible investments which are consistent with the Fund’s specific Asset Class Principles, individual Investment Objective and Investment Restrictions.
Both, the maximum and the expected proportion of the Net Asset Value of the Fund can be subject to TRS/CFDs and or Securities Financing Transactions as set out below. | Der Fonds kann TRS/CFDs zu Anlagezwecken sowie zur effizienten Portfolioverwaltung abschließen. Wertpapierfinanzierungsgeschäfte darf er ausschließlich zur effizienten Portfolioverwaltung eingehen.
In diesem Zusammenhang umfassen die Zwecke einer effizienten Portfolioverwaltung: die Verminderung des Risikos, die Senkung der Kosten und die Erwirtschaftung zusätzlichen Kapitals bzw. zusätzlicher Erträge für den Fonds, wobei das Ausmaß des Risikos stets dem Risikoprofil des Fonds entsprechen muss.
Wenn der Fonds in TRS und/oder CFDs und/oder Wertpapierfinanzierungsgeschäfte investiert, kann der entsprechende Vermögenswert oder Index Aktien oder Festverzinsliche Wertpapiere, Geldmarktinstrumente oder sonstige zulässige Anlagen umfassen, die mit dem Anlageziel und der Anlagegrundsätze des Fonds übereinstimmen.
Sowohl der maximale als auch der erwartete auf TRS/CFDs und/oder Wertpapierfinanzierungsgeschäfte entfallende Anteil des Nettoinventarwerts des Fonds ist nachfolgend angegeben. | The Fund may enter into TRS/CFDs for investment purposes and for efficient portfolio management. It may only conduct Securities Financing Transactions for efficient portfolio management.
In this context, efficient portfolio management purposes include: the reduction of risk, the reduction of costs and the generation of additional capital or income for the Fund with a level of risk that is consistent with the risk profile of the Fund.
If the Fund invests in TRS and/or CFDs and/or Securities Financing Transactions, the relevant asset or index may be comprised of Equity or Debt Securities, Money Market Instruments or other eligible investments which are consistent with the Fund’s specific Asset Class Principles, individual Investment Objective and Investment Restrictions.
Both, the maximum and the expected proportion of the Net Asset Value of the Fund can be subject to TRS/CFDs and or Securities Financing Transactions as set out below. | en | de |
DOLFIN8926 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For directly-managed investments and/or for the underlying funds managed by Candriam, the environmental aspects making up these six environmental objectives are placed at the heart of the ESG analysis of issuers.
For the sub-funds which have sustainable investment as their objective and also for the sub-funds which promote, among other characteristics, environmental and/or social characteristics, this work to evaluate the contribution of issuers to the main environmental objectives, in particular the battle against climate change, requires a sector-based appraisal based on a heterogeneous data set and complex realities with multiple interdependencies. Candriam's ESG analysts have developed their own analysis framework. This enables them to systematically assess the contribution of a company's activities to the achievement of various environmental objectives set by Candriam and in line with the objective of the Taxonomy.
Following the publication of the technical criteria for the Taxonomy's 2 environmental objectives related to climate change by the group of experts created at the European level, Candriam has undertaken to integrate these technical criteria into its pre-existing analysis framework.
Carrying out such an analysis over the entire scope of the issuers concerned relies heavily on the effective publication of certain data by these key issuers, making it possible to assess their contribution in detail. | Al mismo tiempo, en el caso de las inversiones gestionadas de forma directa y/o los fondos subyacentes gestionados por Candriam, los aspectos medioambientales que componen estos seis objetivos medioambientales son uno de los pilares del análisis ESG realizado de los emisores.
Para los subfondos que tengan un objetivo de inversión sostenible, así como para los subfondos que promuevan, entre otras, características medioambientales y/o sociales, este trabajo de evaluación de la contribución de los emisores a los grandes objetivos medioambientales, en particular a la lucha contra el cambio climático, precisa de una apreciación sectorial, basada en un conjunto de datos heterogéneos y de realidades complejas con múltiples interdependencias. Los analistas ESG de Candriam han desarrollado su propio marco de análisis. Les permite evaluar de forma sistemática la contribución de las actividades de una empresa a los diferentes objetivos medioambientales definidos por Candriam y en consonancia con el objetivo de la Taxonomía.
Tras la publicación de los criterios técnicos para los dos objetivos medioambientales vinculados al cambio climático de la Taxonomía por parte del grupo de expertos creado a escala europea, Candriam ha iniciado la integración de tales criterios técnicos en su marco de análisis ya existente.
La realización de este análisis en el conjunto del perímetro de los emisores de interés depende en gran medida de la publicación efectiva de determinados datos por parte de esos emisores clave que permitan evaluar en detalle su contribución. | For directly-managed investments and/or for the underlying funds managed by Candriam, the environmental aspects making up these six environmental objectives are placed at the heart of the ESG analysis of issuers.
For the sub-funds which have sustainable investment as their objective and also for the sub-funds which promote, among other characteristics, environmental and/or social characteristics, this work to evaluate the contribution of issuers to the main environmental objectives, in particular the battle against climate change, requires a sector-based appraisal based on a heterogeneous data set and complex realities with multiple interdependencies. Candriam's ESG analysts have developed their own analysis framework. This enables them to systematically assess the contribution of a company's activities to the achievement of various environmental objectives set by Candriam and in line with the objective of the Taxonomy.
Following the publication of the technical criteria for the Taxonomy's 2 environmental objectives related to climate change by the group of experts created at the European level, Candriam has undertaken to integrate these technical criteria into its pre-existing analysis framework.
Carrying out such an analysis over the entire scope of the issuers concerned relies heavily on the effective publication of certain data by these key issuers, making it possible to assess their contribution in detail. | en | es |
DOLFIN8927 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The upper limit set out in the first sentence of B(1) shall be raised to 35% if the securities or money market instruments are issued or guaranteed by a Member State or one of its non-central public sector entities, by an OECD Member State or by international bodies under public law to which at least one Member State belongs.
- The upper limit in the first sentence of B 1 is raised to 25% if the debt instruments are issued by a credit institution in a Member State which is subject to particular public supervision based on legal provisions for the protection of the investors in these debt instruments. In particular, the income from the issue of these bonds must be invested in compliance with the legal provisions in assets that provide adequate cover for the resulting liabilities over the entire term of the bonds and are intended predominantly for the repayment of capital and interest should the issuer default. If the fund in question invests over 5% of its net assets in bonds within the meaning of B(5) above, which are issued by a single issuer, then the total value of these investments cannot exceed 80% of the value of the net assets of the fund.
- The securities and money market instruments mentioned in B 4 and 5 shall not be taken into consideration in the application of the investment limit of 40% provided for in B 2. | - Die unter B (1), Satz 1 festgelegte Obergrenze erhöht sich auf 35 %, wenn die Wertpapiere oder Geldmarktinstrumente von einem Mitgliedstaat oder einer seiner dezentralen Gebietskörperschaften, von einem OECD-Mitgliedstaat oder von internationalen öffentlich- rechtlichen Organisationen, denen mindestens ein Mitgliedstaat angehört, begeben oder garantiert werden.
- Die unter B (1), Satz 1 festgelegte Obergrenze erhöht sich auf 25 %, wenn die Schuldtitel von einem Mitgliedstaat begeben werden, der kraft Gesetzes einer besonderen Aufsicht zum Schutz der Inhaber dieser Schuldtitel unterliegt. Insbesondere müssen die Erträge aus der Emission dieser Schuldpapiere gemäß den gesetzlichen Vorschriften in Vermögenswerten angelegt werden, die während der gesamten Laufzeit der Schuldpapiere die sich daraus ergebenden Verbindlichkeiten ausreichend decken und vorrangig für die beim Ausfall des Emittenten fällig werdende Rückzahlung des Kapitals und der Zinsen bestimmt sind. Investiert der betreffende Fonds mehr als 5 % seines Nettovermögens in Schuldpapiere im Sinne von B (5) oben, die von demselben Emittenten begeben wurden, darf der Gesamtwert dieser Anlagen 80 % des Werts des Nettofondsvermögens nicht übersteigen.
- Die in B (4) und (5) genannten Wertpapiere und Geldmarktinstrumente werden bei der Anwendung der in B (2) vorgesehenen Anlagegrenze von 40 % nicht berücksichtigt. | - The upper limit set out in the first sentence of B(1) shall be raised to 35% if the securities or money market instruments are issued or guaranteed by a Member State or one of its non-central public sector entities, by an OECD Member State or by international bodies under public law to which at least one Member State belongs.
- The upper limit in the first sentence of B 1 is raised to 25% if the debt instruments are issued by a credit institution in a Member State which is subject to particular public supervision based on legal provisions for the protection of the investors in these debt instruments. In particular, the income from the issue of these bonds must be invested in compliance with the legal provisions in assets that provide adequate cover for the resulting liabilities over the entire term of the bonds and are intended predominantly for the repayment of capital and interest should the issuer default. If the fund in question invests over 5% of its net assets in bonds within the meaning of B(5) above, which are issued by a single issuer, then the total value of these investments cannot exceed 80% of the value of the net assets of the fund.
- The securities and money market instruments mentioned in B 4 and 5 shall not be taken into consideration in the application of the investment limit of 40% provided for in B 2. | en | de |
DOLFIN8928 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Portions of management fees related to the Class I Shares and Class ID Shares may be paid by the Manager to information agents or entities involved in the settlement process of orders.
Following the Initial Offer Period, Shares in the Sub-Fund will be issued in accordance with the provisions set out in the “Subscriptions for Shares” section of the Prospectus.
On the respective Valuation Days immediately prior to 25 December and 1 January each year, Subscription Application Forms or Electronic Applications must be received by 12.00 noon (Irish time). Where a Subscription Application Form or an Electronic Application is received after 12.00 noon (Irish time), the subscription shall be deemed to be received on the Dealing Deadline in connection with the next Valuation Day.
The Directors may generally, in their absolute discretion, refuse to accept any subscription for Shares, in whole or in part, for any reason. | Une partie des frais de gestion liés aux Actions des Catégories I et ID peut être payée par le Gestionnaire à des agents d’informations, ou à des entités impliquées dans le processus de règlement des ordres.
Après la Période d’Offre Initiale, les Actions du Compartiment seront émises conformément aux dispositions énoncées dans la section du Prospectus intitulée « Souscriptions d’Actions ».
Le Jour de valorisation précédant immédiatement les 25 décembre et 1er janvier chaque année, les Formulaires de souscription d’Actions ou Demandes de Souscription Électroniques doivent être reçus au plus tard à 12h00 (heure irlandaise). Si un Formulaire de souscription d’Actions ou une Demande de Souscription Électronique est reçu après 12h00 (heure irlandaise), cette demande de souscription sera réputée avoir été reçue à l’Heure limite de passation des ordres du Jour d’évaluation suivant.
Les Administrateurs, peuvent en général, à leur entière discrétion, refuser totalement ou partiellement toute souscription d’Actions, pour quelque raison que ce soit. | Portions of management fees related to the Class I Shares and Class ID Shares may be paid by the Manager to information agents or entities involved in the settlement process of orders.
Following the Initial Offer Period, Shares in the Sub-Fund will be issued in accordance with the provisions set out in the “Subscriptions for Shares” section of the Prospectus.
On the respective Valuation Days immediately prior to 25 December and 1 January each year, Subscription Application Forms or Electronic Applications must be received by 12.00 noon (Irish time). Where a Subscription Application Form or an Electronic Application is received after 12.00 noon (Irish time), the subscription shall be deemed to be received on the Dealing Deadline in connection with the next Valuation Day.
The Directors may generally, in their absolute discretion, refuse to accept any subscription for Shares, in whole or in part, for any reason. | en | fr |
DOLFIN8929 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 3.00% of the amount you pay in when entering this investment. | Up to 300 USD |
| Exit costs | 2.00% of your investment before it is paid out to you. | 204 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.89% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 89 USD |
| Transaction costs | 0.19% 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. | 19 USD |
| Incidental costs taken under specific conditions |
| Performance fees (*) | There is no performance fee for this product. | 0 USD | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | 3.00% dell'importo pagato al momento della sottoscrizione. | Fino a 300 USD |
| Costi di uscita | 2.00% dell'investimento prima che venga rimborsato. | 204 USD |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0.89% del valore dell'investimento annuo. Si tratta di una stima basata su costi effettivi nell'arco dell'ultimo anno. | 89 USD |
| Costi di transazione | 0.19% del valore dell'investimento annuo. Si tratta di una stima dei costi sostenuti al momento dell'acquisto e della vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varia a seconda dei volumi acquistati e venduti. | 19 USD |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance (*) | Questo prodotto non prevede una commissione legata al rendimento. | 0 USD | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 3.00% of the amount you pay in when entering this investment. | Up to 300 USD |
| Exit costs | 2.00% of your investment before it is paid out to you. | 204 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.89% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 89 USD |
| Transaction costs | 0.19% 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. | 19 USD |
| Incidental costs taken under specific conditions |
| Performance fees (*) | There is no performance fee for this product. | 0 USD | | en | it |
DOLFIN8930 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Des informations actualisées concernant ses fonctions de dépôt et les conflits d’intérêts susceptibles de survenir peuvent être obtenues gratuitement sur demande auprès du Dépositaire.
Lorsque la législation d’un pays tiers exige que certains instruments financiers soient conservés en dépôt par une entité locale et qu’aucune entité locale ne satisfait les conditions en matière de délégation (à savoir une réglementation prudentielle efficace) en vertu de la Loi de 2010, le Dépositaire peut, mais n’est nullement tenu de, déléguer la fonction de garde à une entité locale dans la mesure requise par la législation d’une telle juridiction et pour autant qu’aucune autre entité locale remplissant ces conditions n’existe, sous réserve toutefois que (i) préalablement à leur investissement dans le Fonds, les Actionnaires aient été dûment informés de l’exigence d’une telle délégation, des circonstances motivant ladite délégation et des risques y afférents et (ii) les instructions de délégation à l’entité locale concernée aient été données par ou pour le Fonds.
Conformément aux dispositions de la Loi de 2010 et au Contrat de dépôt, le Dépositaire est responsable de la perte d’un instrument financier conservé en dépôt par lui-même, une banque correspondante, une filiale, une société affiliée ou un tiers auquel la garde d’un tel instrument financier a été déléguée de la manière décrite ci-avant. Le cas échéant, le Dépositaire doit restituer au Fonds un instrument financier de même nature ou le montant correspondant dans les meilleurs délais. Le Dépositaire ne sera pas tenu responsable s’il est en mesure de prouver que la perte résulte d’un événement extérieur échappant à son contrôle raisonnable et dont les conséquences auraient été inévitables malgré tous les efforts déployés pour s’y soustraire. Le Dépositaire sera également responsable envers le Fonds ou les Actionnaires de toutes autres pertes subies du fait d’une négligence, d’une faute intentionnelle, d’une fraude de sa part et/ou d’un manquement volontaire à ses obligations en vertu de la Loi de 2010 et du Contrat de dépôt.
Le Fonds et le Dépositaire peuvent résilier le Contrat de dépôt moyennant un préavis écrit de 90 jours civils consécutifs. Le Contrat de dépôt peut également être résilié moyennant un préavis plus court dans certaines circonstances. Le Dépositaire continuera cependant à agir en qualité de Dépositaire pendant deux mois au maximum dans l’attente de la nomination d’un nouveau dépositaire (conformément à l’article 36 a) de la Loi de 2010) et, jusqu’à ladite nomination, le Dépositaire prendra toutes les mesures nécessaires afin de préserver au mieux les intérêts des Actionnaires du Fonds et de permettre le transfert de l’ensemble des actifs du Fonds à son successeur. | ## La información actualizada sobre los derechos de custodia del Depositario y los conflictos de interés que puedan surgir se puede obtener de forma gratuita y previa solicitud al Depositario.
Cuando la legislación de un tercer país exija que determinados instrumentos financieros se mantengan bajo custodia por una entidad local y no existan entidades locales que cumplan con la exigencia de delegación (es decir, los reglamentos prudentes y efectivos) con arreglo a la Ley de 2010, el Depositario podrá, pero no está obligado, delegar en una entidad local en la medida requerida por la ley de dicha jurisdicción y mientras no exista otra entidad local que cumpla con dichos requisitos, siempre que
(i) los Accionistas, antes de su inversión en el Fondo, hayan sido debidamente informados de que dicha delegación es necesaria, de las circunstancias que justifican la delegación y de los riesgos inherentes a la misma y (ii) se hayan dado las instrucciones para delegar en la entidad local pertinente por el Fondo o para el mismo.
Con arreglo a las disposiciones de la Ley de 2010 y el Contrato de Depósito, el Depositario será responsable de la pérdida de un instrumento financiero mantenido bajo custodia por el Depositario, un banco corresponsal, subsidiarias, filiales o un tercero a quien la custodia de instrumentos financieros se haya delegado de la forma descrita anteriormente. En ese caso, el Depositario debe devolver un instrumento financiero del mismo tipo o el importe correspondiente al Fondo, sin retraso indebido. El Depositario no será responsable si puede demostrar que la pérdida ha sido resultado de una situación externa fuera de su control, cuyas consecuencias no habrían podido evitarse a pesar de todos los esfuerzos razonables. El Depositario también será responsable ante el Fondo o ante los Accionistas de otras pérdidas sufridas como resultado de una negligencia, mala conducta intencionada, fraude y/o fallo intencionado del Depositario para cumplir con sus obligaciones bajo la Ley de 2010 y el Contrato de Depósito.
El Fondo y el Depositario podrán rescindir el Contrato de Depósito mediante una notificación escrita con una antelación de 90 días naturales consecutivos. El Contrato de Depósito también se puede rescindir con un aviso más corto en algunos casos. No obstante, el Depositario seguirá actuando como Depositario durante un máximo de 2 meses, a la espera de que se designe un depositario sustituto (con arreglo al artículo 36 a) de la Ley de 2010) y, hasta entonces, el Depositario llevará a cabo todas las medidas necesarias para asegurar la buena conservación de los intereses de los Accionistas del Fondo y permitir la transferencia de todos los activos del Fondo al siguiente depositario. | ## Des informations actualisées concernant ses fonctions de dépôt et les conflits d’intérêts susceptibles de survenir peuvent être obtenues gratuitement sur demande auprès du Dépositaire.
Lorsque la législation d’un pays tiers exige que certains instruments financiers soient conservés en dépôt par une entité locale et qu’aucune entité locale ne satisfait les conditions en matière de délégation (à savoir une réglementation prudentielle efficace) en vertu de la Loi de 2010, le Dépositaire peut, mais n’est nullement tenu de, déléguer la fonction de garde à une entité locale dans la mesure requise par la législation d’une telle juridiction et pour autant qu’aucune autre entité locale remplissant ces conditions n’existe, sous réserve toutefois que (i) préalablement à leur investissement dans le Fonds, les Actionnaires aient été dûment informés de l’exigence d’une telle délégation, des circonstances motivant ladite délégation et des risques y afférents et (ii) les instructions de délégation à l’entité locale concernée aient été données par ou pour le Fonds.
Conformément aux dispositions de la Loi de 2010 et au Contrat de dépôt, le Dépositaire est responsable de la perte d’un instrument financier conservé en dépôt par lui-même, une banque correspondante, une filiale, une société affiliée ou un tiers auquel la garde d’un tel instrument financier a été déléguée de la manière décrite ci-avant. Le cas échéant, le Dépositaire doit restituer au Fonds un instrument financier de même nature ou le montant correspondant dans les meilleurs délais. Le Dépositaire ne sera pas tenu responsable s’il est en mesure de prouver que la perte résulte d’un événement extérieur échappant à son contrôle raisonnable et dont les conséquences auraient été inévitables malgré tous les efforts déployés pour s’y soustraire. Le Dépositaire sera également responsable envers le Fonds ou les Actionnaires de toutes autres pertes subies du fait d’une négligence, d’une faute intentionnelle, d’une fraude de sa part et/ou d’un manquement volontaire à ses obligations en vertu de la Loi de 2010 et du Contrat de dépôt.
Le Fonds et le Dépositaire peuvent résilier le Contrat de dépôt moyennant un préavis écrit de 90 jours civils consécutifs. Le Contrat de dépôt peut également être résilié moyennant un préavis plus court dans certaines circonstances. Le Dépositaire continuera cependant à agir en qualité de Dépositaire pendant deux mois au maximum dans l’attente de la nomination d’un nouveau dépositaire (conformément à l’article 36 a) de la Loi de 2010) et, jusqu’à ladite nomination, le Dépositaire prendra toutes les mesures nécessaires afin de préserver au mieux les intérêts des Actionnaires du Fonds et de permettre le transfert de l’ensemble des actifs du Fonds à son successeur. | fr | es |
DOLFIN8931 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
These charges encompass all costs and charges of managing the real estate assets, especially those for any works, based on the SPPICAV's strategy and market conditions. The SPPICAV primarily pays the following charges, insofar as they are not passed on to tenants and cannot be capitalised in its accounts:
- all costs of the Real Estate Assets, in particular (a) payments on building leases, long-term leases or other types of lease; (b) taxes, duties and charges on the Real Estate Assets that do not get passed on to occupants, including land tax, and taxes and duties on offices and commercial premises; (c) electricity, water, heating, air conditioning, ventilation and generally all energy and utility charges of any nature; (d) insurance premiums and brokerage fees; (e) staff costs for security and caretaking services; (f) property administration and management fees; and (g) all expenses, costs and charges arising from the ownership of units and shares in real estate companies;
- all real estate promotion costs, in particular the costs and charges of arranging tenancies, finding tenants and all related management fees and charges;
- costs of fit-out, maintenance, cleaning, servicing, repairs, replacements and upgrades to the property and its equipment, including related technical and legal costs (architects, engineers, contracting authorities, notaries, lawyers, surveyors etc.), and related taxes, duties and charges;
- various consultancy costs, in particular for dealing with disputes and claims relating to the work of the SPPICAV, excluding fees relating to disputes arising from breach of contract or infringement of laws or regulations by the Asset Management Company. | Ces frais recouvrent l'intégralité des frais et charges liés à la gestion du patrimoine immobilier, en particulier ceux liés aux travaux, fonction de la stratégie de la SPPICAV et des conditions de marché. La SPPICAV supporte essentiellement les frais mentionnés ci-dessous, dans la mesure où ils ne sont pas refacturés aux locataires et qu'ils ne sont pas immobilisables dans la comptabilité de la SPPICAV :
- l'ensemble des charges des Actifs Immobiliers, notamment (a) les loyers des baux à construction, de baux emphytéotiques ou autres,(b) les impôts, taxes et redevances afférents aux Actifs Immobiliers non refacturés aux occupants, en ce compris notamment la taxe foncière, les taxes ou redevances sur les bureaux et locaux commerciaux, (c) les fournitures d'éclairage, d'eau, de chauffage, de climatisation, de ventilation, et généralement toute consommation d'énergie et de fluides quels qu'ils soient, (d) les primes d'assurances et commissions de courtage y afférentes, (e) les frais du personnel affecté au gardiennage, à la sécurité, (f) les honoraires d'administration de biens et de "property" management, et (g) l'ensemble des dépenses, frais et charges liés à la détention des parts et actions de sociétés immobilières ;
- l'ensemble des frais liés à la commercialisation locative, notamment les frais et commissions de location et de recherche de locataires et les frais et honoraires de gestion y afférents ;
- l'ensemble des dépenses d'aménagement, d'entretien, de nettoyage, de maintenance, de réparation, de remplacement et de mise en conformité à effectuer sur les immeubles et leurs équipements, en ce compris les honoraires techniques et juridiques y afférents (architectes, bureaux d'études, maîtrise d'ouvrage déléguée, notaires, avocats et évaluateurs, etc.) ainsi que les impôts, taxes et redevances y afférents ;
- les honoraires de conseils divers, notamment liés à la gestion des contentieux ou autres entrant dans le cadre de l'activité de la SPPICAV, dès lors que ces honoraires ne se rapportent pas à des contentieux découlant d'un manquement contractuel ou d'une méconnaissance des obligations légales ou réglementaires de la Société de Gestion de Portefeuille. | These charges encompass all costs and charges of managing the real estate assets, especially those for any works, based on the SPPICAV's strategy and market conditions. The SPPICAV primarily pays the following charges, insofar as they are not passed on to tenants and cannot be capitalised in its accounts:
- all costs of the Real Estate Assets, in particular (a) payments on building leases, long-term leases or other types of lease; (b) taxes, duties and charges on the Real Estate Assets that do not get passed on to occupants, including land tax, and taxes and duties on offices and commercial premises; (c) electricity, water, heating, air conditioning, ventilation and generally all energy and utility charges of any nature; (d) insurance premiums and brokerage fees; (e) staff costs for security and caretaking services; (f) property administration and management fees; and (g) all expenses, costs and charges arising from the ownership of units and shares in real estate companies;
- all real estate promotion costs, in particular the costs and charges of arranging tenancies, finding tenants and all related management fees and charges;
- costs of fit-out, maintenance, cleaning, servicing, repairs, replacements and upgrades to the property and its equipment, including related technical and legal costs (architects, engineers, contracting authorities, notaries, lawyers, surveyors etc.), and related taxes, duties and charges;
- various consultancy costs, in particular for dealing with disputes and claims relating to the work of the SPPICAV, excluding fees relating to disputes arising from breach of contract or infringement of laws or regulations by the Asset Management Company. | en | fr |
DOLFIN8932 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Consistent with the German Investment Tax Act, at least 51% of the Fund’s net assets will be invested in publicly-listed equity securities (not including equity-like securities, REITs, or shares of other funds).
Putnam Multi-Asset Absolute Return Fund
Supplement V to the Prospectus for Putnam World Trust dated 22 December 2021 (the “Prospectus”)
This Supplement contains specific information in relation to the Putnam Multi-Asset Absolute Return Fund (the “Fund”), a Fund of Putnam World Trust (the “Trust”). The Trust is an open-ended umbrella unit trust established pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (S.I. No. 352 of 2011) and any regulations made thereunder.
This Supplement forms part of and should be read in conjunction with all the information contained within the Prospectus, including the general descriptions of:
- the Trust and its management and administration;
- its general management and Trust charges;
- the taxation of the Trust and of its Unitholders; and
- its risk factors. | Im Einklang mit dem deutschen Investmentgesetz (InvG) werden mindestens 51 % des Nettovermögens des Teilfonds in börsennotierte Dividendenpapiere (ausschließlich aktienähnlicher Wertpapiere, REITs oder Anteile anderer Fonds) investiert.
Putnam Multi-Asset Absolute Return Fund
Ergänzung V zum Prospekt für den Putnam World Trust vom 22. Dezember 2021 (der „Prospekt“)
Diese Ergänzung enthält spezifische Informationen über den Putnam Multi-Asset Absolute Return Fund (nachstehend der „Teilfonds“), einen Teilfonds des Putnam World Trust (nachstehend der „Fonds“). Der Fonds ist ein offener Umbrella-Investmentfonds gemäß den Vorschriften von 2011 über Organismen für gemeinsame Anlagen in übertragbaren Wertpapieren der Europäischen Gemeinschaften, in der jeweils gültigen Fassung, (Durchführungsverordnung Nr. 352 von 2011) und allen darauf beruhenden Regelungen.
Diese Ergänzung ist ein Bestandteil des Prospekts und sollte in Zusammenhang mit demselben und den darin enthaltenen Informationen gelesen werden, einschließlich der allgemeinen Beschreibungen von:
- dem Fonds und dessen Führung und Verwaltung,
- dessen allgemeinen Verwaltungs- und Fondsgebühren,
- der Besteuerung des Fonds und dessen Anteilsinhaber und
- seinen Risikofaktoren. | Consistent with the German Investment Tax Act, at least 51% of the Fund’s net assets will be invested in publicly-listed equity securities (not including equity-like securities, REITs, or shares of other funds).
Putnam Multi-Asset Absolute Return Fund
Supplement V to the Prospectus for Putnam World Trust dated 22 December 2021 (the “Prospectus”)
This Supplement contains specific information in relation to the Putnam Multi-Asset Absolute Return Fund (the “Fund”), a Fund of Putnam World Trust (the “Trust”). The Trust is an open-ended umbrella unit trust established pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (S.I. No. 352 of 2011) and any regulations made thereunder.
This Supplement forms part of and should be read in conjunction with all the information contained within the Prospectus, including the general descriptions of:
- the Trust and its management and administration;
- its general management and Trust charges;
- the taxation of the Trust and of its Unitholders; and
- its risk factors. | en | de |
DOLFIN8933 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In general, there is less government regulation and supervision of OTC FDI than transactions entered into on organised exchanges. In addition, many of the protections afforded to some participants on some organised exchanges, such as the performance guarantee of an exchange clearing house, might not be available in connection with OTC FDI. Therefore, although any counterparty with whom a Sub-Fund enters into an OTC FDI will be rated at or in excess of the requirements of the Central Bank by a Recognised Rating Agency and the Sub- Fund may further reduce its exposure to the counterparty through the use of collateral, the Sub-Fund will be subject to the risk that the counterparty may not perform its obligations under the transactions. In the event that the counterparty is unable or unwilling to meet its contractual liabilities, there may be a detrimental impact on the Sub-Fund.
Further, in certain circumstances, a Sub-Fund may be required to post collateral in respect of an OTC FDI, increasing its exposure to the counterparty and the potential detrimental impact on the Sub-Fund of a default by or the insolvency of the counterparty.
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## Legal | En règle générale, il existe moins de réglementations et de surveillance gouvernementales pour les INFD que pour les transactions conclues sur des marchés organisés. En outre, nombre des protections accordées à certains participants sur certains marchés organisés, notamment la garantie de performance sur une chambre de compensation en devises, pourraient ne pas exister pour les IFD OTC. Par conséquent, bien qu’une contrepartie avec laquelle un Compartiment conclut une opération IFD OTC sera notée selon les exigences, voire davantage, de la Banque Centrale par une Agence de Notation Reconnue et que le Compartiment puisse davantage réduire son exposition à la contrepartie au moyen de l’utilisation d’une garantie, le Compartiment sera sujet au risque que la contrepartie n’exécute pas ses obligations au titre des transactions. Au cas où la contrepartie serait dans l’incapacité ou refuse de s'acquitter de ses obligations contractuelles, le Compartiment pourrait en être défavorablement affecté.
De plus, dans certaines circonstances, un Compartiment peut être tenu de fournir une garantie relativement à un IFD OTC, augmentant ainsi son exposition à la contrepartie et l’impact défavorable potentiel sur le Compartiment d’une défaillance ou de l’insolvabilité de la contrepartie.
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## Considérations d’ordre juridique | In general, there is less government regulation and supervision of OTC FDI than transactions entered into on organised exchanges. In addition, many of the protections afforded to some participants on some organised exchanges, such as the performance guarantee of an exchange clearing house, might not be available in connection with OTC FDI. Therefore, although any counterparty with whom a Sub-Fund enters into an OTC FDI will be rated at or in excess of the requirements of the Central Bank by a Recognised Rating Agency and the Sub- Fund may further reduce its exposure to the counterparty through the use of collateral, the Sub-Fund will be subject to the risk that the counterparty may not perform its obligations under the transactions. In the event that the counterparty is unable or unwilling to meet its contractual liabilities, there may be a detrimental impact on the Sub-Fund.
