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DOLFIN0 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Investors should note that there can be no assurance that the Investment Managers will continue to maintain their RQFII status or to make available their RQFII quota. Investors should also note that the Company may not be allocated a sufficient portion of the RQFII quota from the Investment Managers to meet all applications for subscription into the Company and that redemption requests may not be processed in a timely manner due to adverse changes in relevant laws or regulations. The Company may not have exclusive use of the entire RQFII quota granted by the State Administration of Foreign Exchange (SAFE) to the Investment Managers, as the Investment Managers may in their discretion allocate the RQFII quota which may otherwise have been available to the Company to other products. Such restrictions may result in a rejection of subscription applications and a suspension of dealings of the Company. In extreme circumstances, the Company may incur significant losses due to the insufficiency of the RQFII quota, its limited investment capabilities, or its inability to fully implement or pursue its investment objective or strategy, due to RQFII investment restrictions, the illiquidity of the Chinese domestic securities market, and/or delay or disruption in the execution of trades or in the settlement of trades.
RQFII quotas are generally granted to RQFIIs (such as the Investment Managers). The rules and restrictions under RQFII regulations generally apply to the Investment Managers (in their capacity as a RQFII) as a whole and not simply to the investments made by the Company. SAFE is vested with the power to impose regulatory sanctions if the RQFII or the RQFII custodian (i.e. in the Company’s case, being the China Custodian) violates any provision of the applicable rules and regulations issued by SAFE (“SAFE Rules”). Any violations could result in the revocation of the RQFII’s quota or other regulatory sanctions and may adversely impact the portion of the Investment Managers’ RQFII quota made available for investment by the Company.
- China – Repatriation and Liquidity RisksThere are currently no restrictions on repatriation of proceeds out of China for Funds invested in onshore securities. There is however no assurance that repatriation will not be subject to stricter rules and restrictions due to a change in the current regulations. This may impact the liquidity of the Fund and its ability to meet redemption requests upon demand.
- China Interbank Bond Market RisksThe on-shore China bond market mainly consists of the interbank bond market and the exchange listed bond market. The CIBM is an OTC market established in 1997. Currently, more than 90% of CNY bond trading activity takes place in the CIBM, and the main products traded in this market include government bonds, enterprise bonds, policy bank bonds,and medium term notes. | Los inversores deben tener en cuenta que no puede garantizarse que las Gestoras de inversiones continúen manteniendo su estado de RQFII o que pongan a disposición su cuota de RQFII. Los inversores también deben tener en cuenta que las Gestoras de inversiones pueden no asignar una porción de la cuota RQFII que sea suficiente para satisfacer todas las solicitudes de suscripción a la Sociedad y que es posible que las solicitudes de reembolso no se procesen oportunamente debido a cambios adversos en las leyes o regulaciones pertinentes. Es posible que la Sociedad no disponga del uso exclusivo de toda la cuota RQFII otorgada por la Administración Estatal de Divisas (SAFE, por sus siglas en inglés) a las Gestoras de inversiones, ya que las Gestoras de inversiones pueden, a su discreción, asignar la cuota RQFII que de otro modo podría haber estado disponible para la Sociedad para otros productos. Dichas restricciones pueden traducirse en un rechazo de las solicitudes de suscripción y en una suspensión de las negociaciones de la Sociedad. En circunstancias extremas, la Sociedad puede incurrir en pérdidas significativas debido a la insuficiencia de la cuota RQFII, a sus capacidades de inversión limitadas o a su incapacidad para implementar o perseguir su objetivo o estrategia de inversión, debido a las restricciones de inversión RQFII, a la falta de liquidez del mercado de valores chino y/o al retraso o interrupción en la ejecución de operaciones o en la liquidación de operaciones.
Las cuotas RQFII generalmente se otorgan a RQFII (como las Gestoras de inversiones). Las reglas y restricciones bajo las regulaciones de RQFII generalmente se aplican a las Gestoras de inversiones (en su calidad de RQFII) como un todo y no simplemente a las inversiones realizadas por la Sociedad.
SAFE tiene la facultad de imponer sanciones regulatorias si el RQFII o el depositario del RQFII (es decir, en el caso de la Sociedad, que es el Depositario en China) infringe cualquier disposición de las normas y reglamentos aplicables emitidos por SAFE (“Reglas SAFE”). Cualquier infracción podría resultar en la revocación de la cuota de RQFII u otras sanciones regulatorias, y podría tener un impacto adverso en la porción de la cuota de RQFII de las Gestoras de inversiones que la Sociedad tiene disponible para la inversión.
- China - Riesgos de repatriación y liquidezEn la actualidad, no hay restricciones en la repatriación del producto de China para los Fondos invertidos en valores nacionales. Sin embargo, no existe garantía de que la repatriación no esté sujeta a reglas y restricciones más estrictas debido a un cambio en la normativa vigente. Esto puede afectar a la liquidez del Fondo y su capacidad para satisfacer las solicitudes de reembolso en el momento de la petición.
- Riesgos del mercado interbancario de bonos de ChinaEl mercado de bonos nacionales de China se compone principalmente del mercado interbancario de bonos y el mercado de bonos cotizados en bolsa. El CIBM es unmercado extrabursátil establecido en 1997. En la actualidad, más del 90% de la actividad de negociación de bonos CNY tiene lugar en el CIBM, y los principales productos que se negocian en este mercado incluyen bonos del gobierno, bonos empresariales, bonos de política bancaria y pagarés a medio plazo. | Investors should note that there can be no assurance that the Investment Managers will continue to maintain their RQFII status or to make available their RQFII quota. Investors should also note that the Company may not be allocated a sufficient portion of the RQFII quota from the Investment Managers to meet all applications for subscription into the Company and that redemption requests may not be processed in a timely manner due to adverse changes in relevant laws or regulations. The Company may not have exclusive use of the entire RQFII quota granted by the State Administration of Foreign Exchange (SAFE) to the Investment Managers, as the Investment Managers may in their discretion allocate the RQFII quota which may otherwise have been available to the Company to other products. Such restrictions may result in a rejection of subscription applications and a suspension of dealings of the Company. In extreme circumstances, the Company may incur significant losses due to the insufficiency of the RQFII quota, its limited investment capabilities, or its inability to fully implement or pursue its investment objective or strategy, due to RQFII investment restrictions, the illiquidity of the Chinese domestic securities market, and/or delay or disruption in the execution of trades or in the settlement of trades.
RQFII quotas are generally granted to RQFIIs (such as the Investment Managers). The rules and restrictions under RQFII regulations generally apply to the Investment Managers (in their capacity as a RQFII) as a whole and not simply to the investments made by the Company. SAFE is vested with the power to impose regulatory sanctions if the RQFII or the RQFII custodian (i.e. in the Company’s case, being the China Custodian) violates any provision of the applicable rules and regulations issued by SAFE (“SAFE Rules”). Any violations could result in the revocation of the RQFII’s quota or other regulatory sanctions and may adversely impact the portion of the Investment Managers’ RQFII quota made available for investment by the Company.
- China – Repatriation and Liquidity RisksThere are currently no restrictions on repatriation of proceeds out of China for Funds invested in onshore securities. There is however no assurance that repatriation will not be subject to stricter rules and restrictions due to a change in the current regulations. This may impact the liquidity of the Fund and its ability to meet redemption requests upon demand.
- China Interbank Bond Market RisksThe on-shore China bond market mainly consists of the interbank bond market and the exchange listed bond market. The CIBM is an OTC market established in 1997. Currently, more than 90% of CNY bond trading activity takes place in the CIBM, and the main products traded in this market include government bonds, enterprise bonds, policy bank bonds,and medium term notes. | en | es |
DOLFIN6 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Important features:
The fund invests at least 80% of its assets in equity securities of companies that provide technologies, products or services related to the water value chain. Companies in the sectors of water supply, water technologies, water treatment, water services, water purification and water recycling are targeted in particular. At least 2/3 of the investments are selected by systematically taking into account ESG criteria in accordance with sustainability requirements, which contributes positively to fulfilling the UN SDGs. The fund is classified under Art. 9 SFDR.
The securities are selected on a discretionary basis using a consistent investment process (active management). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the MSCI World TR Net. The portfolio composition may deviate significantly from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark index by actively overweighting or underweighting individual securities and sectors based on market conditions and risk assessments.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | # Características importantes:
El fondo invierte al menos el 80% de su patrimonio en títulos de participación de sociedades que ofrecen tecnologías, productos o servicios relacionados con la cadena de valor del agua. Se buscan principalmente empresas de los ámbitos de suministro de agua, tecnologías del agua, tratamiento del agua, servicios relativos al agua, purificación del agua y reciclaje del agua. Al seleccionar por lo menos 2/3 de las inversiones, se tienen en cuenta sistemáticamente los criterios de sostenibilidad ESG y se contribuye de manera positiva al cumplimiento de los ODS de la ONU. El fondo se inscribe en lo dispuesto en el art. 9 SFDR.
Los valores se seleccionan de manera discrecional sobre la base de un proceso de inversión coherente (gestión activa). En lo que respecta a la composición de la cartera, la selección de valores y su ponderación se centra en las empresas del MSCI World TR Net. La desviación del índice de referencia puede ser significativa.
La política de inversión se rige por este índice y trata de superar su rentabilidad. El gestor de activos podrá, en cualquier momento, desviarse de manera significativa o mínima, positiva o negativamente, del índice, sobreponderando o infraponderando los distintos valores y sectores sobre la base de la coyuntura de mercado y las evaluaciones de riesgo.
Para alcanzar el objetivo de inversión se pueden emplear derivados.
En principio, las participaciones en el fondo se emiten y reembolsan todos los días hábiles bancarios de Luxemburgo.
No se reparten las ganancias y rendimientos de la clase de participación, sino que se reinvierten. | # Important features:
The fund invests at least 80% of its assets in equity securities of companies that provide technologies, products or services related to the water value chain. Companies in the sectors of water supply, water technologies, water treatment, water services, water purification and water recycling are targeted in particular. At least 2/3 of the investments are selected by systematically taking into account ESG criteria in accordance with sustainability requirements, which contributes positively to fulfilling the UN SDGs. The fund is classified under Art. 9 SFDR.
The securities are selected on a discretionary basis using a consistent investment process (active management). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the MSCI World TR Net. The portfolio composition may deviate significantly from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark index by actively overweighting or underweighting individual securities and sectors based on market conditions and risk assessments.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | en | es |
DOLFIN14 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR |
| --- | --- |
| Stress scenario | What you might get back after costs | USD 6,930 |
| | Average return each year % | -30.70% |
| Unfavourable scenario | What you might get back after costs | USD 9,930 |
| | Average return each year % | -0.70% |
| Moderate scenario | What you might get back after costs | USD 10,020 |
| | Average return each year % | 0.20% |
| Favourable scenario | What you might get back after costs | USD 10,300 |
| | Average return each year % | 3.00% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 6.930 |
| | Rendimiento medio cada año | -30,70% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 9.930 |
| | Rendimiento medio cada año | -0,70% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.020 |
| | Rendimiento medio cada año | 0,20% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 10.300 |
| | Rendimiento medio cada año | 3,00% | | | | IF YOU EXIT AFTER 1 YEAR |
| --- | --- |
| Stress scenario | What you might get back after costs | USD 6,930 |
| | Average return each year % | -30.70% |
| Unfavourable scenario | What you might get back after costs | USD 9,930 |
| | Average return each year % | -0.70% |
| Moderate scenario | What you might get back after costs | USD 10,020 |
| | Average return each year % | 0.20% |
| Favourable scenario | What you might get back after costs | USD 10,300 |
| | Average return each year % | 3.00% | | en | es |
DOLFIN16 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Such arrangements must only be entered into by the Management Company and/or the Investment Managers on terms commensurate with best market practice and brokerage rates should not be in excess of customary institutional full-service brokerage rates. Such commissions may be used to pay for research and/or other goods and services. Other jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations.
Periodic disclosure in the form of a statement describing such commission sharing arrangements will be made in the Company’s
annual report.
- Third Party Fees and ExpensesIf the investor is advised by third parties when acquiring shares or if such parties act as broker to the acquisition, they may quote costs or expense ratios that are not identical to the costs disclosed in this prospectus and in the key investor information. The expense ratio may also exceed the total expense ratio as described in the prospectus. The reason for this may be specifically that the third party additionally takes into account the cost of its own operations (e.g., brokerage, advice or securities account maintenance). In addition, the third party may also take into account non-recurring costs, such as sales loads, and generally uses different calculationAllianz Global Investors Fundmethods or estimates for the expenses incurred at Sub-Fund level, which include the Sub-Fund’s transaction costs in particular. Divergences in the cost quotation may arise both in the case of information provided prior to conclusion of a contract and for regular cost information about the Sub-Fund investment held within a long-term client relationship.
- Indemnity of Directors and OfficersThe Company may indemnify any director or officer against any expenses reasonably incurred by him in connection with any legal action, suit or proceeding to which this person may be made a party by reason of his being, or having been, a director or officer of the Company, as described in further detail in the Articles. This foregoing right of indemnity does not exclude other rights to which the person may be entitled.
- Liabilities of the Sub-FundsThe Company (including the existing Sub-Funds and future Sub-Funds) shall be considered as one single legal entity. However, with regard to third parties, in particular towards the Company’s creditors, each Sub-Fund is solely responsible for the liabilities attributable to it.
- Ongoing ChargesThe costs incurred by the Sub-Funds (or the respective Share Classes) during the preceding financial year (excluding transaction costs) are disclosed in the annual report and are also expressed as a ratio of the average volume of the Sub-Funds (or of the average volume of the respective Share Classes) (“Ongoing Charges”). In addition to the All-in-Fee as well as the taxe d’abonnement (see “Taxation” under Section XIII), all other costs are considered except for the incurred transaction costs, the costs the use of securities lending programmes and securities lending brokers and compensation for arranging, preparing and executing securities lending and/or repurchase/reverse repurchase transactions by the Management Company and any performance fees. | Solo la Sociedad Gestora y/o los Gestores de inversiones podrán celebrar dichos acuerdos en términos que se correspondan con la mejor práctica del mercado y las tarifas de intermediación no deben superar las tarifas habituales institucionales por el servicio de intermediación. Tales comisiones podrán utilizarse para pagar investigaciones y/u otros bienes o servicios. Otras jurisdicciones podrán tener instituidas otras formas de pago por tales servicios de acuerdo con las obligaciones reglamentarias locales.
Allianz Global Investors Fund
En el informe anual de la Sociedad constará una divulgación periódica que describa dichos acuerdos de comisiones compartidas.
- Comisiones y gastos de tercerosEn caso de que terceros asesoren al inversor al adquirir acciones o si tales partes actúan como intermediarios de la adquisición, es posible que presupuesten costes o coeficientes de gastos distintos a los costes indicados en el presente folleto y en los datos fundamentales para el inversor. Asimismo, el coeficiente de gastos podrá superar el coeficiente de gastos totales descrito en el presente folleto. La razón de esto puede ser que la tercera parte tenga en cuenta también el coste de sus propias operaciones (por ejemplo, intermediación, asesoría o mantenimiento de cuentas de títulos-valores). Por otra parte, el tercero también podrá tener en cuenta costes no recurrentes, como cargas de ventas, y suele utilizar métodos de cálculo o estimaciones distintos para los gastos incurridos a nivel del Compartimento, los cuales incluyen los costes de transacción del Compartimento, en concreto. Pueden surgir diferencias en la cotización de los costes tanto para la información que se proporcione antes de concluir un contrato como para la información de costes periódicos sobre la inversión del Compartimento mantenida en una relación a largo plazo con el cliente.
- Indemnización de miembros del Consejo de Administración y empleadosLa Sociedad podrá indemnizar a cualquier consejero o empleado frente a cualquier gasto incurrido de forma razonable en relación con un procedimiento judicial o litigio del que dicha persona puede formar parte debido a ser, o haber sido, un consejero o empleado de la Sociedad, tal como se detalla en los Estatutos. El mencionado derecho a reembolso de costes no excluye otros derechos.