Further, in certain circumstances, a Sub-Fund may be required to post collateral in respect of an OTC FDI, increasing its exposure to the counterparty and the potential detrimental impact on the Sub-Fund of a default by or the insolvency of the counterparty.
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## Legal | en | fr |
DOLFIN8934 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Definition and considerations related to leverage
The Management Company monitors the level of leverage emanating from the usage of financial derivative instruments. In accordance with regulations, such leverage is obtained by summing the notionals of the derivatives used (hereafter “gross leverage”) without taking into account any netting and hedging arrangements. For the avoidance of doubt, this means that derivatives referring to the same underlying asset, whose net exposure leaves no material residual risk for the Sub-Fund, will add to the gross leverage; similarly, a derivative used for hedging purposes will also be counted in the gross leverage. At the time of release of the current prospectus, the gross leverage is expected to reach a maximum level of 1,400% of the Sub-Fund’s Net Asset Value.
Investors must be aware that the Sub-Fund makes extensive use of derivatives, both for hedging and for taking active positions. Reasons for making extensive use of derivatives are described hereafter:
- The investment strategy of the Sub-Fund is based on the philosophy that the risk/return profile should not depend on a small number of views or positions. Consequently, the Sub- Fund will typically take many, relatively small, uncorrelated positions rather than a few large positions;
- Due to the investment philosophy, the Sub-Fund typically takes many so-called “relative value trades”. These positions express views on the difference between various interest rates, currencies or credit spreads rather than expressing views on “outright directional positions”. Relative value trades have “long” and “short” legs, meaning the amount of derivatives used at least double the amount used for outright directional positions. | ## Definizione e considerazioni relative alla leva finanziaria
La Società di gestione effettua il monitoraggio del livello di leva finanziaria derivante dall'utilizzo di strumenti finanziari derivati. In conformità ai regolamenti, tale leva finanziaria viene ottenuta sommando i valori nozionali dei derivati utilizzati (di seguito, la "leva finanziaria lorda") senza tenere conto di alcun accordo di compensazione e copertura. Per maggiore chiarezza onde evitare dubbi, ciò significa che i derivati che fanno riferimento allo stesso sottostante, la cui esposizione netta non lascia alcun rischio sostanziale residuo per il Comparto, andranno ad aggiungersi alla leva finanziaria lorda; analogamente, anche uno strumento derivato utilizzato per finalità di copertura sarà conteggiato nella leva finanziaria lorda. Al momento della distribuzione del presente prospetto informativo, si prevede che il grado di leva finanziaria lorda raggiungerà un livello massimo del 1.400% del Valore patrimoniale netto del Comparto. Si invitano gli investitori a prendere atto del fatto che il Comparto fa un ampio uso di strumenti derivati, sia per finalità di copertura che allo scopo di assumere posizioni attive. Di seguito sono descritte le ragioni per tale ampio utilizzo di strumenti derivati:
- la strategia d'investimento del Comparto è basata sulla filosofia che il profilo di rischio/rendimento non dovrebbe dipendere da un ristretto numero di opinioni o posizioni. Di conseguenza, il Comparto assumerà generalmente molte posizioni non correlate e relativamente piccole piuttosto che poche grandi posizioni;
- a causa della filosofia d'investimento, il Comparto può assumere posizioni sulle cosiddette "operazioni relative value". Tali posizioni esprimono opinioni sulla differenza tra vari tassi d'interesse, valute o spread di credito, piuttosto che esprimere pareri su "posizioni totalmente direzionali". Le operazioni relative value hanno gambe "lunghe" e "corte", ciò significa che l'importo degli strumenti derivati utilizzati perlomeno raddoppia l'importo impiegato per le posizioni totalmente direzionali. | ## Definition and considerations related to leverage
The Management Company monitors the level of leverage emanating from the usage of financial derivative instruments. In accordance with regulations, such leverage is obtained by summing the notionals of the derivatives used (hereafter “gross leverage”) without taking into account any netting and hedging arrangements. For the avoidance of doubt, this means that derivatives referring to the same underlying asset, whose net exposure leaves no material residual risk for the Sub-Fund, will add to the gross leverage; similarly, a derivative used for hedging purposes will also be counted in the gross leverage. At the time of release of the current prospectus, the gross leverage is expected to reach a maximum level of 1,400% of the Sub-Fund’s Net Asset Value.
Investors must be aware that the Sub-Fund makes extensive use of derivatives, both for hedging and for taking active positions. Reasons for making extensive use of derivatives are described hereafter:
- The investment strategy of the Sub-Fund is based on the philosophy that the risk/return profile should not depend on a small number of views or positions. Consequently, the Sub- Fund will typically take many, relatively small, uncorrelated positions rather than a few large positions;
- Due to the investment philosophy, the Sub-Fund typically takes many so-called “relative value trades”. These positions express views on the difference between various interest rates, currencies or credit spreads rather than expressing views on “outright directional positions”. Relative value trades have “long” and “short” legs, meaning the amount of derivatives used at least double the amount used for outright directional positions. | en | it |
DOLFIN8935 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The investment fund iShares Nikkei 225® (DE) (hereinafter referred to as the “Investment Fund”) is a “Directive-Compliant Investment Fund” as defined by the German Investment Act (InvG). It is managed by BlackRock Asset Management Deutschland AG (hereinafter referred to as the “Company”).
Management of the Investment Fund consists pri- marily of investing the money that investors have deposited with the Company in various assets, separated from the assets of the Company and in accordance with the principle of risk diversification. The Investment Fund does not form part of the bankruptcy estate of the Investment Management Company.
The German Investment Act and the Terms and Conditions, which govern the legal relationship between the investors and the Company, stipulate in what kind of assets the Company may invest the funds and which provisions it must follow in making such investments. The Terms and Conditions com- prise a General and a Special part (“General Terms and Conditions” and “Special Condi- tions”). The application of the Terms and Condi- tions to an Investment Fund is subject to approval by the German Federal Financial Supervisory Au- thority (Bundesanstalt für Finanzdienstleistung- saufsicht – BaFin).
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###### Sales documents | Das Sondervermögen iShares Nikkei 225® (DE) ist ein "Richtlinienkonformes Sondervermögen" im Sinne des InvG (im Folgenden "Sondervermögen" genannt). Es wird von der BlackRock Asset Management Deutschland AG (im Folgenden "Gesellschaft" genannt) verwaltet.
Die Verwaltung des Sondervermögens besteht vor allem darin, das von den Anlegern bei der Gesell- schaft eingelegte Geld unter Beachtung des Grund- satzes der Risikomischung in verschiedenen Ver- mögensgegenständen gesondert vom Vermögen der Gesellschaft anzulegen. Das Sondervermögen gehört nicht zur Insolvenzmasse der Kapitalanla- gegesellschaft.
In welchen Vermögensgegenständen die Gesell- schaft das Geld anlegen darf und welche Bestim- mungen sie dabei zu beachten hat, ergibt sich aus dem Investmentgesetz und den Vertragsbedingun- gen, die das Rechtsverhältnis zwischen den Anle- gern und der Gesellschaft regeln. Die Vertragsbe- dingungen umfassen einen allgemeinen und einen besonderen Teil („Allgemeine Vertragsbedin- gungen“ und „Besondere Vertragsbedingun- gen“). Die Verwendung der Vertragsbedingungen für ein Sondervermögen unterliegt der Genehmi- gungspflicht der Bundesanstalt für Finanzdienstleis- tungsaufsicht (BaFin).
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###### Verkaufsunterlagen | The investment fund iShares Nikkei 225® (DE) (hereinafter referred to as the “Investment Fund”) is a “Directive-Compliant Investment Fund” as defined by the German Investment Act (InvG). It is managed by BlackRock Asset Management Deutschland AG (hereinafter referred to as the “Company”).
Management of the Investment Fund consists pri- marily of investing the money that investors have deposited with the Company in various assets, separated from the assets of the Company and in accordance with the principle of risk diversification. The Investment Fund does not form part of the bankruptcy estate of the Investment Management Company.
The German Investment Act and the Terms and Conditions, which govern the legal relationship between the investors and the Company, stipulate in what kind of assets the Company may invest the funds and which provisions it must follow in making such investments. The Terms and Conditions com- prise a General and a Special part (“General Terms and Conditions” and “Special Condi- tions”). The application of the Terms and Condi- tions to an Investment Fund is subject to approval by the German Federal Financial Supervisory Au- thority (Bundesanstalt für Finanzdienstleistung- saufsicht – BaFin).
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###### Sales documents | en | de |
DOLFIN8936 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Require the Company, the Management Company or the Investment Manager to be registered under any law or regulation whether as an investment fund or otherwise, or cause the Company to be required to comply with any registration requirements in respect of any of its Shares, whether in the United States of America or any other jurisdiction; or
- Cause the Company, its Shareholders, the Management Company or the Investment Manager some legal, regulatory, taxation, pecuniary or material administrative disadvantage which the Company, its Shareholders, the Management Company or the Investment Manager might not otherwise have incurred or suffered.
| | - erfordern könnte, dass sich die Gesellschaft, die Verwaltungsgesellschaft oder die Anlageverwaltungsgesellschaft gemäß einem einschlägigen Gesetz, einer Vorschrift oder sonstigen Bestimmung als Investmentfonds oder anderweitig registrieren oder Registrierungsbestimmungen in Bezug auf ihre Anteile einhalten muss, sei es in den Vereinigten Staaten von Amerika oder einem anderen Land; oder
- dazu führen könnte, dass der Gesellschaft, ihren Anteilinhabern, der Verwaltungsgesellschaft oder der Anlageverwaltungsgesellschaft rechtliche, steuerliche, finanzielle oder erhebliche administrative Nachteile entstehen, die der Gesellschaft, ihren Anteilinhabern, der Verwaltungsgesellschaft oder der Anlageverwaltungsgesellschaft ansonsten nicht entstehen würden.
| | - Require the Company, the Management Company or the Investment Manager to be registered under any law or regulation whether as an investment fund or otherwise, or cause the Company to be required to comply with any registration requirements in respect of any of its Shares, whether in the United States of America or any other jurisdiction; or
- Cause the Company, its Shareholders, the Management Company or the Investment Manager some legal, regulatory, taxation, pecuniary or material administrative disadvantage which the Company, its Shareholders, the Management Company or the Investment Manager might not otherwise have incurred or suffered.
| | en | de |
DOLFIN8937 | 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 de l'investissement
Le Fonds vise à combiner revenu et croissance en investissant dans des entreprises cotées sur les marchés boursiers européens.
Le Fonds a pour objectif d'enregistrer une performance supérieure,
avant frais, à celle de l'indice MSCI Europe en EUR.
## Politique d'investissement
### Titres en portefeuille
- Le Fonds investit au moins deux tiers de son actif dans les actions et les titres de participation d'entreprises établies ou exerçant une grande partie de leurs activités en Europe, qui produisent ou devraient produire des dividendes élevés.
- Les entreprises sont choisies indépendamment de leur capitalisation boursière (micro, petite, moyenne ou grande), du secteur dans lequel elles évoluent et de leur situation géographique au sein de l'Europe.
### Processus de gestion
- Le Fonds est géré activement.
- L'indice de référence est utilisé comme référence pour la construction du portefeuille et pour définir les contraintes de risque.
- Afin de réaliser son objectif, le Fonds initie des positions dont les pondérations sont différentes de celles de l'indice de référence et peut investir dans des titres qui ne sont pas inclus dans l'indice de référence. Les investissements du Fonds et leur pondération peuvent être très différents de ceux qui composent l'indice.
- En raison de la nature active du processus de gestion, le profil de performance du Fonds peut s'écarter sensiblement de celui de l'indice de référence sur le long terme.
- abrdn intègre les considérations environnementales, sociales et de gouvernance (ESG) au processus d'investissement. Les détails de | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de inversión
El objetivo del fondo es obtener una combinación de ingresos y crecimiento invirtiendo en empresas que cotizan en los mercados bursátiles europeos.
El objetivo del fondo es superar la rentabilidad del índice de referencia
MSCI Europe Index (EUR) antes de comisiones.
## Política de inversión
### Valores de cartera
- El fondo invierte al menos dos tercios en renta variable y valores relacionados con renta variable de empresas que tienen su sede o realizan una gran parte de sus negocios en Europa y que producen o se espera que produzcan un nivel alto de ingresos por dividendos.
- Las empresas se seleccionan sin tener en cuenta su capitalización de mercado (micro, pequeña, mediana o grande), sector o ubicación geográfica dentro de Europa.
### Proceso de gestión
- El fondo se gestiona activamente.
- El índice de referencia se usa como punto de referencia para la confección de la cartera y como base para fijar las restricciones al riesgo.
- Con el fin de lograr su objetivo, el fondo adoptará posiciones cuyas ponderaciones divergirán del índice de referencia o puede invertir en valores que no estarán incluidos en el índice de referencia. Las inversiones del fondo podrán diferir significativamente de los componentes del índice de referencia y sus respectivas ponderaciones.
- Debido a la naturaleza activa del proceso de gestión, el perfil de rentabilidad del fondo podría desviarse significativamente con respecto al del índice de referencia a largo plazo. | # OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
## Objectif de l'investissement
Le Fonds vise à combiner revenu et croissance en investissant dans des entreprises cotées sur les marchés boursiers européens.
Le Fonds a pour objectif d'enregistrer une performance supérieure,
avant frais, à celle de l'indice MSCI Europe en EUR.
## Politique d'investissement
### Titres en portefeuille
- Le Fonds investit au moins deux tiers de son actif dans les actions et les titres de participation d'entreprises établies ou exerçant une grande partie de leurs activités en Europe, qui produisent ou devraient produire des dividendes élevés.
- Les entreprises sont choisies indépendamment de leur capitalisation boursière (micro, petite, moyenne ou grande), du secteur dans lequel elles évoluent et de leur situation géographique au sein de l'Europe.
### Processus de gestion
- Le Fonds est géré activement.
- L'indice de référence est utilisé comme référence pour la construction du portefeuille et pour définir les contraintes de risque.
- Afin de réaliser son objectif, le Fonds initie des positions dont les pondérations sont différentes de celles de l'indice de référence et peut investir dans des titres qui ne sont pas inclus dans l'indice de référence. Les investissements du Fonds et leur pondération peuvent être très différents de ceux qui composent l'indice.
- En raison de la nature active du processus de gestion, le profil de performance du Fonds peut s'écarter sensiblement de celui de l'indice de référence sur le long terme.
- abrdn intègre les considérations environnementales, sociales et de gouvernance (ESG) au processus d'investissement. Les détails de | fr | es |
DOLFIN8938 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- the MMF limits the investment in money market instruments from the same issue to a maximum of 30% of its assets;
- the MMF makes express reference, in its fund rules or instruments of incorporation, to all administrations, institutions or organisations referred to in the first subparagraph that issue or guarantee separately or jointly money market instruments in which it intends to invest more than 5% of its assets;
- the MMF includes a prominent statement in its prospectus and marketing communications drawing attention to the use of the derogation and indicating all administrations, institutions or organisations referred to in the first subparagraph that issue or guarantee separately or jointly money market instruments in which it intends to invest more than 5% of its assets.
| | - le Compartiment du marché monétaire limite à 30 % maximum de ses actifs l’investissement dans des instruments du marché monétaire appartenant à une même émission ;
- le Compartiment du marché monétaire mentionne expressément, dans son règlement ou dans ses documents constitutifs, toutes les administrations, institutions ou organisations visées au premier alinéa qui émettent, garantissent individuellement ou conjointement des instruments du marché monétaire dans lesquels il envisage d’investir plus de 5 % de ses actifs ;
- le Compartiment du marché monétaire inclut, bien en évidence, dans son prospectus et ses communications publicitaires, une déclaration qui attire l’attention sur l’utilisation de cette dérogation et indique toutes les administrations, institutions ou organisations visées au premier alinéa qui émettent, garantissent individuellement ou conjointement des instruments du marché monétaire dans lesquels il envisage d’investir plus de 5 % de ses actifs.
| | - the MMF limits the investment in money market instruments from the same issue to a maximum of 30% of its assets;
- the MMF makes express reference, in its fund rules or instruments of incorporation, to all administrations, institutions or organisations referred to in the first subparagraph that issue or guarantee separately or jointly money market instruments in which it intends to invest more than 5% of its assets;
- the MMF includes a prominent statement in its prospectus and marketing communications drawing attention to the use of the derogation and indicating all administrations, institutions or organisations referred to in the first subparagraph that issue or guarantee separately or jointly money market instruments in which it intends to invest more than 5% of its assets.
| | en | fr |
DOLFIN8939 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# RÉPARTITION DES ÉLÉMENTS D’ACTIF ET DE PASSIF
## Le Conseil d’administration se réserve le droit d’ajouter d’autres Compartiments et, dans certains cas, d’abandonner des Compartiments existants.
Le Fonds est une entité morale unique. Conformément à l’article 181 de la Loi de 2010, les droits des investisseurs et des créanciers sur un Compartiment ou des droits qui sont nés de la création, le fonctionnement ou la liquidation d’un Compartiment sont limités aux actifs dudit Compartiment.
Les actifs d’un Compartiment ne servent qu’à satisfaire les droits des Actionnaires en relation avec ledit Compartiment et les droits des créanciers dont les réclamations sont nées en relation avec la création, le fonctionnement ou la liquidation du Compartiment.
## Aux fins des relations entre Actionnaires, chaque Compartiment sera réputé être une entité distincte. | # ASIGNACIÓN DE ACTIVOS Y PASIVOS
## El Consejo de Administración se reserva el derecho a añadir otros Subfondos y, en ciertas circunstancias, a cerrar los Subfondos existentes.
El Fondo constituye una única entidad jurídica. Con arreglo al artículo 181 de la Ley de 2010, los derechos de los inversores y acreedores de un Subfondo o que han surgido a raíz de la creación, operación o liquidación de un Subfondo están limitados a los activos de dicho Subfondo.
Los activos de un Subfondo están disponibles exclusivamente para satisfacer los derechos de los Accionistas en relación con el correspondiente Subfondo y los derechos de los acreedores cuyas reclamaciones han surgido a raíz de la creación, operación o liquidación de dicho Subfondo.
## A efectos de la relación entre los Accionistas, cada Subfondo será considerado una entidad independiente. | # RÉPARTITION DES ÉLÉMENTS D’ACTIF ET DE PASSIF
## Le Conseil d’administration se réserve le droit d’ajouter d’autres Compartiments et, dans certains cas, d’abandonner des Compartiments existants.
Le Fonds est une entité morale unique. Conformément à l’article 181 de la Loi de 2010, les droits des investisseurs et des créanciers sur un Compartiment ou des droits qui sont nés de la création, le fonctionnement ou la liquidation d’un Compartiment sont limités aux actifs dudit Compartiment.
Les actifs d’un Compartiment ne servent qu’à satisfaire les droits des Actionnaires en relation avec ledit Compartiment et les droits des créanciers dont les réclamations sont nées en relation avec la création, le fonctionnement ou la liquidation du Compartiment.
## Aux fins des relations entre Actionnaires, chaque Compartiment sera réputé être une entité distincte. | fr | es |
DOLFIN8940 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les contreparties de ces Credit Default Swaps sont BARCLAYS BANK PLC, BNP PARIBAS LONDRES, CITIGROUP GLOBAL MARKETS LTD, JP MORGAN SECURITIES PLC et SOCIETE GENERALE.
-
#### Amundi Funds Bond Euro High Yield | Las contrapartes de estos Swaps de riesgo de impago son BARCLAYS BANK PLC, BNP PARIBAS LONDRES, CITIGROUP GLOBAL MARKETS LTD, JP MORGAN SECURITIES PLC y SOCIETE GENERALE.
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##### Amundi Funds Bond Euro High Yield | Les contreparties de ces Credit Default Swaps sont BARCLAYS BANK PLC, BNP PARIBAS LONDRES, CITIGROUP GLOBAL MARKETS LTD, JP MORGAN SECURITIES PLC et SOCIETE GENERALE.
-
#### Amundi Funds Bond Euro High Yield | fr | es |
DOLFIN8941 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Forward exchange: revaluation of foreign currency commitments at the daily rate with the premium/discount calculated according to the term of the contract.
Term deposits: are recorded and valued at nominal value, even when they have a maturity of more than three months. Accrued interest is added to this amount. However, some agreements include special conditions in the event of early redemption requests to take into account the impact of the rise in the counterparty's financing curve. The accrued interest may therefore be reduced by this impact without any negative effect. Term deposits are then at least valued at their nominal value. | # Change à terme : réévaluation des devises en engagement au cours du jour le report / déport calculé en fonction de l'échéance du contrat.
Dépôts à terme : ils sont enregistrés et évalués pour leur montant nominal, même s’ils ont une échéance supérieure à trois mois. Ce montant est majoré des intérêts courus qui s’y rattachent. Toutefois, certains contrats prévoient des conditions particulières en cas de demande de remboursement anticipé afin de prendre en compte l’impact de hausse de la courbe de financement de la contrepartie. Les intérêts courus peuvent alors être diminués de cet impact, sans pouvoir être négatifs. Les dépôts à terme sont alors au minimum évalués à leur valeur nominale. | # Forward exchange: revaluation of foreign currency commitments at the daily rate with the premium/discount calculated according to the term of the contract.
Term deposits: are recorded and valued at nominal value, even when they have a maturity of more than three months. Accrued interest is added to this amount. However, some agreements include special conditions in the event of early redemption requests to take into account the impact of the rise in the counterparty's financing curve. The accrued interest may therefore be reduced by this impact without any negative effect. Term deposits are then at least valued at their nominal value. | en | fr |
DOLFIN8942 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In addition to the above, the Fund will not knowingly invest in debt or equity issued by the top-5 global investors in nuclear weapons and in the top-5 global investors in cluster weapons.
- Predatory lending exclusion policyThe Fund will not invest in companies that: (1) derive any revenues (0% threshold) from predatory lending activities, and/or (2) have a significant ownership in companies under (1).
- Tobacco exclusion policyThe Fund will not invest in companies that: (1) derive any revenues (0% threshold) from the manufacturing of tobacco products, and/or (2) derive at least 5% of revenues from supply of tobacco-related products or services, and /or (3) have a significant ownership in companies under (1) or (2).
- AlcoholThe Fund will not invest in companies that: (1) derive at least 5% of revenues from production of alcoholic beverages and related products or services, and /or (2) have a significant ownership in companies under (1).
- GamblingThe Fund will not invest in companies that: (1) derive at least 5% of revenues from gambling operations, gambling specialized equipment and supporting products or services, and /or (2) have a significant ownership in companies under (1).
- Military ContractingThe Fund will not invest in companies that: (1) derive at least 5% of revenues from military contracting, and /or (2) have a significant ownership in companies under (1).
- Small ArmsThe Fund will not invest in companies that: (1) derive at least 5% of revenues from production of small arms and/or (2) at least 10% revenues from retail and distribution of small arms, and/or (3) have a significant ownership in companies under (1) or (2). | Oltre a quanto sopra indicato, il Fondo non investirà consapevolmente in titoli di debito o azionari emessi dai primi cinque investitori globali in armi nucleari e dai primi cinque investitori globali in armi a grappolo.
- Politica di esclusione dei prestiti predatoriIl Fondo non investirà in società che: (1) traggono ricavi (soglia dello 0%) da attività di prestiti predatori, e/o (2) detengono una quota significativa nelle società di cui al punto (1).
- Politica di esclusione del tabaccoIl Fondo non investirà in società che: (1) traggono ricavi (soglia dello 0%) dalla fabbricazione di prodotti del tabacco, e/o (2) traggono almeno il 5% dei ricavi dalla fornitura di prodotti o servizi legati al tabacco, e/o (3) detengono una quota significativa nelle società di cui ai punti(1) o (2).
- AlcoliciIl Fondo non investirà in società che: (1) traggono almeno il 5% dei ricavi dalla produzione di bevande alcoliche e prodotti o servizi correlati, e/o (2) detengono una quota significativa nelle società di cui al punto (1).
- Gioco d’azzardoIl Fondo non investirà in società che: (1) traggono almeno il 5% dei ricavi da attività legate al gioco d’azzardo, apparecchiature specializzate per il gioco d’azzardo e prodotti e servizi di supporto, e/o (2) detengono una quota significativa nelle società di cui al punto (1).
- Appalti militariIl Fondo non investirà in società che: (1) traggono almeno il 5% dei ricavi da appalti militari, e/o (2) detengono una quota significativa nelle società di cui al punto (1).
- Armi di piccolo calibroIl Fondo non investirà in società che: (1) traggono almeno il 5% dei ricavi dalla produzione di armi di piccolo calibro, e/o (2) traggono almeno il 10% dei ricavi dalla vendita al dettaglio e dalla distribuzione di armi di piccolo calibro, e/o (3) detengono una quota significativa nelle società di cui ai punti (1) o (2). | In addition to the above, the Fund will not knowingly invest in debt or equity issued by the top-5 global investors in nuclear weapons and in the top-5 global investors in cluster weapons.
- Predatory lending exclusion policyThe Fund will not invest in companies that: (1) derive any revenues (0% threshold) from predatory lending activities, and/or (2) have a significant ownership in companies under (1).
- Tobacco exclusion policyThe Fund will not invest in companies that: (1) derive any revenues (0% threshold) from the manufacturing of tobacco products, and/or (2) derive at least 5% of revenues from supply of tobacco-related products or services, and /or (3) have a significant ownership in companies under (1) or (2).
- AlcoholThe Fund will not invest in companies that: (1) derive at least 5% of revenues from production of alcoholic beverages and related products or services, and /or (2) have a significant ownership in companies under (1).
- GamblingThe Fund will not invest in companies that: (1) derive at least 5% of revenues from gambling operations, gambling specialized equipment and supporting products or services, and /or (2) have a significant ownership in companies under (1).
- Military ContractingThe Fund will not invest in companies that: (1) derive at least 5% of revenues from military contracting, and /or (2) have a significant ownership in companies under (1).
- Small ArmsThe Fund will not invest in companies that: (1) derive at least 5% of revenues from production of small arms and/or (2) at least 10% revenues from retail and distribution of small arms, and/or (3) have a significant ownership in companies under (1) or (2). | en | it |
DOLFIN8943 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The Fund's primary investment objective is to be exposed to global emerging market equities, by systematically applying the investment process developed by the Management Company to outperform the reference index by minimizing risk factor concentration via a maximally diversified portfolio.
Equity selection is based on the quantitative and systematic models, which aim to optimize the level of diversification achieved relative to the benchmark indicator. These models determine the optimal model portfolio, including both the list of eligible stocks and their portfolio weightings.
The Fund is managed in reference to the MSCI Daily TR Net Emerging Markets Index. The Fund does not use an index-based management strategy, it is actively managed. As a consequence, its performance may differ substantially from the benchmark, which is used to define the investment universe and determine the global risk profile of the Fund. A majority of the benchmark’s equity securities will be components of the Fund. The weightings of the Fund’s portfolio holdings may diverge significantly from their equivalent weighting in the index. Net asset appreciations may be compared to the MSCI Daily TR Net Emerging Markets Index.
Under normal market conditions, at least 90% of the Fund's assets are exposed to emerging equity markets, including the small, mid and large-cap emerging markets. | # Obiettivi e politica d'investimento
L’obiettivo d’investimento principale del Fondo è acquisire un’esposizione alle azioni globali dei mercati emergenti, adottando sistematicamente il processo d’investimento sviluppato dalla Società di gestione per sovraperformare l’indice di riferimento, minimizzando il rischio di concentrazione tramite un portafoglio il più diversificato possibile.
La selezione delle azioni si basa su modelli quantitativi e sistematici volti a ottimizzare il livello di diversificazione ottenuto rispetto all’indice di riferimento. Questi modelli determinano il portafoglio modello ottimale, che comprende sia l’elenco dei titoli idonei sia le loro ponderazioni nel portafoglio.
Il Fondo è gestito con riferimento all’Indice MSCI Daily TR Net Emerging Markets. Il Fondo non utilizza una strategia di gestione indicizzata ed è gestito attivamente. Di conseguenza, la sua performance può differenziarsi in maniera sostanziale da quella del benchmark, che è utilizzato per definire l'universo d'investimento e stabilire il profilo di rischio globale del Fondo. Il Fondo investirà nella maggior parte dei titoli azionari del benchmark. Le ponderazioni delle partecipazioni nel portafoglio del Fondo potrebbero divergere in maniera significativa dalle corrispondenti ponderazioni nell'indice. Gli incrementi del valore patrimoniale netto possono essere confrontati con l’Indice MSCI Daily TR Net Emerging Markets.
In condizioni di mercato normali, almeno il 90% delle attività del Fondo è esposto ai mercati azionari emergenti, inclusi i mercati emergenti a piccola, media e larga capitalizzazione. | # Objectives and investment policy
The Fund's primary investment objective is to be exposed to global emerging market equities, by systematically applying the investment process developed by the Management Company to outperform the reference index by minimizing risk factor concentration via a maximally diversified portfolio.
Equity selection is based on the quantitative and systematic models, which aim to optimize the level of diversification achieved relative to the benchmark indicator. These models determine the optimal model portfolio, including both the list of eligible stocks and their portfolio weightings.
The Fund is managed in reference to the MSCI Daily TR Net Emerging Markets Index. The Fund does not use an index-based management strategy, it is actively managed. As a consequence, its performance may differ substantially from the benchmark, which is used to define the investment universe and determine the global risk profile of the Fund. A majority of the benchmark’s equity securities will be components of the Fund. The weightings of the Fund’s portfolio holdings may diverge significantly from their equivalent weighting in the index. Net asset appreciations may be compared to the MSCI Daily TR Net Emerging Markets Index.
Under normal market conditions, at least 90% of the Fund's assets are exposed to emerging equity markets, including the small, mid and large-cap emerging markets. | en | it |
DOLFIN8944 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
L’administrateur Bloomberg Index Services Limited (site internet :
https://
www.bloomberg.com) de l’indice de référence Bloomberg Barclays Capital Euro Aggregate Corporate Total Return n’est pas inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA et bénéficie du régime transitoire prévu à l’article 51 du règlement Benchmark.
Les taux et indicateurs utilisés sont annualisés. Le calcul de la performance de cet indicateur inclut les coupons. Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- Stratégie d’investissement. Stratégies utilisées :La stratégie de gestion consiste à construire un portefeuille sur les marchés obligataires d'entreprises, en sélectionnant des titres sur la base d’une analyse combinant des critères financiers permettant de définir des valeurs qui présentent d’importantes perspectives de croissance et des critères extra-financiers afin de répondre à des exigences d’Investissement Socialement Responsable. | El administrador de índices Bloomberg Index Services Limited (sitio web:
https://
www.bloomberg.com) del índice de referencia Bloomberg Barclays Capital Euro Aggregate Corporate Total Return no figura en el registro de administradores e índices de referencia de la ESMA y se beneficia del régimen transitorio previsto en el artículo 51 del Reglamento de índices de referencia.
Los tipos e índices que se utilizan son anualizados. El cálculo de la rentabilidad de este índice incluye los cupones. De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
- Estrategia de inversión. Estrategias utilizadas:La estrategia de gestión consiste en crear una cartera en los mercados de deuda empresarial mediante la selección de valores basados en un análisis que combina criterios financieros para definir acciones con perspectivas decrecimiento significativas y criterios extrafinancieros para cumplir con los requisitos de Inversión socialmente responsable. | L’administrateur Bloomberg Index Services Limited (site internet :
https://
www.bloomberg.com) de l’indice de référence Bloomberg Barclays Capital Euro Aggregate Corporate Total Return n’est pas inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA et bénéficie du régime transitoire prévu à l’article 51 du règlement Benchmark.
Les taux et indicateurs utilisés sont annualisés. Le calcul de la performance de cet indicateur inclut les coupons. Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- Stratégie d’investissement. Stratégies utilisées :La stratégie de gestion consiste à construire un portefeuille sur les marchés obligataires d'entreprises, en sélectionnant des titres sur la base d’une analyse combinant des critères financiers permettant de définir des valeurs qui présentent d’importantes perspectives de croissance et des critères extra-financiers afin de répondre à des exigences d’Investissement Socialement Responsable. | fr | es |
DOLFIN8945 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Indicateur de risque
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 5 sur 7, qui est une classe de risque entre moyenne et élevée. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre moyen et élevé et, si la situation venait à se détériorer sur les marchés, il est probable que la valeur de votre investissement en soit affectée.
Les titres de sociétés de petites capitalisations boursières peuvent s’avérer plus sensibles aux variations du marché et faire l’objet de fluctuations de prix plus soudaines ou irrégulières que les valeurs des plus grandes entreprises. Les actions de croissance peuvent être plus sensibles aux marchés, ainsi qu’aux évolutions économiques et politiques que d’autres actions, ce qui rend leurs cours plus volatils.
Attention au risque de change. 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.
Veuillez consulter le Rapport annuel ou le Prospectus du produit disponible sur le site web www.alger.com pour en savoir plus sur les autres risques matériellement pertinents du produit qui ne sont pas repris dans l’indicateur synthétique de risque.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión.
Las empresas de pequeña capitalización pueden ser más sensibles a los cambios del mercado y estar sujetas a cambios más abruptos o erráticos de los precios que los valores de las grandes empresas. Los valores de crecimiento pueden ser más sensibles a la evolución del mercado, la economía y la política que los de otro tipo, lo que hace que sus precios sean más volátiles.
Tenga presente el riesgo de cambio. Recibirá pagos en una moneda diferente, por lo que su rentabilidad final dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Para más información sobre otros riesgos de importancia significativa para el producto que podría no reflejar adecuadamente el indicador resumido de riesgo, consulte el folleto del producto en www.alger.com.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Indicateur de risque
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 5 sur 7, qui est une classe de risque entre moyenne et élevée. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre moyen et élevé et, si la situation venait à se détériorer sur les marchés, il est probable que la valeur de votre investissement en soit affectée.
Les titres de sociétés de petites capitalisations boursières peuvent s’avérer plus sensibles aux variations du marché et faire l’objet de fluctuations de prix plus soudaines ou irrégulières que les valeurs des plus grandes entreprises. Les actions de croissance peuvent être plus sensibles aux marchés, ainsi qu’aux évolutions économiques et politiques que d’autres actions, ce qui rend leurs cours plus volatils.
Attention au risque de change. 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.
Veuillez consulter le Rapport annuel ou le Prospectus du produit disponible sur le site web www.alger.com pour en savoir plus sur les autres risques matériellement pertinents du produit qui ne sont pas repris dans l’indicateur synthétique de risque.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN8946 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Foreign currency risk, as defined in IFRS 7, arises as the value of future transactions, recognised monetary assets and monetary liabilities denominated in other currencies fluctuate due to changes in foreign exchange rates. IFRS 7 considers the foreign exchange exposure relating to non- monetary assets and non-monetary liabilities to be a component of other price risk not foreign currency risk.
Monetary items are units of currency held and assets and liabilities to be received or paid in a fixed or determinable number of units of currency. Non-monetary items are any other assets and liabilities other than monetary ones.
Since there are no foreign cash balances held by the Depositary, the risk in relation to monetary assets is insignificant. The Funds, in line with the securities comprising their underlying indices, are exposed to the currency risk of the respective reference index/strategy. The Investment Manager monitors the Funds' currency risk to ensure that it replicates that of the securities comprising the underlying index.
-
##### Financial risks (continued)
-
###### Market risk (continued)
- Other price riskOther price risk is the risk that the value of investments will fluctuate as a result of changes in market price (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer or similar financial instruments traded in the market. For each Fund this risk is in line with the risk of the reference index.
-
###### Credit risk | Das Fremdwährungsrisiko gemäß Definition in IFRS 7 ergibt sich dadurch, dass der Wert künftiger Transaktionen, erfasster monetärer Vermögenswerte und monetärer Verbindlichkeiten, die auf andere Währungen lauten, aufgrund von Wechselkursänderungen schwankt. Laut IFRS 7 ist das Währungsrisiko im Zusammenhang mit nicht monetären Vermögenswerten und nicht monetären Verbindlichkeiten eine Komponente des sonstigen Preisrisikos und nicht des Währungsrisikos.
Monetäre Posten sind gehaltene Währungseinheiten und Vermögenswerte und Verbindlichkeiten, die in einer festgelegten oder feststellbaren Anzahl von Währungseinheiten zu vereinnahmen bzw. zu zahlen sind. Nicht monetäre Posten sind alle Vermögenswerte und Verbindlichkeiten außer monetären.
Da keine von der Verwahrstelle gehaltenen Barbestände in Fremdwährungen bestehen, ist das Risiko im Zusammenhang mit monetären Posten unwesentlich. Die Fonds sind durch die Wertpapiere, welche die ihnen zugrunde liegenden Indizes bilden, dem Währungsrisiko des jeweiligen Referenzindex bzw. der jeweiligen Referenzstrategie ausgesetzt. Der Anlageverwalter überwacht das Währungsrisiko der Fonds, um sicherzustellen, dass es das Risiko derjenigen Wertpapiere nachbildet, die den zugrunde liegenden Index bilden.
-
##### Finanzrisiken (Fortsetzung)
-
###### Marktrisiko (Fortsetzung)
- Sonstiges PreisrisikoDas sonstige Preisrisiko ist das Risiko, dass sich der Wert von Anlagen aufgrund von Marktpreisschwankungen (mit Ausnahme solcher, die von Zinsänderungs- oder Währungsrisiken hervorgerufen werden) ändert, sei es, dass diese Änderungen spezifischen Faktoren einer einzelnen Anlage oder deren Emittenten zuzuordnen sind, oder dass sich alle diese Faktoren auf alle am Markt gehandelten ähnlichen Finanzinstrumente auswirken. Das Risiko eines jeden Fonds entspricht dem Risiko des Referenzindex.
-
###### Kreditrisiko | Foreign currency risk, as defined in IFRS 7, arises as the value of future transactions, recognised monetary assets and monetary liabilities denominated in other currencies fluctuate due to changes in foreign exchange rates. IFRS 7 considers the foreign exchange exposure relating to non- monetary assets and non-monetary liabilities to be a component of other price risk not foreign currency risk.
Monetary items are units of currency held and assets and liabilities to be received or paid in a fixed or determinable number of units of currency. Non-monetary items are any other assets and liabilities other than monetary ones.
Since there are no foreign cash balances held by the Depositary, the risk in relation to monetary assets is insignificant. The Funds, in line with the securities comprising their underlying indices, are exposed to the currency risk of the respective reference index/strategy. The Investment Manager monitors the Funds' currency risk to ensure that it replicates that of the securities comprising the underlying index.
-
##### Financial risks (continued)
-
###### Market risk (continued)
- Other price riskOther price risk is the risk that the value of investments will fluctuate as a result of changes in market price (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer or similar financial instruments traded in the market. For each Fund this risk is in line with the risk of the reference index.
-
###### Credit risk | en | de |
DOLFIN8947 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Publication de la Valeur Nette d’Inventaire par Part
Sauf lorsque le rachat de Parts d’un Compartiment a été suspendu dans les circonstances décrites ci-dessous dans la section intitulée « Suspension temporaire des rachats », la Valeur d’Inventaire Nette par Part de chaque Classe sera disponible sur le site Internet de Barings www.barings.com. Les prix pourront également être consultés au Siège Social de la Société de Gestion et dans les bureaux de la Société d’Investissement et des Agents payeurs dont la liste est fournie dans la section « Répertoire » du présent Prospectus.
Les données ainsi présentées correspondront à la Valeur Nette d’Inventaire par Part du Jour de négociation précédent et ne seront mis à disposition qu’à titre d’information. Elles ne constitueront pas une invitation à souscrire ou à racheter des Parts à la Valeur Nette d’Inventaire par Part indiquée. En ce qui concerne les Parts cotées, la Valeur Nette d’Inventaire par Part sera également transmise à la Bourse irlandaise immédiatement après calcul et sera disponible sur le site Web de la Bourse irlandaise à l’adresse www.ise.ie. | ## Disponibilidad del Valor de activo neto por Participación
Salvo en el caso de que la amortización de Participaciones de un Fondo haya sido suspendida, en las circunstancias que se mencionan más abajo, en el epígrafe titulado “Suspensión temporal de amortizaciones”, el Valor de activo neto por Participación de cada Clase se publicará en el sitio web de Barings en www.barings.com. Los precios también pueden consultarse en el domicilio social de la Entidad gestora y desde las oficinas del Gestor de inversiones y los Agentes de pagos, como se establece en el epígrafe “Directorio” del presente Folleto.
Dicha información estará relacionada con el Valor de activo neto por Participación del Día de negociación anterior y se publica únicamente con fines informativos. No constituye una invitación para solicitar ni la suscripción ni la amortización de Participaciones a dicho Valor de activo neto por Participación. En el caso de las Participaciones cotizadas, también se comunicará el Valor de activo neto por Participación a la Bolsa de Irlanda inmediatamente después de calcularse, y podrá consultarse en el sitio web www.ise.ie. | ## Publication de la Valeur Nette d’Inventaire par Part
Sauf lorsque le rachat de Parts d’un Compartiment a été suspendu dans les circonstances décrites ci-dessous dans la section intitulée « Suspension temporaire des rachats », la Valeur d’Inventaire Nette par Part de chaque Classe sera disponible sur le site Internet de Barings www.barings.com. Les prix pourront également être consultés au Siège Social de la Société de Gestion et dans les bureaux de la Société d’Investissement et des Agents payeurs dont la liste est fournie dans la section « Répertoire » du présent Prospectus.
Les données ainsi présentées correspondront à la Valeur Nette d’Inventaire par Part du Jour de négociation précédent et ne seront mis à disposition qu’à titre d’information. Elles ne constitueront pas une invitation à souscrire ou à racheter des Parts à la Valeur Nette d’Inventaire par Part indiquée. En ce qui concerne les Parts cotées, la Valeur Nette d’Inventaire par Part sera également transmise à la Bourse irlandaise immédiatement après calcul et sera disponible sur le site Web de la Bourse irlandaise à l’adresse www.ise.ie. | fr | es |
DOLFIN8948 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Product
Pzena Global Value Fund - A EUR Acc
ISIN: IE00BD5V3T87
Pzena Global Value Fund (”The Fund"), a sub-fund of Pzena Value Funds (”The Company”) is authorized in the Republic of Ireland by the Central Bank of Ireland. The information is required by law to help you to understand the nature and the risk of this Fund. You are advised to read it so you can make an informed decision about whether to invest.
The PRIIPS Manufacturer is Pzena Investment Management Europe, Ltd who also act as the Fund Manager (”The Manager”). The Manager is authorized and regulated as a management company by the Central Bank of Ireland under the UCITS Regulations in the Republic of Ireland.
Website address: https://www.fundinfo.com/en/LandingPage?apiKey=a451a719-380c-4030-8379-7d7271477fcc.
More information is available from the investment manager at +353 1 963-3381 or the client services team at +44 (0) 20 3959 2375
Date of Production 01/01/2023 | # Prodotto
Pzena Global Value Fund - A EUR Acc
ISIN: IE00BD5V3T87
Pzena Global Value Fund ("il Fondo") è un comparto di Pzena Value Funds ("la Società") autorizzato nella Repubblica d'Irlanda dalla Central Bank of Ireland. Le informazioni, prescritte per legge, hanno lo scopo di aiutarvi a capire la natura e il rischio di questo Fondo. Si raccomanda di prenderne visione, in modo da operare una scelta informata in merito all'opportunità di investire.
L'Ideatore del PRIIP è Pzena Investment Management Europe, Ltd, che agisce anche in veste di Gestore del fondo ("il Gestore"). Il Gestore è autorizzato e regolamentato come società di gestione dalla Central Bank of Ireland ai sensi dei Regolamenti OICVM della Repubblica d'Irlanda.
Sito web: https://www.fundinfo.com/en/LandingPage?apiKey=a451a719-380c-4030-8379-7d7271477fcc.
Ulteriori informazioni sono disponibili presso il gestore degli investimenti al numero +353 1 963-3381 o presso il servizio clienti al numero
+44 (0) 20 3959 2375
Data di realizzazione 01/01/2023 | # Product
Pzena Global Value Fund - A EUR Acc
ISIN: IE00BD5V3T87
Pzena Global Value Fund (”The Fund"), a sub-fund of Pzena Value Funds (”The Company”) is authorized in the Republic of Ireland by the Central Bank of Ireland. The information is required by law to help you to understand the nature and the risk of this Fund. You are advised to read it so you can make an informed decision about whether to invest.
The PRIIPS Manufacturer is Pzena Investment Management Europe, Ltd who also act as the Fund Manager (”The Manager”). The Manager is authorized and regulated as a management company by the Central Bank of Ireland under the UCITS Regulations in the Republic of Ireland.
Website address: https://www.fundinfo.com/en/LandingPage?apiKey=a451a719-380c-4030-8379-7d7271477fcc.
More information is available from the investment manager at +353 1 963-3381 or the client services team at +44 (0) 20 3959 2375
Date of Production 01/01/2023 | en | it |
DOLFIN8949 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# SUSTAINABILITY RELATED DISCLOSURES
Pursuant to the SFDR, the Fund is required to disclose the manner in which Sustainability Risks are integrated into the investment decision process implemented with respect to the Sub-Funds as well as the results of the assessment of the likely impacts of Sustainability Risks on the returns of each Sub-Fund.
Sustainability Risks are integrated into the investment decision making and risk monitoring for all the Sub-Funds to the extent that they represent a potential or actual material risks and/or opportunities to maximizing the long-term risk-adjusted returns.
The impacts following the occurrence of a Sustainability Risk may be numerous and will vary depending on the specific risk, region and asset class linked to a Sub-Fund’s strategy. Generally, where a Sustainability Risk occurs in respect of an asset, there will be a negative impact on, or entire loss of, its value.
This section describes how sustainability risks are integrated in the investment decision process while the specific assessment of the likely impact of Sustainability Risks must be conducted at Sub-Fund level. Further details and specific information are provided in the relevant Sub-Fund’s Supplement.
More information on the incorporation of Sustainability Risks and opportunities into day-to-day business operations, are to be found on www.varennecapital.com.
Principal adverse impacts of investment decisions on Sustainability Factors (the “PAI”) are considered by the Management Company. Information on PAI are available on the Annual Report.
Integration of Sustainability Risks
Except to the extent that more restrictive rules are provided for in connection with a specific Sub-Fund under the relevant Supplement, the investment policy of all Sub-Funds shall comply with the rules laid down hereafter in relation to the integration of Sustainability Risks:
Evaluating Sustainability Risks is an integral part of each Sub-Fund’s investment process as, in the Management Company’s view; Sustainability Risks can materially affect a company’s financial performance, competitiveness and overall risk profile.
The Management Company considers Sustainability Risks as part of its broader analysis of individual issuers, using inputs from the Management Company’s team of ESG analysts to help identify exposure to Sustainability Risks, prepare for company engagement and collaborate on new research inputs. The factors which will be considered by the Management Company will vary depending on the security in question, but typically include ownership structure, board structure and membership, capital allocation track record, management incentives, labour relations history, and climate risks.
In assessing these risks, the Management Company draws upon a wide variety of internal and external research to assess any potential impact on the value of the assets over the time horizon of the Fund.
The Management Company will also explicitly manage each Sub-Fund’s potential exposure to climate-type risks and other sustainability risks as defined under section 5 “General risk factors” of the Prospectus.
- | # INFORMATIONS RELATIVES AU DEVELOPPEMENT DURABLE
Conformément au règlement SFDR, le Fonds est tenu de déclarer la manière dont les isques de durabilité sont intégrés dans le processus de décision d'investissement mis en œuvre relativement aux Compartiments, ainsi que les résultats de l'évaluation des impacts probables des Risques de durabilité sur les rendements de chaque Compartiment.
Ces Risques de durabilité sont intégrés dans la prise de décision d'investissement et le suivi des risques pour tous les Compartiments dans la mesure où ils représentent des opportunités et/ou des risques potentiels ou réels majeurs en termes de maximisation des rendements ajustés au risque à long terme.
Les effets consécutifs à la survenance d'un Risque de durabilité peuvent être nombreux et varieront en fonction du risque spécifique, de la région et de la classe d'actifs liés à la stratégie d'un Compartiment. En général, la réalisation d'un Risque de durabilité aura une incidence négative sur la valeur de l'actif, voire entraîner une perte totale de sa valeur.
La présente section décrit comment les risques de durabilité sont intégrés dans le processus de décision d'investissement, tandis que l'évaluation spécifique de l'incidence probable des Risques de durabilité doit être effectuée au niveau du Compartiment. De plus amples détails et des informations spécifiques sont fournis dans le supplément du Compartiment concerné.
Pour plus d'informations sur l'intégration des Risques de durabilité et des opportunités liées à la conduite quotidienne de l’entreprise, consultez le site www.varennecapital.com.
Les principaux impacts négatifs des décisions d'investissement sur les facteurs de durabilité (les "PAI") sont pris en compte par la société de gestion. Les informations sur les PAI sont disponibles dans le rapport annuel.
Intégration des Risques de durabilité
Sauf dans la mesure où des règles plus restrictives sont prévues pour un Compartiment spécifique dans le cadre du supplément correspondant, la politique d'investissement de tous les Compartiments sera conforme aux règles énoncées ci-après en matière d'intégration des Risques de durabilité :
L'évaluation des Risques de durabilité fait partie intégrante du processus d'investissement de chaque Compartiment ; en effet, selon la Société de gestion, les Risques de durabilité peuvent affecter de manière significative la performance financière, la compétitivité et le profil de risque global d'une entreprise.
La Société de gestion considère les Risques de durabilité dans le cadre de son analyse plus large des émetteurs individuels, en s’appuyant sur les contributions de l'équipe d'analystes ESG de la Société de gestion afin de permettre une identification de l'exposition aux Risques de durabilité, une préparation des entreprises et d'une collaboration aux résultats de nouvelles recherches. Les facteurs qui seront pris en compte par la Société de gestion varieront en fonction du titre en question, mais comprennent généralement la structure de propriété, la structure et la composition du conseil d'administration, l'historique des allocations de capital, les mesures incitatives de la direction, l'historique des relations de travail et les risques climatiques.
Pour évaluer ces risques, la Société de gestion s'appuie sur un large éventail de recherches internes et externes afin d'évaluer tout impact potentiel sur la valeur des actifs sur l'horizon temporel du Fonds.
La Société de gestion gérera également expressément l'exposition potentielle de chaque Compartiment aux risques de type climatique et aux autres risques de durabilité tels que définis à la section 5 « Facteurs de risque généraux » du Prospectus.
- | # SUSTAINABILITY RELATED DISCLOSURES
Pursuant to the SFDR, the Fund is required to disclose the manner in which Sustainability Risks are integrated into the investment decision process implemented with respect to the Sub-Funds as well as the results of the assessment of the likely impacts of Sustainability Risks on the returns of each Sub-Fund.
Sustainability Risks are integrated into the investment decision making and risk monitoring for all the Sub-Funds to the extent that they represent a potential or actual material risks and/or opportunities to maximizing the long-term risk-adjusted returns.
The impacts following the occurrence of a Sustainability Risk may be numerous and will vary depending on the specific risk, region and asset class linked to a Sub-Fund’s strategy. Generally, where a Sustainability Risk occurs in respect of an asset, there will be a negative impact on, or entire loss of, its value.
This section describes how sustainability risks are integrated in the investment decision process while the specific assessment of the likely impact of Sustainability Risks must be conducted at Sub-Fund level. Further details and specific information are provided in the relevant Sub-Fund’s Supplement.
More information on the incorporation of Sustainability Risks and opportunities into day-to-day business operations, are to be found on www.varennecapital.com.
Principal adverse impacts of investment decisions on Sustainability Factors (the “PAI”) are considered by the Management Company. Information on PAI are available on the Annual Report.
Integration of Sustainability Risks
Except to the extent that more restrictive rules are provided for in connection with a specific Sub-Fund under the relevant Supplement, the investment policy of all Sub-Funds shall comply with the rules laid down hereafter in relation to the integration of Sustainability Risks:
Evaluating Sustainability Risks is an integral part of each Sub-Fund’s investment process as, in the Management Company’s view; Sustainability Risks can materially affect a company’s financial performance, competitiveness and overall risk profile.
The Management Company considers Sustainability Risks as part of its broader analysis of individual issuers, using inputs from the Management Company’s team of ESG analysts to help identify exposure to Sustainability Risks, prepare for company engagement and collaborate on new research inputs. The factors which will be considered by the Management Company will vary depending on the security in question, but typically include ownership structure, board structure and membership, capital allocation track record, management incentives, labour relations history, and climate risks.
In assessing these risks, the Management Company draws upon a wide variety of internal and external research to assess any potential impact on the value of the assets over the time horizon of the Fund.
The Management Company will also explicitly manage each Sub-Fund’s potential exposure to climate-type risks and other sustainability risks as defined under section 5 “General risk factors” of the Prospectus.
- | en | fr |
DOLFIN8950 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 2.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 0.86% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above CEMBI Broad Diversified Index. |
| Over the last accounting year, a performance fee of 0.08% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 2,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 0,86% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del índice CEMBI Broad Diversified. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,08%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 2.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 0.86% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above CEMBI Broad Diversified Index. |
| Over the last accounting year, a performance fee of 0.08% was charged. | | en | es |
DOLFIN8951 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If the Management Company grants a loan of securities for the account of the fund, it must obtain sufficient collateral to protect against the default of the counterparty. Collateral is provided in an amount at least equivalent to the market value of the securities transferred in the securi- ties loan. The borrower must provide additional collateral if the value of the securities lent increases, if the quality of the collateral provided decreases or if the financial situation of the borrower deteriorates and the collateral already provided is not sufficient. If the borrower is unable to meet this obligation to provide addi- tional collateral, there is a risk that the Compa- ny’s retransfer claim is not fully hedged in the event of a counterparty default. If the collateral is held in custody at an institution other than the custodian, there is also the risk that the collateral might not be available for full or immediate use in the event of a borrower default.
-
#### Operational and other risks of the fund | Gewährt die Verwaltungsgesellschaft für Rech- nung des Fonds ein Darlehen über Wertpapiere, so muss sie sich gegen den Ausfall des Vertrags- partners ausreichende Sicherheiten gewähren lassen. Der Umfang der Sicherheitsleistung entspricht mindestens dem Kurswert der als Wertpapier-Darlehen übertragenen Wertpapiere. Der Darlehensnehmer hat weitere Sicherheiten zu stellen, wenn der Wert der als Darlehen gewährten Wertpapiere steigt, die Qualität der gestellten Sicherheiten abnimmt oder eine Verschlechterung seiner wirtschaftlichen Verhält- nisse eintritt und die bereits gestellten Sicherhei- ten nicht ausreichen. Kann der Darlehensnehmer dieser Nachschusspflicht nicht nachkommen, so besteht das Risiko, dass der Rückübertragungs- anspruch bei Ausfall des Vertragspartners nicht vollumfänglich abgesichert ist. Werden die Sicherheiten bei einer anderen Einrichtung als der Verwahrstelle des Fonds verwahrt, besteht zudem das Risiko, dass diese bei Ausfall des Entleihers gegebenenfalls nicht sofort bezie- hungsweise nicht in vollem Umfang verwertet werden können.
-
#### Operationelle und sonstige Risiken des Fonds | If the Management Company grants a loan of securities for the account of the fund, it must obtain sufficient collateral to protect against the default of the counterparty. Collateral is provided in an amount at least equivalent to the market value of the securities transferred in the securi- ties loan. The borrower must provide additional collateral if the value of the securities lent increases, if the quality of the collateral provided decreases or if the financial situation of the borrower deteriorates and the collateral already provided is not sufficient. If the borrower is unable to meet this obligation to provide addi- tional collateral, there is a risk that the Compa- ny’s retransfer claim is not fully hedged in the event of a counterparty default. If the collateral is held in custody at an institution other than the custodian, there is also the risk that the collateral might not be available for full or immediate use in the event of a borrower default.
-
#### Operational and other risks of the fund | en | de |
DOLFIN8952 | 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 | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n’existe aucun rendement minimal garanti si vous sortez avant 5 années . Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €2450 | €2630 |
| Rendement annuel moyen | -75.50% | -23.44% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8080 | €7550 |
| Rendement annuel moyen | -19.20% | -5.47% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €11200 | €16820 |
| Rendement annuel moyen | 12.00% | 10.96% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €14610 | €20900 |
| Rendement annuel moyen | 46.10% | 15.89% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | €10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €2450 | €2630 |
| Rendimiento medio cada año | -75.50% | -23.44% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €8080 | €7550 |
| Rendimiento medio cada año | -19.20% | -5.47% |
| Moderado | Lo que podría recibir tras deducir los costes | €11200 | €16820 |
| Rendimiento medio cada año | 12.00% | 10.96% |
| Favorable | Lo que podría recibir tras deducir los costes | €14610 | €20900 |
| Rendimiento medio cada año | 46.10% | 15.89% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | €10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n’existe aucun rendement minimal garanti si vous sortez avant 5 années . Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €2450 | €2630 |
| Rendement annuel moyen | -75.50% | -23.44% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8080 | €7550 |
| Rendement annuel moyen | -19.20% | -5.47% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €11200 | €16820 |
| Rendement annuel moyen | 12.00% | 10.96% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €14610 | €20900 |
| Rendement annuel moyen | 46.10% | 15.89% | | fr | es |
DOLFIN8953 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide income and capital growth.
- The fund will invest at least 70% in global investment grade corporate bonds.
- The fund focuses on management of climate related risks favouring issuers with the lowest carbon profiles within their sectors, encouraging transition to a greener environment through the selection of issuers on an improving carbon transition path and investing in carefully selected green bond issuers.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund will aim to have a lower carbon footprint compared to that of the broader market.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund will consider a wide range of environmental characteristics and will be proactive in dealing with climate change through continual engagement with global corporate bond issuers and by investing in carefully selected green bond issuers.
- When investing in green, social and sustainability bonds, the Investment Manager employs a selection process mainly based on the International Capital Market Association (‘ICMA’) Green and Social Bond Principles (‘GSBP’) guidelines. Bonds certified as being compliant with Climate Bonds Initiative (‘CBI’) or European Green Bond Standards (‘EUGBS’) will be prioritised but the Investment Manager may use other standards where appropriate.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 10% directly in onshore China bonds listed or traded on any eligible market in China (with aggregate exposure including direct and indirect investments being less than 30%).
- Less than 30% of the fund's assets will be invested in Hybrids or convertible bonds, with less than 20% of the total net assets to be invested in contingent convertible bonds.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg Global Aggregate Corporate Index (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo generar ingresos y crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos corporativos de grado de inversión de todo el mundo.
- El Subfondo se centra en la gestión de los riesgos relacionados con el clima y favorece a aquellos emisores con un perfil de emisiones de carbono más bajo, promoviendo la transición ecológica a través de la selección de aquellos inmersos en una transición hacia la neutralidad de carbono que vaya mejorando, e invirtiendo en emisores de bonos verdes cuidadosamente seleccionados.
- El Subfondo se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones.
- El Subfondo tiene como objetivo contar con una huella de carbono inferior a la del resto del mercado.
- El Subfondo sigue una estrategia de inversión temática en sostenibilidad en virtud de la cual un 70 % de su patrimonio neto se invertirá en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. La calificación media de ESG del Subfondo será superior a la calificación media de ESG del universo de inversión del Subfondo una vez excluido, como mínimo, el 20 % de los activos con calificaciones ESG más bajas.
- El Subfondo tendrá en cuenta una amplia gama de características medioambientales y será proactivo en la lucha contra el cambio climático a través de su compromiso continuo con los emisores de bonos corporativos de todo el mundo y la inversión en emisores de bonos verdes cuidadosamente seleccionados.
- Al invertir en bonos verdes, sociales y de sostenibilidad, el Gestor de Inversiones recurre a un proceso de selección basado principalmente en las directrices de los Principios de los Bonos Verdes y Sociales (GSBP) de la International Capital Market Association (ICMA). Tendrán prioridad los bonos certificados como cumplidores de la Climate Bonds Initiative (CBI) o los European Green Bond Standards (EUGBS), pero el Gestor de Inversiones podrá utilizar otros criterios cuando resulte oportuno.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El fondo podrá invertir hasta un 10 % directamente en bonos del mercado interior chino que coticen o se negocien en cualquier mercado autorizado de China (con una exposición total, inversiones directas e indirectas incluidas, de menos de un 30 %).
- El fondo invertirá menos del 30 % en bonos híbridos y bonos convertibles contingentes, con menos del 20 % invertido en bonos convertibles contingentes.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el Bloomberg Global Aggregate Corporate Index (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en emisores, sectores, países y clases de valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide income and capital growth.
- The fund will invest at least 70% in global investment grade corporate bonds.
- The fund focuses on management of climate related risks favouring issuers with the lowest carbon profiles within their sectors, encouraging transition to a greener environment through the selection of issuers on an improving carbon transition path and investing in carefully selected green bond issuers.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund will aim to have a lower carbon footprint compared to that of the broader market.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund will consider a wide range of environmental characteristics and will be proactive in dealing with climate change through continual engagement with global corporate bond issuers and by investing in carefully selected green bond issuers.
- When investing in green, social and sustainability bonds, the Investment Manager employs a selection process mainly based on the International Capital Market Association (‘ICMA’) Green and Social Bond Principles (‘GSBP’) guidelines. Bonds certified as being compliant with Climate Bonds Initiative (‘CBI’) or European Green Bond Standards (‘EUGBS’) will be prioritised but the Investment Manager may use other standards where appropriate.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 10% directly in onshore China bonds listed or traded on any eligible market in China (with aggregate exposure including direct and indirect investments being less than 30%).