- Pasivos de los CompartimentosLa Sociedad (incluidos los Compartimentos existentes y futuros) se considerará como una única persona jurídica. No obstante, respecto a terceros, en particular a los acreedores de la Sociedad, cada Compartimento es el único responsable de las obligaciones que se le atribuyen.
- Gastos corrientesLos costes incurridos por los Compartimentos (o las respectivas Clases de Acciones) durante el ejercicio financiero anterior (sin incluir los costes de transacción) vienen indicados en el informe anual y se expresan como un porcentaje del volumen medio de los Compartimentos (o el volumen medio de las respectivas Clases de Acciones) («Gastos corrientes»). Además de la Comisión única y la taxe d’abonnement (consulte el apartado titulado «Tributación» en la Sección XIII), se tiene en cuenta el resto de costes, salvo los costes de transacción incurridos, los costes derivados del uso de programas e intermediarios de préstamo de títulos-valores y la compensación de la Sociedad Gestora por la organización, la preparación y la ejecución de operaciones de préstamo de títulos- valores y/u operaciones de recompra y de recompra inversa y toda comisión de rentabilidad. | Such arrangements must only be entered into by the Management Company and/or the Investment Managers on terms commensurate with best market practice and brokerage rates should not be in excess of customary institutional full-service brokerage rates. Such commissions may be used to pay for research and/or other goods and services. Other jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations.
Periodic disclosure in the form of a statement describing such commission sharing arrangements will be made in the Company’s
annual report.
- Third Party Fees and ExpensesIf the investor is advised by third parties when acquiring shares or if such parties act as broker to the acquisition, they may quote costs or expense ratios that are not identical to the costs disclosed in this prospectus and in the key investor information. The expense ratio may also exceed the total expense ratio as described in the prospectus. The reason for this may be specifically that the third party additionally takes into account the cost of its own operations (e.g., brokerage, advice or securities account maintenance). In addition, the third party may also take into account non-recurring costs, such as sales loads, and generally uses different calculationAllianz Global Investors Fundmethods or estimates for the expenses incurred at Sub-Fund level, which include the Sub-Fund’s transaction costs in particular. Divergences in the cost quotation may arise both in the case of information provided prior to conclusion of a contract and for regular cost information about the Sub-Fund investment held within a long-term client relationship.
- Indemnity of Directors and OfficersThe Company may indemnify any director or officer against any expenses reasonably incurred by him in connection with any legal action, suit or proceeding to which this person may be made a party by reason of his being, or having been, a director or officer of the Company, as described in further detail in the Articles. This foregoing right of indemnity does not exclude other rights to which the person may be entitled.
- Liabilities of the Sub-FundsThe Company (including the existing Sub-Funds and future Sub-Funds) shall be considered as one single legal entity. However, with regard to third parties, in particular towards the Company’s creditors, each Sub-Fund is solely responsible for the liabilities attributable to it.
- Ongoing ChargesThe costs incurred by the Sub-Funds (or the respective Share Classes) during the preceding financial year (excluding transaction costs) are disclosed in the annual report and are also expressed as a ratio of the average volume of the Sub-Funds (or of the average volume of the respective Share Classes) (“Ongoing Charges”). In addition to the All-in-Fee as well as the taxe d’abonnement (see “Taxation” under Section XIII), all other costs are considered except for the incurred transaction costs, the costs the use of securities lending programmes and securities lending brokers and compensation for arranging, preparing and executing securities lending and/or repurchase/reverse repurchase transactions by the Management Company and any performance fees. | en | es |
DOLFIN17 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
### Objectives
The objective of the Fund is to achieve long term capital growth, by investing worldwide in the shares of financial sector companies.
### Investment policy
The Fund invests in financial companies (to include banks, life and non-life insurance and reinsurance companies, asset management and brokerage companies), and companies related to the financial sector worldwide (to include property and real estate companies, companies which provide support services to the financial sector and companies that own financial sector related assets).
The Fund may invest in financial derivatives (complex instruments based upon the value of underlying assets) for hedging, to reduce risk, to manage the Fund more efficiently, or to gain exposure to securities in a more efficient way.
The Fund is actively managed and uses the MSCI ACWI Financials Net Total Return Index (EUR) benchmark for performance comparison purposes and to calculate the performance fee.
There is no intention to pay dividends in respect of the
Accumulation Share Classes.
You may sell your shares on days which banks are normally open for business in Dublin and London.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within five years. | # Objetivos y política de inversión
### Objetivos
El objetivo del Fondo es conseguir un crecimiento del capital a largo plazo invirtiendo en acciones de empresas del sector financiero de todo el mundo.
### Política de inversión
El Fondo invierte en empresas financieras (incluidos bancos, compañías de seguros de vida y no de vida, y de reaseguros, empresas de gestión de activos y empresas de intermediación financiera) y empresas relacionadas con el sector financiero de todo el mundo (incluidas empresas inmobiliarias, empresas que prestan servicios auxiliares al sector financiero y empresas que poseen activos relacionados con el sector financiero).
El Fondo puede invertir en derivados financieros (instrumentos complejos que dependen del valor de sus activos subyacentes) con fines de cobertura, para reducir riesgos, gestionar el Fondo con más eficiencia o adquirir exposición a títulos de modo más eficaz.
El Fondo se gestiona de forma activa y utiliza el índice de referencia MSCI ACWI Financials Net Total Return Index (EUR) a efectos de comparación de la rentabilidad y para calcular la comisión de rentabilidad.
No está previsto el pago de dividendos en relación con las clases de acciones de acumulación.
Ustedes pueden vender las acciones durante los días en que los bancos estén abiertos en Dublín y Londres.
Recomendación: es posible que este fondo no sea adecuado para inversores que tengan previsto retirar su dinero en un plazo de cinco años. | # Objectives and investment policy
### Objectives
The objective of the Fund is to achieve long term capital growth, by investing worldwide in the shares of financial sector companies.
### Investment policy
The Fund invests in financial companies (to include banks, life and non-life insurance and reinsurance companies, asset management and brokerage companies), and companies related to the financial sector worldwide (to include property and real estate companies, companies which provide support services to the financial sector and companies that own financial sector related assets).
The Fund may invest in financial derivatives (complex instruments based upon the value of underlying assets) for hedging, to reduce risk, to manage the Fund more efficiently, or to gain exposure to securities in a more efficient way.
The Fund is actively managed and uses the MSCI ACWI Financials Net Total Return Index (EUR) benchmark for performance comparison purposes and to calculate the performance fee.
There is no intention to pay dividends in respect of the
Accumulation Share Classes.
You may sell your shares on days which banks are normally open for business in Dublin and London.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within five years. | en | es |
DOLFIN21 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment CHF 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 326.0 CHF | 2 359.4 CHF |
| Annual costs impact (*) | 3.26% | 3.52% each year | | | Inversión CHF 10.000 Scenarios | En caso de salida después de 1 Año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 326.0 CHF | 2 359.4 CHF |
| Incidencia anual de los costes(*) | 3.26% | 3.52% cada año | | | Investment CHF 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 326.0 CHF | 2 359.4 CHF |
| Annual costs impact (*) | 3.26% | 3.52% each year | | en | es |
DOLFIN23 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,520 USD -84.78% | 1,600 USD -30.66% |
| Unfavourable¹ | What you might get back after costs Average return each year | 8,770 USD -12.32% | 8,990 USD -2.10% |
| Moderate² | What you might get back after costs Average return each year | 11,100 USD 10.96% | 15,410 USD 9.04% |
| Favourable³ | What you might get back after costs Average return each year | 13,700 USD 36.97% | 20,380 USD 15.30% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.520 USD -84,78% | 1.600 USD -30,66% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.770 USD -12,32% | 8.990 USD -2,10% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.100 USD 10,96% | 15.410 USD 9,04% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.700 USD 36,97% | 20.380 USD 15,30% | | | Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,520 USD -84.78% | 1,600 USD -30.66% |
| Unfavourable¹ | What you might get back after costs Average return each year | 8,770 USD -12.32% | 8,990 USD -2.10% |
| Moderate² | What you might get back after costs Average return each year | 11,100 USD 10.96% | 15,410 USD 9.04% |
| Favourable³ | What you might get back after costs Average return each year | 13,700 USD 36.97% | 20,380 USD 15.30% | | en | es |
DOLFIN25 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Although many of the emerging and less developed market securities in which a Fund may invest are traded on securities exchanges, they may trade in limited volume and may encounter settlement systems that are less well organised than those of developed markets. Supervisory authorities may also be unable to apply standards that are comparable with those in developed markets. Thus there may be risks that settlement may be delayed and that cash or securities belonging to the relevant Fund may be in jeopardy because of failures of or defects in the systems or because of defects in the administrative operations of counterparties. Such counterparties may lack the substance or financial resources of similar counterparties in a developed market. There may also be a danger that competing claims may arise in respect of securities held by or to be transferred to the Fund and compensation schemes may be non-existent or limited or inadequate to meet the Fund’s claims in any of these events.
Equity investments in Russia are currently subject to certain risks with regard to the ownership and custody of securities. This results from the fact that no physical share certificates are issued and ownership of securities is evidenced by entries in the books of a company or its registrar (which is neither an agent nor responsible to the Depositary), other than by local regulation. No certificates representing shareholdings in Russian companies will be held by the Depositary or any of its local correspondents or in an effective central depository system.
Equity investments in Russia may also be settled using the local depository, National Settlement Depository ("NSD"). Although NSD is legally recognised as a central securities depository ("CSD"), it is not currently operated as a CSD and
may not protect finality of title. Like local custodians, the NSD still has to register the equity positions with the registrar in its own nominee name.
If concerns are raised regarding a specific investor, the whole nominee position in a depository could be frozen for a period of months until the investigation is complete. As a result, there is a risk that an investor could be restricted from trading because of another NSD account holder. At the same time should an underlying registrar be suspended, investors settling through registrars cannot trade, but settlement between two depository accounts can take place. Any discrepancies between a registrar and the NSD records may impact corporate entitlements and potentially settlement activity of underlying clients, which is mitigated by the frequent position reconciliations between the depositories and the registrars.
Securities traded on the Moscow Exchange MICEX-RTS can be treated as investment in securities dealt in on a Regulated Market.
Additional risks of emerging market securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organised and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition taxation of interest and capital gains received by non-residents varies among emerging and less developed markets and, in some cases may be comparatively high. There may also be less well- defined tax laws and procedures and such laws may permit retroactive taxation so that the Fund could in the future become subject to local tax liabilities that had not been anticipated in conducting investment activities or valuing assets.
- Specific Risks Linked to Securities Lending and Repurchase TransactionsSecurities lending and repurchase transactions involve certain risks. There is no assurance that a Fund will achieve the objective for which it entered into a transaction. | Aunque muchos de los valores de mercados emergentes y menos desarrollados en los que puede invertir un Fondo se negocian en mercados de valores, su volumen de negociación puede ser reducido y pueden liquidarse en sistemas peor organizados que los de los mercados desarrollados. Asimismo, es posible que las autoridades supervisoras de esos países no puedan aplicar normas comparables a las de los mercados desarrollados. Por lo tanto, existe el riesgo de que la liquidación se retrase y de que el efectivo o los valores del Fondo correspondiente estén en peligro como consecuencia de fallos o defectos de los sistemas o de defectos del funcionamiento administrativo de las contrapartes. Es posible que esas contrapartes no posean la entidad o los recursos financieros de contrapartes similares de un mercado desarrollado. También puede existir el riesgo de que otra parte alegue que posee derechos sobre los valores en cartera del Fondo o que vayan a transmitirse al mismo y de que no existan sistemas de compensación, o sean limitados o insuficientes para hacer frente a las pérdidas del Fondo en cualquiera de esos casos.
Las inversiones en renta variable en Rusia están sujetas en la actualidad a determinados riesgos con respecto a la propiedad y la custodia de valores. Esto resulta del hecho de que no se emiten certificados de acciones físicos y de que la titularidad de los valores se demuestra por registros en los libros de una sociedad o su registrador (que no es ni un agente ni un responsable del Depositario), salvo mediante regulación local. Ni el Depositario ni ninguno de sus corresponsales locales contarán con certificados que
representen la titularidad de participaciones de sociedades rusas, que tampoco se mantendrán en un sistema central de depósito eficaz.
Las inversiones en renta variable en Rusia también se pueden liquidar mediante el custodio local, National Settlement Depository (“NSD”). Si bien el NSD está reconocido legalmente como custodio central de valores (“CSD”, por sus siglas en inglés), no se gestiona actualmente como un CSD y es posible que no proteja la irrevocabilidad del título. Como depositario local, el NSD deben registrar las posiciones de renta variable en el registrador a nombre de la persona interpuesta.
Si se desatan dudas acerca de un inversor en particular, podría congelarse la totalidad de la posición de la persona interpuesta durante un periodo que podría durar meses hasta que se complete la investigación. Como resultado, existe el riesgo de que se restrinjan las negociaciones para un inversor debido a otro titular de cuenta del NSD. Al mismo tiempo, si un registrador subyacente es suspendido, los inversores que realicen las liquidaciones por medio de registradores no pueden negociar, no obstante, pueden realizarse liquidaciones entre dos cuentas de depósito.
Cualquier discrepancia entre un registrador y los registros del NSD puede afectar a los derechos corporativos y potencialmente la actividad de liquidaciones de los clientes subyacentes, lo cual es mitigado por las frecuentes reconciliaciones de posiciones entre los depositarios y los registradores.
Los valores cotizados en la bolsa de Moscú MICEX-RTS pueden tratarse como una inversión en valores negociados en un Mercado regulado.
Otros riesgos de los valores de mercados emergentes incluyen: mayor incertidumbre e inestabilidad social, económica y política; mayor intervención pública en la economía; menor supervisión y regulación pública; falta de disponibilidad de técnicas de cobertura de divisas; existencia de empresas recién constituidas y de pequeño tamaño; diferencias en las normas de auditoría e información financiera, que pueden hacer que no haya disponible información esencial sobre los emisores; y sistemas jurídicos menos desarrollados. Además, la tributación de los ingresos y las plusvalías recibidos por no residentes varía en los distintos mercados emergentes y menos desarrollados y, en algunos casos, puede ser elevada en términos comparativos. También es posible que la legislación y los procedimientos tributarios estén peor definidos y que esas leyes permitan la tributación retroactiva, de tal forma que el Fondo podría quedar sujeto en el futuro a deudas fiscales en esos países que no se habían previsto en el curso de las actividades de inversión o la valoración de los activos.
- Riesgos específicos asociados a los préstamos de valores y a las transacciones con pacto de recompraLos préstamos de valores y las transacciones con pacto de recompra conllevan determinados riesgos. No existe ninguna garantía de que un Fondo logre el objetivo para el que ha formalizado una transacción. | Although many of the emerging and less developed market securities in which a Fund may invest are traded on securities exchanges, they may trade in limited volume and may encounter settlement systems that are less well organised than those of developed markets. Supervisory authorities may also be unable to apply standards that are comparable with those in developed markets. Thus there may be risks that settlement may be delayed and that cash or securities belonging to the relevant Fund may be in jeopardy because of failures of or defects in the systems or because of defects in the administrative operations of counterparties. Such counterparties may lack the substance or financial resources of similar counterparties in a developed market. There may also be a danger that competing claims may arise in respect of securities held by or to be transferred to the Fund and compensation schemes may be non-existent or limited or inadequate to meet the Fund’s claims in any of these events.
Equity investments in Russia are currently subject to certain risks with regard to the ownership and custody of securities. This results from the fact that no physical share certificates are issued and ownership of securities is evidenced by entries in the books of a company or its registrar (which is neither an agent nor responsible to the Depositary), other than by local regulation. No certificates representing shareholdings in Russian companies will be held by the Depositary or any of its local correspondents or in an effective central depository system.
Equity investments in Russia may also be settled using the local depository, National Settlement Depository ("NSD"). Although NSD is legally recognised as a central securities depository ("CSD"), it is not currently operated as a CSD and
may not protect finality of title. Like local custodians, the NSD still has to register the equity positions with the registrar in its own nominee name.