- Less than 30% of the fund's assets will be invested in Hybrids or convertible bonds, with less than 20% of the total net assets to be invested in contingent convertible bonds.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg Global Aggregate Corporate Index (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN8954 | 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 | 5.0% of the value of your investment when entering. | EUR 500 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.1% of the value of your investment per year. | EUR 101 |
| Transaction costs | 0.1% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | EUR 8 | | | Composizione dei costi | |
| --- | --- |
| Costi una tantum di ingresso o di uscita | | In caso di uscita dopo 1 anno |
| Costi di ingresso | 5,0% del valore dell’investimento al momento della sottoscrizione. | EUR 500 |
| Costi di uscita | 0,0% del valore del vostro investimento prima che vi venga pagato. | EUR 0 |
| Costi correnti sostenuti ogni anno | | |
| Commissioni di gestione e altri costi amministrativi o operativi | 1,1% del valore del vostro investimento all’anno. | EUR 101 |
| Costi di transazione | 0,1% del valore del vostro 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 di quanto viene acquistato e venduto. | EUR 8 | | | Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 5.0% of the value of your investment when entering. | EUR 500 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.1% of the value of your investment per year. | EUR 101 |
| Transaction costs | 0.1% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | EUR 8 | | en | it |
DOLFIN8955 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# FRAIS
Les frais et commissions acquittés servent à couvrir les coûts d’exploitation de la SICAV y compris les coûts de commercialisation et de distribution des parts. Ces frais réduisent la croissance potentielle des investissements.
| FRAIS PONCTUELS PRELEVES AVANT OU APRES INVESTISSEMENT |
| --- |
| Frais d’entrée | 4,00 % |
| Frais de sortie | Néant |
Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi. Dans certains cas, l’investisseur peut payer moins. L’investisseur peut obtenir de son conseiller ou de son distributeur le montant effectif des frais d’entrée et de sortie.
| FRAIS PRELEVES PAR LE FONDS SUR UNE ANNEE |
| --- |
| Frais courants | 0,79 % (*) |
## (*) Ce chiffre correspond aux frais de l'exercice clos le 30/06/2022 et peut varier d'un exercice à l'autre.
| FRAIS PRELEVES PAR LE FONDS DANS CERTAINES CIRCONSTANCES |
| --- |
| Commission de surperformance | 0,64 % (**)20% TTC maximum de la difference, si elle est positive entre la performance du fonds et celle de l'indice ICE Bofa Merill Lynch Contingent Capital Euro Hedged Total Return Index (coupons inclus). |
## (**) Ce chiffre correspond aux frais de l'exercice clos le 30/06/2022 et peut varier d'un exercice à l'autre.
Commission de surperformance : A compter du 1er janvier 2018 : 20% TTC maximum de la difference, si elle est positive entre la performance du fonds et celle de l'indice ICE Bofa Merill Lynch Contingent Capital Euro Hedged Total Return Index (coupons inclus). Frais de gestion variables plafonnés à 2.5% TTC de l'actif net moyen. 1ère période de référence : du 1er janvier 2018 au 31/12/2018. La Société de gestion recevra, s’il y a lieu, une commission de surperformance lorsque la performance du fonds sera supérieure à celle de l’indice de référence, qu’il ait enregistré une performance positive ou négative.
Pour plus d'informations sur les frais, veuillez-vous référer aux pages 75 et 76 du prospectus de cette SICAV, disponible sur le site internet www.la-francaise.com. Les frais courants ne comprennent pas : les commissions de surperformance et les frais d'intermédiation excepté dans le cas de frais d’entrée et/ou de sortie payés par la SICAV lorsqu’il achète ou vend des parts d’un autre véhicule de gestion collective. | # GASTOS
Los gastos y las comisiones que soporta el inversor están destinados a cubrir los costes de funcionamiento de la SICAV, incluidos los costes de comercialización y de distribución de participaciones. Estos cargos reducen el crecimiento potencial de la inversión.
| TARIFAS ÚNICAS TOMADAS ANTES O DESPUÉS DE LA INVERSIÓN |
| --- |
| Gastos de entrada | 4,00 % |
| Gastos de salida | Cero |
Este es el máximo que puede detraerse de su capital antes de proceder a la inversión. En determinados casos, el inversor puede pagar menos. El inversor puede consultar a su asesor o a su distribuidor el importe efectivo de los gastos de entrada y de salida.
| GASTOS DETRAÍDOS DEL FONDO A LO LARGO DE UN AÑO |
| --- |
| Gastos corrientes | 0,79 % (*) |
(*) Esta cifra corresponde a los gastos del ejercicio cerrado el 30/06/2022 y puede variar de un ejercicio a otro.
| GASTOS DETRAÍDOS DEL FONDO EN DETERMINADAS CONDICIONES ESPECÍFICAS |
| --- |
| Comisión de rendimiento extraordinario | 0,64 % (**)20 % (impuestos incluidos) máximo de la diferencia, si es positiva, entre la rentabilidad del fondo y la del índice ICE Bofa Merill Lynch Contingent Capital Euro Hedged Total Return Index (intereses incluidos). |
## (**) Esta cifra corresponde a los gastos del ejercicio cerrado el 30/06/2022 y puede variar de un ejercicio a otro.
Comisión por rendimiento extraordinario: A partir del 1 de enero de 2018: 20 % (impuestos incluidos) máximo de la diferencia, si es positiva, entre la rentabilidad del fondo y la del índice ICE Bofa Merill Lynch Contingent Capital Euro Hedged Total Return Index (intereses incluidos). Gastos de gestión variables con un límite del 2,5 % (impuestos incluidos) del activo neto medio. Primer período de referencia: desde el 1 de enero de 2018 hasta el 31/12/2018. La sociedad gestora recibirá, si procede, una comisión por rendimiento extraordinario cuando el rendimiento del Fondo supere el rendimiento del índice de referencia, tanto si ha registrado un rendimiento positivo como negativo.
## Para más información sobre los gastos, consulte las páginas 75 y 76 del folleto de esta SICAV, disponible en la página web www.la-francaise.com.
Los gastos corrientes no incluyen: las comisiones por rendimiento extraordinario ni los gastos de intermediación, salvo en el caso de gastos de entrada o de salida pagados por la SICAV cuando compra o vende participaciones de otro vehículo de gestión colectiva. | # FRAIS
Les frais et commissions acquittés servent à couvrir les coûts d’exploitation de la SICAV y compris les coûts de commercialisation et de distribution des parts. Ces frais réduisent la croissance potentielle des investissements.
| FRAIS PONCTUELS PRELEVES AVANT OU APRES INVESTISSEMENT |
| --- |
| Frais d’entrée | 4,00 % |
| Frais de sortie | Néant |
Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi. Dans certains cas, l’investisseur peut payer moins. L’investisseur peut obtenir de son conseiller ou de son distributeur le montant effectif des frais d’entrée et de sortie.
| FRAIS PRELEVES PAR LE FONDS SUR UNE ANNEE |
| --- |
| Frais courants | 0,79 % (*) |
## (*) Ce chiffre correspond aux frais de l'exercice clos le 30/06/2022 et peut varier d'un exercice à l'autre.
| FRAIS PRELEVES PAR LE FONDS DANS CERTAINES CIRCONSTANCES |
| --- |
| Commission de surperformance | 0,64 % (**)20% TTC maximum de la difference, si elle est positive entre la performance du fonds et celle de l'indice ICE Bofa Merill Lynch Contingent Capital Euro Hedged Total Return Index (coupons inclus). |
## (**) Ce chiffre correspond aux frais de l'exercice clos le 30/06/2022 et peut varier d'un exercice à l'autre.
Commission de surperformance : A compter du 1er janvier 2018 : 20% TTC maximum de la difference, si elle est positive entre la performance du fonds et celle de l'indice ICE Bofa Merill Lynch Contingent Capital Euro Hedged Total Return Index (coupons inclus). Frais de gestion variables plafonnés à 2.5% TTC de l'actif net moyen. 1ère période de référence : du 1er janvier 2018 au 31/12/2018. La Société de gestion recevra, s’il y a lieu, une commission de surperformance lorsque la performance du fonds sera supérieure à celle de l’indice de référence, qu’il ait enregistré une performance positive ou négative.
Pour plus d'informations sur les frais, veuillez-vous référer aux pages 75 et 76 du prospectus de cette SICAV, disponible sur le site internet www.la-francaise.com. Les frais courants ne comprennent pas : les commissions de surperformance et les frais d'intermédiation excepté dans le cas de frais d’entrée et/ou de sortie payés par la SICAV lorsqu’il achète ou vend des parts d’un autre véhicule de gestion collective. | fr | es |
DOLFIN8956 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The non-financial objective is to minimise risks and capitalise on opportunities by investing in mature companies in terms of sustainable development that are putting into place policies compatible with climate control and environmental issues. This non-financial objective complies with the provisions of Article 9 of the SFDR.
The non-financial objective will also be to help companies move forward on ESG and climate issues, in particular by engaging in dialogue with them on a regular basis and by sharing with them specific areas of improvement monitored over time.
In addition, investors are reminded that their investment in the subfund does not have any direct impact on the environment and the company, but that the subfund seeks to select and invest in companies that meet specific criteria defined in the management strategy.
- BenchmarkIn view of the subfund’s investment objective, no relevant benchmark exists. The index stated below is therefore not representative of the subfund’s risk profile, but has been selected as an ex-post performance indicator. | L'objectif extra-financier est de minimiser les risques et de chercher à capter des opportunités en investissant dans des sociétés matures en matière de développement durable et soucieuses de mettre en place des politiques compatibles avec les enjeux de régulation climatique et environnementale. Cet objectif extra financier est conforme aux dispositions de l’article 9 du Règlement SFDR.
L'objectif extra-financier visera également à faire progresser les entreprises sur les enjeux ESG et climatiques plus particulièrement en engageant avec elles un dialogue régulier et en partageant avec elles des axes d'amélioration précis et suivis dans le temps.
Aussi, l’attention de l’investisseur est attirée sur le fait que son investissement dans le compartiment ne génère pas d’impact direct sur l’environnement et la société mais que le compartiment cherche à sélectionner et à investir dans les entreprises qui répondent aux critères précis définis dans la stratégie de gestion.
- Indicateur de référenceCompte tenu de son objectif de gestion, il n’existe pas d’indicateur de référence pertinent pour le compartiment. L’indicateur sélectionné ci-dessous n’est donc pas représentatif du profil de risque supporté par le compartiment mais est un indicateur de comparaison a posteriori. | The non-financial objective is to minimise risks and capitalise on opportunities by investing in mature companies in terms of sustainable development that are putting into place policies compatible with climate control and environmental issues. This non-financial objective complies with the provisions of Article 9 of the SFDR.
The non-financial objective will also be to help companies move forward on ESG and climate issues, in particular by engaging in dialogue with them on a regular basis and by sharing with them specific areas of improvement monitored over time.
In addition, investors are reminded that their investment in the subfund does not have any direct impact on the environment and the company, but that the subfund seeks to select and invest in companies that meet specific criteria defined in the management strategy.
- BenchmarkIn view of the subfund’s investment objective, no relevant benchmark exists. The index stated below is therefore not representative of the subfund’s risk profile, but has been selected as an ex-post performance indicator. | en | fr |
DOLFIN8957 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI USA Minimum Volatility ESG Reduced Carbon Target Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of securities within the MSCI USA Index (Parent Index) with a minimum volatility profile, subject to certain risk diversification and carbon reduction exposure constraints, and which comply with the index provider’s environmental, social and governance (ESG) criteria.
The Index excludes companies from the Parent Index based on the index provider’s ESG criteria as outlined in the benchmark index description of the Fund in the Fund's prospectus.
Following the application of the ESG criteria, the constituents of the Index are selected, using a minimum volatility strategy, from the Parent Index based on estimates of the risk profile and expected volatility of each constituent, and the correlation between all constituents in the Parent Index. This selection process is subject to certain risk diversification, carbon reduction exposure and ESG score improvement constraints, relative to the Parent Index.
The Parent Index measures the performance of US equity markets. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund adopts a best-in-class approach to sustainable investing, meaning it is expected to invest in the best issuers from an ESG perspective (based on the ESG criteria of the Index) within each relevant sector of activities covered by the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones pertenece a un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleja la rentabilidad del MSCI USA Minimum Volatility ESG Reduced Carbon Target Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva e invierte en los valores de renta variable (p. ej., acciones) que, en la medida de lo posible y factible, componen el Índice.
El Índice pretende reflejar las características de rentabilidad de un subconjunto de valores de renta variable que forman parte del MSCI USA Index (el Índice Matriz) con un perfil de volatilidad mínimo, cumpliendo con ciertas restricciones de exposición en términos de diversificación del riesgo y reducción del carbono, además de con los criterios medioambientales, sociales y de gobierno corporativo (ESG) del proveedor del índice.
El Índice excluye a empresas del Índice Matriz sobre la base de los criterios ESG del proveedor del índice que se recogen en la descripción del índice de referencia del Fondo, en el folleto del Fondo.
Tras la aplicación de los criterios ESG, los componentes del Índice se seleccionan utilizando una estrategia de volatilidad mínima, por la que se eligen valores del Índice Matriz a partir de estimaciones del perfil de riesgo y la volatilidad esperada de cada componente, y la correlación entre todos los componentes del Índice Matriz. Este proceso de selección está sujeto a ciertas restricciones de exposición en términos de diversificación de riesgos, reducción del carbono y mejora de la puntuación ESG, en relación con el Índice Matriz.
El Índice Matriz mide la rentabilidad de mercados de renta variable estadounidenses. Las empresas se incluyen en el Índice Matriz basándose en la proporción de sus acciones emitidas que están disponibles para su compra por inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de Acciones, está previsto que la utilización de IFD sea limitada.
El Fondo adopta un enfoque de inversión sostenible de máxima calidad, lo que significa que se espera que el Fondo invierta en los mejores emisores desde una perspectiva ESG (basándose en los criterios ESG del Índice) dentro de cada sector relevante de las actividades cubiertas por el Índice.
El Fondo podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI USA Minimum Volatility ESG Reduced Carbon Target Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of securities within the MSCI USA Index (Parent Index) with a minimum volatility profile, subject to certain risk diversification and carbon reduction exposure constraints, and which comply with the index provider’s environmental, social and governance (ESG) criteria.
The Index excludes companies from the Parent Index based on the index provider’s ESG criteria as outlined in the benchmark index description of the Fund in the Fund's prospectus.
Following the application of the ESG criteria, the constituents of the Index are selected, using a minimum volatility strategy, from the Parent Index based on estimates of the risk profile and expected volatility of each constituent, and the correlation between all constituents in the Parent Index. This selection process is subject to certain risk diversification, carbon reduction exposure and ESG score improvement constraints, relative to the Parent Index.
The Parent Index measures the performance of US equity markets. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund adopts a best-in-class approach to sustainable investing, meaning it is expected to invest in the best issuers from an ESG perspective (based on the ESG criteria of the Index) within each relevant sector of activities covered by the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8958 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Prospectus will be updated once it becomes possible to accurately disclose this information.
The “do no significant harm” principle applies only to those investments underlying the above Funds that take into account the EU criteria for environmentally sustainable economic activities. Similarly, for the reasons set out above, the Company cannot make any statement in respect of these Funds about the “do no significant harm” principle at this time.
The investments underlying the remaining portion of these Funds do not take into account the EU criteria for environmentally sustainable economic activities. | Der Verkaufsprospekt wird aktualisiert, sobald es möglich ist, diese Informationen genau darzulegen.
Das Prinzip „keinen erheblichen Schaden verursachen“ gilt nur für die den oben genannten Fonds zugrunde liegenden Anlagen, die die EU-Kriterien für ökologisch nachhaltige Wirtschaftstätigkeiten berücksichtigen. Ebenso kann die Gesellschaft aus den oben genannten Gründen in Bezug auf diese Fonds zum gegenwärtigen Zeitpunkt keine Aussage über das Prinzip „keinen erheblichen Schaden verursachen“ machen.
Bei den Anlagen, die dem verbleibenden Teil dieser Fonds zugrunde liegen, werden die EU- Kriterien für ökologisch nachhaltige Wirtschaftstätigkeiten nicht berücksichtigt. | The Prospectus will be updated once it becomes possible to accurately disclose this information.
The “do no significant harm” principle applies only to those investments underlying the above Funds that take into account the EU criteria for environmentally sustainable economic activities. Similarly, for the reasons set out above, the Company cannot make any statement in respect of these Funds about the “do no significant harm” principle at this time.
The investments underlying the remaining portion of these Funds do not take into account the EU criteria for environmentally sustainable economic activities. | en | de |
DOLFIN8959 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Produit
Pour de plus amples informations sur ce produit, veuillez appeler le +1 212 644 1800, consulter le site https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ ou envoyer un courrier électronique à [email protected].
Cullen Capital Management LLC est réglementée par la US Securities and Exchange Commission.
Le PRIIP est autorisé en Irlande et réglementé par la Banque centrale d’Irlande, et a été enregistré à la vente dans d’autres États membres de l’EEE. Carne Global Fund Managers (Ireland) Ltd est agréée en Irlande et réglementée par la Banque centrale d’Irlande.
Ce document a été établi le 1 janvier 2023.
En quoi consiste ce produit ?
Type :
Ce produit est un Fonds OPCVM.
Durée :
Fonds à capital variable.
Objectifs :
Ce produit vise à générer une croissance sur le long terme ainsi qu’un revenu sur la valeur de votre investissement.
Le produit achètera principalement des actions versant des dividendes de sociétés diversifiées à travers 15 à 25 secteurs, à la fois constituées aux États-Unis et cotées sur des Bourses américaines (collectivement les « Sociétés » et chacune une
« Société »).
Lorsqu’il sélectionne les actions de Sociétés à acheter, le produit applique généralement les critères suivants :
- la valeur totale des actions cotées de la Société est supérieure à 3 milliards d’USD ;
- en ce qui concerne le cours de l’action, le rendement du dividende des actions de la Société est supérieur au rendement moyen du dividende des actions composant l’indice S&P 500 Index (un indice composé de 500 actions conçu pour constituer un échantillon représentatif des entreprises leaders parmi les principaux secteurs de l’économie américaine) ;
- le ratio cours/bénéfice de la Société est inférieur au ratio cours/bénéfice moyen des actions composant l’indice S&P 500 Index (ce ratio cours/bénéfice étant un ratio d’évaluation du cours actuel des actions d’une société par rapport à son bénéfice par action, qui indique essentiellement le prix à payer pour obtenir un dollar de bénéfice ; si une action de société se négocie à un ratio cours/bénéfice de 20, cela signifie qu’un investisseur est prêt à payer 20 USD pour obtenir 1 USD de bénéfice courant) ; et
- sur la base de l’historique de croissance de son dividende et de sa santé générale, la Société présente un fort potentiel de dividendes plus élevés (c’est-à-dire une augmentation du montant en dollars réel du dividende, indépendamment du rendement de ce dernier). | # Producto
Para más información sobre este producto, llame al +1 212 644 1800, visite https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ o envíe un mensaje de correo electrónico a [email protected].
Cullen Capital Management LLC está regulada por la US Securities and Exchange Commission.
El PRIIP está autorizado en Irlanda y regulado por el Banco Central de Irlanda, habiéndose procedido a su registro para la venta en otros Estados miembros del EEE. Carne Global Fund Managers (Ireland) Ltd está autorizada en Irlanda y regulada por el Banco Central de Irlanda.
Este documento se elaboró el 1 de enero de 2023.
¿Qué es este producto?
Tipo:
Este producto es un fondo OICVM.
Plazo:
Fondo abierto.
Objetivos:
Este producto tiene por objetivo el crecimiento a largo plazo del valor de su inversión, así como la obtención de rendimientos.
El producto adquirirá principalmente acciones que distribuyen dividendos de empresas diversificadas en 15-25 sectores constituidas en los Estados Unidos y que también cotizan en bolsas de ese país (las «Empresas» e, individualmente, una
«Empresa»).
A la hora de seleccionar las acciones de dichas Empresas que se van a adquirir, el producto generalmente aplicará los siguientes criterios:
- el valor total de las acciones cotizadas de la Empresa supera los 3.000 millones de USD;
- en lo que respecta al precio de las acciones, la rentabilidad por dividendo de las acciones de la Empresa es superior a la rentabilidad media por dividendo de las acciones que componen el S&P 500 Index (un índice compuesto por 500 acciones que pretende ser una muestra representativa de empresas líderes en los principales sectores de la economía estadounidense);
- la ratio precio/beneficios de la Empresa es inferior a la ratio media precio/beneficios de las acciones que componen el S&P 500 Index (la ratio precio/beneficios es un coeficiente de valoración del precio actual de las acciones de una empresa en comparación con sus beneficios por acción, y básicamente muestra la cantidad que se debe pagar por cada dólar de beneficios. Por ejemplo, si una empresa cotiza a una ratio precio/beneficios de 20, se infiere que un inversor está dispuesto a pagar 20 dólares por cada dólar de beneficios corrientes); y
- tomando como base el crecimiento histórico de los dividendos de la Empresa y su situación financiera en general, existen muchas posibilidades de que distribuya dividendos más elevados (es decir, un incremento de la cantidad efectiva en dólares del dividendo independientemente de la rentabilidad por dividendo).
El producto también puede invertir hasta el 30 % de su valor liquidativo en recibos | # Produit
Pour de plus amples informations sur ce produit, veuillez appeler le +1 212 644 1800, consulter le site https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ ou envoyer un courrier électronique à [email protected].
Cullen Capital Management LLC est réglementée par la US Securities and Exchange Commission.
Le PRIIP est autorisé en Irlande et réglementé par la Banque centrale d’Irlande, et a été enregistré à la vente dans d’autres États membres de l’EEE. Carne Global Fund Managers (Ireland) Ltd est agréée en Irlande et réglementée par la Banque centrale d’Irlande.
Ce document a été établi le 1 janvier 2023.
En quoi consiste ce produit ?
Type :
Ce produit est un Fonds OPCVM.
Durée :
Fonds à capital variable.
Objectifs :
Ce produit vise à générer une croissance sur le long terme ainsi qu’un revenu sur la valeur de votre investissement.
Le produit achètera principalement des actions versant des dividendes de sociétés diversifiées à travers 15 à 25 secteurs, à la fois constituées aux États-Unis et cotées sur des Bourses américaines (collectivement les « Sociétés » et chacune une
« Société »).
Lorsqu’il sélectionne les actions de Sociétés à acheter, le produit applique généralement les critères suivants :
- la valeur totale des actions cotées de la Société est supérieure à 3 milliards d’USD ;
- en ce qui concerne le cours de l’action, le rendement du dividende des actions de la Société est supérieur au rendement moyen du dividende des actions composant l’indice S&P 500 Index (un indice composé de 500 actions conçu pour constituer un échantillon représentatif des entreprises leaders parmi les principaux secteurs de l’économie américaine) ;
- le ratio cours/bénéfice de la Société est inférieur au ratio cours/bénéfice moyen des actions composant l’indice S&P 500 Index (ce ratio cours/bénéfice étant un ratio d’évaluation du cours actuel des actions d’une société par rapport à son bénéfice par action, qui indique essentiellement le prix à payer pour obtenir un dollar de bénéfice ; si une action de société se négocie à un ratio cours/bénéfice de 20, cela signifie qu’un investisseur est prêt à payer 20 USD pour obtenir 1 USD de bénéfice courant) ; et
- sur la base de l’historique de croissance de son dividende et de sa santé générale, la Société présente un fort potentiel de dividendes plus élevés (c’est-à-dire une augmentation du montant en dollars réel du dividende, indépendamment du rendement de ce dernier). | fr | es |
DOLFIN8960 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Aperçu de la performance* - cumulée
## depuis 01.05.2015
## 120%
## 100%
## 80%
## 60%
## 40%
## 20%
## 0%
## -20%
## 2016 2017 2018 2019 2020 2021 2022
Portefeuille net - rendement mensuel Portefeuille net - rendement cumulé Indice de référence - rendement mensuel Indice de référence - rendement cumulé
Portefeuille net - rendement cumulé Indice de référence - rendement cumulé | # Resumen de rendimiento*– acumulado
## desde 01.05.2015
## 120%
## 100%
## 80%
## 60%
## 40%
## 20%
## 0%
## -20%
## 2016 2017 2018 2019 2020 2021 2022
Cartera neta – rendimiento mensual Cartera neta – rendimiento acumulado
Índice de referencia – rendimiento mensual Índice de referencia – rendimiento acumulado
Cartera neta – rendimiento acumulado
Índice de referencia – rendimiento acumulado | # Aperçu de la performance* - cumulée
## depuis 01.05.2015
## 120%
## 100%
## 80%
## 60%
## 40%
## 20%
## 0%
## -20%
## 2016 2017 2018 2019 2020 2021 2022
Portefeuille net - rendement mensuel Portefeuille net - rendement cumulé Indice de référence - rendement mensuel Indice de référence - rendement cumulé
Portefeuille net - rendement cumulé Indice de référence - rendement cumulé | fr | es |
DOLFIN8961 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
HSBC GLOBAL INVESTMENT FUNDS - EURO CREDIT BOND
a sub-fund of HSBC Global Investment Funds,(the "UCITS"). The Fund is managed by HSBC Investment Funds (Luxembourg) S.A., authorised in Grand Duchy of Luxembourg and supervised by Commission de Surveillance du Secteur Financier (CSSF). HSBC Asset Management is the brand name for the asset management business of HSBC Group.
PRIIP Manufacturer: HSBC Investment Funds (Luxembourg) S.A. Share Class: AD Telephone: +352 4888 9625 ISIN: LU0165124867
Production Date: 24 July 2023. Website: http://www.assetmanagement.hsbc.com | # Scopo
Il presente documento fornisce le informazioni chiave relative a questo prodotto di investimento. Non si tratta di un documento promozionale. Le informazioni, prescritte per legge, hanno lo scopo di aiutarvi a capire le caratteristiche, i rischi, i costi e i guadagni e le perdite potenziali di questo prodotto e di aiutarvi a fare un raffronto con altri prodotti d'investimento.
HSBC GLOBAL INVESTMENT FUNDS - EURO CREDIT BOND
un comparto di HSBC Global Investment Funds, (l'"OICVM"). Il Fondo è gestito da HSBC Investment Funds (Luxembourg) S.A., autorizzato in Granducato del Lussemburgo e soggetto alla vigilanza della Commission de Surveillance du Secteur Financier (CSSF). HSBC Asset Management è il nome commerciale della divisione di gestione patrimoniale di HSBC Group.
Ideatore di PRIIP: HSBC Investment Funds (Luxembourg) S.A. Classe di azioni: AD
Telefono: +352 4888 9625 ISIN: LU0165124867
Data di produzione: 24 luglio 2023. Sito web: http://www.assetmanagement.hsbc.com | # Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
HSBC GLOBAL INVESTMENT FUNDS - EURO CREDIT BOND
a sub-fund of HSBC Global Investment Funds,(the "UCITS"). The Fund is managed by HSBC Investment Funds (Luxembourg) S.A., authorised in Grand Duchy of Luxembourg and supervised by Commission de Surveillance du Secteur Financier (CSSF). HSBC Asset Management is the brand name for the asset management business of HSBC Group.
PRIIP Manufacturer: HSBC Investment Funds (Luxembourg) S.A. Share Class: AD Telephone: +352 4888 9625 ISIN: LU0165124867
Production Date: 24 July 2023. Website: http://www.assetmanagement.hsbc.com | en | it |
DOLFIN8962 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# AUTRES INFORMATIONS PERTINENTES
- Ce document décrit une seule catégorie d’actions, la Catégorie C mais il est considéré comme représentatif des catégories d’actions: CD (IE000FLWYRJ3), CE (IE0002V07OH3), CED (IE000ZVW1203), CEH (IE000XEMVYK2), CEHD (IE000T2QJG36), CG (IE0001A8SWV3), CGD (IE000AT0IYT8), CGH (IE000D5VPX49), CGHD (IE000XGTL519), CDK (IE000GF0BJD8), CDKD (IE00023SPS78), CDKH (IE0001P86YX7).
- Des informations sur l'achat et la vente d'actions ainsi que sur la conversion d'actions en actions d'une autre catégorie au sein du Fonds ou d'un autre compartiment de l’ICAV figurent dans le prospectus du Fonds, qui peut être obtenu auprès de Heptagon Capital LLP ou de votre conseiller financier.
- Pour plus d’informations sur la performance passée, veuillez cliquer sur le lien suivant: https://www.heptagon-capital.com/ funds/heptagon-fund-icav-qblue-global-sustainable-leaders-fund-c-usd-acc. Pour plus d’informations sur les scénarios de performance passés, veuillez cliquer sur le lien suivant.
L’ICAV et le Gestionnaire sont agréés en Irlande et réglementés par la Banque centrale d’Irlande. Heptagon Capital Limited est autorisé par l’Autorité des services financiers de Malte à fournir des services d’investissement. Qblue Balanced A/S est agréé par l’Autorité danoise de surveillance financière en qualité de Gestionnaire de fonds d’investissement alternatif et gestionnaire d’investissement discrétionnaire. | # OTROS DATOS DE INTERÉS
- Este documento describe únicamente una clase de acciones, la Clase C but is considered representative of the following share classes: CD (IE000FLWYRJ3), CE (IE0002V07OH3), CED (IE000ZVW1203), CEH (IE000XEMVYK2), CEHD (IE000T2QJG36), CG (IE0001A8SWV3), CGD (IE000AT0IYT8), CGH (IE000D5VPX49), CGHD (IE000XGTL519), CDK (IE000GF0BJD8), CDKD (IE00023SPS78), CDKH (IE0001P86YX7).
- La información sobre cómo comprar y vender acciones y cómo canjear una clase de acciones por otra dentro del Fondo o en otro subfondo de la ICAV se incluye en el folleto del Fondo, que puede solicitarse a Heptagon Capital LLP u obtenerse a través de su asesor financiero.
- Para obtener más información sobre la rentabilidad histórica, abra el siguiente enlace: https://www.heptagon-capital.com/ funds/heptagon-fund-icav-qblue-global-sustainable-leaders-fund-c-usd-acc. Para obtener más información sobre los escenarios de rentabilidad histórica, abra el siguiente enlace.
La ICAV y la Gestora están autorizadas en Irlanda y reguladas por el Banco Central de Irlanda. Heptagon Capital Limited tiene licencia para prestar servicios de inversión, otorgada por la Autoridad de Servicios Financieros de Malta. Qblue Balanced A/S está autorizado como Gestora de fondos de inversión alternativos y Gestora de inversiones discrecionales por la Autoridad de Supervisión Financiera de Dinamarca. | # AUTRES INFORMATIONS PERTINENTES
- Ce document décrit une seule catégorie d’actions, la Catégorie C mais il est considéré comme représentatif des catégories d’actions: CD (IE000FLWYRJ3), CE (IE0002V07OH3), CED (IE000ZVW1203), CEH (IE000XEMVYK2), CEHD (IE000T2QJG36), CG (IE0001A8SWV3), CGD (IE000AT0IYT8), CGH (IE000D5VPX49), CGHD (IE000XGTL519), CDK (IE000GF0BJD8), CDKD (IE00023SPS78), CDKH (IE0001P86YX7).
- Des informations sur l'achat et la vente d'actions ainsi que sur la conversion d'actions en actions d'une autre catégorie au sein du Fonds ou d'un autre compartiment de l’ICAV figurent dans le prospectus du Fonds, qui peut être obtenu auprès de Heptagon Capital LLP ou de votre conseiller financier.
- Pour plus d’informations sur la performance passée, veuillez cliquer sur le lien suivant: https://www.heptagon-capital.com/ funds/heptagon-fund-icav-qblue-global-sustainable-leaders-fund-c-usd-acc. Pour plus d’informations sur les scénarios de performance passés, veuillez cliquer sur le lien suivant.
L’ICAV et le Gestionnaire sont agréés en Irlande et réglementés par la Banque centrale d’Irlande. Heptagon Capital Limited est autorisé par l’Autorité des services financiers de Malte à fournir des services d’investissement. Qblue Balanced A/S est agréé par l’Autorité danoise de surveillance financière en qualité de Gestionnaire de fonds d’investissement alternatif et gestionnaire d’investissement discrétionnaire. | fr | es |
DOLFIN8963 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
Type
Le Fonds est un Organisme de placement collectif en valeurs mobilières OPCVM constitué en tant que compartiment de Kepler Liquid Strategies ICAV, un organisme irlandais de gestion collective d’actifs Irish collective asset-management vehicle, ICAV à capital variable avec séparation du passif des différents compartiments, de droit irlandais et agréé par la Central Bank of Ireland en vertu de la Réglementation OPCVM.
Durée Le Fonds n’a pas de durée déterminée minimum. La liquidation du Fonds n’est possible que dans les cas expressément prévus par le Prospectus ou le Supplément du Fonds.
Objectifs
L’objectif d’investissement du Fonds est d’assurer des rendements ajustés du risque intéressants avec une faible volatilité et une faible corrélation aux marchés boursiers. Le Fonds cherchera a atteindre son objectif d’investissement au moyen d'une stratégie d’arbitrage de valeur relative neutre au marché multi-actifs. Cette stratégie lui permet de tirer parti des différentiels de prix entre des instruments financiers liés, tels que les actions et les obligations. Le Fonds achète et vend simultanément les différents instruments. Cette stratégie vous permet de tirer parti potentiellement de la « valeur relative » entre les instruments financiers liés. Le Fonds sera principalement exposé aux actions, certificats représentatifs d’actions, actions privilégiées (perpétuelles et à taux flottant), actions privilégiées convertibles, titres de créance et indices boursiers représentatifs de volatilité et exposé indirectement aux matières premières au moyen d’instruments négociés en bourse admissibles, instruments financiers dérivés IFD et devises. L’approche neutre au marché du Fonds utilise également des stratégies de couverture conçues pour améliorer les rendements, réduire le risque baissier et générer des rendements à plus long terme. Le Fonds peut investir dans les titres de créance ci-après, quelle que soit leur qualité de crédit ou leur échéance : obligations d'État et d’entreprise à taux fixe ou variable, obligations convertibles, actions privilégiées convertibles, obligations remboursables en actions (titres de créance échangeables contre des actions et obligations convertibles à dividende enrichi) et obligations échangeables. Il n’investira pas dans des obligations convertibles conditionnées. Le Fonds peut investir jusqu’à 10 % de son actif net dans des fonds de placement collectif, y compris des fonds négociés en bourse ETF , des OPCVM ou des fonds d’investissement alternatifs admissibles.
Le Fonds peut investir dans des actions émises par des ETF à capital fixe basés aux États-Unis. Il n’est pas prévu que le Fonds investisse plus de 20 % de son actif dans des ETF à capital fixe. Le Fonds peut investir dans des titres d’émetteurs de toute taille de marchés développés et émergents. Les titres peuvent être libellés dans des devises autres que le dollar américain, l’euro ou la livre sterling. Le Fonds peut utiliser des instruments financiers dérivés à des fins d’investissement ou de couverture, comme exposé plus en détail dans le Tableau des IFD du Supplément. Le Fonds peut également investir dans des bons du Trésor américain, des billets de trésorerie et d’autres instruments du marché monétaire tels que certificats de dépôt et effets de commerce.
Le Fonds fait l’objet d’une gestion active, sans référence à un indice de référence.
Dépositaire Société Générale S.A., Dublin Branch
Informations supplémentaires
Investisseurs de détail visés
Les actifs du Fonds sont détenus par le Dépositaire. Vous pouvez vendre vos actions ou acheter des actions supplémentaires tout jour ouvrable (sauf samedis, dimanches et fêtes) où les banques sont ouvertes à Dublin, Londres et New York pour les opérations bancaires normales. Vous devez soumettre votre demande à l’Administrateur du Fonds avant 11h00 un jour ouvrable avant le jour où vous voulez vendre ou acheter des actions. Aucun dividende ne vous sera payé sur les actions. Pour en savoir plus sur l’objectif et les politiques d’investissement du fonds, veuillez consulter les sections « Objectif d’investissement », « Politiques d’investissement » et « Stratégie d’investissement » du Supplément du Fonds, disponible sur www.keplerliquidstrategies.com/funds/kls-ionic-relative-value-arbitrage-fund/
Le Fonds convient aux investisseurs disposés à tolérer des risques moyens à élevés et qui cherchent une appréciation du capital à long terme. Il peut ne pas convenir aux investisseurs qui envisagent de retirer leurs fonds avant 3 ans. | # ¿Qué es este producto?
Tipo
El Fondo es un Organismo de Inversión Colectiva en Valores Mobiliarios OICVM constituido como subfondo de Kepler Liquid Strategies ICAV, un vehículo de capital variable irlandés de gestión colectiva de activos con responsabilidad segregada entre subfondos, constituido con arreglo a las leyes de Irlanda y autorizado por el Banco Central de Irlanda en virtud del Reglamento sobre OICVM.
Plazo El Fondo no tiene fijada una duración mínima. La disolución del Fondo solo es posible en los casos expresamente previstos en el Folleto o Suplemento del Fondo.
Objetivos
El objetivo de inversión del Fondo es proporcionar rendimientos atractivos ajustados al riesgo, con baja volatilidad y escasa correlación con los mercados de renta variable. El Fondo tratará de alcanzar su objetivo de inversión utilizando una estrategia de inversión de arbitraje de valor relativo multiactivo y neutral con respecto al mercado. Esta estrategia permite al Fondo aprovechar los diferenciales de precios entre instrumentos financieros relacionados, como la renta variable y la renta fija. El Fondo comprará y venderá simultáneamente los distintos instrumentos. Esto le permitirá beneficiarse posiblemente del «valor relativo» entre los instrumentos financieros relacionados. Las exposiciones del Fondo serán principalmente a renta variable, recibos de depósito, acciones preferentes (perpetuas y de tipo variable), acciones preferentes convertibles, títulos de deuda, índices de mercado representativos de la volatilidad, exposiciones indirectas admisibles a materias primas a través de instrumentos negociados en bolsa, así como instrumentos financieros derivados IFD y divisas. El enfoque neutral del mercado del Fondo también utilizará estrategias de cobertura que pretenden mejorar los rendimientos, reducir el riesgo a la baja y generar rendimientos a más largo plazo. El Fondo puede invertir en los siguientes títulos de deuda de cualquier calidad crediticia o vencimiento: bonos gubernamentales y corporativos a tipo fijo o variable, bonos convertibles, acciones preferentes convertibles, bonos obligatoriamente convertibles (deuda canjeable por acciones ordinarias y bonos convertibles con mejora de dividendos) y bonos canjeables. El Fondo no invertirá en bonos convertibles contingentes. El Fondo puede invertir hasta el 10% en instituciones de inversión colectiva, incluidos los fondos negociados en bolsa ETF , OICVM, o los fondos de inversión alternativa admisibles.
El Fondo puede invertir en valores de renta variable emitida por ETF cerrados con base en EE. UU. No se prevés que el Fondo invierta más del 20% de sus activos en tales ETF cerrados. El Fondo puede invertir en emisores de cualquier tamaño, en mercados desarrollados y emergentes. Los valores pueden emitirse en divisas distintas del dólar estadounidense, el euro o la libra esterlina. El Fondo podrá utilizar instrumentos financieros FDI derivados con fines de inversión o de cobertura, como se detalla en el cuadro IFD del Suplemento. El Fondo también podrá invertir en letras del Tesoro de EE. UU, papel comercial y otros instrumentos del mercado monetario, incluyendo certificados de depósito y efectos de comercio.
El Fondo se gestiona de forma activa sin hacer referencia a ningún índice.
Depositario Société Générale S.A., Dublin Branch
Información adicional
Inversor minorista al que va dirigido
Los activos del Fondo están mantenidos por el Depositario. Puede vender sus acciones o comprar más acciones cada día hábil (excepto sábados, domingos y festivos) en que los bancos de Dublín, Londres y Nueva York estén abiertos para las operaciones bancarias normales. Debe usted presentar su solicitud al Administrador del Fondo antes de las 11 00 de la mañana (hora irlandesa) un día hábil antes del día en el que quiera vender o comprar acciones. Sus acciones no le pagarán dividendos. Para más detalles sobre el objetivo y las políticas de inversión del Fondo, consulte las secciones «Objetivo de inversión», «Políticas de inversión» y «Estrategia de inversión» del Suplemento del Fondo, que está disponible en www.keplerliquidstrategies.com/funds/kls-ionic-relative-value-arbitrage-fund/
El Fondo es adecuado para inversores dispuestos a tolerar riesgos entre medianos y elevados, y que busquen una revalorización del capital a largo plazo. Este Fondo podría no ser adecuado para inversores que tengan previsto retirar su dinero en un plazo de 3 años. | # En quoi consiste ce produit ?
Type
Le Fonds est un Organisme de placement collectif en valeurs mobilières OPCVM constitué en tant que compartiment de Kepler Liquid Strategies ICAV, un organisme irlandais de gestion collective d’actifs Irish collective asset-management vehicle, ICAV à capital variable avec séparation du passif des différents compartiments, de droit irlandais et agréé par la Central Bank of Ireland en vertu de la Réglementation OPCVM.
Durée Le Fonds n’a pas de durée déterminée minimum. La liquidation du Fonds n’est possible que dans les cas expressément prévus par le Prospectus ou le Supplément du Fonds.
Objectifs
L’objectif d’investissement du Fonds est d’assurer des rendements ajustés du risque intéressants avec une faible volatilité et une faible corrélation aux marchés boursiers. Le Fonds cherchera a atteindre son objectif d’investissement au moyen d'une stratégie d’arbitrage de valeur relative neutre au marché multi-actifs. Cette stratégie lui permet de tirer parti des différentiels de prix entre des instruments financiers liés, tels que les actions et les obligations. Le Fonds achète et vend simultanément les différents instruments. Cette stratégie vous permet de tirer parti potentiellement de la « valeur relative » entre les instruments financiers liés. Le Fonds sera principalement exposé aux actions, certificats représentatifs d’actions, actions privilégiées (perpétuelles et à taux flottant), actions privilégiées convertibles, titres de créance et indices boursiers représentatifs de volatilité et exposé indirectement aux matières premières au moyen d’instruments négociés en bourse admissibles, instruments financiers dérivés IFD et devises. L’approche neutre au marché du Fonds utilise également des stratégies de couverture conçues pour améliorer les rendements, réduire le risque baissier et générer des rendements à plus long terme. Le Fonds peut investir dans les titres de créance ci-après, quelle que soit leur qualité de crédit ou leur échéance : obligations d'État et d’entreprise à taux fixe ou variable, obligations convertibles, actions privilégiées convertibles, obligations remboursables en actions (titres de créance échangeables contre des actions et obligations convertibles à dividende enrichi) et obligations échangeables. Il n’investira pas dans des obligations convertibles conditionnées. Le Fonds peut investir jusqu’à 10 % de son actif net dans des fonds de placement collectif, y compris des fonds négociés en bourse ETF , des OPCVM ou des fonds d’investissement alternatifs admissibles.
Le Fonds peut investir dans des actions émises par des ETF à capital fixe basés aux États-Unis. Il n’est pas prévu que le Fonds investisse plus de 20 % de son actif dans des ETF à capital fixe. Le Fonds peut investir dans des titres d’émetteurs de toute taille de marchés développés et émergents. Les titres peuvent être libellés dans des devises autres que le dollar américain, l’euro ou la livre sterling. Le Fonds peut utiliser des instruments financiers dérivés à des fins d’investissement ou de couverture, comme exposé plus en détail dans le Tableau des IFD du Supplément. Le Fonds peut également investir dans des bons du Trésor américain, des billets de trésorerie et d’autres instruments du marché monétaire tels que certificats de dépôt et effets de commerce.
Le Fonds fait l’objet d’une gestion active, sans référence à un indice de référence.
Dépositaire Société Générale S.A., Dublin Branch
Informations supplémentaires
Investisseurs de détail visés
Les actifs du Fonds sont détenus par le Dépositaire. Vous pouvez vendre vos actions ou acheter des actions supplémentaires tout jour ouvrable (sauf samedis, dimanches et fêtes) où les banques sont ouvertes à Dublin, Londres et New York pour les opérations bancaires normales. Vous devez soumettre votre demande à l’Administrateur du Fonds avant 11h00 un jour ouvrable avant le jour où vous voulez vendre ou acheter des actions. Aucun dividende ne vous sera payé sur les actions. Pour en savoir plus sur l’objectif et les politiques d’investissement du fonds, veuillez consulter les sections « Objectif d’investissement », « Politiques d’investissement » et « Stratégie d’investissement » du Supplément du Fonds, disponible sur www.keplerliquidstrategies.com/funds/kls-ionic-relative-value-arbitrage-fund/
Le Fonds convient aux investisseurs disposés à tolérer des risques moyens à élevés et qui cherchent une appréciation du capital à long terme. Il peut ne pas convenir aux investisseurs qui envisagent de retirer leurs fonds avant 3 ans. | fr | es |
DOLFIN8964 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For Identified Staff, the measure applicable to the variable portion of their remuneration is as follows:
- at least 50% of the variable portion of the remuneration is deferred to the point where the set threshold for maximum payment in cash is exceeded or represents a percentage above that defined in relation to the set remuneration;
- the deferred payment of the variable portion of the remuneration is set to a minimum of three years;
- the deferred portion of the variable portion of the remuneration shall only be definitively acquired by the staff member on the date of their effective payment and may not be received by the staff member prior to said payment; and
- a specific measure based on criteria specific to their position is applied for Identified Staff responsible for risk management and compliance functions. | La medida aplicable a la parte variable de la remuneración de dicho Personal es la siguiente:
- Al menos un 50% de la parte variable de la remuneración se difiere hasta el momento en el que el límite máximo establecido para pagos en efectivo se supere o represente un porcentaje superior al definido en relación con la remuneración establecida.
- El pago diferido de la parte variable de la remuneración se establece en un mínimo de tres años.
- El pago diferido de la parte variable de la remuneración del empleado en cuestión solo se percibirá definitivamente en la fecha del pago efectivo y es posible que no lo reciba con anterioridad a dicho pago.
- En el caso del Personal identificado responsable de las funciones de gestión de riesgo y cumplimiento, se aplica un baremo concreto a partir de criterios específicos relacionados con su puesto. | For Identified Staff, the measure applicable to the variable portion of their remuneration is as follows:
- at least 50% of the variable portion of the remuneration is deferred to the point where the set threshold for maximum payment in cash is exceeded or represents a percentage above that defined in relation to the set remuneration;
- the deferred payment of the variable portion of the remuneration is set to a minimum of three years;
- the deferred portion of the variable portion of the remuneration shall only be definitively acquired by the staff member on the date of their effective payment and may not be received by the staff member prior to said payment; and
- a specific measure based on criteria specific to their position is applied for Identified Staff responsible for risk management and compliance functions. | en | es |
DOLFIN8965 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
From the fact of their ownership of shares of the SICAV, shareholders are not required to pay any tax in Luxembourg on income and capital gains tax, withholding tax (except, however, in respect of shareholders having their domicile or residence or permanent establishment in Luxembourg, and certain categories of former residents of Luxembourg if they own more than 10% of the share capital of the SICAV).
-
## AUTOMATIC EXCHANGE OF INFORMATION | Du chef de la propriété d’actions de la SICAV, les actionnaires n’ont à s’acquitter au Luxembourg d’aucun impôt sur les revenus et les plus-values, d’aucune retenue à la source (sauf toutefois en ce qui concerne les actionnaires ayant leur domicile ou résidence ou un établissement stable au Luxembourg, et certaines catégories d’anciens résidents du Luxembourg s’ils possèdent plus de 10% du capital social de la SICAV).
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## ECHANGE AUTOMATIQUE D’INFORMATIONS | From the fact of their ownership of shares of the SICAV, shareholders are not required to pay any tax in Luxembourg on income and capital gains tax, withholding tax (except, however, in respect of shareholders having their domicile or residence or permanent establishment in Luxembourg, and certain categories of former residents of Luxembourg if they own more than 10% of the share capital of the SICAV).
-
## AUTOMATIC EXCHANGE OF INFORMATION | en | fr |
DOLFIN8966 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment STOXX Europe 50 (NR) (04/15) between 30/06/2013-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,899
9.0%
EUR 14,363
5.3% | # Questo tipo di scenario si è verificato per un investimento STOXX Europe 50 (NR) (04/15) tra 30/06/2013-30/06/2020.
Scenario moderato
Quanto potreste ottenere al netto dei costi
Rendimento medio annuale
EUR 10 899
9,0%
EUR 14 363
5,3% | # This type of scenario occurred for an investment STOXX Europe 50 (NR) (04/15) between 30/06/2013-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,899
9.0%
EUR 14,363
5.3% | en | it |
DOLFIN8967 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Unit Trust will pay this deducted tax to the Irish Revenue Commissioners.
Generally, a Unitholder will have no further Irish tax liability in respect of the distribution. However, if the Unitholder is a company for which the distribution is a trading receipt, the gross distribution (including the Irish tax deducted) will form part of its taxable income for self-assessment purposes and the Unitholder may set off the deducted tax against its corporation tax liability.
Redemptions and Transfers of Units
If the Unit Trust realises Units held by a non-exempt Irish resident Unitholder, the Unit Trust will deduct Irish tax from the redemption payment made to the Unitholder. Similarly, if such an Irish resident Unitholder transfers (by sale or otherwise) an entitlement to Units, the Unit Trust will account for Irish tax in respect of that transfer. The amount of Irish tax deducted or accounted for will be calculated by reference to the gain (if any) which has accrued to the Unitholder on the Units being redeemed or transferred and will be equal to:
- 25% of such gain, where the Unitholder is a company which has made the appropriate declaration for the 25% rate to apply; and
- 41% of the gain, in all other cases. | Der Investmentfonds zahlt die so abgezogene Steuer an die irische Finanzbehörde.
Im Allgemeinen bestehen für einen Anteilsinhaber bezüglich der Ausschüttung keine weiteren irischen Steuerverbindlichkeiten. Ist der Anteilsinhaber jedoch eine Gesellschaft, für die die Ausschüttung ein Handelserlös ist, so ist die Bruttoausschüttung (einschließlich der abgezogenen irischen Steuer) Bestandteil ihres steuerpflichtigen Einkommens im Sinne der Selbstveranlagung, und der Anteilsinhaber kann die abgezogene Steuer mit seiner Körperschaftsteuerverbindlichkeit verrechnen.
Rücknahmen und Übertragungen von Anteilen
Wenn der Investmentfonds Anteile, die von einem nicht steuerbefreiten irischen Anteilsinhaber gehalten werden, realisiert, zieht der Investmentfonds irische Steuern von der Rücknahmezahlung an den Anteilsinhaber ab. Ähnlich wird der Investmentfonds, wenn ein solcher in Irland ansässiger Anteilsinhaber einen Anspruch auf Anteile überträgt (durch Verkauf oder anderweitig), in Bezug auf diese Übertragung irische Steuern abführen. Der Betrag der irischen Steuer, die abgezogen bzw. berücksichtigt wird, wird auf Basis des (etwaigen) Gewinns berechnet, der auf die zurückgegebenen bzw. übertragenen Anteile des Anteilsinhabers entfällt, und entspricht:
- 25 % dieses Gewinns, wenn der Anteilsinhaber eine Gesellschaft ist, welche die für die Anwendung des Satzes von 25 % erforderliche Erklärung abgegeben hat; und
- 41 % vom Gewinn in allen anderen Fällen. | The Unit Trust will pay this deducted tax to the Irish Revenue Commissioners.
Generally, a Unitholder will have no further Irish tax liability in respect of the distribution. However, if the Unitholder is a company for which the distribution is a trading receipt, the gross distribution (including the Irish tax deducted) will form part of its taxable income for self-assessment purposes and the Unitholder may set off the deducted tax against its corporation tax liability.
Redemptions and Transfers of Units
If the Unit Trust realises Units held by a non-exempt Irish resident Unitholder, the Unit Trust will deduct Irish tax from the redemption payment made to the Unitholder. Similarly, if such an Irish resident Unitholder transfers (by sale or otherwise) an entitlement to Units, the Unit Trust will account for Irish tax in respect of that transfer. The amount of Irish tax deducted or accounted for will be calculated by reference to the gain (if any) which has accrued to the Unitholder on the Units being redeemed or transferred and will be equal to:
- 25% of such gain, where the Unitholder is a company which has made the appropriate declaration for the 25% rate to apply; and
- 41% of the gain, in all other cases. | en | de |
DOLFIN8968 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Article 6
Calculation of the net asset value per unit
- The value of a unit is expressed in euro (“fund currency”), unless a currency other than the fund currency is indicated in the special section of the Sales Prospectus for any of the unit classes (“unit class currency”). It is calculated for the fund on each bank business day in Luxembourg (valuation date), unless otherwise provided for in the special section of the Sales Prospectus. | ### Article 6
Calcul de la valeur liquidative
- La valeur d’une part est libellée en euro (devise du fonds) sous réserve qu’une autre devise ne soit pas mentionnée dans la Partie Spécifique du prospectus de vente pour d’éventuelles classes de parts (devise de la classe de parts). Elle est calcu- lée, pour le fonds, chaque jour de banque ouvré à Luxembourg (jour d’évaluation), sauf disposition contraire précisée dans la Partie Spécifique du prospectus de vente. | ### Article 6
Calculation of the net asset value per unit
- The value of a unit is expressed in euro (“fund currency”), unless a currency other than the fund currency is indicated in the special section of the Sales Prospectus for any of the unit classes (“unit class currency”). It is calculated for the fund on each bank business day in Luxembourg (valuation date), unless otherwise provided for in the special section of the Sales Prospectus. | en | fr |
DOLFIN8969 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Considérations relatives aux risques
A Cette Classe d’actions se voit attribuer cette catégorie de risque du fait des fluctuations de cours liées à sa devise, aux investissements et à la stratégie du Compartiment. La catégorie de risque indiquée est basée sur des données historiques et peut ne pas constituer une indication fiable du profil de risque futur de la Classe actions. La catégorie de risque indiquée ne constitue pas un objectif ou une garantie
et peut évoluer avec le temps. La catégorie la plus basse n'est pas synonyme d'investissement sans risque. Le Compartiment n'offre aucune garantie du capital ni aucune mesure de
protection des actifs.
Le Compartiment peut être exposé aux risques matériels suivants qui ne sont pas reflétés de manière adéquate par l'indicateur synthétique de risques, et qui peuvent avoir un impact sur ses performances:
- Risque opérationnel : des pertes peuventêtre causées par des erreurs humaines, des défaillances systémiques, une valorisation incorrecte ou une garde incorrecte des actifs.
- Risque de contrepartie : des pertes seproduisent lorsqu’une contrepartie ne respecte pas ses obligations liées aux contrats, par exemple dans le cas de dérivés négociés de gré à gré (OTC).
- Risque de crédit : des pertes soudaines peuvent se produire lorsque les émetteurs de titres de créance sont incapables d’assumer leurs obligations de paiement.
- Risque de durabilité : risque d’événementou de situation dans le domaine ESG qui, s’il survient, pourrait avoir une incidence négative importante sur la valeur de l’investissement.
Vous trouverez de plus amples informations dans le prospectus. | # Consideraciones de riesgo
Esta categoría de riesgo se asigna a la Clase de acciones debido a las variaciones de los precios resultantes de su divisa y la naturaleza de las inversiones y la estrategia del Compartimento.
La categoría de riesgo indicada está basada en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo de esta Clase de acciones. La categoría de riesgo indicada no es un objetivo ni una garantía, y
puede variar a lo largo del tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El Compartimento no ofrece garantía de capital ni medidas de protección de activos.
El Compartimento podrá estar expuesto a riesgos importantes que el indicador sintético de riesgo no refleja adecuadamente y que pueden incidir en su rentabilidad:
- Riesgo operativo: pérdidas provocadas porerrores humanos, fallos de sistemas, una incorrecta valoración y custodia de los activos.
- Riesgo de contraparte: las pérdidas seproducen cuando una contraparte no cumple con sus obligaciones relacionadas con contratos, tales como por ej. los derivados extrabursátiles.
- Riesgo de crédito: el incumplimiento de las obligaciones de pago por parte de losemisores de títulos de deuda puede provocar pérdidas repentinas.
- Riesgo de sostenibilidad: los acontecimientoso condiciones de riesgo relacionados con cuestiones medioambientales, sociales y de gobierno corporativo (ESG) podrían tener un impacto negativo importante en el valor de la inversión en caso de producirse.
En el folleto figura información adicional. | # Considérations relatives aux risques
A Cette Classe d’actions se voit attribuer cette catégorie de risque du fait des fluctuations de cours liées à sa devise, aux investissements et à la stratégie du Compartiment. La catégorie de risque indiquée est basée sur des données historiques et peut ne pas constituer une indication fiable du profil de risque futur de la Classe actions. La catégorie de risque indiquée ne constitue pas un objectif ou une garantie
et peut évoluer avec le temps. La catégorie la plus basse n'est pas synonyme d'investissement sans risque. Le Compartiment n'offre aucune garantie du capital ni aucune mesure de
protection des actifs.
Le Compartiment peut être exposé aux risques matériels suivants qui ne sont pas reflétés de manière adéquate par l'indicateur synthétique de risques, et qui peuvent avoir un impact sur ses performances:
- Risque opérationnel : des pertes peuventêtre causées par des erreurs humaines, des défaillances systémiques, une valorisation incorrecte ou une garde incorrecte des actifs.
- Risque de contrepartie : des pertes seproduisent lorsqu’une contrepartie ne respecte pas ses obligations liées aux contrats, par exemple dans le cas de dérivés négociés de gré à gré (OTC).
- Risque de crédit : des pertes soudaines peuvent se produire lorsque les émetteurs de titres de créance sont incapables d’assumer leurs obligations de paiement.
- Risque de durabilité : risque d’événementou de situation dans le domaine ESG qui, s’il survient, pourrait avoir une incidence négative importante sur la valeur de l’investissement.
Vous trouverez de plus amples informations dans le prospectus. | fr | es |
DOLFIN8970 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: November 30, 2016. The reference currency of the Sub-Fund is USD.
8%
6%
4%
2%
0%
-2% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 30 de noviembre de 2016. La moneda de referencia del Subfondo es USD.
8%
6%
4%
2%
0%
-2% | ### Launch Date and Currency
Sub-Fund's launch date: November 30, 2016. The reference currency of the Sub-Fund is USD.
8%
6%
4%
2%
0%
-2% | en | es |
DOLFIN8971 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risk profiles
The investment funds managed by the Fund Management Company are organised into the following risk profiles. The risk profile for each Sub-fund shall be stated in the relevant annex to the Sales Prospectus. The following profile descriptions were drawn up under normal market conditions. In unexpected market situations or market disturbances due to non-functioning markets, greater risks may occur than those stated in the risk profile.
Risk profile 1 - Security-oriented
The Sub-fund is suited to security-oriented investors. The composition of the Sub-fund’s Net Assets presents a very high level of overall risk matched by the potential for very high returns. The risks may primarily consist of currency, creditworthiness, share price risks as well as changes in market interest rate risks.
Risk profile 2 - Conservative
The Sub-fund is suited to conservative investors. The composition of the Fund’s Net Assets presents a moderate level of overall risk matched by moderate potential returns. The risks may primarily consist of currency, creditworthiness, and share price risks as well as from changes in market interest rate risks.
Risk profile 3 - Growth-oriented
The Sub-fund is suited to growth-oriented investors. The composition of the fund’s Net Assets presents a high level of overall risk matched by high potential returns. The risks may primarily consist of currency, creditworthiness, and share price risks as well as from changes in market interest rate risks.
Risk profile 4 - Speculative
The Sub-fund is suited to speculative investors. The composition of the fund’s Net Assets presents a very high level of overall risk matched by very high potential returns. The risks may primarily consist of currency, creditworthiness, share price risks as well as changes in market interest rate risks. | # Risikoprofile
Die von der Verwaltungsgesellschaft verwalteten Investmentfonds werden in eines der folgenden Risikoprofile eingeordnet. Das Risikoprofil für jeden Teilfonds finden Sie in dem jeweiligen teilfondsspezifischen Anhang. Die Beschreibungen der folgenden Profile wurden unter der Voraussetzung von normal funktionierenden Märkten erstellt. In unvorhergesehenen Marktsituationen oder Marktstörungen aufgrund nicht funktionierender Märkte können weitergehende Risiken, als die in dem Risikoprofil genannten auftreten.
Risikoprofil – Sicherheitsorientiert
Der Teilfonds eignet sich für sicherheitsorientierte Anleger. Aufgrund der Zusammensetzung des Netto- Teilfondsvermögens besteht ein geringes Gesamtrisiko, dem entsprechende Ertragschancen gegenüberstehen. Die Risiken können insbesondere aus Währungs-, Bonitäts- und Kursrisiken, sowie aus Risiken, die aus den Änderungen des Marktzinsniveaus resultieren, bestehen.
Risikoprofil – Konservativ
Der Teilfonds eignet sich für konservative Anleger. Aufgrund der Zusammensetzung des Netto- Teilfondsvermögen besteht ein moderates Gesamtrisiko, dem auch moderate Ertragschancen gegenüberstehen. Die Risiken können insbesondere aus Währungs-, Bonitäts- und Kursrisiken, sowie aus Risiken, die aus den Änderungen des Marktzinsniveaus resultieren, bestehen.
Risikoprofil – Wachstumsorientiert
Der Teilfonds eignet sich für wachstumsorientierte Anleger. Aufgrund der Zusammensetzung des Netto- Teilfondsvermögen besteht ein hohes Gesamtrisiko, dem auch hohe Ertragschancen gegenüberstehen. Die Risiken können insbesondere aus Währungs-, Bonitäts- und Kursrisiken, sowie aus Risiken, die aus den Änderungen des Marktzinsniveaus resultieren, bestehen.