If concerns are raised regarding a specific investor, the whole nominee position in a depository could be frozen for a period of months until the investigation is complete. As a result, there is a risk that an investor could be restricted from trading because of another NSD account holder. At the same time should an underlying registrar be suspended, investors settling through registrars cannot trade, but settlement between two depository accounts can take place. Any discrepancies between a registrar and the NSD records may impact corporate entitlements and potentially settlement activity of underlying clients, which is mitigated by the frequent position reconciliations between the depositories and the registrars.
Securities traded on the Moscow Exchange MICEX-RTS can be treated as investment in securities dealt in on a Regulated Market.
Additional risks of emerging market securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organised and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition taxation of interest and capital gains received by non-residents varies among emerging and less developed markets and, in some cases may be comparatively high. There may also be less well- defined tax laws and procedures and such laws may permit retroactive taxation so that the Fund could in the future become subject to local tax liabilities that had not been anticipated in conducting investment activities or valuing assets.
- Specific Risks Linked to Securities Lending and Repurchase TransactionsSecurities lending and repurchase transactions involve certain risks. There is no assurance that a Fund will achieve the objective for which it entered into a transaction. | en | es |
DOLFIN32 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 1.58%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | | Gastos detraídos del Fondo cada año |
| --- |
| Gastos corrientes | 1,58%** |
| Gastos detraídos del Fondo en determinadas condiciones |
| Comisión de rentabilidad | Ninguna | | | Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 1.58%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | en | es |
DOLFIN41 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk Disclosures
Alger SICAV - Alger American Asset Growth Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. | # Avisos sobre riesgos
Alger SICAV - Alger American Asset Growth Fund
La inversión en el mercado bursátil conlleva riesgos, incluida la posibilidad de perder el principal. Las acciones de crecimiento pueden ser más volátiles que otras, ya que su precio suele ser más elevado en relación con los beneficios de su emisor y puede ser más sensible a acontecimientos económicos, políticos y del mercado. Sucesos de ámbito local, regional o mundial, como catástrofes medioambientales o naturales, guerra, atentados terroristas, pandemias, brotes de enfermedades infecciosas y amenazas similares para la salud pública, recesiones u otros acontecimientos, podrían incidir de forma significativa en las inversiones. Podría invertirse una parte significativa de los activos en valores de empresas de sectores afiness y pueden verse afectados del mismo modo por condiciones y sucesos económicos, políticos o del mercado, por lo que podrían ser más vulnerables ante una evolución sectorial desfavorable. Los valores extranjeros conllevan riesgos especiales, entre ellos las fluctuaciones de divisas, una operativa poco eficiente, inestabilidad política y económica, así como una mayor volatilidad. | # Risk Disclosures
Alger SICAV - Alger American Asset Growth Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. | en | es |
DOLFIN43 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund pursues an actively managed investment strategy and invests mainly in:
- equity securities issued by companies located in the U.S. (representing at least 70% of the Fund's net assets)The Fund can invest to a lesser extent in:
- equity securities issued by companies involved in mergers, consolidations, liquidations or other major corporate transactions
- debt securities of any quality (including lower quality debt such as non- investment grade securities) of companies involved in reorganisation or financial restructuring
- equity and debt securities issued by corporations located outside of the U. S.
- derivatives for hedging and/or efficient portfolio managementIn exceptional market circumstances, the Fund may temporarily hold a greater amount of cash in times where the manager believes that the markets are experiencing excessive volatility, a prolonged general decline or other adverse conditions. | ### El Fondo trata de llevar a cabo una estrategia de inversión gestionada de manera activa e invierte principalmente en:
- valores de renta variable emitidos por sociedades ubicadas en EE. UU. (que representan al menos el 70 % de los activos netos del Fondo)El Fondo puede invertir en menor medida en:
- valores de renta variable emitidos por sociedades relacionadas con fusiones, consolidaciones, liquidaciones u otras transacciones societarias de gran envergadura
- títulos de deuda de cualquier calidad (entre ellos, los de calidad inferior, como valores sin grado de inversión) de sociedades que participan en reorganizaciones o reestructuraciones financieras
- valores de renta variable o títulos de deuda emitidos por sociedades con sede fuera de EE. UU.
- derivados con fines de cobertura y/o de gestión eficiente de la carteraEn circunstancias de mercado excepcionales, el Fondo puede acumular una mayor cantidad de efectivo de forma temporal en aquellos momentos en los que el gestor considere que los mercados están experimentando una volatilidad excesiva, un declive general prolongado u otras condiciones adversas. | ### The Fund pursues an actively managed investment strategy and invests mainly in:
- equity securities issued by companies located in the U.S. (representing at least 70% of the Fund's net assets)The Fund can invest to a lesser extent in:
- equity securities issued by companies involved in mergers, consolidations, liquidations or other major corporate transactions
- debt securities of any quality (including lower quality debt such as non- investment grade securities) of companies involved in reorganisation or financial restructuring
- equity and debt securities issued by corporations located outside of the U. S.
- derivatives for hedging and/or efficient portfolio managementIn exceptional market circumstances, the Fund may temporarily hold a greater amount of cash in times where the manager believes that the markets are experiencing excessive volatility, a prolonged general decline or other adverse conditions. | en | es |
DOLFIN46 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to track the performance of the MSCI ACWI Select ESG Screened Index (index), while seeking to minimise foreign currency fluctuations at share class level. The index is based on the MSCI AC World Index (Parent Index), which is designed to reflect the performance of the shares of large and medium capitalisation companies in global developed and emerging market countries. In order to be eligible for inclusion in the index, companies must be eligible for inclusion in the Parent Index and must meet certain ESG screening criteria. The index excludes companies from the Parent Index, which: (i) are unrated by MSCI ESG Research; (ii) are assigned an MSCI ESG Rating of CCC; (iii) have any involvement in controversial weapons (iv) classified by MSCI in their Business Involvement Screening Research as breaching certain revenue thresholds in controversial activities, including, but not limited to, tobacco, conventional weapons, nuclear weapons, civilian firearms, thermal coal and oil sands extraction; and/or (v) fail to comply with the United Nations Global Compact principles. The remaining securities are then weighted by their free-float adjusted market capitalisation and are also subject to certain regional, country and | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión replique el rendimiento del índice MSCI ACWI Select ESG Screened (el índice), intentando al mismo tiempo minimizar las fluctuaciones cambiarias en las clases de acciones. El índice toma como base el índice MSCI AC World (el "índice principal"), que está diseñado para reflejar la evolución del valor de acciones de empresas con una capitalización mediana y grande en países de mercados desarrollados y emergentes de todo el mundo. Para poder ser incluidas en el índice, las empresas deben resultar admisibles para su inclusión en el índice principal y cumplir determinados criterios de selección en materia ESG. El índice excluye empresas del índice principal que: (i) no cuenten con una calificación de MSCI ESG Research; (ii) hayan recibido una calificación MSCI ESG de CCC; (iii) tengan algún tipo de implicación con armamento controvertido; (iv) hayan sido catalogadas por MSCI en su análisis de implicación empresarial como incumplidoras de determinados umbrales de ingresos en actividades controvertidas, donde se incluyen, por ejemplo, el tabaco, el armamento convencional o nuclear, las armas de fuego civiles o la extracción de carbón térmico y arenas bituminosas, o (v) no cumplan los principios del Pacto Mundial de Naciones Unidas. Los valores restantes se ponderan en función de su capitalización de mercado ajustada al capital flotante y también se someten a | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to track the performance of the MSCI ACWI Select ESG Screened Index (index), while seeking to minimise foreign currency fluctuations at share class level. The index is based on the MSCI AC World Index (Parent Index), which is designed to reflect the performance of the shares of large and medium capitalisation companies in global developed and emerging market countries. In order to be eligible for inclusion in the index, companies must be eligible for inclusion in the Parent Index and must meet certain ESG screening criteria. The index excludes companies from the Parent Index, which: (i) are unrated by MSCI ESG Research; (ii) are assigned an MSCI ESG Rating of CCC; (iii) have any involvement in controversial weapons (iv) classified by MSCI in their Business Involvement Screening Research as breaching certain revenue thresholds in controversial activities, including, but not limited to, tobacco, conventional weapons, nuclear weapons, civilian firearms, thermal coal and oil sands extraction; and/or (v) fail to comply with the United Nations Global Compact principles. The remaining securities are then weighted by their free-float adjusted market capitalisation and are also subject to certain regional, country and | en | es |
DOLFIN49 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Practical Information
- Depositary: Pictet & Cie (Europe) SA
- The prospectus, the articles of incorporation as well as the annual and semi-annual reports of the Fund may be obtained free of charge from the Fund's registered office, the Management Company, the Fund's representatives and distributors in countries where the Fund is authorized for public distribution, or under www.mirabaud-am.com. These documents are available in English, French, German, Spanish, Italian, Dutch.
- The net asset value per share is calculated on each valuation day as defined in the prospectus and can be obtained, as well as practical information, at the Fund's registered office.
- The Fund is subject to the tax laws and regulations of Luxembourg. Depending on your country of residence, this might have an impact on your personal tax position.
- This document describes a share class belonging to a sub-fund of the Fund. The prospectus as well as the annual and semi-annual reports are prepared for the entire Fund. The assets and liabilities of the different sub-funds of the Fund are segregated by law.
- You have the right to convert the shares you hold in one given class to shares of another class within the same Sub-Fund or another sub-fund, provided that you satisfy the conditions for subscription and holding of the relevant class. For more information on other classes, please refer to the Fund's prospectus.
- Mirabaud Asset Management (Europe) SA 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.
- Information on the remuneration policy of the Management Company is available at https://www.mirabaud.com/fr/presence-internationale/country- detail/country/Luxembourg/. The policy includes a description of how remuneration and benefits are calculated and also the details of persons responsible for awarding remuneration and benefits. A paper copy of the remuneration policy is available free of charge upon request. | ## Información práctica
- Depositario: Pictet & Cie (Europe) SA
- El folleto, los estatutos sociales, así como los informes anual y semestral del Fondo pueden obtenerse gratuitamente en el do micilio social del Fondo, en la Sociedad Gestora, en el administrador central, en los representantes y los distribuidores del Fondo en países en donde está autorizada la distribución pública del Fondo, o en www.mirabaud-am.com. Dichos documentos están disponibles en Inglés, Francés, Alemán, Español, Italiano, Holandés.
- El valor de inventario neto por acción se calcula cada día de valoración, tal como se indica en el folleto y puede obtenerse, así como información práctica, en el domicilio social del Fondo.
- El Fondo está sujeto a las leyes y reglamentos fiscales de Luxemburgo. En función del país de residencia del inversor, dicha legislación puede incidir en la situación tributaria personal de este.
- Este documento describe una clase de acciones perteneciente a un subfondo del Fondo. El folleto, así como los informes anual y semestral se elaboran para el Fondo en su conjunto. Los activos y pasivos de cada subfondo del Fondo están segregados por la ley.
- Los inversores tendrán derecho a traspasar las acciones que mantienen en una clase determinada a las acciones de otra clase dentro del Subfondo o de otro subfondo, siempre que satisfagan las condiciones de suscripción y tenencia de las correspondientes clases. Para más información sobre otras clases de acciones, consulte el folleto del Fondo.
- Mirabaud Asset Management (Europe) SA únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
- La información sobre la política de remuneración de la Sociedad de gestión se encuentra disponible en https://www.mirabaud.com/fr/presence- internationale/country-detail/country/Luxembourg/. La política incluye una descripción sobre cómo se calculan la remuneración y las asignaciones, así como los detalles de las personas responsables de otorgar la remuneración y las asignaciones. Puede facilitarse una copia impresa de la política de remuneración, de forma gratuita, mediante solicitud dirigida al domicilio social de la Sociedad de gestión. | ## Practical Information
- Depositary: Pictet & Cie (Europe) SA
- The prospectus, the articles of incorporation as well as the annual and semi-annual reports of the Fund may be obtained free of charge from the Fund's registered office, the Management Company, the Fund's representatives and distributors in countries where the Fund is authorized for public distribution, or under www.mirabaud-am.com. These documents are available in English, French, German, Spanish, Italian, Dutch.
- The net asset value per share is calculated on each valuation day as defined in the prospectus and can be obtained, as well as practical information, at the Fund's registered office.
- The Fund is subject to the tax laws and regulations of Luxembourg. Depending on your country of residence, this might have an impact on your personal tax position.
- This document describes a share class belonging to a sub-fund of the Fund. The prospectus as well as the annual and semi-annual reports are prepared for the entire Fund. The assets and liabilities of the different sub-funds of the Fund are segregated by law.
- You have the right to convert the shares you hold in one given class to shares of another class within the same Sub-Fund or another sub-fund, provided that you satisfy the conditions for subscription and holding of the relevant class. For more information on other classes, please refer to the Fund's prospectus.
- Mirabaud Asset Management (Europe) SA 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.
- Information on the remuneration policy of the Management Company is available at https://www.mirabaud.com/fr/presence-internationale/country- detail/country/Luxembourg/. The policy includes a description of how remuneration and benefits are calculated and also the details of persons responsible for awarding remuneration and benefits. A paper copy of the remuneration policy is available free of charge upon request. | en | es |
DOLFIN59 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A maximum of 20% of the net outperformance of the MSCI USA Net Return USD Index (M1US). Please note that performance fees may be charged in the event of absolute negative performance of the Fund.
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
Ongoing charges are subject to an estimation based on the total amount of anticipated charges for the first financial year. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information on the charges taken by the Fund and the workings of the performance fee mechanism respectively, please see the chapter entitled "Charges borne by the company" and the section entitled "Performance fee" in the prospectus, available on request at www.fundsquare.net and www.ca-indosuez-am.com. | un porcentaje máximo del 20% sobre la rentabilidad superior neta del índice MSCI USA Net Return USD Index (M1US). Tenga en cuenta que pueden cobrarse comisiones de rentabilidad en caso de que la rentabilidad absoluta del Fondo sea negativa.
Los gastos de entrada y salida indicados representan las tarifas máximas. En ciertos casos, los gastos pagados pueden ser inferiores.
Los gastos corrientes son objeto de una estimación basada en la cantidad total de gastos previstos durante el primer ejercicio. Este porcentaje puede variar de un ejercicio a otro. Quedan excluidas las comisiones de rentabilidad superior y los gastos de intermediarios, excepto los gastos de entrada y de salida abonados por el Fondo cuando se adquieren o venden acciones de otro Fondo.
Para obtener más información acerca de los gastos del fondo, consulte la sección titulada “Gastos a cargo de la sociedad” y respecto al funcionamiento del mecanismo de la comisión de rentabilidad, consulte la sección “Comisión de rentabilidad” del folleto, que se encuentra disponible previa solicitud en www.fundsquare.net y en www.ca-indosuez-am.com. | A maximum of 20% of the net outperformance of the MSCI USA Net Return USD Index (M1US). Please note that performance fees may be charged in the event of absolute negative performance of the Fund.
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
Ongoing charges are subject to an estimation based on the total amount of anticipated charges for the first financial year. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information on the charges taken by the Fund and the workings of the performance fee mechanism respectively, please see the chapter entitled "Charges borne by the company" and the section entitled "Performance fee" in the prospectus, available on request at www.fundsquare.net and www.ca-indosuez-am.com. | en | es |
DOLFIN65 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
2 The Fund employs a passive management – or indexing – investment approach, through physical acquisition of securities, and seeks to track the performance of the Bloomberg MSCI EUR Corporate Liquid Bond Screened Index (the “Index”).
2 In tracking the performance of the Index, the Fund will invest in a EUR denominated portfolio of investment grade corporate fixed-rate bonds that so far as possible and practicable consists of a representative sample of the component securities of the Index.
2 The Index is constructed from the Bloomberg Euro-Aggregate Corporates Index (the “Parent Index”) which represents a similar investment universe which is then screened for certain environmental, social, and corporate governance criteria (the “ESG criteria) by Bloomberg as the sponsor of the Index, which is independent of Vanguard.
2 The Fund promotes environmental and social characteristics by excluding securities based on the impact of the issuer's conduct or products on society and / or the environment. This is met by tracking the Index.