Risikoprofil – Spekulativ
Der Teilfonds eignet sich für spekulative Anleger. Aufgrund der Zusammensetzung des Netto- Teilfondsvermögen besteht ein sehr hohes Gesamtrisiko, dem auch sehr hohe Ertragschancen gegenüberstehen. Die Risiken können insbesondere aus Währungs-, Bonitäts- und Kursrisiken, sowie aus Risiken, die aus den Änderungen des Marktzinsniveaus resultieren, bestehen. | # Risk profiles
The investment funds managed by the Fund Management Company are organised into the following risk profiles. The risk profile for each Sub-fund shall be stated in the relevant annex to the Sales Prospectus. The following profile descriptions were drawn up under normal market conditions. In unexpected market situations or market disturbances due to non-functioning markets, greater risks may occur than those stated in the risk profile.
Risk profile 1 - Security-oriented
The Sub-fund is suited to security-oriented investors. The composition of the Sub-fund’s Net Assets presents a very high level of overall risk matched by the potential for very high returns. The risks may primarily consist of currency, creditworthiness, share price risks as well as changes in market interest rate risks.
Risk profile 2 - Conservative
The Sub-fund is suited to conservative investors. The composition of the Fund’s Net Assets presents a moderate level of overall risk matched by moderate potential returns. The risks may primarily consist of currency, creditworthiness, and share price risks as well as from changes in market interest rate risks.
Risk profile 3 - Growth-oriented
The Sub-fund is suited to growth-oriented investors. The composition of the fund’s Net Assets presents a high level of overall risk matched by high potential returns. The risks may primarily consist of currency, creditworthiness, and share price risks as well as from changes in market interest rate risks.
Risk profile 4 - Speculative
The Sub-fund is suited to speculative investors. The composition of the fund’s Net Assets presents a very high level of overall risk matched by very high potential returns. The risks may primarily consist of currency, creditworthiness, share price risks as well as changes in market interest rate risks. | en | de |
DOLFIN8972 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Note 7 - Subscription duty ("Taxe d’abonnement")
The SICAV is governed by Luxembourg laws.
Pursuant to the legislation and regulations in force, the SICAV is subject to an annual subscription duty ("taxe d’abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each sub-fund on the last day of each quarter.
A lower rate of 0.01% is applied to the classes I, IN, INH (EUR), R, RAM and RAMCH shares reserved to institutional investors according to Article 174 (2) of the amended law of 17th December 2010.
Pursuant to Article 175 (a) of the amended law of 17th December 2010 the net assets invested in undertakings for collective investment already subject to the "taxe d’abonnement" are exempt from this tax. | ### Note 7 - Taxe d’abonnement
La SICAV est régie par les lois fiscales luxembourgeoises.
En vertu de la législation et des règlements actuellement en vigueur, la SICAV est soumise à une taxe d'abonnement au taux annuel de 0,05 % de l’actif net, calculée et payable par trimestre, sur base de l'actif net à la fin de chaque trimestre.
Pour les actions de classe I, IN, INH (EUR), R, RAM et RAMCH réservées aux investisseurs institutionnels au sens de l’article 174 (2) de la loi modifiée du 17 décembre 2010, une taxe d’abonnement réduite de 0,01 % est appliquée.
Selon l’article 175 (a) de la loi modifiée du 17 décembre 2010, les actifs nets investis en OPC déjà soumis à la taxe d’abonnement sont exonérés de cette taxe. | ### Note 7 - Subscription duty ("Taxe d’abonnement")
The SICAV is governed by Luxembourg laws.
Pursuant to the legislation and regulations in force, the SICAV is subject to an annual subscription duty ("taxe d’abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each sub-fund on the last day of each quarter.
A lower rate of 0.01% is applied to the classes I, IN, INH (EUR), R, RAM and RAMCH shares reserved to institutional investors according to Article 174 (2) of the amended law of 17th December 2010.
Pursuant to Article 175 (a) of the amended law of 17th December 2010 the net assets invested in undertakings for collective investment already subject to the "taxe d’abonnement" are exempt from this tax. | en | fr |
DOLFIN8973 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
RBC confirms that based on the above no potential situation of conflicts of interest could be identified.
An up to date information on conflicts of interest policy re- ferred to above may be obtained, upon request, from the Depositary or via the following website link: https://www.rbcits.com/en/who-we-are/governance/in- formation-on-conflicts-of-interest-policy.page.
- Central Administration, Domiciliary Agent, Registrar and Transfer AgentOn the basis of an agreement dated 20 May 2015 (“Admin- istration Agency Agreement”), the Company and the Manage- ment Company appointed RBC Investor Services Bank S.A. and the Management Company delegated its duties as central administrator to RBC Investor Services Bank S.A. as registrar and share register administrator for registered Shares. This agreement was concluded for an indefinite period and can be terminated by each party subject to 90 days’ notice. | RBC bestätigt, dass auf der Grundlage der oben gemachten Angaben keine potenziellen Situationen, aus denen Interessenkonflikte entstehen können, identifiziert werden konnten.
Aktuelle Informationen zur vorstehend erwähnten Interessenkonflikt-Politik sind auf Anfrage bei der Verwahrstelle oder über den folgenden Weblink erhältlich: https://www.rbcits.com/en/who-we- are/governance/information-on-conflicts-of-interest- policy.page.
- Hauptverwaltung, Domizil-, Register- und TransferstelleDie Gesellschaft und die Verwaltungsgesellschaft haben durch Vertrag vom 20. Mai 2015 („Administration Agency Agreement“) die RBC Investor Services Bank S.A. beauftragt und die Verwaltungsgesellschaft hat ihre Funktionen als Zentralverwaltung an die RBC Investor Services Bank S.A. als Hauptverwaltung-, Register- und die das Aktienregister führende Stelle für Namensaktien delegiert. Dieser Vertrag gilt für unbestimmte Zeit und kann von jeder Vertragspartei mit einer Frist von 90 Tagen gekündigt werden. | RBC confirms that based on the above no potential situation of conflicts of interest could be identified.
An up to date information on conflicts of interest policy re- ferred to above may be obtained, upon request, from the Depositary or via the following website link: https://www.rbcits.com/en/who-we-are/governance/in- formation-on-conflicts-of-interest-policy.page.
- Central Administration, Domiciliary Agent, Registrar and Transfer AgentOn the basis of an agreement dated 20 May 2015 (“Admin- istration Agency Agreement”), the Company and the Manage- ment Company appointed RBC Investor Services Bank S.A. and the Management Company delegated its duties as central administrator to RBC Investor Services Bank S.A. as registrar and share register administrator for registered Shares. This agreement was concluded for an indefinite period and can be terminated by each party subject to 90 days’ notice. | en | de |
DOLFIN8974 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Taxation of the investment company
The assets of the Company are not liable to tax on its income or profits in the Grand Duchy of Luxembourg. The assets of the Company are only subject to the taxe d’abonnement in the Grand Duchy of Luxembourg at the current rate of 0.05% p.a. A reduced taxe d’abonnement at the rate of 0.01% p.a. is applicable to (i) sub-funds of the share classes, the shares of which are issued exclusively to institutional shareholders pursuant to Article 174 of the Law of 17 December 2010, (ii) sub-funds, the exclusive purpose of which is to invest in money market instruments, term deposits at credit institutions, or both. The taxe d’abonnement is payable quarterly on the net assets of the Company as reported at the end of each quarter. The rate of the taxe d’abonnement for the respective sub-fund or share classes is mentioned in the respective annex to the Sales Prospectus. An exemption from the taxe d’abonnement is applicable, inter alia, if the fund assets are invested in other Luxembourg investment funds that are already subject to the taxe d’abonnement.
Income earned by the sub-fund (in particular interest and dividends) may be subject to withholding tax or other taxes in the countries in which the respective sub-fund assets are invested. The fund may also be liable to tax on realised or unrealised capital gains on its investments in the source country. Neither the depositary nor the management company is required to collect tax certificates. | #### Besteuerung der Investmentgesellschaft
Das Gesellschaftsvermögen unterliegt im Großherzogtum Luxemburg keiner Besteuerung auf seine Einkünfte und Gewinne. Das Gesellschaftsvermögen unterliegt im Großherzogtum Luxemburg lediglich der sog. „taxe d'abonnement“ in Höhe von derzeit 0,05% p.a. Eine reduzierte „taxe d’abonnement“ in Höhe von 0,01% p.a. ist anwendbar für (i) die Teilfonds oder Aktienklassen, deren Aktien ausschließlich an institutionelle Aktionäre im Sinne des Artikel 174 des Gesetzes vom 17. Dezember 2010 ausgegeben werden, (ii) Teilfonds, deren ausschließlicher Zweck die Anlage in Geldmarktinstrumente, in Termingelder bei Kreditinstituten oder beides ist. Die „taxe d’abonnement“ ist vierteljährlich auf das jeweils am Quartalsende ausgewiesene Netto-Gesellschaftsvermögen zahlbar. Die Höhe der „taxe d’abonnement“ ist für den jeweiligen Teilfonds oder die Aktienklassen im jeweiligen Anhang zum Verkaufsprospekt erwähnt. Eine Befreiung von der „taxe d’abonnement“ findet u.a. Anwendung, soweit das Fondsvermögen in anderen Luxemburger Investmentfonds angelegt ist, die ihrerseits bereits der „taxe d'abonnement“ unterliegen.
Vom Fonds erhaltene Einkünfte (insbesondere Zinsen und Dividenden) können in den Ländern, in denen das jeweilige Teilfondsvermögen angelegt ist, dort einer Quellenbesteuerung oder Veranlagungsbesteuerung unterworfen werden. Der Fonds kann auch auf realisierte oder unrealisierte Kapitalzuwächse seiner Anlagen im Quellenland einer Besteuerung unterliegen. Weder die Verwahrstelle noch die Verwaltungsgesellschaft sind zur Einholung von Steuerbescheinigungen verpflichtet. | #### Taxation of the investment company
The assets of the Company are not liable to tax on its income or profits in the Grand Duchy of Luxembourg. The assets of the Company are only subject to the taxe d’abonnement in the Grand Duchy of Luxembourg at the current rate of 0.05% p.a. A reduced taxe d’abonnement at the rate of 0.01% p.a. is applicable to (i) sub-funds of the share classes, the shares of which are issued exclusively to institutional shareholders pursuant to Article 174 of the Law of 17 December 2010, (ii) sub-funds, the exclusive purpose of which is to invest in money market instruments, term deposits at credit institutions, or both. The taxe d’abonnement is payable quarterly on the net assets of the Company as reported at the end of each quarter. The rate of the taxe d’abonnement for the respective sub-fund or share classes is mentioned in the respective annex to the Sales Prospectus. An exemption from the taxe d’abonnement is applicable, inter alia, if the fund assets are invested in other Luxembourg investment funds that are already subject to the taxe d’abonnement.
Income earned by the sub-fund (in particular interest and dividends) may be subject to withholding tax or other taxes in the countries in which the respective sub-fund assets are invested. The fund may also be liable to tax on realised or unrealised capital gains on its investments in the source country. Neither the depositary nor the management company is required to collect tax certificates. | en | de |
DOLFIN8975 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
Type:
This product is a UCITS Fund.
Term:
Open Ended Fund.
Objectives:
Alger SICAV - Alger Small Cap Focus Fund (the "Fund") is actively managed and seeks long term capital appreciation.
The Fund generally invests at least two-thirds of its net assets in equity securities of companies that, at the time of purchase of the securities, have total market capitalization between:
- The higher of: (a) US$5 billion; or (b) the company with the highest capitalization in the Russell 2000 Growth Index, at any time during the most recent 12- month period as reported by such index; or (c) the company with the highest capitalization in the MSCI USA Small Cap Index, at any time during the most recent 12-month period as reported by such index; and
- The lower of: (a) the company in the Russell 2000 Growth Indexwith the lowest capitalization, at any time during the most recent 12- month period as reported by such index; or (b) the company in the MSCI USA Small Cap Index with the lowest capitalization, at any time during the most recent 12-month period as reported by such index.
The Fund is not managed in reference to those indexes. The Fund can invest in financial derivative instruments for hedging purposes and for efficient portfolio management purposes.
Under normal market conditions, the Fund invests in technology companies focused in the fields of medicine and information.
The Fund intends to invest a substantial portion of its assets in a small number of issuers, and may concentrate its holdings in fewer business sectors or industries. The Fund will hold approximately 50 securities. The number of securities held by the Fund may occasionally exceed this range for a variety of reasons.
Intended retail investor:
This product is intended for investors who are prepared to take on a relatively high level of risk of loss to their original capital in order to get a higher potential return, and who plan to stay invested for at least 5 years. It is designed to form part of a portfolio of investments. | # ¿Qué es este producto?
Tipo:
Este producto es un Fondo OICVM.
Plazo:
Fondo abierto.
Objetivos:
Alger SICAV - Alger Small Cap Focus Fund (el «Fondo») se gestiona de forma activa y trata de obtener la revalorización del capital a largo plazo.
Por lo general, el Fondo invierte al menos dos terceras partes de sus activos netos en valores de renta variable de empresas que, en el momento de adquisición de los valores, poseen una capitalización bursátil total entre:
- la cifra que sea mayor entre: (a) 5.000 millones USD; o (b) la empresa con mayor capitalización del índice Russell 2000 Growth Index, en cualquier momento durante el período de 12 meses más reciente según dicho índice; o (c) la empresa con mayor capitalización del índice MSCI USA Small Cap Index, en cualquier momento durante el período de 12 meses más reciente según dicho índice; y
- la cifra que sea menor entre: (a) la empresa con menor capitalización del índice Russell 2000 Growth Index, en cualquier momento durante el período de 12 mesesmás reciente según dicho índice; o (b) la empresa con menor capitalización del índice MSCI USA Small Cap Index, en cualquier momento durante el período de 12 meses más reciente según dicho índice.
El Fondo no se gestiona en relación con estos índices. El Fondo puede invertir en instrumentos derivados financieros con fines de cobertura y de gestión eficiente de la cartera.
En condiciones de mercado normales, el Fondo invierte en empresas tecnológicas centradas en los campos de la medicina y la información.
El Fondo pretende invertir una parte sustancial de sus activos en un número reducido de emisores, y puede concentrar sus posiciones en un menor número de industrias o sectores empresariales. El Fondo mantendrá aproximadamente 50 valores. En ocasiones, el número de valores que mantiene el Fondo puede superar este rango por diversos motivos.
Inversor minorista al que va dirigido:
Este producto se dirige a inversores que estén dispuestos a asumir un nivel relativamente elevado de riesgo de pérdida del capital inicialmente invertido para obtener una rentabilidad potencial superior, y que tienen previsto mantener su inversión durante al menos 5 años. Está diseñado para formar parte de una cartera de inversiones. | # What is this product?
Type:
This product is a UCITS Fund.
Term:
Open Ended Fund.
Objectives:
Alger SICAV - Alger Small Cap Focus Fund (the "Fund") is actively managed and seeks long term capital appreciation.
The Fund generally invests at least two-thirds of its net assets in equity securities of companies that, at the time of purchase of the securities, have total market capitalization between:
- The higher of: (a) US$5 billion; or (b) the company with the highest capitalization in the Russell 2000 Growth Index, at any time during the most recent 12- month period as reported by such index; or (c) the company with the highest capitalization in the MSCI USA Small Cap Index, at any time during the most recent 12-month period as reported by such index; and
- The lower of: (a) the company in the Russell 2000 Growth Indexwith the lowest capitalization, at any time during the most recent 12- month period as reported by such index; or (b) the company in the MSCI USA Small Cap Index with the lowest capitalization, at any time during the most recent 12-month period as reported by such index.
The Fund is not managed in reference to those indexes. The Fund can invest in financial derivative instruments for hedging purposes and for efficient portfolio management purposes.
Under normal market conditions, the Fund invests in technology companies focused in the fields of medicine and information.
The Fund intends to invest a substantial portion of its assets in a small number of issuers, and may concentrate its holdings in fewer business sectors or industries. The Fund will hold approximately 50 securities. The number of securities held by the Fund may occasionally exceed this range for a variety of reasons.
Intended retail investor:
This product is intended for investors who are prepared to take on a relatively high level of risk of loss to their original capital in order to get a higher potential return, and who plan to stay invested for at least 5 years. It is designed to form part of a portfolio of investments. | en | es |
DOLFIN8976 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- an appointed representative of the relevant person; and
- any other person whose business or domestic relationship with the relevant entity or his associate might reasonably be expected to give rise to a community of interest between them which may involve a conflict of interest in dealings with third parties;
| | - un rappresentante designato del soggetto specificato; e
- qualsiasi altro soggetto la cui relazione d'affari o domestica con il soggetto rilevante o il suo associato potrebbe ragionevolmente dar luogo a una comunione di interessi tra loro che potrebbe comportare un conflitto di interessi nei rapporti con terzi;
| | - an appointed representative of the relevant person; and
- any other person whose business or domestic relationship with the relevant entity or his associate might reasonably be expected to give rise to a community of interest between them which may involve a conflict of interest in dealings with third parties;
| | en | it |
DOLFIN8977 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The individual issuers must be listed in the Prospectus and may be drawn from the following list:
OECD Governments (provided the relevant issues are investment grade), Government of the People’s Republic of China, Government of Brazil (provided the issues are of investment grade), Government of India (provided the issues are of investment grade), Government of Singapore, European Investment Bank, European Bank for Reconstruction and Development, International Finance Corporation, International Monetary Fund, Euratom, The Asian Development Bank, European Central Bank, Council of Europe, Eurofima, African Development Bank, International Bank for Reconstruction and Development (The World Bank), The Inter American Development Bank, European Union, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Government National Mortgage Association (Ginnie Mae), Student Loan Marketing Association (Sallie Mae), Federal Home Loan Bank, Federal Farm Credit Bank, Tennessee Valley Authority, Straight-A Funding LLC.
The UCITS must hold securities from at least 6 different issues, with securities from any one issue not exceeding 30% of net assets.
- DepositsDeposits with any single credit institution other than a credit institution specified in Regulation 7 of the Central Bank UCITS Regulations held as ancillary liquidity shall not exceed:
- 10% of the NAV of the UCITS; or
- where the deposit is made with the Depositary 20% of the net assets of the UCITS.
- Recently Issued Transferable Securities
- Subject to paragraph (ii) a Fund shall not invest any more than 10% of its assets in securities of the type to which Regulation 68(1)(d) of the UCITS Regulations apply.
- Paragraph (i) does not apply to an investment by a responsible person in US Securities known as “ Rule 144 A securities” provided that;
- the relevant securities have been issued with an undertaking to register the securities with the SEC within 1 year of issue; and
- the securities are not illiquid securities i.e. they may be realised by the UCITS within 7 days at the price, or approximately at the price, which they are valued by the UCITS. | Die einzelnen Emittenten müssen im Prospekt genannt werden und können aus der folgenden Liste stammen:
OECD-Regierungen (vorausgesetzt, die jeweiligen Papiere haben Investment-Grade-Status), Regierung der Volksrepublik China, Regierung Brasiliens (vorausgesetzt, die jeweiligen Papiere haben Investment-Grade- Status), Regierung Indiens (vorausgesetzt, die jeweiligen Papiere haben Investment-Grade-Status), Regierung Singapurs, Europäische Investitionsbank, Europäische Bank für Wiederaufbau und Entwicklung, International Finance Corporation, Internationaler Währungsfonds, Euratom, die Asiatische Entwicklungsbank, Europäische Zentralbank, Europarat, Eurofima, Afrikanische Entwicklungsbank, Internationale Bank für Wiederaufbau und Entwicklung (Weltbank), Interamerikanische Entwicklungsbank, Europäische Union, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Government National Mortgage Association (Ginnie Mae), Student Loan Marketing Association (Sallie Mae), Federal Home Loan Bank, Federal Farm Credit Bank, Tennessee Valley Authority, Straight-A Funding LLC.
Der OGAW muss Wertpapiere aus mindestens sechs verschiedenen Emissionen halten, wobei die Wertpapiere einer Emission nicht mehr als 30 % des Nettovermögens ausmachen dürfen.
- EinlagenEinlagen bei einem Kreditinstitut, das nicht zu den in Verordnung 7 der OGAW-Vorschriften der Zentralbank spezifizierten Kreditinstituten zählt und die als zusätzliche liquide Mittel gehalten werden, dürfen folgende Grenzen nicht übersteigen:
- 10 % des NIW des OGAW; oder
- wenn die Einlage bei der Verwahrstelle erfolgt, 20 % des Nettovermögens des OGAW.
- Kürzlich begebene übertragbare Wertpapiere
- Gemäß Absatz (ii) darf ein Fonds nicht mehr als 10 % seines Vermögens in Wertpapiere der Art investieren, für die Verordnung 68(1)(d) der OGAW-Vorschriften gilt.
- Abschnitt (i) gilt nicht für Anlagen in als „Rule 144 A Securities“ bekannten US-Wertpapieren durch eine verantwortliche Person, vorausgesetzt
- die Wertpapiere werden mit der Verpflichtung begeben, dass sie binnen eines Jahres ab Emission bei der staatlichen US-Wertpapier- und Börsenaufsichtsbehörde (US Securities and Exchanges Commission/SEC) registriert werden; und
- die Wertpapiere sind keine schwer veräußerbaren Wertpapiere, d. h. sie können von dem OGAW binnen sieben Tagen zu dem oder in etwa zu dem von dem OGAW festgelegten Preis veräußert werden. | The individual issuers must be listed in the Prospectus and may be drawn from the following list:
OECD Governments (provided the relevant issues are investment grade), Government of the People’s Republic of China, Government of Brazil (provided the issues are of investment grade), Government of India (provided the issues are of investment grade), Government of Singapore, European Investment Bank, European Bank for Reconstruction and Development, International Finance Corporation, International Monetary Fund, Euratom, The Asian Development Bank, European Central Bank, Council of Europe, Eurofima, African Development Bank, International Bank for Reconstruction and Development (The World Bank), The Inter American Development Bank, European Union, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Government National Mortgage Association (Ginnie Mae), Student Loan Marketing Association (Sallie Mae), Federal Home Loan Bank, Federal Farm Credit Bank, Tennessee Valley Authority, Straight-A Funding LLC.
The UCITS must hold securities from at least 6 different issues, with securities from any one issue not exceeding 30% of net assets.
- DepositsDeposits with any single credit institution other than a credit institution specified in Regulation 7 of the Central Bank UCITS Regulations held as ancillary liquidity shall not exceed:
- 10% of the NAV of the UCITS; or
- where the deposit is made with the Depositary 20% of the net assets of the UCITS.
- Recently Issued Transferable Securities
- Subject to paragraph (ii) a Fund shall not invest any more than 10% of its assets in securities of the type to which Regulation 68(1)(d) of the UCITS Regulations apply.
- Paragraph (i) does not apply to an investment by a responsible person in US Securities known as “ Rule 144 A securities” provided that;
- the relevant securities have been issued with an undertaking to register the securities with the SEC within 1 year of issue; and
- the securities are not illiquid securities i.e. they may be realised by the UCITS within 7 days at the price, or approximately at the price, which they are valued by the UCITS. | en | de |
DOLFIN8978 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of the sub-fund Amundi Funds Target Coupon is to achieve a combination of income and capital growth (total return). Specifically, the sub-fund invests as a feeder fund in Amundi Revenus (Master Fund).
The Master Fund invests mainly in debt instruments (bonds and money market instruments) of all types that are issued by governments or companies around the world and denominated in one of the OECD currencies, with diversification among currencies and equity markets.
Specifically, the sub-fund invests at least 85% of net assets in units of the Master Fund (OR class). The sub-fund may invest up to 15% in deposits and derivatives that are used for hedging only.
Amundi Revenus is an FCP that is constituted under French law and qualifies as a Master Fund under Directive 2009/65/EC. The Master Fund invests at least 70% of net assets in debt instruments. The Master Fund may invest in
- below-investment-grade bonds (high-yield bonds),
- subordinated corporate bonds (including contingent convertible bonds) and
- up to 20% of net assets in mortgage-backed securities (MBS) and asset-backed securities (ABS). | El objetivo del subfondo Amundi Funds Target Coupon es lograr una combinación de crecimiento de los ingresos y del capital (rentabilidad total). El subfondo invierte específicamente como fondo subordinado en Amundi Revenus (Fondo principal).
El Fondo principal invierte fundamentalmente en instrumentos de deuda (bonos e instrumentos del mercado monetario) de todo tipo emitidos por estados o sociedades de todo el mundo y denominados en una de las divisas de la OCDE, con diversificación entre divisas y mercados de renta variable.
En concreto, el subfondo invierte como mínimo el 85% de su patrimonio neto en participaciones del Fondo principal (Clase OR). El subfondo podrá invertir hasta el 15% en depósitos y derivados que se empleen exclusivamente a efectos de cobertura.
Amundi Revenus es un FI constituido en virtud de la legislación francesa y considerado como un Fondo principal en virtud de la Directiva 2009/65/CE. El Fondo principal invierte como mínimo el 70% de su patrimonio neto en instrumentos de deuda. El Fondo principal podrá invertir en:
- bonos no aptos para la inversión (bonos de alta rentabilidad),
- bonos corporativos subordinados (incluidos bonos convertibles contingentes) y
- hasta un 20% de patrimonio neto en títulos con respaldo hipotecario (MBS) y títulos respaldados por activos (ABS). | The objective of the sub-fund Amundi Funds Target Coupon is to achieve a combination of income and capital growth (total return). Specifically, the sub-fund invests as a feeder fund in Amundi Revenus (Master Fund).
The Master Fund invests mainly in debt instruments (bonds and money market instruments) of all types that are issued by governments or companies around the world and denominated in one of the OECD currencies, with diversification among currencies and equity markets.
Specifically, the sub-fund invests at least 85% of net assets in units of the Master Fund (OR class). The sub-fund may invest up to 15% in deposits and derivatives that are used for hedging only.
Amundi Revenus is an FCP that is constituted under French law and qualifies as a Master Fund under Directive 2009/65/EC. The Master Fund invests at least 70% of net assets in debt instruments. The Master Fund may invest in
- below-investment-grade bonds (high-yield bonds),
- subordinated corporate bonds (including contingent convertible bonds) and
- up to 20% of net assets in mortgage-backed securities (MBS) and asset-backed securities (ABS). | en | es |
DOLFIN8979 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The Registrar and Transfer Agent and Administrative Agent
With the consent of the Company, the Management Company has also appointed Citibank Europe plc, Luxembourg Branch as registrar and transfer agent and as administrative agent. In such capacities, Citibank Europe plc, Luxembourg Branch will be responsible for the safe keeping of the register of Shareholders of the Company and for all administrative duties required by Luxembourg law, in particular for the book-keeping and calculation of the Net Asset Value of the Shares, for handling the processing of subscriptions for Shares, dealing with requests for redemption and conversion and accepting transfers of funds.
The rights and duties of the Administrative Agent, Registrar and Transfer Agent and Domiciliary Agent are governed by a Fund Administration Services Agreement entered into on June 10, 2008 for an unlimited period of time from the date of their signature.
This agreement may be terminated by each party by notice in writing, delivered by registered mail to the other party, not less than 90 days prior to the date upon which such termination becomes effective. | # Agent de registre et de transfert et Agent administratif
Avec l’accord de la Société, la Société de gestion a également désigné Citibank Europe plc, filiale de Luxembourg, en tant qu’agent administratif et agent de registre et de transfert. À ce titre, Citibank Europe plc, filiale de Luxembourg, sera chargée de la tenue du registre des Actionnaires de la Société et de toutes les tâches administratives requises par la législation luxembourgeoise, et en particulier de la comptabilité et du calcul de la Valeur nette d’inventaire des Actions, du traitement des souscriptions d’Actions, du traitement des demandes de rachat et de conversion et de l’acceptation des transferts de fonds.
Les droits et obligations de l’Agent administratif, de l’Agent de registre et de transfert et de l’Agent de domiciliation sont régis par une Convention de services d’administration des fonds conclue le 10 juin 2008 pour une durée illimitée à compter de leur signature.
Cette convention peut être résiliée par chacune des parties sur notification écrite remise par courrier recommandé à l’autre partie au moins quatre-vingt-dix (90) jours avant la prise d’effet de la résiliation. | # The Registrar and Transfer Agent and Administrative Agent
With the consent of the Company, the Management Company has also appointed Citibank Europe plc, Luxembourg Branch as registrar and transfer agent and as administrative agent. In such capacities, Citibank Europe plc, Luxembourg Branch will be responsible for the safe keeping of the register of Shareholders of the Company and for all administrative duties required by Luxembourg law, in particular for the book-keeping and calculation of the Net Asset Value of the Shares, for handling the processing of subscriptions for Shares, dealing with requests for redemption and conversion and accepting transfers of funds.
The rights and duties of the Administrative Agent, Registrar and Transfer Agent and Domiciliary Agent are governed by a Fund Administration Services Agreement entered into on June 10, 2008 for an unlimited period of time from the date of their signature.
This agreement may be terminated by each party by notice in writing, delivered by registered mail to the other party, not less than 90 days prior to the date upon which such termination becomes effective. | en | fr |
DOLFIN8980 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Sustainable Asian Equity (formerly Asia Pacific ex-Japan Equity)
Schroder ISF Sustainable Asian Equity (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the MSCI AC Asia Pacific ex Japan (Net TR) index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of MSCI AC Asia Pacific ex Japan (Net TR) index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the MSCI AC Asia Pacific ex Japan (Net TR) index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 21 June 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF Sustainable Asian Equity (anteriormente Asia Pacific ex-Japan Equity)
Schroder ISF Sustainable Asian Equity (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación en materia de sostenibilidad general superior a la del MSCI AC Asia Pacific ex Japan (Net TR) Index, según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del MSCI AC Asia Pacific ex Japan (Net TR) Index en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el MSCI AC Asia Pacific ex Japan (Net TR) Index, según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 21 de junio de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF Sustainable Asian Equity (formerly Asia Pacific ex-Japan Equity)
Schroder ISF Sustainable Asian Equity (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the MSCI AC Asia Pacific ex Japan (Net TR) index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of MSCI AC Asia Pacific ex Japan (Net TR) index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the MSCI AC Asia Pacific ex Japan (Net TR) index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 21 June 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN8981 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Pursuant to applicable legislation, the SICAV is not subject to any Luxembourg tax.
It is however subject to the 0.05% annual subscription tax payable quarterly on the basis of net assets of the SICAV shown at the end of each quarter. The net assets invested in UCIs that have already paid the subscription tax are waived of the subscription tax. The share classes intended exclusively for institutional investors within the meaning of Article 174(2) of the Law of 2010 and as defined in the chapter “Description of shares, rights of shareholders and distribution policy” of the Prospectus, are subject to a reduced subscription tax of 0.01%.
The SICAV shall be subject to withholding taxes applicable in the various countries on income, dividends and interest from its investments in these countries, without them being necessarily recoverable. | ##### Nach derzeit geltendem Recht unterliegt die SICAV keiner luxemburgischen Steuer.
Sie unterliegt jedoch einer Abonnementsteuer („taxe d’abonnement“) in Höhe von 0,05%, die vierteljährlich auf der Grundlage des Nettovermögens der SICAV am letzten Tag jedes Quartals gezahlt wird. Das Nettovermögen, das in OGA investiert ist, die bereits der Abonnementsteuer unterliegen, ist von der Abonnementsteuer ausgenommen. Für die ausschließlich institutionellen Anlegern vorbehaltenen Anteilsklassen im Sinne von Artikel 174 (2) des Gesetzes von 2010 und der Definition im Kapitel „Beschreibung der Anteile, Rechte der Anteilinhaber und Ausschüttungspolitik“ des Verkaufsprospekts gilt eine ermäßigte Abonnementsteuer von 0,01%.
Die SICAV unterliegt in verschiedenen Ländern der Quellensteuer, die eventuell auf Erträge, Dividenden und Zinsen ihrer Anlagen in diesen Ländern anwendbar ist, ohne dass diese notwendigerweise zurückerstattet werden kann. | ###### Pursuant to applicable legislation, the SICAV is not subject to any Luxembourg tax.
It is however subject to the 0.05% annual subscription tax payable quarterly on the basis of net assets of the SICAV shown at the end of each quarter. The net assets invested in UCIs that have already paid the subscription tax are waived of the subscription tax. The share classes intended exclusively for institutional investors within the meaning of Article 174(2) of the Law of 2010 and as defined in the chapter “Description of shares, rights of shareholders and distribution policy” of the Prospectus, are subject to a reduced subscription tax of 0.01%.
The SICAV shall be subject to withholding taxes applicable in the various countries on income, dividends and interest from its investments in these countries, without them being necessarily recoverable. | en | de |
DOLFIN8982 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy Risk and reward profile
The Fund aims to provide capital growth (i.e. to grow the value of your investment) with the opportunity for income over the long-term.
The Fund invests primarily in the shares of either small Latin American companies, or companies with material links to small companies in Latin America.
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain sectors or investments. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The MSCI Emerging Markets Latin America Small Cap Net Return Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the higher end of the Risk and Reward Indicator scale. This is because the Fund invests in the shares of companies, whose values tend to fluctuate widely.
Risks that may not be fully captured by the Risk and Reward Indicator:
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market: These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company.
Geographic / Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that, in certain market conditions, the value of the portfolio may decrease whilst more broadly-invested portfolios might grow.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | # Objetivos y política de inversión Perfil de riesgo y remuneración
El objetivo del Fondo es generar un crecimiento del capital (esto es, incrementar el valor de su inversión) con la posibilidad de obtener ingresos a largo plazo.
El Fondo invierte principalmente en acciones de pequeñas empresas de América Latina o de empresas que tienen vínculos sustanciales con pequeñas empresas latinoamericanas.
Menor riesgo Potencialmente menor remuneración
1
2
3
Mayor riesgo Potencialmente mayor
remuneración
5
6
7
4
El Fondo promueve características medioambientales y sociales alineadas con el Artículo 8 del Reglamento de Divulgación Financiera Sostenible (SFDR) de la UE.
El Fondo no invertirá en determinados sectores o instrumentos financieros. Con el tiempo, el Gestor de inversiones, de conformidad con la política de inversión del Fondo, podrá aplicar exclusiones adicionales que se publicarán en el sitio web a medida que se implementen.
El Fondo se gestiona de forma activa. Esto significa que el Gestor de inversiones tiene libertad a la hora de seleccionar inversiones con el fin de lograr los objetivos del Fondo.
El índice MSCI Emerging Markets Latin America Small Cap Net Return Index se utiliza a efectos de comparación de la rentabilidad y para la gestión de riesgos. El Fondo no trata de replicar el índice. Por lo general, tendrá en cartera activos que son componentes del índice, pero no en las mismas proporciones, y está autorizado a mantener activos que no forman parte del índice. Por lo general, el Fondo no se asemejará al índice, y el Gestor de inversiones hará un seguimiento de las diferencias de rentabilidad.
Todo ingreso generado por su inversión se refleja en el valor de sus acciones, en lugar de distribuirse.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en el plazo de cinco años.
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y dicha categoría puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
El valor de su inversión y el valor de los ingresos generados por ella pueden tanto subir como bajar y no hay ninguna seguridad de que los inversores vayan a lograr beneficios, pudiendo llegar a sufrir pérdidas.
Los acontecimientos o factores de riesgo relacionados con aspectos medioambientales, sociales o de gobierno corporativo, en caso de suceder, podrían afectar negativamente al valor de las inversiones realizadas por el Fondo.
El Fondo se sitúa en la parte superior de la escala del indicador de riesgo y remuneración. Esto se debe a que el Fondo invierte en acciones de empresas, cuyo valor suele experimentar grandes fluctuaciones.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Cambio de divisas: Las variaciones del valor relativo de las distintas monedas pueden mermar el valor de las inversiones y de los ingresos obtenidos con las mismas.
Derivados: No está previsto que el uso de derivados incremente el nivel de riesgo general del Fondo. Sin embargo, su utilización puede dar lugar a grandes variaciones del valor y puede llegar a causar elevadas pérdidas financieras. Una contraparte de una operación de derivados puede incumplir sus obligaciones, lo que también podría ocasionar una pérdida financiera.
Mercados emergentes: Estos mercados conllevan un riesgo mayor de pérdida financiera que los mercados más desarrollados, ya que pueden tener sistemas jurídicos, políticos, económicos o de otro tipo menos desarrollados.
Inversión en renta variable: El valor de los títulos de renta variable (como las acciones) y las inversiones vinculadas a la renta variable puede variar en función de los beneficios y las perspectivas de futuro de las empresas, así como de factores del mercado más generales. En caso de impago de una empresa (por ejemplo, por insolvencia), los propietarios de sus acciones son los últimos en el orden de preferencia para recibir cualquier importe económico de esa empresa.
Ámbito geográfico / Sector: Las inversiones pueden estar concentradas principalmente en países, regiones o sectores económicos concretos. Esto podría implicar que, en determinadas condiciones del mercado, el valor de la cartera podría bajar, mientras que el de otras carteras que invierten de forma más general podría aumentar.
Liquidez: Es posible que no haya suficientes compradores o vendedores de una inversión concreta, lo que puede causar retrasos en la negociación y la liquidación, así como mayores fluctuaciones del valor. Esto puede causar mayores pérdidas financieras de las previstas.
Cobertura en la moneda de referencia: tiene por objeto proteger a los inversores de un descenso del valor de la moneda de referencia exclusivamente (la moneda en la que se elaboran las cuentas) y no protege de una caída del valor de las monedas de las inversiones subyacentes cuando estas no coinciden con la moneda de referencia. La diferencia entre las monedas de las inversiones subyacentes y la moneda de referencia puede generar pérdidas cuando aumenta el valor de esta última frente a la moneda de la clase de acciones. Esta cobertura no será perfecta y su éxito no está garantizado.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | # Objectives and investment policy Risk and reward profile
The Fund aims to provide capital growth (i.e. to grow the value of your investment) with the opportunity for income over the long-term.
The Fund invests primarily in the shares of either small Latin American companies, or companies with material links to small companies in Latin America.
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain sectors or investments. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The MSCI Emerging Markets Latin America Small Cap Net Return Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the higher end of the Risk and Reward Indicator scale. This is because the Fund invests in the shares of companies, whose values tend to fluctuate widely.
Risks that may not be fully captured by the Risk and Reward Indicator:
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market: These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company.
Geographic / Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that, in certain market conditions, the value of the portfolio may decrease whilst more broadly-invested portfolios might grow.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
DOLFIN8983 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Scénarios de performance
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit et de l’indice de référence approprié au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l’avenir.
| Période de détention recommandée: 4 ans Exemple d'investissement : EUR 10 000 Scénarios | Si vous sortez après 1 an | Si vous sortez après 4 ans |
| --- | --- | --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 1.790 EUR | 2.270 EUR |
| Rendement annuel moyen | -82,1 % | -31,0 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8.530 EUR | 6.890 EUR |
| Rendement annuel moyen | -14,7 % | -8,9 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10.660 EUR | 12.510 EUR |
| Rendement annuel moyen | 6,6 % | 5,8 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 13.540 EUR | 15.610 EUR |
| Rendement annuel moyen | 35,4 % | 11,8 % |
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes. Le scénario défavorable s’est produit pour un investissement entre 10/2021 et 11/2022.
Le scénario intermédiaire s’est produit pour un investissement entre 08/2014 et 08/2018. Le scénario favorable s’est produit pour un investissement entre 08/2014 et 08/2018.
Fidelity Funds - Strategic European Fund A-ACC-Euro | # Escenarios de rentabilidad
Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
Lo que obtenga de este producto dependerá de la evolución futura del mercado, la cual es incierta y no puede predecirse con exactitud. Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto y de un valor de referencia adecuado durante los últimos 10 años. Los mercados podrían evolucionar de manera muy
distinta en el futuro.
| Período de mantenimiento recomendado: 4 años Ejemplo de inversión : EUR 10.000 Escenarios | En caso de salida después de 1 año | En caso de salida después de 4 años |
| --- | --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que puede recibir una vez deducidos los costes | 1 790 EUR | 2 270 EUR |
| Rendimento medio cada año | -82,1 % | -31,0 % |
| Desfavorable | Lo que puede recibir una vez deducidos los costes | 8 530 EUR | 6 890 EUR |
| Rendimento medio cada año | -14,7 % | -8,9 % |
| Moderado | Lo que puede recibir una vez deducidos los costes | 10 660 EUR | 12 510 EUR |
| Rendimento medio cada año | 6,6 % | 5,8 % |
| Favorable | Lo que puede recibir una vez deducidos los costes | 13 540 EUR | 15 610 EUR |
| Rendimento medio cada año | 35,4 % | 11,8 % |
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados. El escenario desfavorable se produjo para una inversión entre 10/2021 y 11/2022.
El escenario moderado se produjo para una inversión entre 08/2014 y 08/2018. El escenario favorable se produjo para una inversión entre 06/2013 y 06/2017. | # Scénarios de performance
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit et de l’indice de référence approprié au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l’avenir.
| Période de détention recommandée: 4 ans Exemple d'investissement : EUR 10 000 Scénarios | Si vous sortez après 1 an | Si vous sortez après 4 ans |
| --- | --- | --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 1.790 EUR | 2.270 EUR |
| Rendement annuel moyen | -82,1 % | -31,0 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8.530 EUR | 6.890 EUR |
| Rendement annuel moyen | -14,7 % | -8,9 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10.660 EUR | 12.510 EUR |
| Rendement annuel moyen | 6,6 % | 5,8 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 13.540 EUR | 15.610 EUR |
| Rendement annuel moyen | 35,4 % | 11,8 % |
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes. Le scénario défavorable s’est produit pour un investissement entre 10/2021 et 11/2022.
Le scénario intermédiaire s’est produit pour un investissement entre 08/2014 et 08/2018. Le scénario favorable s’est produit pour un investissement entre 08/2014 et 08/2018.
Fidelity Funds - Strategic European Fund A-ACC-Euro | fr | es |
DOLFIN8984 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Product
Product: B&I Asian Real Estate Securities Fund Klasse C Manufacturer: LLB Fund Services AG
The fund is a OGAW launched in Liechtenstein. It is managed by LLB Fund Services AG (hereafter “we”). LLB Fund Services AG belongs to the Liechtensteinische Landesbank Aktiengesellschaft.
ISIN: LI0236509225
Website: www.llb.li
For more information please reach out to +423 236 94 00
Finanzmarktaufsicht Liechtenstein (FMA) is responsible for the supervision of LLB Fund Services AG in relation to the key information docu- ment.
Date (of preparation/last revision of the KID): December 22, 2022
- | # Produkt
Produkt: B&I Asian Real Estate Securities Fund Klasse C Hersteller: LLB Fund Services AG
Der Fonds ist ein in Liechtenstein aufgelegter OGAW. Er wird von der LLB Fund Services AG (im Folgenden „wir“) verwaltet. Die LLB Fund Services AG gehört zur Liechtensteinische Landesbank Aktiengesellschaft.
ISIN: LI0236509225
Website: www.llb.li
Weitere Informationen erhalten Sie telefonisch unter +423 236 94 00
Die Finanzmarktaufsicht Liechtenstein (FMA) ist für die Aufsicht von der LLB Fund Services AG in Bezug auf das Basisinformationsblatt zu- ständig.
Datum (der Erstellung/letzten Überarbeitung des Basisinformationsblatts): 22. Dezember 2022
- | # Product
Product: B&I Asian Real Estate Securities Fund Klasse C Manufacturer: LLB Fund Services AG
The fund is a OGAW launched in Liechtenstein. It is managed by LLB Fund Services AG (hereafter “we”). LLB Fund Services AG belongs to the Liechtensteinische Landesbank Aktiengesellschaft.
ISIN: LI0236509225
Website: www.llb.li
For more information please reach out to +423 236 94 00
Finanzmarktaufsicht Liechtenstein (FMA) is responsible for the supervision of LLB Fund Services AG in relation to the key information docu- ment.
Date (of preparation/last revision of the KID): December 22, 2022
- | en | de |
DOLFIN8985 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Management Company may use derivative transactions for the sub-funds for the purpose of hedging, efficient port- folio control and to generate additional returns, and as part of the investment strategy. This may have the effect of raising the loss risk of the sub-fund, at least temporarily.
The risk associated with derivative financial instruments may not exceed 100% of the respective net sub-fund assets. In this conjunction, the total risk may not exceed 200% of the respective net sub-fund assets. If a loan is taken out pursuant to UCITSG (Fig. 7.4.2), the overall risk may not exceed 210% of the respective net sub-fund assets.
The Management Company applies the commitment approach as a risk management procedure.
The Management Company may deploy exclusively the following basic forms of derivatives, or combinations thereof arising out of these derivatives or combinations of other assets that may be acquired for the sub-funds, together with these derivatives in the respective sub-funds:
- Futures contracts on securities, money market instruments, financial indices within the meaning of Art. 9 Para.1 of the Directive 2007/16/EC, interest rates, exchange rates or currencies;
- Options or option certificates on securities, money market instruments, financial indices within the meaning of Art. 9 Para.1 of the Directive 2007/16/EC, interest rates, exchange rates or currencies and on futures contracts pursuant to Fig 7.7.1, if:
- exercise is possible either throughout the entire maturity or as at the end of the maturity, and;
- the option value is a fraction or a multiple of the difference between the strike price and the market price of the underlying security, and is zero if the difference has the respective other minus or plus sign. | Die Verwaltungsgesellschaft darf für die Teilfonds Derivatgeschäfte zum Zwecke der Absicherung, der effizienten Portfo- liosteuerung, die Erzielung von Zusatzerträgen und als Teil der Anlagestrategie tätigen. Dadurch kann sich das Verlustri- siko der Teilfonds zumindest zeitweise erhöhen.
Das mit derivativen Finanzinstrumenten verbundene Risiko darf 100% des jeweiligen Nettoteilfondsvermögens nicht überschreiten. Dabei darf das Gesamtrisiko 200% des jeweiligen Nettoteilfondsvermögens nicht überschreiten. Bei einer gemäss UCITSG zulässigen Kreditaufnahme (Ziffer 7.4.2) darf das Gesamtrisiko insgesamt 210% des jeweiligen Net- toteilfondsvermögens nicht übersteigen.
Die Verwaltungsgesellschaft wendet den Commitment Ansatz als Risikomanagementverfahren an.
Die Verwaltungsgesellschaft darf ausschliesslich die folgenden Grundformen von Derivaten oder Kombinationen aus diesen Derivaten oder Kombinationen aus anderen Vermögensgegenständen, die für die Teilfonds erworben werden dürfen, mit diesen Derivaten in den jeweiligen Teilfonds einsetzen:
- Terminkontrakte auf Wertpapiere, Geldmarktinstrumente, Finanzindizes im Sinne des Artikels 9 Absatz 1 der Richtlinie 2007/16/EG, Zinssätze, Wechselkurse oder Währungen;
- Optionen oder Optionsscheine auf Wertpapiere, Geldmarktinstrumente, Finanzindizes im Sinne des Artikels 9 Absatz 1 der Richtlinie 2007/16/EG, Zinssätze, Wechselkurse oder Währungen und auf Terminkontrakte nach Ziffer 7.7.1, wenn:
- eine Ausübung entweder während der gesamten Laufzeit oder zum Ende der Laufzeit möglich ist und;
- der Optionswert ein Bruchteil oder ein Vielfaches der Differenz zwischen Basispreis und Marktpreis des Basiswertes ist und null wird, wenn die Differenz das andere Vorzeichen hat. | The Management Company may use derivative transactions for the sub-funds for the purpose of hedging, efficient port- folio control and to generate additional returns, and as part of the investment strategy. This may have the effect of raising the loss risk of the sub-fund, at least temporarily.
The risk associated with derivative financial instruments may not exceed 100% of the respective net sub-fund assets. In this conjunction, the total risk may not exceed 200% of the respective net sub-fund assets. If a loan is taken out pursuant to UCITSG (Fig. 7.4.2), the overall risk may not exceed 210% of the respective net sub-fund assets.
The Management Company applies the commitment approach as a risk management procedure.
The Management Company may deploy exclusively the following basic forms of derivatives, or combinations thereof arising out of these derivatives or combinations of other assets that may be acquired for the sub-funds, together with these derivatives in the respective sub-funds:
- Futures contracts on securities, money market instruments, financial indices within the meaning of Art. 9 Para.1 of the Directive 2007/16/EC, interest rates, exchange rates or currencies;
- Options or option certificates on securities, money market instruments, financial indices within the meaning of Art. 9 Para.1 of the Directive 2007/16/EC, interest rates, exchange rates or currencies and on futures contracts pursuant to Fig 7.7.1, if:
- exercise is possible either throughout the entire maturity or as at the end of the maturity, and;
- the option value is a fraction or a multiple of the difference between the strike price and the market price of the underlying security, and is zero if the difference has the respective other minus or plus sign. | en | de |
DOLFIN8986 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
Le fonds est géré activement par rapport à l'indice de référence LPX50. Le fonds promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement [UE] 2019/2088) grâce à une combinaison de différentes techniques de gestion de portefeuille. Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du fonds. Le compartiment investit ses actifs à l’échelle mondiale dans des actions, des certificats d’actions, des bons de participation, des titres à revenu fixe et à revenu variable, des obligations convertibles et à option, des obligations à coupon zéro ainsi que dans d’autres fonds. Au moins 51% sont investis dans des titres de participation d’entreprises cotées en bourse qui font | # Objetivos y política de inversión
Fondo de gestión activa con referencia al índice LPX50. El fondo promueve características medioambientales, sociales y de gobierno corporativo (ESG) (en el sentido del artículo 8 del Reglamento (UE) 2019/2088) mediante la combinación de diferentes técnicas de gestión de carteras. Más información disponible en el folleto y en los datos del fondo sobre ESG publicados en el sitio web. El subfondo invierte sus activos en acciones, certificados de acciones, certificados de participación, valores de renta fija y renta variable, bonos convertibles y bonos con opciones, bonos cupón cero y otros fondos en todo el mundo. Al menos el 51% se invierte en acciones cotizadas en bolsa de empresas que realizan | # Objectifs et politique d’investissement
Le fonds est géré activement par rapport à l'indice de référence LPX50. Le fonds promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement [UE] 2019/2088) grâce à une combinaison de différentes techniques de gestion de portefeuille. Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du fonds. Le compartiment investit ses actifs à l’échelle mondiale dans des actions, des certificats d’actions, des bons de participation, des titres à revenu fixe et à revenu variable, des obligations convertibles et à option, des obligations à coupon zéro ainsi que dans d’autres fonds. Au moins 51% sont investis dans des titres de participation d’entreprises cotées en bourse qui font | fr | es |
DOLFIN8987 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# DOCUMENTS AVAILABLE TO INVESTORS
-
## Documents available for Inspection
Copies of the following documents are available for inspection during usual business hours on any weekday (Saturdays and public holidays excepted) at the registered office of the Company:
- Management Company Agreement;
- Investment Management Agreements;
- Depositary Agreement;
- Central Administration Agreement;
- Co-management Agreement;
- Asset Allocation Agreements;
- The Articles.
The agreements under (a) to (f) above may be amended by mutual consent of the parties thereto.
-
## Key investor information document
An up to date key investor information document relating to each Sub-Fund is available on the Lombard Odier Group website (www.loim.com). A hard copy can be supplied to investors on request and free of charge.
-
## Other documents
The following documents are available on the Lombard Odier Group website (www.loim.com):
- A summary description of the strategies for the exercise, to the exclusive benefit of the Sub-Funds concerned, of voting rights attached to instruments held in the portfolios managed by the Management Company as well as the list of applicable payment date as mentioned in paragraph 12.1;
- information on the Management Company’s policies on the integration of sustainability risks in the investment decision-making process;
- information on the Management Company’s due diligence policies with respect to the principal adverse impacts of investment decisions on sustainability factors;
- the details of the up-to-date remuneration policy, including information on how the remuneration policy is consistent with the integration of sustainability risks.
- | # DOCUMENTS DISPONIBLES POUR LES INVESTISSEURS
-
## Documents pouvant être consultés
Des exemplaires des documents mentionnés ci-après peuvent être consultés durant les heures normales d’ouverture des bureaux tous les jours de la semaine, samedis et jours fériés officiels exceptés, au siège de la Société:
- Contrat de société de gestion;
- Contrats de gestion des investissements;
- Contrat de Dépositaire;
- Contrat d’administration centrale;
- Contrat de cogestion;
- Contrats d’allocation d’actifs;
- Statuts.
Les contrats visés aux alinéas (a) à (f) ci-dessus peuvent être modifiés par consentement mutuel des parties.
-
## Document d’information clé pour l’investisseur
Un document d’information clé pour l’investisseur à jour pour chaque Compartiment est disponible sur le site Internet du Groupe Lombard Odier (www.loim.com). Une version imprimée peut être fournie gratuitement aux investisseurs sur simple demande.
-
## Autres documents
Les documents suivants sont disponibles sur le site Internet du Groupe Lombard Odier (www.loim.com):
- Un descriptif succinct des stratégies visant à l’exercice, au bénéfice exclusif des Compartiments concernés, des droits de vote attachés aux instruments détenus dans les portefeuilles gérés par la Société de gestion ainsi que la liste des dates de paiement applicables conformément aux indications du paragraphe 12.1;
- les informations sur les politiques de la Société de gestion concernant l’intégration des risques en matière de durabilité dans le processus de décision d’investissement;
- les informations sur les politiques de due diligence de la Société de gestion concernant les principales incidences négatives des décisions de placement sur les facteurs de durabilité;
- les informations détaillées sur la politique de rémunération en vigueur, y compris les informations sur la manière dont la politique de rémunération est compatible avec l’intégration des risques en matière de durabilité.
- | # DOCUMENTS AVAILABLE TO INVESTORS
-
## Documents available for Inspection
Copies of the following documents are available for inspection during usual business hours on any weekday (Saturdays and public holidays excepted) at the registered office of the Company:
- Management Company Agreement;
- Investment Management Agreements;
- Depositary Agreement;
- Central Administration Agreement;
- Co-management Agreement;
- Asset Allocation Agreements;
- The Articles.
The agreements under (a) to (f) above may be amended by mutual consent of the parties thereto.
-
## Key investor information document
An up to date key investor information document relating to each Sub-Fund is available on the Lombard Odier Group website (www.loim.com). A hard copy can be supplied to investors on request and free of charge.
-
## Other documents
The following documents are available on the Lombard Odier Group website (www.loim.com):
- A summary description of the strategies for the exercise, to the exclusive benefit of the Sub-Funds concerned, of voting rights attached to instruments held in the portfolios managed by the Management Company as well as the list of applicable payment date as mentioned in paragraph 12.1;
- information on the Management Company’s policies on the integration of sustainability risks in the investment decision-making process;
- information on the Management Company’s due diligence policies with respect to the principal adverse impacts of investment decisions on sustainability factors;
- the details of the up-to-date remuneration policy, including information on how the remuneration policy is consistent with the integration of sustainability risks.
- | en | fr |
DOLFIN8988 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The entry and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the year ending June 30, 2016 . This figure may vary from year to year. It excludes:
Performance fees,
Portfolio transaction costs , except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: www.amundi.com.
Past Performance
3 % .
2.5 | Los gastos de entrada y conversión indicados son gastos máximos. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero.
La cifra de gastos corrientes se basa en los gastos del año finalizado el 30 de junio de 2016. Estos datos pueden variar de un año a otro. No incluyen:
Comisiones de rentabilidad,
Gastos de transacción de la cartera, excepto en caso de un gasto de entrada/salida abonado por el Subfondo al comprar o vender participaciones de otro organismo de inversión colectiva.
Para más información sobre los gastos, consulte el apartado de gastos del folleto de la IIC, que está disponible en: www.amundi.com.
Rentabilidad histórica
3 % .
2.5 | The entry and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the year ending June 30, 2016 . This figure may vary from year to year. It excludes:
Performance fees,
Portfolio transaction costs , except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: www.amundi.com.
Past Performance
3 % .
2.5 | en | es |
DOLFIN8989 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Comments on transactions
We kept our positioning largely unchanged in November. We selectively took some profits in energy-efficiency plays exposed to US residential housing like water heater provider A.O. Smith after the rebound over the last weeks.
This commentary is intended only to describe past performance of the investment strategy. The strategy invests in individual securities which are owned in the strategy as part of a carefully constructed and diversified portfolio. The information presented in this commentary may be based on the assessment of CS’ portfolio managers. Market developments described in this document are subject to a number of risks and uncertainties and are neither reliable indicators nor a guarantee of future results/performance. The information in this commentary may change after the date of issuance of this document without notice and should not be construed as a recommendation to buy or sell individual securities named herein. | # Commento sulle transazioni
A novembre abbiamo mantenuto sostanzialmente invariato il nostro posizionamento. Abbiamo effettuato alcune prese di profitto in maniera selettiva in titoli dell’efficienza energetica esposti al settore residenziale statunitense, come il fornitore di riscaldatori ad acqua A.O. Smith dopo il rimbalzo le ultime settimane.
Il presente commento ha il mero scopo di descrivere la performance registrata dalla strategia di investimento. La strategia investe in singoli titoli presenti nella strategia come parte di un portafoglio accuratamente costruito e diversificato. Le informazioni riportate nel presente commento possono essere basate sulle valutazioni dei gestori di portafogli di CS. Gli sviluppi di mercato descritti nel presente documento sono soggetti a una serie di rischi e incertezze e non costituiscono indicatori affidabili né una garanzia di performance/risultati futuri. Le informazioni contenute in questo commento possono cambiare senza preavviso dopo la data di emissione del presente documento e non devono essere interpretate come raccomandazioni per l'acquisto o la vendita di singoli titoli indicati nello stesso. | # Comments on transactions
We kept our positioning largely unchanged in November. We selectively took some profits in energy-efficiency plays exposed to US residential housing like water heater provider A.O. Smith after the rebound over the last weeks.
This commentary is intended only to describe past performance of the investment strategy. The strategy invests in individual securities which are owned in the strategy as part of a carefully constructed and diversified portfolio. The information presented in this commentary may be based on the assessment of CS’ portfolio managers. Market developments described in this document are subject to a number of risks and uncertainties and are neither reliable indicators nor a guarantee of future results/performance. The information in this commentary may change after the date of issuance of this document without notice and should not be construed as a recommendation to buy or sell individual securities named herein. | en | it |
DOLFIN8990 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 Scenarios | 1 year | 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress scenario | What you might get back after costs | 2,770.00 USD | 2,560.00 USD |
| | Average return each year | -72.33% | -23.85% |
| Unfavourable scenario | What you might get back after costs | 6,750.00 USD | 7,650.00 USD |
| | Average return each year | -32.46% | -5.21% |
| Moderate scenario | What you might get back after costs | 10,560.00 USD | 13,890.00 USD |
| | Average return each year | 5.62% | 6.79% |
| Favourable scenario | What you might get back after costs | 15,810.00 USD | 19,310.00 USD |
| | Average return each year | 58.06% | 14.06% | | | Investimento: 10.000 USD Scenari | 1 anno | 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Minimo | Non è previsto un rendimento minimo garantito. Potreste perdere il vostro intero investimento o parte di esso. |
| Scenario di stress | Possibile rimborso al netto dei costi | 2,770.00 USD | 2,560.00 USD |
| | Rendimento medio per ciascun anno | -72.33% | -23.85% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 6,750.00 USD | 7,650.00 USD |
| | Rendimento medio per ciascun anno | -32.46% | -5.21% |
| Scenario moderato | Possibile rimborso al netto dei costi | 10,560.00 USD | 13,890.00 USD |
| | Rendimento medio per ciascun anno | 5.62% | 6.79% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 15,810.00 USD | 19,310.00 USD |
| | Rendimento medio per ciascun anno | 58.06% | 14.06% | | | Investment USD 10,000 Scenarios | 1 year | 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress scenario | What you might get back after costs | 2,770.00 USD | 2,560.00 USD |
| | Average return each year | -72.33% | -23.85% |
| Unfavourable scenario | What you might get back after costs | 6,750.00 USD | 7,650.00 USD |
| | Average return each year | -32.46% | -5.21% |
| Moderate scenario | What you might get back after costs | 10,560.00 USD | 13,890.00 USD |
| | Average return each year | 5.62% | 6.79% |
| Favourable scenario | What you might get back after costs | 15,810.00 USD | 19,310.00 USD |
| | Average return each year | 58.06% | 14.06% | | en | it |
DOLFIN8991 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les Suppléments de chaque Compartiment doivent être modifiés pour prévoir, en ce qui concerne toutes les transactions sur les Actions des Compartiments effectuées à partir de la Date d’effet, que les paiements de souscription doivent être reçus et que les produits de rachat seront payés dans les troisJours ouvrables suivant le Jour de transaction pertinent pour lequel la transaction est effectuée.
- Modification concernant les Actionnaires du Compartiment Lazard Coherence Credit Alternative FundLa section « Indices de référence » du Supplément de Lazard Coherence Credit Alternative Fund doit être mise à jour afin de faire figurer l’Indice Bloomberg US Credit Total Return Value Unhedged USDIndex (Symbole : LUCRTRUU) en tant qu’un indice supplémentaire par rapport auquel la performance du Compartiment sera mesurée à compter de la Date d’effet.
- Modification ayant une incidence sur les détenteurs d’Actions de catégorie C du Compartiment Lazard Coherence Credit Alternative Fund uniquementRéduction du Taux de commission de performance applicable aux Actions de catégorie C du CompartimentLes détenteurs d’Actions de catégorie C du Compartiment sont priés de noter qu’à compter de la Date d’effet, le taux de commission de performance imputable à l’ensemble des Actions de catégorie C du Compartiment doit être réduitde :20 % du Bénéfice net (tel que défini dans le Supplément du Compartiment), le cas échéant, au cours de la Période de performance concernée :à15 % du Bénéfice Net, le cas échéant, au cours de la Période de Performance concernée.