2 The Index excludes issuers that engage in activities in, and/or derive revenue (above a threshold specified by Bloomberg) from, certain business segments of the following: adult entertainment, alcohol, gambling, tobacco, nuclear weapons, controversial or conventional weapons, civilian firearms, nuclear power or thermal coal, oil, or gas.
2 The Index excludes the bonds of issuers that have a controversy score of less than one as defined by MSCI's ESG controversies assessment framework (or which have not been assessed by MSCI).
2 Where there is insufficient data available to adequately assess a particular issuer against the ESG criteria, it is possible that bonds of that issuer may not be excluded from the Index until such time as they may be determined to be ineligible by MSCI.
2 The Fund may also hold fixed-rate government and corporate bonds that are not component securities of the Index, but whose risk and return characteristics closely resemble the risk and return characteristics of constituents of the Index or of the Index as a whole.
2 The Fund's investments will, at the time of purchase, comply with the ESG criteria, except as otherwise described below or in the Supplement. In circumstances where the Fund holds securities which do not comply with the ESG criteria (including in circumstances where MSCI has insufficient data to assess the issuer against the ESG criteria) the Fund may hold such securities until such time as they are removed from the Index, and it is possible and practicable (in the investment manager's view) to liquidate the position.
2 The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations
of the Fund's net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. Derivatives on an index (e.g., swaps, futures) may contain some underlying constituents which may not meet the ESG criteria.
2 The base currency of the Fund is EUR.
2 The Fund invests in securities which are denominated in currencies other than the base currency. Movements in currency exchange rates can affect the return of investments. Currency hedging techniques are used to minimise the risks associated with movements in currency exchange rates but these risks cannot be eliminated entirely. As this document relates to a hedged share class, the performance of this share class in the “Past performance” section below is shown against the Bloomberg MSCI EUR Corporate Liquid Bond Screened Index Hedged in GBP (the “Hedged Index”), a currency hedged version of the Index.
2 The Fund may not be appropriate for short-term investment.
2 This share class is an accumulating share class and the Directors do not intend to declare a dividend. Income will be reinvested and reflected in the price of shares in the Fund.
2 ETF Shares are listed on one or more stock exchange(s). Subject to certain exceptions set out in the Prospectus, investors who are not Authorised Participants may only buy or sell ETF Shares through a company that is a member of a relevant stock exchange at any time when that stock exchange is open for business.
2 Portfolio transaction costs will have an impact on performance.
2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the Prospectus) by submitting an application in writing or by telephone. A full list of the days on which shares in the Fund cannot be sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11628
For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see the supplement for the Fund ("Supplement") and Appendix 6 of the Vanguard Funds plc Prospectus (the "Prospectus") or the supplement of the relevant fund on our website at https://global.vanguard.com | # Objetivos y política de inversión
2 El Fondo utiliza un enfoque de inversión de gestión pasiva, o indexación, mediante la adquisición física de valores y su objetivo consiste en reproducir la rentabilidad del Bloomberg MSCI EUR Corporate Liquid Bond Screened Index (el «Índice»).
2 Al replicar la rentabilidad del Índice, el Fondo invertirá en una cartera denominada en EUR de bonos corporativos de renta fija con grado de inversión que, en la medida de lo posible y viable, incluya una muestra representativa de los valores componentes del Índice.
2 El índice se construye a partir del Bloomberg Euro-Aggregate Corporates Index (el «Índice principal»), que representa un universo de inversión similar, seleccionado en función de ciertos criterios ambientales, sociales y de gobernanza (los «criterios ESG») por Bloomberg en su calidad de patrocinador del Índice, que es independiente de Vanguard.
2 El Fondo promueve características medioambientales y sociales al excluir valores en función del impacto de la conducta o los productos del emisor en la sociedad y/o el medio ambiente. Esto se consigue haciendo un seguimiento del Índice.
2 El Índice excluye a aquellos emisores que participan en actividades u obtienen ingresos (por encima del umbral especificado por Bloomberg) de determinados sectores que se detallan a continuación: entretenimiento para adultos, alcohol, juegos de azar, tabaco, armas nucleares, armas controvertidas o convencionales, armas de fuego de uso civil, energía nuclear, carbón térmico, petróleo o gas.
2 El Índice excluye los bonos de emisores que tienen una puntuación de controversia inferior a uno, tal y como se define en el sistema de evaluación de controversias ESG del MSCI (o que no han sido evaluados por el MSCI).
2 Cuando no se disponga de datos suficientes para evaluar adecuadamente a un emisor en particular en relación con los criterios ESG, es posible que los bonos de dicho emisor no se excluyan del Índice hasta el momento en que el MSCI determine que no son aptos.
2 El Fondo también podrá mantener bonos públicos y corporativos de renta fija que, aunque no sean componentes del Índice, tengan características de riesgo y rentabilidad muy similares a las de los componentes del Índice o a las del Índice en su conjunto.
2 Las inversiones del Fondo cumplirán los criterios ESG en el momento de la compra, salvo que se indique lo contrario a continuación o en el Suplemento. En circunstancias en las que el Fondo posea valores que no cumplan los criterios ESG (incluso en circunstancias en las que MSCI no disponga de información suficiente para evaluar al emisor con respecto a los criterios ESG), el Fondo podrá mantener dichos valores hasta el momento en que dejen de formar parte del Índice y sea posible y viable (según el gestor de inversiones) liquidar la posición.
2 El Fondo puede utilizar derivados con el objetivo de reducir el riesgo o los costes, o bien a fin de generar ingresos extraordinarios o posibilitar un mayor crecimiento. El uso de derivados podría aumentar o reducir la exposición a activos subyacentes y originar mayores fluctuaciones en el valor liquidativo del Fondo. Se entiende por «derivado» un contrato financiero cuyo valor se basa en el valor de un activo financiero (como una acción, un bono o una divisa) o un índice de mercado. Los derivados de un índice (por ejemplo, swaps o futuros) pueden contener componentes subyacentes que no cumplan los criterios ESG.
2 La divisa base del Fondo es EUR.
2 El Fondo invierte en valores denominados en divisas diferentes a la divisa base. Las fluctuaciones de los tipos de cambio pueden afectar a la rentabilidad de las inversiones. Las técnicas de cobertura de divisas se utilizan para minimizar los riesgos vinculados a las fluctuaciones de los tipos de cambio, aunque dichos riesgos no pueden eliminarse por completo. Dado que este documento se refiere a una clase de acciones cubierta, a efectos de lo dispuesto más adelante en la sección
«Rentabilidad histórica» se muestra la rentabilidad de esta clase de acciones en comparación con el Bloomberg MSCI EUR Corporate Liquid Bond Screened Index con cobertura en GBP (el «Índice con cobertura»), que es una versión del Índice con cobertura de divisa.
2 Es posible que el Fondo no resulte apropiado para inversiones a corto plazo.
2 Esta clase de acciones es una clase de acciones acumulativas y los Consejeros no pretenden decretar dividendos. Los ingresos se reinvertirán y se verán reflejados en el precio de las acciones del Fondo.
2 Las Acciones ETF se cotizan en una o más bolsas de valores. Con sujeción a algunas excepciones establecidas en el Folleto, los inversores que no sean Participantes Autorizados solo pueden comprar o vender Acciones ETF mediante una empresa miembro de una bolsa de valores correspondiente en cualquier momento en que dicha bolsa esté abierta.
2 Los costes de transacción de la cartera tendrán un impacto en la rentabilidad.
2 Las acciones del Fondo pueden comprarse o venderse a diario (salvo en algunos días festivos y con sujeción a ciertas restricciones descritas en el Anexo 1 del Folleto) enviando una solicitud por escrito o llamando por teléfono. La lista completa de los días en los que no se pueden vender acciones del Fondo puede obtenerse en https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11628
Para obtener más información sobre los objetivos y la política de inversión del Fondo, así como la relación limitada con el proveedor del Índice, consulte el suplemento del Fondo (el «Suplemento») y el Anexo 6 del Folleto de Vanguard Funds plc (el «Folleto») o el suplemento del fondo correspondiente en nuestra página web https://global.vanguard.com. | # Objectives and investment policy
2 The Fund employs a passive management – or indexing – investment approach, through physical acquisition of securities, and seeks to track the performance of the Bloomberg MSCI EUR Corporate Liquid Bond Screened Index (the “Index”).
2 In tracking the performance of the Index, the Fund will invest in a EUR denominated portfolio of investment grade corporate fixed-rate bonds that so far as possible and practicable consists of a representative sample of the component securities of the Index.
2 The Index is constructed from the Bloomberg Euro-Aggregate Corporates Index (the “Parent Index”) which represents a similar investment universe which is then screened for certain environmental, social, and corporate governance criteria (the “ESG criteria) by Bloomberg as the sponsor of the Index, which is independent of Vanguard.
2 The Fund promotes environmental and social characteristics by excluding securities based on the impact of the issuer's conduct or products on society and / or the environment. This is met by tracking the Index.
2 The Index excludes issuers that engage in activities in, and/or derive revenue (above a threshold specified by Bloomberg) from, certain business segments of the following: adult entertainment, alcohol, gambling, tobacco, nuclear weapons, controversial or conventional weapons, civilian firearms, nuclear power or thermal coal, oil, or gas.
2 The Index excludes the bonds of issuers that have a controversy score of less than one as defined by MSCI's ESG controversies assessment framework (or which have not been assessed by MSCI).
2 Where there is insufficient data available to adequately assess a particular issuer against the ESG criteria, it is possible that bonds of that issuer may not be excluded from the Index until such time as they may be determined to be ineligible by MSCI.
2 The Fund may also hold fixed-rate government and corporate bonds that are not component securities of the Index, but whose risk and return characteristics closely resemble the risk and return characteristics of constituents of the Index or of the Index as a whole.
2 The Fund's investments will, at the time of purchase, comply with the ESG criteria, except as otherwise described below or in the Supplement. In circumstances where the Fund holds securities which do not comply with the ESG criteria (including in circumstances where MSCI has insufficient data to assess the issuer against the ESG criteria) the Fund may hold such securities until such time as they are removed from the Index, and it is possible and practicable (in the investment manager's view) to liquidate the position.
2 The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations
of the Fund's net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. Derivatives on an index (e.g., swaps, futures) may contain some underlying constituents which may not meet the ESG criteria.
2 The base currency of the Fund is EUR.
2 The Fund invests in securities which are denominated in currencies other than the base currency. Movements in currency exchange rates can affect the return of investments. Currency hedging techniques are used to minimise the risks associated with movements in currency exchange rates but these risks cannot be eliminated entirely. As this document relates to a hedged share class, the performance of this share class in the “Past performance” section below is shown against the Bloomberg MSCI EUR Corporate Liquid Bond Screened Index Hedged in GBP (the “Hedged Index”), a currency hedged version of the Index.
2 The Fund may not be appropriate for short-term investment.
2 This share class is an accumulating share class and the Directors do not intend to declare a dividend. Income will be reinvested and reflected in the price of shares in the Fund.
2 ETF Shares are listed on one or more stock exchange(s). Subject to certain exceptions set out in the Prospectus, investors who are not Authorised Participants may only buy or sell ETF Shares through a company that is a member of a relevant stock exchange at any time when that stock exchange is open for business.
2 Portfolio transaction costs will have an impact on performance.
2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the Prospectus) by submitting an application in writing or by telephone. A full list of the days on which shares in the Fund cannot be sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11628
For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see the supplement for the Fund ("Supplement") and Appendix 6 of the Vanguard Funds plc Prospectus (the "Prospectus") or the supplement of the relevant fund on our website at https://global.vanguard.com | en | es |
DOLFIN66 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration, limits on investments in companies and countries based on ESG performance as well as engagement and a minimum allocation to ESG-labeled bonds. For government and government-related bonds, the fund complies with Robeco’s exclusion policy for countries, excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption', and ensures investments have a minimum weighted average score of 6 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. For corporate bonds, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. In the credit selection the fund limits exposure to issuers with an elevated sustainability risk profile. Where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. Lastly, the fund invests in a minimum of 2.5% in green, social, sustainable and/or sustainability-linked bonds. | # Sustentabilidad
El fondo incorpora la sostenibilidad al proceso de inversión mediante exclusiones, filtrado excluyente, integración de criterios ASG y límites de inversión en empresas y países en función de su desempeño ASG, así como con la interacción y una asignación mínima a bonos calificados como ASG. En cuanto a la deuda pública y los bonos relacionados con el Estado, el fondo cumple la política de exclusión de países de Robeco, excluye el 15 % peor clasificado según el indicador de gobernanza mundial «Control de la corrupción» y garantiza que las inversiones tengan una puntuación media ponderada mínima de 6 según el ranking de sostenibilidad por países elaborado por Robeco. El ranking de sostenibilidad por países puntúa a los países en una escala de 1 (el peor) a 10 (el mejor), en función de 40 indicadores ambientales, sociales y de gobernanza. En cuanto a los bonos corporativos, el fondo no invierte en emisores de crédito que incumplen normas internacionales o cuyas actividades se consideran perjudiciales para la sociedad según la política de exclusión de Robeco. Se integran factores ASG en el análisis de valores bottom-up para evaluar el impacto en la calidad del análisis fundamental crediticio del emisor. En la selección de créditos, el fondo limita la exposición a emisores con un perfil de riesgo para la sostenibilidad elevado. El fondo iniciará un proceso de interacción con los emisores cuando la supervisión continua detecte que infringen normas internacionales. Por último, el fondo invierte como mínimo el 2,5% en bonos verdes, sociales, sostenibles o vinculados a la sostenibilidad. | # Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration, limits on investments in companies and countries based on ESG performance as well as engagement and a minimum allocation to ESG-labeled bonds. For government and government-related bonds, the fund complies with Robeco’s exclusion policy for countries, excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption', and ensures investments have a minimum weighted average score of 6 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. For corporate bonds, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. In the credit selection the fund limits exposure to issuers with an elevated sustainability risk profile. Where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. Lastly, the fund invests in a minimum of 2.5% in green, social, sustainable and/or sustainability-linked bonds. | en | es |
DOLFIN85 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment CS (Lux) Asia Corporate Bond Fund EBH CHF between 31/10/2017-31/10/2022.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 6,742
-32.60%
CHF 6,341
-8.70% | # Este tipo de escenario se produjo para una inversión CS (Lux) Asia Corporate Bond Fund EBH CHF entre 31/10/2017-31/10/2022.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
6 742 CHF
-32,60%
6 341 CHF
-8,70% | # This type of scenario occurred for an investment CS (Lux) Asia Corporate Bond Fund EBH CHF between 31/10/2017-31/10/2022.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 6,742
-32.60%
CHF 6,341
-8.70% | en | es |
DOLFIN90 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF China A All Cap