- Modifications ayant une incidence sur les Actionnaires du Compartiment Lazard Nordic High Yield Bond Fund uniquementLe Supplément du Compartiment Lazard Nordic High Yield Bond Fund doit être mis à jour afin de permettre au Compartiment d’investir dans les parts ou actions de sociétés d’investissement à capital variable, dont des fonds négociés en bourse, et de manière à interdire expressément au Compartiment d’investir plus de 10 % de sa Valeur liquidative totale dans des sociétés d’investissement à capital variable. | Los Suplementos de cada uno de estos Fondos se modificarán para estipular, con respecto a todas las operaciones con Acciones de los Fondos que se efectúen a partir de la Fecha Efectiva, que los pagos de suscripción deben recibirse y los importes de reembolso se abonarán en un plazo de tresDías Hábiles desde el Día de Negociación en el que se efectuó la operación.
- Cambios relevantes para todos los Accionistas de Lazard Coherence Credit Alternative FundLa sección «Índices de referencia» del Suplemento de Lazard Coherence Credit Alternative Fund se actualizará para indicar que el Bloomberg US Credit Total Return Value Unhedged USD Index (Ticker: LUCRTRUU) es un índice adicional con el que se medirá la rentabilidad del Fondo a partir de la Fecha Efectiva.
- Cambios relevantes únicamente para los titulares de Acciones de Clase C de Lazard Coherence Credit Alternative FundReducción del porcentaje de la comisión de rentabilidad aplicable a las Acciones de Clase C del FondoLos titulares de Acciones de Clase C del Fondo deben tener en cuenta que, con efecto a partir de la Fecha Efectiva,el porcentaje de la comisión de rentabilidad aplicable a todas las clases de acciones C del Fondo se reducirádel:20 % de la Plusvalía neta (tal como se define dicho término en el Suplemento del Fondo), si la hubiera, durante el Periodo de rentabilidad correspondiente:al15 % de la Plusvalía neta, si la hubiera, durante el Periodo de rentabilidad correspondiente.
- Cambio relevante únicamente para los Accionistas de Lazard Nordic High Yield Bond FundEl Suplemento de Lazard Nordic High Yield Bond Fund se actualizará para permitir que el Fondo invierta en participaciones o acciones de instituciones de inversión colectiva de capital fijo, incluidos los fondos cotizados, y para prohibir específicamente que la inversión total del Fondo en dichas instituciones de inversión colectiva de capital fijo no supere el 10 % del patrimonio neto del Fondo en ningún momento. | Les Suppléments de chaque Compartiment doivent être modifiés pour prévoir, en ce qui concerne toutes les transactions sur les Actions des Compartiments effectuées à partir de la Date d’effet, que les paiements de souscription doivent être reçus et que les produits de rachat seront payés dans les troisJours ouvrables suivant le Jour de transaction pertinent pour lequel la transaction est effectuée.
- Modification concernant les Actionnaires du Compartiment Lazard Coherence Credit Alternative FundLa section « Indices de référence » du Supplément de Lazard Coherence Credit Alternative Fund doit être mise à jour afin de faire figurer l’Indice Bloomberg US Credit Total Return Value Unhedged USDIndex (Symbole : LUCRTRUU) en tant qu’un indice supplémentaire par rapport auquel la performance du Compartiment sera mesurée à compter de la Date d’effet.
- Modification ayant une incidence sur les détenteurs d’Actions de catégorie C du Compartiment Lazard Coherence Credit Alternative Fund uniquementRéduction du Taux de commission de performance applicable aux Actions de catégorie C du CompartimentLes détenteurs d’Actions de catégorie C du Compartiment sont priés de noter qu’à compter de la Date d’effet, le taux de commission de performance imputable à l’ensemble des Actions de catégorie C du Compartiment doit être réduitde :20 % du Bénéfice net (tel que défini dans le Supplément du Compartiment), le cas échéant, au cours de la Période de performance concernée :à15 % du Bénéfice Net, le cas échéant, au cours de la Période de Performance concernée.
- Modifications ayant une incidence sur les Actionnaires du Compartiment Lazard Nordic High Yield Bond Fund uniquementLe Supplément du Compartiment Lazard Nordic High Yield Bond Fund doit être mis à jour afin de permettre au Compartiment d’investir dans les parts ou actions de sociétés d’investissement à capital variable, dont des fonds négociés en bourse, et de manière à interdire expressément au Compartiment d’investir plus de 10 % de sa Valeur liquidative totale dans des sociétés d’investissement à capital variable. | fr | es |
DOLFIN8992 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 6 out of 7, which is the second-highest risk class. This rates the potential losses from future performance at a high level, and poor market conditions are very likely to impact our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | #### El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la categoría 6 de 7, es decir, la segunda más clase de riesgo más alta. Esto clasifica las posibles pérdidas de rentabilidad futura a un nivel alto e indica que las malas condiciones del mercado muy probablemente incidan en nuestra capacidad para pagarle.
Tenga presente el riesgo de cambio. Su moneda local puede diferir de la moneda del producto. Usted recibirá los pagos en una moneda diferente de su moneda local, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente. | #### The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 6 out of 7, which is the second-highest risk class. This rates the potential losses from future performance at a high level, and poor market conditions are very likely to impact our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | en | es |
DOLFIN8993 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Reference Index
MSCI World All Countries Dividend Net Reinvested Index, which is an index tracking the performance of the global equity markets, including Emerging Markets.
Information on the MSCI World All Countries Dividend Net Reinvested Index is available at www.msci.com.
The benchmark administrator of the Reference Index, MSCI Limited and the Reference Index are not listed in the registers maintained by ESMA as MSCI Limited is an entity located in a country outside of the European Union and does not comply with the conditions laid down in article 30(1) of the Benchmarks Regulation nor has it required recognition in accordance with article 32 of the Benchmarks Regulation.
Performance of each Share Class is compared to the performance Reference Index in its respective Share Class currency. Nevertheless, performance of each hedged Share Class is compared to the performance of the Reference Index in the Share Class hedging currency. | ##### Indice de Référence
L’indice MSCI World All Countries Dividendes Nets Réinvestis suit la performance des marchés d’actions mondiales, y compris les Marchés émergents.
Des informations relatives à l’indice MSCI World All Countries Dividendes Nets Réinvestis sont disponibles sur www.msci.com.
L’administrateur de l’Indice de Référence, MSCI Limited, et l’Indice de Référence ne sont pas répertoriés dans les registres tenus par l’ESMA dans la mesure où MSCI Limited est une entité située dans un pays non membre de l’Union européenne et ne répond pas aux conditions qu’impose l’article 30(1) du Règlement sur les Indices de Référence et n’a pas obtenu l’agrément requis par l’article 32 du Règlement sur les Indices de Référence.
La performance de chaque Catégorie d’Actions est comparée à celle de l’Indice de Référence dans la devise de la Catégorie d’Actions concernée. La performance de chaque Catégorie d’Actions couverte est cependant comparée à celle de l’Indice de Référence dans la devise de couverture de la Catégorie d’Actions concernée. | ###### Reference Index
MSCI World All Countries Dividend Net Reinvested Index, which is an index tracking the performance of the global equity markets, including Emerging Markets.
Information on the MSCI World All Countries Dividend Net Reinvested Index is available at www.msci.com.
The benchmark administrator of the Reference Index, MSCI Limited and the Reference Index are not listed in the registers maintained by ESMA as MSCI Limited is an entity located in a country outside of the European Union and does not comply with the conditions laid down in article 30(1) of the Benchmarks Regulation nor has it required recognition in accordance with article 32 of the Benchmarks Regulation.
Performance of each Share Class is compared to the performance Reference Index in its respective Share Class currency. Nevertheless, performance of each hedged Share Class is compared to the performance of the Reference Index in the Share Class hedging currency. | en | fr |
DOLFIN8994 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
###### PORTFOLIO SECURITIES
The fund is actively managed and invests mainly in a diversified portfolio of US bonds.
Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the investment manager’s avoidance of sectors or companies, whose activities may be considered harmful to the environment and/or society through the application of its proprietary socially responsible screen (exclusion list). As a consequence, specific companies whose business activities involve controversial weapons (cluster munitions, anti-personnel mines, incendiary, chemical, biological and nuclear weapons), tobacco production, coal production, assault- style weapons for civilian use, adult entertainment, direct gambling operations and certain conduct-based criteria are excluded.
For further details see the T. Rowe Price Responsible Exclusion List section on page 118.
The fund invests primarily in debt securities denominated in U.S. dollars, which may include securities issued by governments, government agencies, supra-national organisations, companies and banks from developed and emerging markets. Portfolio debt securities can also include fixed and floating rate bonds, warrants and other transferable debt securities of any type, including high yield securities. The fund may invest more than 20% of net assets in asset-backed securities (ABS) and mortgage-backed securities (MBS) and invest up to 25% in convertible bonds (including up to 10% in contingent convertible bonds).
In seeking to achieve the fund’s objective the fund may also invest, on an ancillary basis, in other eligible securities as described in the ‘General Investment Powers and Restrictions’ section commencing on page 113. However, as at the date of this prospectus, the fund does not expect to invest in any other eligible securities, on an ancillary basis, to more than a limited extent.
The investments underlying this fund do not take into account the EU criteria for environmentally sustainable economic activities under the Taxonomy Regulation. Therefore, the “do no significant harm” principle is currently also not applicable. | ##### TITOLI IN PORTAFOGLIO
Il comparto è a gestione attiva e investe principalmente in un portafoglio diversificato di obbligazioni statunitensi.
Sebbene il comparto non abbia come obiettivo l'investimento sostenibile, la promozione delle caratteristiche ambientali e sociali viene conseguita attraverso l'esclusione da parte del gestore degli investimenti di settori o aziende le cui attività possono essere considerate dannose per l'ambiente e/o la società applicando il suo filtro proprietario di responsabilità sociale (lista di esclusioni). Di conseguenza, sono escluse specifiche aziende le cui attività commerciali riguardano armi controverse (munizioni a grappolo, mine antiuomo, armi incendiarie, chimiche, biologiche e nucleari), produzione di tabacco, produzione di carbone, armi d'assalto per uso civile, intrattenimento per adulti, attività dirette di gioco d'azzardo e altre imprese sulla base di criteri relativi alla condotta.
Per ulteriori dettagli si veda la sezione Lista di esclusioni basata sulla responsabilità di T. Rowe Price a pagina 119.
Il comparto investe principalmente in titoli di debito denominati in dollari USA, che possono includere titoli emessi da governi, agenzie governative, organizzazioni sovranazionali, società e banche dei mercati sviluppati ed emergenti. I titoli di debito in portafoglio possono includere anche obbligazioni a tasso fisso e variabile, warrant e altri titoli di debito trasferibili di qualsiasi tipo, compresi i titoli ad alto rendimento. Il comparto può investire più del 20% del patrimonio netto in asset- backed securities (ABS) e mortgage-backed securities e (MBS) e fino al 25% in obbligazioni convertibili (inclusi contingent convertible bond fino a un massimo del 10%).
Per realizzare il proprio obiettivo d'investimento, il comparto può anche investire, in via accessoria, in altri titoli idonei descritti nella sezione "Politiche e restrizioni agli investimenti generali" a partire da pagina 115. Tuttavia, alla data del presente prospetto, il comparto prevede di investire in via accessoria in altri titoli idonei in misura solo marginale.
Gli investimenti sottostanti questo fondo non tengono conto dei criteri UE per le attività economiche ecosostenibili ai sensi del Regolamento sulla Tassonomia. Pertanto, anche il principio del "non arrecare un danno significativo" non è attualmente applicabile. | ###### PORTFOLIO SECURITIES
The fund is actively managed and invests mainly in a diversified portfolio of US bonds.
Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the investment manager’s avoidance of sectors or companies, whose activities may be considered harmful to the environment and/or society through the application of its proprietary socially responsible screen (exclusion list). As a consequence, specific companies whose business activities involve controversial weapons (cluster munitions, anti-personnel mines, incendiary, chemical, biological and nuclear weapons), tobacco production, coal production, assault- style weapons for civilian use, adult entertainment, direct gambling operations and certain conduct-based criteria are excluded.
For further details see the T. Rowe Price Responsible Exclusion List section on page 118.
The fund invests primarily in debt securities denominated in U.S. dollars, which may include securities issued by governments, government agencies, supra-national organisations, companies and banks from developed and emerging markets. Portfolio debt securities can also include fixed and floating rate bonds, warrants and other transferable debt securities of any type, including high yield securities. The fund may invest more than 20% of net assets in asset-backed securities (ABS) and mortgage-backed securities (MBS) and invest up to 25% in convertible bonds (including up to 10% in contingent convertible bonds).
In seeking to achieve the fund’s objective the fund may also invest, on an ancillary basis, in other eligible securities as described in the ‘General Investment Powers and Restrictions’ section commencing on page 113. However, as at the date of this prospectus, the fund does not expect to invest in any other eligible securities, on an ancillary basis, to more than a limited extent.
The investments underlying this fund do not take into account the EU criteria for environmentally sustainable economic activities under the Taxonomy Regulation. Therefore, the “do no significant harm” principle is currently also not applicable. | en | it |
DOLFIN8995 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Shares may be subscribed on any day on which banks are open for business in Luxembourg (“Banking Day”), as further described in Chapter 23, “Subfunds” (except on 24 December and 31 December where the Subfunds are closed for new subscription applications), at the Net Asset Value per Share of the relevant Share Class of the Subfund, which is calculated on the date that is defined as valuation day (“Valuation Day”) (as defined in Chapter 8, “Net Asset Value”) according to the method described in Chapter 8, “Net Asset Value”, plus the applicable initial sales charges and any taxes. The applicable maximum sales charge levied in connection with the Shares of the Company is indicated in Chapter 2, “Summary of Share Classes”.
Applications must be submitted in written form to the Central Administration or a distributor authorized by the Company to accept applications for the subscription or redemption of Shares (“Distributor”) before the cut-off time as specified for the relevant Subfund in Chapter 23, “Subfunds”.
Subscription applications shall be settled as defined in Chapter 23, “Subfunds”, for the relevant Subfund. Subscription applications received after the cut-off shall be deemed to have been received prior to the cut-off time on the following Banking Day. | Come descritto più dettagliatamente al capitolo 23, “Comparti”, le azioni possono essere sottoscritte in qualsiasi giorno lavorativo bancario di apertura per le banche in Lussemburgo (di seguito indicato come un “giorno lavorativo bancario”; fanno eccezione il 24 dicembre e il 31 dicembre, giorni in cui i comparti restano chiusi per le nuove richieste di sottoscrizione), al valore patrimoniale netto unitario della rispettiva classe di azioni del comparto, calcolato nella data definita come giorno di valutazione (“giorno di valutazione”; come da definizione e metodo descritti nel capitolo 8, “Valore patrimoniale netto”), maggiorato delle commissioni di sottoscrizione iniziale applicabili e delle eventuali imposte. L’aliquota massima della commissione di sottoscrizione relativa alle azioni della società è indicata nel capitolo 2, “Riepilogo delle classi di azioni”.
Le richieste devono essere inoltrate in forma scritta all’amministrazione centrale o a un agente di distribuzione autorizzato dalla società ad accettare le richieste di sottoscrizione o di rimborso di azioni (l'"agente di distribuzione") entro l’orario limite, secondo quanto specificato per il comparto in questione al capitolo 23, “Comparti”.
Le richieste di sottoscrizione vengono eseguite come specificato al capitolo 23, “Comparti”, per il comparto in questione. Le richieste di sottoscrizione pervenute dopo tale orario limite vengono considerate come pervenute prima dell’orario limite del giorno lavorativo bancario seguente. | Shares may be subscribed on any day on which banks are open for business in Luxembourg (“Banking Day”), as further described in Chapter 23, “Subfunds” (except on 24 December and 31 December where the Subfunds are closed for new subscription applications), at the Net Asset Value per Share of the relevant Share Class of the Subfund, which is calculated on the date that is defined as valuation day (“Valuation Day”) (as defined in Chapter 8, “Net Asset Value”) according to the method described in Chapter 8, “Net Asset Value”, plus the applicable initial sales charges and any taxes. The applicable maximum sales charge levied in connection with the Shares of the Company is indicated in Chapter 2, “Summary of Share Classes”.
Applications must be submitted in written form to the Central Administration or a distributor authorized by the Company to accept applications for the subscription or redemption of Shares (“Distributor”) before the cut-off time as specified for the relevant Subfund in Chapter 23, “Subfunds”.
Subscription applications shall be settled as defined in Chapter 23, “Subfunds”, for the relevant Subfund. Subscription applications received after the cut-off shall be deemed to have been received prior to the cut-off time on the following Banking Day. | en | it |
DOLFIN8996 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The rate at which the Original Shares are converted into New Shares is determined on the basis of the following formula:
| A = (B x C x D) / E |
| --- |
| where: |
| A | is the number of New Shares to be allocated; |
| --- | --- |
| B | is the number of Original Shares to be converted into New Shares; |
| C | is the Net Asset Value per Share of the Original Shares for the Conversion Day; |
| D | is the exchange rate, as determined by the Fund, between the Reference Currency of the Original Shares and that of the New Shares. Where the Reference Currencies are the same, D equals one (1); and |
| E | is the Net Asset Value per Share of the New Shares for the Conversion Day. |
A Conversion Fee may be applied, if and to the extent set out in the Supplement. The Conversion Fee is equal to the positive difference, if any, between the Subscription Fee applicable to the New Shares and the Subscription Fee paid on the Original Shares, or such lower amount as specified for each Share Class in the Supplement, where applicable.
-
## Transfer of Shares | # Le taux auquel les Actions initiales sont converties en Nouvelles Actions est déterminé selon la formule suivante :
| A = (B x C x D) / E |
| --- |
| où : |
| A | est le nombre de Nouvelles Actions à attribuer ; |
| B | est le nombre d'Actions initiales à convertir en Nouvelles Actions ; |
| C | est la Valeur liquidative par Action des Actions initiales le Jour de conversion ; |
| --- | --- |
| D | est le taux de change, tel que déterminé par le Fonds, entre la Devise de référence des Actions initiales et celle des Nouvelles Actions. Lorsque les Devises de référence sont identiques, D est égal à un (1) ; et |
| E | est la Valeur liquidative par Action des Nouvelles Actions le Jour de conversion. |
Une Commission de conversion peut être appliquée si et dans la mesure où le Supplément concerné le prévoit. La Commission de conversion est égale à la différence positive, le cas échéant, entre la Commission de souscription applicable aux Nouvelles Actions et la Commission de souscription payée au titre des Actions initiales, ou tout autre montant inférieur spécifié pour chaque Classe d'Actions dans le Supplément concerné, le cas échéant.
-
## Transfert d'Actions | # The rate at which the Original Shares are converted into New Shares is determined on the basis of the following formula:
| A = (B x C x D) / E |
| --- |
| where: |
| A | is the number of New Shares to be allocated; |
| --- | --- |
| B | is the number of Original Shares to be converted into New Shares; |
| C | is the Net Asset Value per Share of the Original Shares for the Conversion Day; |
| D | is the exchange rate, as determined by the Fund, between the Reference Currency of the Original Shares and that of the New Shares. Where the Reference Currencies are the same, D equals one (1); and |
| E | is the Net Asset Value per Share of the New Shares for the Conversion Day. |
A Conversion Fee may be applied, if and to the extent set out in the Supplement. The Conversion Fee is equal to the positive difference, if any, between the Subscription Fee applicable to the New Shares and the Subscription Fee paid on the Original Shares, or such lower amount as specified for each Share Class in the Supplement, where applicable.
-
## Transfer of Shares | en | fr |
DOLFIN8997 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV )(t) x performance fee rate NAV (t): net assets as at date t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV(t) = Reference NAV x (benchmark index value on date t/benchmark index value on the Reference Date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends. Example 1: | Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo(t)) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla data t
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo(t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi. Esempio 1: | Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV )(t) x performance fee rate NAV (t): net assets as at date t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV(t) = Reference NAV x (benchmark index value on date t/benchmark index value on the Reference Date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends. Example 1: | en | it |
DOLFIN8998 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
Dépositaire State Street Custodial Services (Ireland) Limited.
Autres Informations Des exemplaires du prospectus, ses suppléments, des détails du portefeuille du Fonds et des derniers rapports annuels et semestriels préparés pour SSGA SPDR ETFs Europe II plc peuvent être obtenus, sans frais, auprès de l'Agent administratif ou en ligne sur le site www.ssga.com. Ces documents sont disponibles en anglais.
Politique de rémunération Les détails de la politique de rémunération actualisée de SSGA SPDR ETFs Europe II plc sont disponibles sur www.ssga.com. Les exemplaires papier sont gracieusement mis à disposition sur demande.
Publication de la Valeur liquidative La valeur liquidative et la valeur liquidative indicative par action sont disponibles sur www.ssga.com et auprès du siège social de la société. La valeur liquidative indicative est en outre disponible sur les postes d'informations financières Bloomberg, Telekurs et Reuters.
Fiscalité Le Fonds est soumis à la législation et à la réglementation fiscales de l’Irlande. Selon votre pays de résidence, ces dernières peuvent avoir un effet sur la valeur de vos placements. Pour obtenir de plus amples informations, il vous est recommandé de consulter un conseiller fiscal.
Les performances passées ne préjugent pas des résultats futurs.
Les performances passées présentées ici tiennent compte de l'ensemble des frais et coûts. Les frais d'entrée/de sortie sont exclus du calcul des performances passées.
Le Fonds a été lancé en octobre 2014.
Les Actions de catégorie Dist ont été lancées en octobre 2014.
Le 29 mai 2020, le nom de l’Indice du Fonds a changé, passant de Thomson Reuters Qualified Global Convertible Monthly Index à Refinitiv Qualified Global Convertible Monthly Index.
Les performances passées sont calculées en dollars US et sont exprimées comme une variation en pourcentage de la Valeur Liquidative du Fonds à chaque fin d'année.
Déclaration de responsabilité La responsabilité de State Street Global Advisors Europe Limited peut être engagée sur la base des déclarations contenues dans le présent document qui se révéleraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus.
Conversion entre compartiments Les actionnaires n'ont pas de droit spécifique de convertir les actions du Fonds en actions d'un autre Fonds de SSGA SPDR ETFs Europe II plc. La conversion peut être uniquement effectuée par un investisseur qui vend / rachète des parts du Fonds et qui achète / souscrit des actions d'un autre Fonds de SSGA SPDR ETFs Europe II plc. La section « Information sur les achats et les ventes - Conversions » du prospectus contient des informations détaillées sur les modalités applicables aux échanges entre Fonds.
Séparation des Actifs et des Passifs SSGA SPDR ETFs Europe II plc a séparé le passif de chacun de ses compartiments. En conséquence, l'actif du Fonds ne devrait pas être disponible pour payer les dettes de tout autre compartiment de SSGA SPDR ETFs Europe II plc.
Ce Fonds est agréé en Irlande et réglementé par la Banque centrale d’Irlande. State Street Global Advisors Europe Limited est une Société agréée par la Banque centrale d’Irlande, sous le n° 49934. Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 31 janvier 2022. | # Información práctica
Depositario State Street Custodial Services (Ireland) Limited.
Información adicional Es posible obtener de forma gratuita ejemplares del folleto y de sus suplementos, información detallada de la cartera del Fondo y los últimos informes anual y semestral correspondientes a SSGA SPDR ETFs Europe II plc solicitándolos al Agente administrativo o en Internet, en www.ssga.com. Estos documentos están disponibles en inglés.
Política retributiva Los datos detallados de la política de remuneración actualizada de SSGA SPDR ETFs Europe II plc se encuentran disponibles en www.ssga.com. También pueden solicitarse ejemplares en papel gratuitos.
Publicación del valor de inventario neto El valor liquidativo y el valor liquidativo indicativo por acción pueden consultarse en www.ssga.com y en el domicilio social de la sociedad. El valor liquidativo indicativo está disponible también a través de terminales de Bloomberg, Telekurs y Reuters. Legislación tributaria El Fondo está sujeto a la legislación y normativas tributarias de Irlanda. Dependiendo de cuál sea el país de residencia del potencial inversor, esto podría afectar sus inversiones. Para más información, consulte a su asesor fiscal.
La rentabilidad histórica no es indicativa de los resultados futuros.
Para el cálculo de la rentabilidad histórica indicada en este folleto, se han tenido en cuenta todos los gastos y costes. Sin embargo, las comisiones de entrada y salida no se han tenido en cuenta para el cálculo de la rentabilidad histórica.
El Fondo se lanzó en octubre de 2014.
Las Acciones de Clase Dist se lanzaron en octubre de 2014.
El nombre del Índice del Fondo cambió de Thomson Reuters Qualified Global Convertible Monthly Index a Refinitiv Qualified Global Convertible Monthly Index el 29 de mayo de 2020.
La rentabilidad histórica ha sido calculada en dólares estadounidenses y se expresa como variación porcentual del valor de inventario neto del Fondo en cada cierre de ejercicio.
Declaración de responsabilidad State Street Global Advisors Europe Limited podrá incurrir en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto.
Canje entre subfondos Los accionistas no tienen ningún derecho específico de convertir acciones del Fondo en acciones de otro subfondo de SSGA SPDR ETFs Europe II plc. El inversor únicamente podrá realizar conversiones vendiendo/reembolsando las acciones del Fondo que posea para luego adquirir/suscribir acciones de otro subfondo de SSGA SPDR ETFs Europe II plc. En el apartado «Purchase and Sale Information - Conversions» del folleto se ofrece información detallada sobre los pasos a seguir para realizar conversiones entre subfondos.
Separación del Activo y el Pasivo SSGA SPDR ETFs Europe II plc tiene responsabilidad separada entre sus compartimentos. Por consiguiente, los activos del Fondo no estarán disponibles para pagar las deudas de ningún otro compartimento de SSGA SPDR ETFs Europe II plc.
Este Fondo está autorizado en Irlanda y está regulado por Banco Central de Irlanda. State Street Global Advisors Europe Limited es una Sociedad aprobada por la Banco Central de Irlanda, con el n.º 49934. Los presentes datos fundamentales para el inversor son exactos a 31 de enero de 2022. | # Informations pratiques
Dépositaire State Street Custodial Services (Ireland) Limited.
Autres Informations Des exemplaires du prospectus, ses suppléments, des détails du portefeuille du Fonds et des derniers rapports annuels et semestriels préparés pour SSGA SPDR ETFs Europe II plc peuvent être obtenus, sans frais, auprès de l'Agent administratif ou en ligne sur le site www.ssga.com. Ces documents sont disponibles en anglais.
Politique de rémunération Les détails de la politique de rémunération actualisée de SSGA SPDR ETFs Europe II plc sont disponibles sur www.ssga.com. Les exemplaires papier sont gracieusement mis à disposition sur demande.
Publication de la Valeur liquidative La valeur liquidative et la valeur liquidative indicative par action sont disponibles sur www.ssga.com et auprès du siège social de la société. La valeur liquidative indicative est en outre disponible sur les postes d'informations financières Bloomberg, Telekurs et Reuters.
Fiscalité Le Fonds est soumis à la législation et à la réglementation fiscales de l’Irlande. Selon votre pays de résidence, ces dernières peuvent avoir un effet sur la valeur de vos placements. Pour obtenir de plus amples informations, il vous est recommandé de consulter un conseiller fiscal.
Les performances passées ne préjugent pas des résultats futurs.
Les performances passées présentées ici tiennent compte de l'ensemble des frais et coûts. Les frais d'entrée/de sortie sont exclus du calcul des performances passées.
Le Fonds a été lancé en octobre 2014.
Les Actions de catégorie Dist ont été lancées en octobre 2014.
Le 29 mai 2020, le nom de l’Indice du Fonds a changé, passant de Thomson Reuters Qualified Global Convertible Monthly Index à Refinitiv Qualified Global Convertible Monthly Index.
Les performances passées sont calculées en dollars US et sont exprimées comme une variation en pourcentage de la Valeur Liquidative du Fonds à chaque fin d'année.
Déclaration de responsabilité La responsabilité de State Street Global Advisors Europe Limited peut être engagée sur la base des déclarations contenues dans le présent document qui se révéleraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus.
Conversion entre compartiments Les actionnaires n'ont pas de droit spécifique de convertir les actions du Fonds en actions d'un autre Fonds de SSGA SPDR ETFs Europe II plc. La conversion peut être uniquement effectuée par un investisseur qui vend / rachète des parts du Fonds et qui achète / souscrit des actions d'un autre Fonds de SSGA SPDR ETFs Europe II plc. La section « Information sur les achats et les ventes - Conversions » du prospectus contient des informations détaillées sur les modalités applicables aux échanges entre Fonds.
Séparation des Actifs et des Passifs SSGA SPDR ETFs Europe II plc a séparé le passif de chacun de ses compartiments. En conséquence, l'actif du Fonds ne devrait pas être disponible pour payer les dettes de tout autre compartiment de SSGA SPDR ETFs Europe II plc.
Ce Fonds est agréé en Irlande et réglementé par la Banque centrale d’Irlande. State Street Global Advisors Europe Limited est une Société agréée par la Banque centrale d’Irlande, sous le n° 49934. Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 31 janvier 2022. | fr | es |
DOLFIN8999 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Information on sustainability
The Investment Fund is classified as an Article 8 fund for the purposes of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosure requirements in the financial services sector ("Disclosure Regulation").
The information to be included in the pre-contractual information of a fund classified as Article 8 pursuant to Articles 5 and 6 of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on establishing a framework to facilitate sustainable investment and amending Regulation (EU) 2019/2088 ("Taxonomy Regulation") regarding the stated environmental objectives of climate change mitigation and adaptation has been included in the Sales Prospectus as at January 2022. The Prospectus was submitted to Bafin on 03/01/2022 and published on the Company's website on 03/01/2022. | ## Informationen zur Nachhaltigkeit
Der Investmentfonds ist im Sinne der Verordnung (EU) 2019/2088 des Europäischen Parlaments und des Rates vom 27. November 2019 über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor („Offenlegungs-VO“) als Artikel 8 – Fonds klassifiziert.
Die nach den Artikeln 5 und 6 der Verordnung (EU) 2020/852 des Europäischen Parlaments und des Rates vom 18. Juni 2020 über die Einrichtung eines Rahmens zur Erleichterung nachhaltiger Investitionen und zur Änderung der Verordnung (EU) 2019/2088 („Taxonomie-VO“) in die vorvertrag- lichen Informationen eines als Artikel 8 klassifizierten Fonds aufzunehmenden Angaben zu den genannten Umweltzielen des Klimaschutzes und der Anpassung an den Klimawandel wurden in den Verkaufsprospekt mit Stand Januar 2022 aufgenommen. Der Verkaufsprospekt wurde am 03.01.2022 an die Bafin übermittelt und am 03.01.2022 auf der Internetseite der Gesellschaft veröffentlicht. | ## Information on sustainability
The Investment Fund is classified as an Article 8 fund for the purposes of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosure requirements in the financial services sector ("Disclosure Regulation").
The information to be included in the pre-contractual information of a fund classified as Article 8 pursuant to Articles 5 and 6 of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on establishing a framework to facilitate sustainable investment and amending Regulation (EU) 2019/2088 ("Taxonomy Regulation") regarding the stated environmental objectives of climate change mitigation and adaptation has been included in the Sales Prospectus as at January 2022. The Prospectus was submitted to Bafin on 03/01/2022 and published on the Company's website on 03/01/2022. | en | de |
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