Schroder ISF China A All Cap (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 China A Onshore (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 China A Onshore (Net TR) index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the MSCI China A Onshore (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 29 October 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 China A All Cap
Schroder ISF China A All Cap (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 China A Onshore (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 China A Onshore (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 China A Onshore (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 29 de octubre 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 China A All Cap
Schroder ISF China A All Cap (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 China A Onshore (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 China A Onshore (Net TR) index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the MSCI China A Onshore (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 29 October 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 |
DOLFIN95 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Systematic Global Sustainable Value – Schedule of Investments
### Financial Assets at Fair Value through Profit or Loss
| Number of Shares | Security Description | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- |
| | Equities 90.16% (31 December 2020: 88.43%) | | |
| | Australian Dollar | | |
| 451 | ASX Ltd* | 30,462 | 0.14 |
| 7,634 | Aurizon Holdings Ltd* | 19,370 | 0.09 |
| 4,460 | Australia & New Zealand Banking Group Ltd* | 89,205 | 0.43 |
| 1,174 | BlueScope Steel Ltd* | 17,839 | 0.08 |
| 3,436 | Brambles Ltd* | 26,555 | 0.13 |
| 6,683 | Fortescue Metals Group Ltd* | 93,339 | 0.45 |
| 15,527 | Telstra Corp Ltd* | 47,188 | 0.23 |
| | Total Australian Dollar | 323,958 | 1.55 |
| | | | |
| | Canadian Dollar | | |
| 1,421 | Bank of Nova Scotia* | 100,741 | 0.48 |
| 529 | Canadian Imperial Bank of Commerce* | 61,751 | 0.30 |
| 3,668 | Enbridge Inc* | 143,479 | 0.69 |
| 249 | George Weston Ltd** | 28,910 | 0.14 |
| 433 | Gildan Activewear Inc Class A* | 18,384 | 0.09 |
| 1,132 | Great-West Lifeco Inc** | 34,019 | 0.16 |
| 1,346 | Hydro One Ltd** | 35,069 | 0.17 |
| 450 | Magna International Inc* | 36,462 | 0.17 |
| 550 | Metro Inc** | 29,312 | 0.14 |
| 2,049 | Pembina Pipeline Corp* | 62,242 | 0.30 |
| 1,632 | Power Corp of Canada** | 54,006 | 0.26 |
| 28 | Toronto-Dominion Bank* | 2,150 | 0.01 |
| | Total Canadian Dollar | 606,525 | 2.91 |
| | | | |
| | Danish Krone | | |
| 26 | AP Moller - Maersk A/S Class B* | 92,686 | 0.44 |
| 157 | Carlsberg A/S Class B* | 27,071 | 0.13 |
| | Total Danish Krone | 119,757 | 0.57 |
| | | | |
| | Euro | | |
| 375 | Allianz SE* | 88,553 | 0.42 |
| 2,601 | Assicurazioni Generali SpA* | 54,909 | 0.26 |
| 915 | AXA SA* | 27,246 | 0.13 |
| 1,099 | Bayerische Motoren Werke AG* | 110,593 | 0.53 |
| 239 | Capgemini SE* | 58,571 | 0.28 |
| 1,813 | Cie de Saint-Gobain* | 127,560 | 0.61 |
| 608 | Cie Generale des Etablissements Michelin SCA* | 99,668 | 0.48 |
| 1,245 | Daimler AG* | 95,695 | 0.46 |
| 565 | Daimler Truck Holding AG* | 20,747 | 0.10 |
438 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | # Systematic Global Sustainable Value – Cartera de inversiones
### Activos financieros al valor razonable con cambios en resultados
| Número de Acciones | Descripción de los valores | Valor razonable USD | % del Patri- monio neto |
| --- | --- | --- | --- |
| | Valores de renta variable 90,16% (31 de diciembre de 2020: 88,43%) | | |
| | Dólar australiano | | |
| 451 | ASX Ltd* | 30.462 | 0,14 |
| 7.634 | Aurizon Holdings Ltd* | 19.370 | 0,09 |
| 4.460 | Australia & New Zealand Banking Group Ltd* | 89.205 | 0,43 |
| 1.174 | BlueScope Steel Ltd* | 17.839 | 0,08 |
| 3.436 | Brambles Ltd* | 26.555 | 0,13 |
| 6.683 | Fortescue Metals Group Ltd* | 93.339 | 0,45 |
| 15.527 | Telstra Corp Ltd* | 47.188 | 0,23 |
| | Total dólar australiano | 323.958 | 1,55 |
| | | | |
| | Dólar canadiense | | |
| 1.421 | Bank of Nova Scotia* | 100.741 | 0,48 |
| 529 | Canadian Imperial Bank of Commerce* | 61.751 | 0,30 |
| 3.668 | Enbridge Inc* | 143.479 | 0,69 |
| 249 | George Weston Ltd** | 28.910 | 0,14 |
| 433 | Gildan Activewear Inc Class A* | 18.384 | 0,09 |
| 1.132 | Great-West Lifeco Inc** | 34.019 | 0,16 |
| 1.346 | Hydro One Ltd** | 35.069 | 0,17 |
| 450 | Magna International Inc* | 36.462 | 0,17 |
| 550 | Metro Inc** | 29.312 | 0,14 |
| 2.049 | Pembina Pipeline Corp* | 62.242 | 0,30 |
| 1.632 | Power Corp of Canada** | 54.006 | 0,26 |
| 28 | Toronto-Dominion Bank* | 2.150 | 0,01 |
| | Total dólar canadiense | 606.525 | 2,91 |
| | | | |
| | Corona danesa | | |
| 26 | AP Moller - Maersk A/S Class B* | 92.686 | 0,44 |
| 157 | Carlsberg A/S Class B* | 27.071 | 0,13 |
| | Total corona danesa | 119.757 | 0,57 |
| | | | |
| | Euro | | |
| 375 | Allianz SE* | 88.553 | 0,42 |
| 2.601 | Assicurazioni Generali SpA* | 54.909 | 0,26 |
| 915 | AXA SA* | 27.246 | 0,13 |
| 1.099 | Bayerische Motoren Werke AG* | 110.593 | 0,53 |
| 239 | Capgemini SE* | 58.571 | 0,28 |
| 1.813 | Cie de Saint-Gobain* | 127.560 | 0,61 |
| 608 | Cie Generale des Etablissements Michelin SCA* | 99.668 | 0,48 |
| 1.245 | Daimler AG* | 95.695 | 0,46 |
| 565 | Daimler Truck Holding AG* | 20.747 | 0,10 |
438 NEUBERGER BERMAN INVESTMENT FUNDS PLC
CARTERA DE INVERSIONES CUENTAS | # Systematic Global Sustainable Value – Schedule of Investments
### Financial Assets at Fair Value through Profit or Loss
| Number of Shares | Security Description | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- |
| | Equities 90.16% (31 December 2020: 88.43%) | | |
| | Australian Dollar | | |
| 451 | ASX Ltd* | 30,462 | 0.14 |
| 7,634 | Aurizon Holdings Ltd* | 19,370 | 0.09 |
| 4,460 | Australia & New Zealand Banking Group Ltd* | 89,205 | 0.43 |
| 1,174 | BlueScope Steel Ltd* | 17,839 | 0.08 |
| 3,436 | Brambles Ltd* | 26,555 | 0.13 |
| 6,683 | Fortescue Metals Group Ltd* | 93,339 | 0.45 |
| 15,527 | Telstra Corp Ltd* | 47,188 | 0.23 |
| | Total Australian Dollar | 323,958 | 1.55 |
| | | | |
| | Canadian Dollar | | |
| 1,421 | Bank of Nova Scotia* | 100,741 | 0.48 |
| 529 | Canadian Imperial Bank of Commerce* | 61,751 | 0.30 |
| 3,668 | Enbridge Inc* | 143,479 | 0.69 |
| 249 | George Weston Ltd** | 28,910 | 0.14 |
| 433 | Gildan Activewear Inc Class A* | 18,384 | 0.09 |
| 1,132 | Great-West Lifeco Inc** | 34,019 | 0.16 |
| 1,346 | Hydro One Ltd** | 35,069 | 0.17 |
| 450 | Magna International Inc* | 36,462 | 0.17 |
| 550 | Metro Inc** | 29,312 | 0.14 |
| 2,049 | Pembina Pipeline Corp* | 62,242 | 0.30 |
| 1,632 | Power Corp of Canada** | 54,006 | 0.26 |
| 28 | Toronto-Dominion Bank* | 2,150 | 0.01 |
| | Total Canadian Dollar | 606,525 | 2.91 |
| | | | |
| | Danish Krone | | |
| 26 | AP Moller - Maersk A/S Class B* | 92,686 | 0.44 |
| 157 | Carlsberg A/S Class B* | 27,071 | 0.13 |
| | Total Danish Krone | 119,757 | 0.57 |
| | | | |
| | Euro | | |
| 375 | Allianz SE* | 88,553 | 0.42 |
| 2,601 | Assicurazioni Generali SpA* | 54,909 | 0.26 |
| 915 | AXA SA* | 27,246 | 0.13 |
| 1,099 | Bayerische Motoren Werke AG* | 110,593 | 0.53 |
| 239 | Capgemini SE* | 58,571 | 0.28 |
| 1,813 | Cie de Saint-Gobain* | 127,560 | 0.61 |
| 608 | Cie Generale des Etablissements Michelin SCA* | 99,668 | 0.48 |
| 1,245 | Daimler AG* | 95,695 | 0.46 |
| 565 | Daimler Truck Holding AG* | 20,747 | 0.10 |
438 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | en | es |
DOLFIN96 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in the United Kingdom equity market.
Investment decisions are based on a combination of macroeconomic, sector and company specific analysis. The share selection process relies on a rigorous analysis of the companies' business model, quality of management, growth prospects and overall risk return profile.
The Sub-Fund may also invest in Money Market Instruments.
Within a limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives especially by entering into Credit Default Swap. Derivatives may also be used for hedging purposes. | ## Política de inversión
El Subfondo está gestionado activamente con el fin de captar oportunidades en el mercado de renta variable del Reino Unido.
Las decisiones de inversión se basan en una combinación de análisis específicos macroeconómicos, sectoriales y empresariales. El proceso de selección de acciones está basado en un análisis riguroso del modelo de negocio de las empresas, la calidad de su gestión, las perspectivas de crecimiento, y el perfil de riesgo y rendimiento general.
El Subfondo también podrá invertir en instrumentos del mercado monetario.
Dentro de un límite del 200% de los activos netos del Subfondo, la estrategia de inversión puede llevarse a cabo con inversiones directas y/o por medio de derivados, especialmente formalizando contratos de permuta financiera de incumplimiento crediticio (Credit Default Swaps o CDS). También pueden utilizarse derivados con fines de cobertura. | ## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in the United Kingdom equity market.
Investment decisions are based on a combination of macroeconomic, sector and company specific analysis. The share selection process relies on a rigorous analysis of the companies' business model, quality of management, growth prospects and overall risk return profile.
The Sub-Fund may also invest in Money Market Instruments.
Within a limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives especially by entering into Credit Default Swap. Derivatives may also be used for hedging purposes. | en | es |
DOLFIN97 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Eligible subscribers and typical investor profile:
A units are intended for all investors wishing to invest in yen.
C and CH units are intended for all subscribers wishing to invest in euros.
I, IH and R units are intended for legal entities and institutional investors dealing on their own account or on behalf of third parties, as well as all unitholders who subscribed to the UCITS before 07/02/2019, with the capacity to make an initial subscription of EUR 500,000.
I CHF H units are intended for legal entities and institutional investors dealing on their own account or on behalf of third parties, as well as all unitholders who subscribed to the UCITS before 07/02/2019, with the capacity to make an initial subscription of CHF 500,000.
I JPY units are intended for legal entities and institutional investors dealing on their own account or on behalf of third parties, as well as all unitholders who subscribed to the UCITS before 07/02/2019, with the capacity to make an initial subscription of JPY 50,000,000.
JH units are intended for legal entities and institutional investors dealing on their own account or on behalf of third parties, as well as all unitholders who subscribed to the UCITS before 07/02/2019, with the capacity to make an initial subscription of USD 500,000.
SCH units are intended for legal entities and institutional investors dealing on their own account or on behalf of third parties, as well as all unitholders who subscribed to the UCITS before 07/02/2019, with the capacity to make an initial subscription of EUR 5,000,000.
This UCITS is intended for institutional investors, companies and individuals able to understand the specific risks associated with it, and wishing to achieve a greater return on their savings through an investment made entirely or partially in Japanese equities.
The units of this UCITS are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These units may not be offered, sold or transferred in the United States (including its territories and possessions), nor may they benefit, directly or indirectly, any US Person (within the meaning of Regulation S of the Securities Act 1933).
The UCITS may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial
Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The UCITS may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this UCITS will depend on your individual circumstances. To determine that amount, investors are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this UCITS, more specifically in view of the recommended investment period and exposure to the aforementioned risks, their personal wealth, requirements and specific objectives. In any event, unitholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this UCITS.
Minimum recommended investment period: more than 5 years. | #### Suscriptores afectados y perfil del inversor habitual:
Las participaciones «A» están destinadas a toda clase de suscriptores que deseen invertir en yenes.
Las participaciones «C» y «CH» están destinadas a toda clase de suscriptores que deseen invertir en euros. Las participaciones «I», «IH» y «R» están destinadas a personas jurídicas e inversores institucionales por cuenta propia o por cuenta de terceros, así como a todos los partícipes que hayan suscrito el OICVM antes del 07/02/2019 y que puedan suscribir 500.000 euros en el momento de la suscripción inicial.
Las participaciones «I CHF H» están destinadas a personas jurídicas e inversores institucionales por cuenta propia o por cuenta de terceros, así como a todos los partícipes que hayan suscrito el OICVM antes del 07/02/2019 y que puedan suscribir 500.000 francos en el momento de la suscripción inicial.
Las participaciones «I JPY» están destinadas a personas jurídicas e inversores institucionales por cuenta propia o por cuenta de terceros, así como a todos los partícipes que hayan suscrito el OICVM antes del 07/02/2019 y que puedan suscribir 50.000.000 yenes en el momento de la suscripción inicial.
Las participaciones «JH» están destinadas a personas jurídicas e inversores institucionales por cuenta propia o por cuenta de terceros, así como a todos los partícipes que hayan suscrito el OICVM antes del 07/02/2019 y que puedan suscribir 500.000 dólares en el momento de la suscripción inicial.
Las participaciones «SCH» están destinadas a personas jurídicas e inversores institucionales por cuenta propia o por cuenta de terceros, así como a todos los partícipes que hayan suscrito el OICVM antes del 07/02/2019 y que puedan suscribir 5.000.000 euros en el momento de la suscripción inicial.
Este OICVM va dirigido a inversores institucionales, empresas y particulares que puedan comprender los riesgos específicos asociados y que deseen valorizar sus ahorros mediante una inversión total o parcial en renta variable japonesa.
Las participaciones de este OICVM no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (U.S. Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas participaciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El OICVM podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El OICVM no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este OICVM depende de su situación personal. Para determinarlo, se recomienda al partícipe solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el OICVM, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo partícipe diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este OICVM.
Horizonte de inversión recomendado: superior a 5 años | #### Eligible subscribers and typical investor profile:
A units are intended for all investors wishing to invest in yen.
C and CH units are intended for all subscribers wishing to invest in euros.
I, IH and R units are intended for legal entities and institutional investors dealing on their own account or on behalf of third parties, as well as all unitholders who subscribed to the UCITS before 07/02/2019, with the capacity to make an initial subscription of EUR 500,000.
I CHF H units are intended for legal entities and institutional investors dealing on their own account or on behalf of third parties, as well as all unitholders who subscribed to the UCITS before 07/02/2019, with the capacity to make an initial subscription of CHF 500,000.
I JPY units are intended for legal entities and institutional investors dealing on their own account or on behalf of third parties, as well as all unitholders who subscribed to the UCITS before 07/02/2019, with the capacity to make an initial subscription of JPY 50,000,000.
JH units are intended for legal entities and institutional investors dealing on their own account or on behalf of third parties, as well as all unitholders who subscribed to the UCITS before 07/02/2019, with the capacity to make an initial subscription of USD 500,000.
SCH units are intended for legal entities and institutional investors dealing on their own account or on behalf of third parties, as well as all unitholders who subscribed to the UCITS before 07/02/2019, with the capacity to make an initial subscription of EUR 5,000,000.
This UCITS is intended for institutional investors, companies and individuals able to understand the specific risks associated with it, and wishing to achieve a greater return on their savings through an investment made entirely or partially in Japanese equities.
The units of this UCITS are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These units may not be offered, sold or transferred in the United States (including its territories and possessions), nor may they benefit, directly or indirectly, any US Person (within the meaning of Regulation S of the Securities Act 1933).
The UCITS may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial
Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The UCITS may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this UCITS will depend on your individual circumstances. To determine that amount, investors are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this UCITS, more specifically in view of the recommended investment period and exposure to the aforementioned risks, their personal wealth, requirements and specific objectives. In any event, unitholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this UCITS.
Minimum recommended investment period: more than 5 years. | en | es |
DOLFIN106 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to provide returns that correspond to those of its Index.
Investment Policy: The Sub-Fund pursues a passively managed (index- tracking) strategy.
The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index.
The Index is comprised of CNY-denominated fixed rate bonds that have been issued by the PRC government, PRC government-related banks (known as "policy banks" such as the China Development Bank and the Agricultural Development Bank of China) and investment-grade PRC local authorities, agencies and corporate issuers (the "Index Securities").
In order to seek to achieve the Sub-Fund's investment objective, the Investment Manager will aim to replicate the Index by investing in Index Securities and issues comprising the Index. As far as possible and practicable, the Investment Manager will aim to invest in issuers in a similar proportion to that of the Index. It may not be possible for the Sub- Fund to invest in every Index Security and the Sub-Fund may invest in bonds not in the Index (but with the same characteristics and risk profile as the Index Securities) of issuers comprising the Index. As a result, the Sub-Fund may only hold a certain sub-set of Index Securities.
Although the Index is generally well diversified, due to the nature of the market which the Index reflects, it may have a higher concentration in certain constituents at any one time. In particular, in order for the Sub- Fund to track the Index accurately, the Sub-Fund will make use of the increased diversification limits available under Regulation 71 of the UCITS | # Objetivos y política de inversión
Objetivo de inversión: El Subfondo pretende generar rentabilidades similares a las de su Índice.
Política de inversión: El Subfondo lleva a cabo una estrategia de gestión pasiva (replicación del índice o «index tracking»).
El Subfondo trata de replicar la rentabilidad del Índice con la mayor precisión posible, con independencia de si el valor del Índice aumenta o desciende, al tiempo que trata de reducir al máximo el error de seguimiento («tracking error») entre la rentabilidad del Subfondo y la del Índice.
El Índice se compone de bonos a tipo fijo denominados en CNY emitidos por el Gobierno de la RPC, bancos vinculados al Gobierno de la RPC (conocidos como «bancos de desarrollo», como el Banco de Desarrollo de China y el Banco de Desarrollo Agrícola de China) y autoridades locales, agencias y emisores corporativos de la RPC con calificación «investment grade» (los «Títulos del Índice»).
Con el fin de lograr el objetivo de inversión del Subfondo, el Gestor de inversiones tratará de replicar el Índice invirtiendo en los Títulos del Índice y en los emisores que componen el Índice. En la medida de lo posible y factible, el Gestor de inversiones intentará invertir en emisores en una proporción similar a la del Índice. Es posible el Subfondo no pueda invertir en cada Título del Índice, pero podrá invertir en bonos no incluidos en el Índice (aunque con las mismas características y el mismo perfil de riesgo que los Títulos de Índice) de emisores que compongan el Índice. Por consiguiente, el Subfondo podría mantener solamente un determinado subconjunto de los Títulos del Índice.
Si bien el Índice exhibe, por lo general, una buena diversificación gracias a la naturaleza del mercado que el Índice representa, es posible que muestre una mayor concentración en determinados componentes en un momento dado. En particular, a efectos de replicar el Índice con precisión, el Subfondo recurrirá a los límites de diversificación más amplios | # Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to provide returns that correspond to those of its Index.
Investment Policy: The Sub-Fund pursues a passively managed (index- tracking) strategy.
The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index.
The Index is comprised of CNY-denominated fixed rate bonds that have been issued by the PRC government, PRC government-related banks (known as "policy banks" such as the China Development Bank and the Agricultural Development Bank of China) and investment-grade PRC local authorities, agencies and corporate issuers (the "Index Securities").
In order to seek to achieve the Sub-Fund's investment objective, the Investment Manager will aim to replicate the Index by investing in Index Securities and issues comprising the Index. As far as possible and practicable, the Investment Manager will aim to invest in issuers in a similar proportion to that of the Index. It may not be possible for the Sub- Fund to invest in every Index Security and the Sub-Fund may invest in bonds not in the Index (but with the same characteristics and risk profile as the Index Securities) of issuers comprising the Index. As a result, the Sub-Fund may only hold a certain sub-set of Index Securities.
Although the Index is generally well diversified, due to the nature of the market which the Index reflects, it may have a higher concentration in certain constituents at any one time. In particular, in order for the Sub- Fund to track the Index accurately, the Sub-Fund will make use of the increased diversification limits available under Regulation 71 of the UCITS | en | es |
DOLFIN119 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The fund makes investments in companies of various market capitalizations that are undervalued, of high quality, and are managed by top management teams with good operational and governance records. As part of our proprietary investment research used in the corporate governance assessment, we typically consider a company's:
- Track record for allocating capital
- Board quality, diversity and composition
- Alignment of incentives for controlling shareholders, minority shareholders and management
- History of protecting minority stakeholder rights, especially in a crisis
- Ability to attract and retain talent
- Exposure to regulatory, market and other risks
- Management of material environmental and social risk
- Potential for successfully entering new areas of business by leveraging existing strengths
- Shareholder friendliness, including transparency and disclosureTo develop a 360-degree view of investee companies, our due diligence process includes meetings with one or more of the following stakeholders: company management, employees, customers, suppliers, research and civic organizations. This helps us gauge the strength and quality of management teams, as well as the viability of a company's business model. We may also consider a company's potential for successfully entering new areas of business by leveraging existing strengths. In markets that are rapidly growing and stillinherently inefficient, we believe identifying companies with strong corporate governance is essential to helping manage our clients' investments. | El fondo invierte en empresas con distintas capitalizaciones de mercado que están infravaloradas, de gran calidad y que están dirigidas por equipos de gestión destacados con unas buenas trayectorias operativas y de gobernanza. Como parte de nuestra investigación de inversiones empleada en la valoración del buen gobierno corporativo, normalmente, de la empresa tenemos en cuenta:
- El historial de asignación de capital
- La calidad, diversidad y composición de su consejo
- La alineación de los incentivos para los accionistas mayoritarios, los minoritarios y los directivos
- Su historial de protección de los derechos de los accionistas minoritarios, sobre todo durante una crisis
- La capacidad para atraer y retener el talento
- La exposición a riesgos normativos, de mercado y de otro tipo
- La gestión del riesgo ambiental y social sustancial
- El potencial para acceder con éxito a nuevos ámbitos de negocio aprovechando los puntos fuertes que ya posee
- Las facilidades para los accionistas, incluida la transparencia y la divulgaciónA fin de tener una visión de 360 grados de las empresas participadas, nuestro proceso de diligencia debida incluye reuniones con una o varias de las siguientes partes interesadas: la dirección de la empresa, los empleados, los clientes, los proveedores, los responsables de investigación y organizaciones cívicas. Esto nos permite cuantificar la solidez y la calidad de los equipos directivos, además de la viabilidad del modelo de negocio de una empresa. También podemos tener en cuenta el potencial de una empresa para acceder con éxito a nuevos ámbitos de negocio aprovechando los puntos fuertes que ya posee. En mercados en rápido crecimiento y que siguen siendo ineficientes por naturaleza, creemos que identificar empresas con un gobierno corporativo sólido resulta esencial para contribuir a gestionar las inversiones de nuestros clientes. | The fund makes investments in companies of various market capitalizations that are undervalued, of high quality, and are managed by top management teams with good operational and governance records. As part of our proprietary investment research used in the corporate governance assessment, we typically consider a company's:
- Track record for allocating capital
- Board quality, diversity and composition
- Alignment of incentives for controlling shareholders, minority shareholders and management
- History of protecting minority stakeholder rights, especially in a crisis
- Ability to attract and retain talent
- Exposure to regulatory, market and other risks
- Management of material environmental and social risk
- Potential for successfully entering new areas of business by leveraging existing strengths
- Shareholder friendliness, including transparency and disclosureTo develop a 360-degree view of investee companies, our due diligence process includes meetings with one or more of the following stakeholders: company management, employees, customers, suppliers, research and civic organizations. This helps us gauge the strength and quality of management teams, as well as the viability of a company's business model. We may also consider a company's potential for successfully entering new areas of business by leveraging existing strengths. In markets that are rapidly growing and stillinherently inefficient, we believe identifying companies with strong corporate governance is essential to helping manage our clients' investments. | en | es |
DOLFIN126 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Fund was launched on 21 January 2010 and its E class on 21 January 2010.
0.2%
0.7%
0.1%
0.6%
0.1%
0.5% | # El Fondo se creó el 21 de enero de 2010 y su clase E el 21 de enero de 2010.
0,2%
0,7%
0,1%
0,6%
0,1%
0,5% | # The Fund was launched on 21 January 2010 and its E class on 21 January 2010.
0.2%
0.7%
0.1%
0.6%
0.1%
0.5% | en | es |
DOLFIN132 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sector allocation
In our portfolio management, we not only factor in weights, but also spreads and durations (DTS). On that basis, we are overweight in financials and underweight in non-financial corporates. The banking sector remains an overweight, while the real estate sector remains an underweight. The fund maintained its overweight positions in agencies, covered bonds and ABS, and swap spreads. The position in the Crossover CDS Index was closed early in the month, after a strong rally in high yield markets. The position in ABS consists of European residential mortgages and auto loans.
The agencies category comprises issuers that are majority-owned by governments.
Sector allocation Deviation index | # Distribución del sector
En la gestión de cartera no solo consideramos ponderaciones, sino también diferenciales y duraciones (DTS). Partiendo de esa base, estamos sobreponderados en finanzas e infraponderados en corporativos no financieros. El sector bancario continúa sobreponderado, mientras que el sector inmobiliario continúa infraponderado. El fondo mantuvo sus posiciones de sobreponderación en agencias, bonos cubiertos y ABS, así como en diferenciales de swap. La posición en el índice Crossover CDS se cerró a principios del mes, tras un sólido repunte en los mercados HY. La posición en ABS consiste en hipotecas residenciales europeas y en préstamos para automóviles. La categoría de agencias incluye a emisores cuyos accionistas mayoritarios son los gobiernos. | # Sector allocation
In our portfolio management, we not only factor in weights, but also spreads and durations (DTS). On that basis, we are overweight in financials and underweight in non-financial corporates. The banking sector remains an overweight, while the real estate sector remains an underweight. The fund maintained its overweight positions in agencies, covered bonds and ABS, and swap spreads. The position in the Crossover CDS Index was closed early in the month, after a strong rally in high yield markets. The position in ABS consists of European residential mortgages and auto loans.
The agencies category comprises issuers that are majority-owned by governments.
Sector allocation Deviation index | en | es |
DOLFIN134 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Management process
- The Fund is actively managed.
- Through the application of the abrdn Sustainable Equity Investment Approach, the Fund targets an ESG rating that is equal to or better, and a meaningfully lower carbon intensity, than the benchmark.
- Sustainable leaders are viewed as companies with the best in class ESG credentials or products andservices which address global environmental and societal challenges, whilst improvers are typically companies with average governance, ESG management practices and disclosure with potential for improvement.
- Engagement with external company management teams is used to evaluate the ownership structures, governance and management quality of those companies in order to inform portfolio construction.
- The benchmark is also used as a reference point for portfolio construction and as a basis for setting risk constraints, but does not incorporate any sustainable criteria.
- In order to achieve its objective, the Fund will take positions whose weightings diverge from thebenchmark and may invest in securities which are not included in the benchmark. The investments of the Fund may deviate significantly from the components of and their respective weightings in the benchmark.
- Due to the active and sustainable nature of the management process, the Fund's performanceprofile may deviate significantly from that of the benchmark. | # Proceso de gestión
- El fondo se gestiona activamente.
- A través de la aplicación del Sustainable Equity Investment Approach de abrdn, el fondo tiene como objetivo una calificación ESG igual o mejor, y una intensidad de carbono significativamente más baja, que el índice de referencia.
- Los líderes sostenibles son vistos como empresas con las mejores credenciales ESG o productos y servicios de su clase que abordan los desafíos medioambientales y sociales globales, mientras que los mejoradores suelen ser empresas con prácticas promedio de gestión en el ámbito ESG y de gobierno y una divulgación con potencial de mejora.
- La implicación con los equipos directivos externos de la empresa se utiliza para evaluar lasestructuras de propiedad, gobierno y calidad de gestión de esas empresas con el fin de informar la confección de cartera.
- El índice de referencia también se utiliza como un punto de referencia para la confección de carteras y como base para establecer restricciones de riesgo, pero no incorpora ningún criterio sostenible.
- Con el fin de lograr su objetivo, el fondo adoptará posiciones cuyas ponderaciones divergirán del índice de referencia o invertirá 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 de sus respectivas ponderaciones.
- Debido a la naturaleza activa del proceso de gestión, el perfil de rentabilidad del fondo podríadesviarse significativamente con respecto al del índice de referencia. | # Management process
- The Fund is actively managed.
- Through the application of the abrdn Sustainable Equity Investment Approach, the Fund targets an ESG rating that is equal to or better, and a meaningfully lower carbon intensity, than the benchmark.
- Sustainable leaders are viewed as companies with the best in class ESG credentials or products andservices which address global environmental and societal challenges, whilst improvers are typically companies with average governance, ESG management practices and disclosure with potential for improvement.
- Engagement with external company management teams is used to evaluate the ownership structures, governance and management quality of those companies in order to inform portfolio construction.
- The benchmark is also used as a reference point for portfolio construction and as a basis for setting risk constraints, but does not incorporate any sustainable criteria.
- In order to achieve its objective, the Fund will take positions whose weightings diverge from thebenchmark and may invest in securities which are not included in the benchmark. The investments of the Fund may deviate significantly from the components of and their respective weightings in the benchmark.
- Due to the active and sustainable nature of the management process, the Fund's performanceprofile may deviate significantly from that of the benchmark. | en | es |
DOLFIN137 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through total return, using a combination of income and capital growth.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in debt securities from issuers in the financial credit sector, such as banks or insurance companies including 50% to 70% in contingent convertible bonds (CoCos).
The Fund's debt investments may include subordinated debt securities and convertible bonds. These securities may be of any credit quality including Investment Grade and below Investment Grade debt securities.
The Fund may invest in, or be exposed up to 10% in debt securities that are rated at Caa1/CCC+ or lower.
The Fund's exposure to USD is at least 90%.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Responsible Investing
The Fund is classified as Article 8 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
Secured Overnight Financing Rate (SOFR) used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Contingent convertible bonds ("CoCos"): CoCos are a type of contingent security issued by global financial institutions. CoCos are usually subordinated and convert to the issuer's equity and/or have a write-down following the occurrence of a pre-determined event.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Duration: A measure of how much the price of a fixed-income asset will fluctuate as a result of changes in the interest rate environment. Securities with a higher duration are typically more sensitive and can have greater price fluctuations in case of changes in the interest rates.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.
Subordinated debt: A type of debt that ranks lower than an issuer's more senior debt and may only be paid when all senior debt holders have already been paid. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de Inversión
El Fondo trata de aumentar el valor de su inversión con el tiempo mediante la rentabilidad total obtenida de una combinación de ingresos y crecimiento del capital.
## Política de inversión
En condiciones normales de mercado, el Fondo normalmente invierte, al menos, el 80% de sus activos en títulos de renta fija de emisores procedentes del sector del crédito financiero, como bancos o aseguradoras, incluyendo entre un 50% y un 70% en bonos convertibles contingentes (CoCo, por sus siglas en inglés).
Las inversiones en renta fija del Fondo pueden incluir títulos de deuda subordinada y bonos convertibles. Estos valores pueden tener cualquier calidad crediticia, incluyendo títulos de renta fija con Grado de Inversión o títulos por debajo del Grado de Inversión.
El Fondo podrá invertir, o estar expuesto hasta un 10% en títulos de renta fija con una calificación igual o inferior a Caa1/CCC+.
La exposición del Fondo al USD es de, al menos, el 90%.
El Fondo utiliza derivados para la cobertura (reducción de riesgos), gestión eficiente de la cartera y otros objetivos de inversión.
## Inversión responsable
El Fondo entra en la categoría del artículo 8 del Reglamento SFDR. Si desea más información, consulte las referencias a la divulgación de información relativa a la sostenibilidad del folleto.
## Índice de referencia
Secured Overnight Financing Rate (SOFR) se emplea para comparar la rentabilidad.
El Fondo se gestiona de forma activa, y el Gestor de Inversiones no está limitado por su índice de referencia. Consulte el folleto del Fondo para obtener más información.
## Divisa del compartimento
La divisa de referencia del Fondo es USD.
## Divisa de la clase de acciones
La divisa de referencia de la clase de acciones es USD.
## Política de reparto
Esta clase de acciones es una clase de acciones de acumulación. Los ingresos y las plusvalías en capital generados por el Fondo se reinvierten.
## Amortización
Las acciones pueden amortizarse cualquier día en el que tanto la Bolsa de Nueva York como los bancos en Luxemburgo estén abiertos.
## Glosario
Títulos por debajo del grado de inversión: títulos de renta fija con una calificación inferior al grado de inversión que pueden generar altas rentabilidades pero acarrear mayores riesgos.
Bonos convertibles contingentes (CoCo): Los CoCo son un tipo de título contingente emitido por instituciones financieras internacionales. Suelen ser subordinados y se convierten en acciones del emisor o sufren una quita si se produce un evento prefijado.
Valores de deuda: Valores que representan la obligación de pagar una deuda, con intereses.
Derivados: Instrumentos financieros cuyo valor está vinculado a uno o más tipos, índices, precios de acciones u otros valores.
Duración: Un indicador de la fluctuación experimentada en el precio de un activo de renta fija como consecuencia de cambios en los tipos de interés. Los valores cuya duración es mayor suelen ser más sensibles y pueden registrar mayores fluctuaciones de precios cuando cambian los tipos de interés.
Títulos dentro del grado de inversión: títulos de renta fija con una calificación de BBB-, Baa3 o superior.
Otros fines de inversión: significa aumentar la exposición o gestionar la duración de forma acorde con el objetivo y la política de inversión del Fondo.
Reglamento SFDR: Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo, de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros.
Deuda subordinada: Un tipo de deuda situada en el orden de prelación por detrás de otra deuda más preferente del emisor y que únicamente accede al pago cuando ya se ha producido el del resto de tenedores de deuda sénior. | # OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through total return, using a combination of income and capital growth.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in debt securities from issuers in the financial credit sector, such as banks or insurance companies including 50% to 70% in contingent convertible bonds (CoCos).
The Fund's debt investments may include subordinated debt securities and convertible bonds. These securities may be of any credit quality including Investment Grade and below Investment Grade debt securities.
The Fund may invest in, or be exposed up to 10% in debt securities that are rated at Caa1/CCC+ or lower.
The Fund's exposure to USD is at least 90%.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Responsible Investing
The Fund is classified as Article 8 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
Secured Overnight Financing Rate (SOFR) used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Contingent convertible bonds ("CoCos"): CoCos are a type of contingent security issued by global financial institutions. CoCos are usually subordinated and convert to the issuer's equity and/or have a write-down following the occurrence of a pre-determined event.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Duration: A measure of how much the price of a fixed-income asset will fluctuate as a result of changes in the interest rate environment. Securities with a higher duration are typically more sensitive and can have greater price fluctuations in case of changes in the interest rates.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.
Subordinated debt: A type of debt that ranks lower than an issuer's more senior debt and may only be paid when all senior debt holders have already been paid. | en | es |
DOLFIN140 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years Example Investment: 10000 CHF If you exit after 1 If you exit after 5 year years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 7990 CHF | 7630 CHF |
| Average return each year | -20.10% | -5.27% |
| Unfavourable | What you might get back after costs | 7990 CHF | 7630 CHF |
| Average return each year | -20.10% | -5.27% |
| Moderate | What you might get back after costs | 9850 CHF | 9500 CHF |
| Average return each year | -1.50% | -1.02% |
| Favourable | What you might get back after costs | 10540 CHF | 9770 CHF |
| Average return each year | 5.40% | -0.46% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: 10000 CHF En caso de salida En caso de salida después de 1 año después de 5 años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 7990 CHF | 7630 CHF |
| Rendimiento medio cada año | -20.10% | -5.27% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7990 CHF | 7630 CHF |
| Rendimiento medio cada año | -20.10% | -5.27% |
| Moderado | Lo que podría recibir tras deducir los costes | 9850 CHF | 9500 CHF |
| Rendimiento medio cada año | -1.50% | -1.02% |
| Favorable | Lo que podría recibir tras deducir los costes | 10540 CHF | 9770 CHF |
| Rendimiento medio cada año | 5.40% | -0.46% | | | Recommended holding period: 5 years Example Investment: 10000 CHF If you exit after 1 If you exit after 5 year years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 7990 CHF | 7630 CHF |
| Average return each year | -20.10% | -5.27% |
| Unfavourable | What you might get back after costs | 7990 CHF | 7630 CHF |
| Average return each year | -20.10% | -5.27% |
| Moderate | What you might get back after costs | 9850 CHF | 9500 CHF |
| Average return each year | -1.50% | -1.02% |
| Favourable | What you might get back after costs | 10540 CHF | 9770 CHF |
| Average return each year | 5.40% | -0.46% | | en | es |
DOLFIN142 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Company Transactions and Conflicts of Interest
Subject to the provisions of this section, the Investment Manager, the Sub-Investment Manager, the Administrative Support Provider, the Administrator, the Depositary, the Directors, any Shareholder, and any of their respective subsidiaries, affiliates, associates, agents or delegates (each a Connected Person), may contract or enter into any financial, banking or other transaction with one another or with the Company, including without limitation, investment by the Company in securities of a Shareholder, or investment by any Connected Persons in any company or body any of whose investments form part of the assets comprised in any Fund or be interested in any such contract or transactions. In particular, without limitation, any Connected Person may invest in and deal with Shares relating to any Fund or any property of the kind included in the property of the relevant Fund for their respective individual accounts or for the account of someone else. The appointment of the Investment Manager and Distributor, the Sub-Investment Manager, the Administrative Support Provider, the Administrator and the Depositary in their primary capacity as service providers to the Company are excluded from the scope of these Connected Person requirements.
In addition, any cash of the Company may be deposited, subject to the provisions of the Central Bank Acts, 1942 to 2015 (as may be amended, consolidated, supplemented or otherwise modified from time to time), with any Connected Person or invested in certificates of deposit or banking instruments issued by any Connected Person. Banking and similar transactions may also be undertaken with or through a Connected Person.
Any Connected Person may also deal as agent or principal in the sale or purchase of securities and other investments to or from the Company through the Depositary or any subsidiary, affiliate, associate, agent or delegate thereof. There will be no obligation on the part of any such Connected Person to account to Shareholders for any benefits so arising, and any such benefits may be retained by the relevant party, provided that such transactions are conducted as if negotiated at arm's length, are in the best interests of Shareholders, and
- a certified valuation of such transaction by a person approved by the Depositary (or by the Directors in the case of a transaction involving the Depositary) as independent and competent has been obtained; or
- such transaction has been executed on best terms on an organised investment exchange under its rules; orwhere neither (1) nor (2) are practicable,
- such transaction has been executed on terms which the Depositary is (or in the case of any such transaction entered into by the Depositary, the Directors are) satisfied conform with the principle that such transactions be conducted as if negotiated at arm’s length and in the best interests of Shareholders. | ## Operaciones de la Sociedad y conflictos de interés
Sin perjuicio de las disposiciones de este apartado, la Gestora de inversiones, la Gestora delegada de inversiones, el Proveedor de servicios de apoyo administrativo, el Administrador, el Depositario, los Consejeros, cualquier Accionista, y cualquiera de sus respectivas filiales, entidades afiliadas, asociados, agentes o delegados (cada uno de ellos, una Persona vinculada), podrá contratar o celebrar cualquier operación financiera, bancaria o de otro tipo con otra Parte vinculada o con la Sociedad, incluyendo, entre otras, cualquier inversión de la Sociedad en valores de un Accionista, o la inversión por cualquier Persona vinculada en cualquier sociedad u organismo cualquiera de cuyas inversiones forme parte de los activos de cualquier Subfondo o esté interesada en cualquiera de estos contratos u operaciones. En concreto, cualquier Persona vinculada podrá, sin límite alguno, negociar e invertir, por cuenta propia o por cuenta de terceros, en Acciones del Subfondo pertinente o en activos de cualquier clase que figuren entre los activos de cualquier Subfondo. El nombramiento de la Gestora de inversiones y del Distribuidor, de la Gestora delegada de inversiones, del Proveedor de servicios de apoyo administrativo, del Administrador y del Depositario en su calidad principal como proveedores de servicios de la Sociedad están excluidos del ámbito de aplicación de estos requisitos de Persona vinculada.
Además, con sujeción a lo dispuesto en las Leyes del Banco Central (Central Bank Acts) irlandesas, de 1942 a 2015 (con sus oportunas modificaciones, consolidaciones, ampliaciones u otras modificaciones), se podrá entregar en depósito cualquier importe en efectivo de la Sociedad a cualquier Persona vinculada o invertirlo en certificados de depósito o instrumentos bancarios emitidos por cualquier Persona vinculada. Asimismo, podrán celebrarse operaciones bancarias o de índole similar por medio o a través de una Persona vinculada.
Cualquier Persona vinculada podrá realizar, en calidad de principal o de agente, operaciones de compra o venta de valores y otras inversiones para o por la Sociedad a través del Depositario o cualquiera de sus filiales, entidades afiliadas, asociados, agentes o delegados. Ninguna Persona vinculada estará obligada a rendir cuentas a los Accionistas de los beneficios que de tal modo obtuviese, que podrán ser retenidos por la parte de que se trate, siempre y cuando dichas operaciones se ejecuten como lo harían dos partes independientes, y redunden en interés de los Accionistas y, además:
- se obtenga una valoración certificada de dicha operación por parte de una persona independiente y competente aprobada por el Depositario (o los Consejeros en el caso de una operación en la que esté involucrado el Depositario); o
- dicha operación se ejecute en las mejores condiciones en un mercado organizado con arreglo a la normativa de dicho mercado; o cuando el cumplimiento de las condiciones (1) y (2) no fuera factible,
- dicha operación se realice en unas condiciones comerciales que el Depositario (o los Consejeros cuando se trate de una operación celebrada por el Depositario) considere satisfactorias conforme al principio de ejecución de las operaciones en condiciones normales del mercado y en el mejor interés de los Accionistas. | ## Company Transactions and Conflicts of Interest
Subject to the provisions of this section, the Investment Manager, the Sub-Investment Manager, the Administrative Support Provider, the Administrator, the Depositary, the Directors, any Shareholder, and any of their respective subsidiaries, affiliates, associates, agents or delegates (each a Connected Person), may contract or enter into any financial, banking or other transaction with one another or with the Company, including without limitation, investment by the Company in securities of a Shareholder, or investment by any Connected Persons in any company or body any of whose investments form part of the assets comprised in any Fund or be interested in any such contract or transactions. In particular, without limitation, any Connected Person may invest in and deal with Shares relating to any Fund or any property of the kind included in the property of the relevant Fund for their respective individual accounts or for the account of someone else. The appointment of the Investment Manager and Distributor, the Sub-Investment Manager, the Administrative Support Provider, the Administrator and the Depositary in their primary capacity as service providers to the Company are excluded from the scope of these Connected Person requirements.
In addition, any cash of the Company may be deposited, subject to the provisions of the Central Bank Acts, 1942 to 2015 (as may be amended, consolidated, supplemented or otherwise modified from time to time), with any Connected Person or invested in certificates of deposit or banking instruments issued by any Connected Person. Banking and similar transactions may also be undertaken with or through a Connected Person.
Any Connected Person may also deal as agent or principal in the sale or purchase of securities and other investments to or from the Company through the Depositary or any subsidiary, affiliate, associate, agent or delegate thereof. There will be no obligation on the part of any such Connected Person to account to Shareholders for any benefits so arising, and any such benefits may be retained by the relevant party, provided that such transactions are conducted as if negotiated at arm's length, are in the best interests of Shareholders, and
- a certified valuation of such transaction by a person approved by the Depositary (or by the Directors in the case of a transaction involving the Depositary) as independent and competent has been obtained; or
- such transaction has been executed on best terms on an organised investment exchange under its rules; orwhere neither (1) nor (2) are practicable,
- such transaction has been executed on terms which the Depositary is (or in the case of any such transaction entered into by the Depositary, the Directors are) satisfied conform with the principle that such transactions be conducted as if negotiated at arm’s length and in the best interests of Shareholders. | en | es |
DOLFIN147 | 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 key features of the sub-fund are as follows:
2 The sub-fund aims to outperform its reference indicator over a period exceeding three years.
2 This Sub-Fund is an actively managed UCITS. The investment manager has discretion over the composition of its portfolio, subject to the stated investment objectives and policy. The Sub-Fund's investment universe is at least partly derived from the Reference indicator. The Sub-Fund's investment strategy is not dependent on the Reference indicator; therefore, the Sub-Fund's holdings and the weightings may substantially deviate from the composition of the Reference indicator. There is no limit set on the level of such deviation. The reference indicator comprises 50% MSCI AC WORLD NR (USD) index, and 50% ICE BofA Global Government Index (USD), calculated with coupons reinvested. The reference indicator is rebalanced each quarter and converted into euro for EUR units and hedged units, and into the reference currency of the unit class for unhedged units.
2 The sub-fund is diversified. Its performance drivers are:
- Equities: a maximum of 50% of the sub-fund's net assets is permanently exposed to international equities (all capitalisations, without restrictions in terms of sector or region, with up to 25% of net assets exposed to emerging countries).
- Fixed income products: at least 50% of the sub-fund's net assets is invested in fixed rate and/or variable rate government and/or corporate bonds and money market instruments. The average rating of the bonds held by the sub-fund shall be at least investment grade. Fixed income products from emerging countries may not exceed 25% of net assets.
- Currencies: The sub-fund may use currencies other than the Fund's valuation currency for exposure or hedging purposes.
2 The manager may use Relative Value strategies as performance drivers, looking to take advantage of the relative value between different instruments. Short positions may also be taken through derivatives.
2 The geographical investment universe of the sub-fund is global, including emerging countries.
Other information:
2 The sub-fund uses derivatives for hedging or arbitrage purposes, or to expose the portfolio to the following risks (directly or via indices): currencies, credit (up to 30% of net assets), bonds, equities (all categories of capitalisation), ETFs, dividends, volatility, variance (the latter two categories for up to 10% of net assets) and commodities (up to 20% of assets). The derivatives available are options (vanilla, barrier, binary), futures and forwards, swaps (including performance) and CFDs (contracts for difference) on one or more underlyings. | # Objetivos y política de inversión
A continuación se recogen las principales características del subfondo:
2 El objetivo del subfondo es obtener una rentabilidad superior a la de su indicador de referencia, en un periodo superior a 3 años.
2 Este Subfondo es una IIC gestionada activamente. El gestor de inversiones puede determinar, a su discreción, la composición de su cartera, teniendo en cuenta la política y los objetivos de inversión indicados. El universo de inversión del Subfondo se deriva, al menos parcialmente, del indicador de referencia. La estrategia de inversión del Subfondo no depende del indicador de referencia; por lo tanto, las posiciones y las ponderaciones del Subfondo podrían desviarse sustancialmente de la composición del indicador de referencia. No se establece ningún límite concreto en cuanto al grado de dicha desviación. El indicador de referencia está compuesto en un 50% por el índice MSCI AC WORLD NR (USD) y en un 50% por el índice ICE BofA Global Government (USD) con cupones reinvertidos. El indicador de referencia se reajusta trimestralmente y se convierte a euros en el caso de las participaciones cubiertas y denominadas en EUR, y en la moneda de referencia de la clase de participación en aquellas que carecen de cobertura.
2 El subfondo es del tipo «Diversificado». Sus motores de rentabilidad son:
- La renta variable: el subfondo expondrá, como máximo, el 50% de su patrimonio neto a valores de renta variable internacional (sin restricciones de capitalización, sectoriales o geográficas, incluidos los países emergentes en un máximo del 25% del patrimonio neto).
- Productos de renta fija: el subfondo invierte al menos un 50% de su patrimonio neto en títulos de deuda pública y/o privada a tipo fijo y/o variable y en instrumentos del mercado monetario. La calificación media de los instrumentos de renta fija mantenidos por el subfondo será, como mínimo, «investment grade». Los productos de renta fija de los países emergentes no podrán superar el 25% del patrimonio neto.
- Las divisas: El subfondo podrá utilizar, con fines de exposición y cobertura, divisas distintas a su divisa de valoración.
2 El gestor podrá recurrir a estrategias de «relative value» (valor relativo) como motores de la rentabilidad, con el fin de beneficiarse del valor relativo entre diferentes instrumentos. Asimismo, podrán adoptarse posiciones vendedoras a través de productos derivados.
2 El universo geográfico de inversión del subfondo abarca todos los países del mundo, incluidos los emergentes.
Otra información:
2 El subfondo emplea derivados con fines de cobertura o arbitraje, o con el propósito de exponer la cartera a los siguientes riesgos (directamente o a través de índices): divisas, | # Objectives and investment policy
The key features of the sub-fund are as follows:
2 The sub-fund aims to outperform its reference indicator over a period exceeding three years.
2 This Sub-Fund is an actively managed UCITS. The investment manager has discretion over the composition of its portfolio, subject to the stated investment objectives and policy. The Sub-Fund's investment universe is at least partly derived from the Reference indicator. The Sub-Fund's investment strategy is not dependent on the Reference indicator; therefore, the Sub-Fund's holdings and the weightings may substantially deviate from the composition of the Reference indicator. There is no limit set on the level of such deviation. The reference indicator comprises 50% MSCI AC WORLD NR (USD) index, and 50% ICE BofA Global Government Index (USD), calculated with coupons reinvested. The reference indicator is rebalanced each quarter and converted into euro for EUR units and hedged units, and into the reference currency of the unit class for unhedged units.
2 The sub-fund is diversified. Its performance drivers are:
- Equities: a maximum of 50% of the sub-fund's net assets is permanently exposed to international equities (all capitalisations, without restrictions in terms of sector or region, with up to 25% of net assets exposed to emerging countries).
- Fixed income products: at least 50% of the sub-fund's net assets is invested in fixed rate and/or variable rate government and/or corporate bonds and money market instruments. The average rating of the bonds held by the sub-fund shall be at least investment grade. Fixed income products from emerging countries may not exceed 25% of net assets.
- Currencies: The sub-fund may use currencies other than the Fund's valuation currency for exposure or hedging purposes.
2 The manager may use Relative Value strategies as performance drivers, looking to take advantage of the relative value between different instruments. Short positions may also be taken through derivatives.
2 The geographical investment universe of the sub-fund is global, including emerging countries.
Other information:
2 The sub-fund uses derivatives for hedging or arbitrage purposes, or to expose the portfolio to the following risks (directly or via indices): currencies, credit (up to 30% of net assets), bonds, equities (all categories of capitalisation), ETFs, dividends, volatility, variance (the latter two categories for up to 10% of net assets) and commodities (up to 20% of assets). The derivatives available are options (vanilla, barrier, binary), futures and forwards, swaps (including performance) and CFDs (contracts for difference) on one or more underlyings. | en | es |
DOLFIN151 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The default (or non performance of all or part of its obligations) of a counterparty to these transactions may have a significant negative impact on the net asset value of the UCITS.
- - Risks related to securities financing transactions and risks related to the management of financial guarantees: Such transactions and the guarantees attached thereto could create risks for the Fund, such as:
- Counterparty risk (as described above),
- Legal risk;
- Custody risk,
- Liquidity risk (i.e. the risk that arises from the difficulty of purchasing, selling, terminating or valuing a security or transaction because of a lack of buyers, sellers or counterparties), and where applicable,
- Risks involved in the re use of collateral (i.e. mainly the risk that the financial collateral posted by the Fund will not be returned to it, for example as a result of the counterparty's default).
- - Risks linked to investments in a single entity:Risk resulting from the concentration of investments made by the UCITS on certain issuers and which may lead to a fall in the net asset value when these issuers present a risk of loss in value or default.
- - Risk related to securitisation assets:The fund manager has a prudent internal valuation procedure. However, these instruments are the result of complex structures, which may involve legal risks and specific risks arising from the characteristics of the underlying assets. | # El impago de una contraparte de estas operaciones (o el incumplimiento de la totalidad o parte de sus obligaciones) puede tener un impacto negativo significativo sobre el valor liquidativo del OICVM.
- - Riesgos vinculados a las operaciones de financiación con valores y riesgos vinculados a la gestión de garantías financieras:Estas operaciones y las garantías relacionadas con ellas pueden generar riesgos para el OICVM, como los siguientes:
- Riesgo de contraparte (según lo descrito anteriormente),
- Riesgo legal;
- El riesgo de custodia;
- El riesgo de liquidez (es decir, el riesgo resultante de la dificultad para comprar, vender, rescindir o valorar un valor o una transacción debido a la falta de compradores, vendedores o contrapartes) y, cuando proceda,
- Riesgos asociados a la reutilización de las garantías (es decir, principalmente el riesgo de que las garantías financieras entregadas por el OICVM no se le devuelvan, por ejemplo, a raíz del incumplimiento de la contraparte).
- - Riesgos inherentes a las inversiones en una misma entidad:Riesgo resultante de la concentración de las inversiones realizadas por el OICVM en determinados emisores y que pueden conllevar una disminución del valor liquidativo cuando dichos emisores presentan concretamente un riesgo de pérdida de valor o de impago.
- - Riesgo asociado a los activos de la titulización:El gestor dispone de un procedimiento de evaluación interna prudente, si bien estos instrumentos son el resultado de monjes complejos que pueden conllevar riesgos jurídicos y riesgos específicos debidos a lascaracterísticas de los activos subyacentes. | # The default (or non performance of all or part of its obligations) of a counterparty to these transactions may have a significant negative impact on the net asset value of the UCITS.
- - Risks related to securities financing transactions and risks related to the management of financial guarantees: Such transactions and the guarantees attached thereto could create risks for the Fund, such as:
- Counterparty risk (as described above),
- Legal risk;
- Custody risk,
- Liquidity risk (i.e. the risk that arises from the difficulty of purchasing, selling, terminating or valuing a security or transaction because of a lack of buyers, sellers or counterparties), and where applicable,
- Risks involved in the re use of collateral (i.e. mainly the risk that the financial collateral posted by the Fund will not be returned to it, for example as a result of the counterparty's default).
- - Risks linked to investments in a single entity:Risk resulting from the concentration of investments made by the UCITS on certain issuers and which may lead to a fall in the net asset value when these issuers present a risk of loss in value or default.
- - Risk related to securitisation assets:The fund manager has a prudent internal valuation procedure. However, these instruments are the result of complex structures, which may involve legal risks and specific risks arising from the characteristics of the underlying assets. | en | es |
DOLFIN156 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Company need not comply with the investment limits set out above when exercising subscription rights attached to Transferable Securities or Money Market Instruments which form part of the assets of its Sub-Funds.
If the limits are exceeded for reasons beyond the Company's control or as a result of the exercise of subscription rights, the Company must, through its sales transactions, have as its priority objective the regularisation of that situation, bearing Shareholders’ interests in mind.
Insofar as an issuer is a legal entity with multiple Sub-Funds in which the assets of a Sub-Fund are exclusively liable for the rights of investors in relation to this Sub-Fund and for those of creditors whose financial claim arises from the creation, operation or liquidation of this Sub-Fund, each Sub-Fund is to be considered as a separate issuing entity for the purposes of the application of the rules of risk spreading specified in this title B, with the exception of points 7 and 9. | La Sociedad no deberá ajustarse necesariamente a los límites de inversión anteriormente previstos cuando ejerza los derechos de suscripción correspondientes a los Valores mobiliarios o Instrumentos del mercado monetario que formen parte de los activos de sus Subfondos.
Si estos límites se superan por motivos ajenos al control de la Sociedad o como consecuencia del ejercicio de los derechos de suscripción, esta deberá, a través de sus operaciones de venta, marcarse como objetivo prioritario la regularización de esta situación, teniendo en cuenta el interés de los Accionistas.
En la medida que un emisor sea una entidad jurídica con múltiples Subfondos en la que el activo de un Subfondo responda exclusivamente de los derechos de los inversores relativos a este Subfondo y de los de los acreedores cuya demanda financiera haya sido motivada por la constitución, el funcionamiento o la liquidación de este Subfondo, cada Subfondo deberá ser considerado como un emisor distinto con el fin de aplicar las normas de diversificación del riesgo especificadas en el presente Apartado B, a excepción de los puntos 7 y 9. | The Company need not comply with the investment limits set out above when exercising subscription rights attached to Transferable Securities or Money Market Instruments which form part of the assets of its Sub-Funds.
If the limits are exceeded for reasons beyond the Company's control or as a result of the exercise of subscription rights, the Company must, through its sales transactions, have as its priority objective the regularisation of that situation, bearing Shareholders’ interests in mind.
Insofar as an issuer is a legal entity with multiple Sub-Funds in which the assets of a Sub-Fund are exclusively liable for the rights of investors in relation to this Sub-Fund and for those of creditors whose financial claim arises from the creation, operation or liquidation of this Sub-Fund, each Sub-Fund is to be considered as a separate issuing entity for the purposes of the application of the rules of risk spreading specified in this title B, with the exception of points 7 and 9. | en | es |
DOLFIN157 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The liabilities of the SICAV shall include:
- all loans, bills and accounts payable;
- all accrued interest on loans of the SICAV (including accrued fees for commitment for such loans);
- all accrued or payable expenses (including, without limitation, administrative expenses, management fees, including incentive fees, if any, and Depositary fees);
- all known liabilities, present and future, including all matured contractual obligations for payments ofmoney or property, including the amount of any unpaid distributions declared by the SICAV;
- an appropriate provision for future taxes based on capital and income as of the Valuation Day, asdetermined from time to time by the SICAV, and other reserves (if any) authorized and approved by the SICAV, as well as such amount (if any) as the SICAV may consider to be an appropriate allowance in respect of any contingent liabilities of the SICAV;
- all other liabilities of the SICAV of whatsoever kind and nature reflected in accordance with generally accepted accounting principles. In determining the amountof such liabilities, the SICAV shall take into account all charges and expenses payable by the SICAV. The SICAV may accrue administrative and other expenses of a regular or recurring nature based on an estimated amount rateably for yearly or other periods. | ### El pasivo de la SICAV incluirá:
- todos los préstamos, los efectos y las cuentas por pagar
- todos los intereses devengados por préstamos de la SICAV (incluidas las comisiones de compromiso devengadas en relación con dichos préstamos)
- todos los gastos devengados o pagaderos (entre otros, los gastos de administración y las comisiones de gestión, incluidas las comisiones de incentivos, en su caso, y las comisiones del Depositario)
- todos los pasivos conocidos, presentes y futuros, incluidas todas las obligaciones contractuales vencidas correspondientes a pagos en metálico o en especie, incluido el importe de cualquier distribución pendiente declarada por la SICAV
- una provisión adecuada para futuros impuestos sobre el capital y los ingresos hasta el día de valoración, determinada oportunamente por la SICAV, y otras reservas, en su caso, autorizadas y aprobadas por la SICAV, así como la suma (si la hubiere) que la SICAVconsidere adecuado dotar para atender cualquier pasivo contingente de la SICAV
- todos los demás pasivos de la SICAV, de cualquier tipo y naturaleza, reflejados de conformidad con unosprincipios de contabilidad generalmente aceptados. Para determinar el importe de dichos pasivos, la SICAV tendrá en cuenta todas las comisiones y gastos pagaderos por la SICAV. La SICAV podrá periodificar los gastos administrativos y otros gastos de carácter ordinario o recurrente sobre la base de cifras estimadas de forma proporcional a períodos anuales o de otra duración. | ### The liabilities of the SICAV shall include:
- all loans, bills and accounts payable;
- all accrued interest on loans of the SICAV (including accrued fees for commitment for such loans);
- all accrued or payable expenses (including, without limitation, administrative expenses, management fees, including incentive fees, if any, and Depositary fees);
- all known liabilities, present and future, including all matured contractual obligations for payments ofmoney or property, including the amount of any unpaid distributions declared by the SICAV;
- an appropriate provision for future taxes based on capital and income as of the Valuation Day, asdetermined from time to time by the SICAV, and other reserves (if any) authorized and approved by the SICAV, as well as such amount (if any) as the SICAV may consider to be an appropriate allowance in respect of any contingent liabilities of the SICAV;
- all other liabilities of the SICAV of whatsoever kind and nature reflected in accordance with generally accepted accounting principles. In determining the amountof such liabilities, the SICAV shall take into account all charges and expenses payable by the SICAV. The SICAV may accrue administrative and other expenses of a regular or recurring nature based on an estimated amount rateably for yearly or other periods. | en | es |
DOLFIN166 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### AXA World Funds - China Short Duration Bonds (note 1b)
- LU1398143120: Class "A" - Capitalisation in EUR Hedged (95%)
- LU1398142742: Class "A" - Capitalisation in USD
- LU1398143633: Class "A" - Distribution monthly in CNH
- LU1398144870: Class "F" - Capitalisation in GBP
- LU1398144011: Class "F" - Capitalisation in USD
- LU1559353088: Class "I" - Capitalisation in CNH | ##### AXA World Funds - China Short Duration Bonds (nota 1b)
- LU1398143120: Clase "A" - Capitalización en EUR Hedged (95%)
- LU1398142742: Clase "A" - Capitalización en USD
- LU1398143633: Clase "A" - Reparto mensual en CNH
- LU1398144870: Clase "F" - Capitalización en GBP
- LU1398144011: Clase "F" - Capitalización en USD
- LU1559353088: Clase "I" - Capitalización en CNH | ##### AXA World Funds - China Short Duration Bonds (note 1b)
- LU1398143120: Class "A" - Capitalisation in EUR Hedged (95%)
- LU1398142742: Class "A" - Capitalisation in USD
- LU1398143633: Class "A" - Distribution monthly in CNH
- LU1398144870: Class "F" - Capitalisation in GBP
- LU1398144011: Class "F" - Capitalisation in USD
- LU1559353088: Class "I" - Capitalisation in CNH | en | es |
DOLFIN177 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Manager will automatically re-invest any distribution entitlements in further Units of the relevant Class of the relevant Fund:
- unless distributions are in excess of US$100 (or equivalent), £50, €100 or AUD100 in value (depending on the relevant denomination of the Units) and instructions in writing to the contrary are received from the Unitholder at least 21 days prior to the relevant distribution date
- if distributions are less than US$100 (or equivalent depending on the relevant denomination of the Units), distributions may be made in cash or reinvested at the discretion of the Manager.
- in all cases where the Unitholder’s anti-money laundering documentation is incomplete or has not been completed to the satisfaction of the Administrator and/or the Unitholder has not provided an original Application Form. | ## La Entidad gestora reinvertirá automáticamente los derechos de distribución en Participaciones adicionales de la Clase pertinente del Fondo correspondiente:
- salvo que las distribuciones excedan de 100 USD (o su equivalente), 50 GBP o 100 EUR (dependiendo de la divisa base de las Participaciones) y se reciban del Titular de participaciones instrucciones escritas en sentido contrario con una antelación mínima de 21 días a la fecha de distribución pertinente.
- cuando las distribuciones sean por un valor inferior a 100 USD o su equivalente, (dependiendo de la divisa base de las Participaciones), las distribuciones pueden hacerse en efectivo o reinvertirse a discreción de la Entidad gestora.
- en todos los casos en que la documentación del Titular de participaciones requerida para impedir el blanqueo de capitales esté incompleta o no haya sido cumplimentada de forma satisfactoria para la Entidad administradora y/o el Titular de participaciones no haya aportado un Formulario de solicitud original. | ## The Manager will automatically re-invest any distribution entitlements in further Units of the relevant Class of the relevant Fund:
- unless distributions are in excess of US$100 (or equivalent), £50, €100 or AUD100 in value (depending on the relevant denomination of the Units) and instructions in writing to the contrary are received from the Unitholder at least 21 days prior to the relevant distribution date
- if distributions are less than US$100 (or equivalent depending on the relevant denomination of the Units), distributions may be made in cash or reinvested at the discretion of the Manager.
- in all cases where the Unitholder’s anti-money laundering documentation is incomplete or has not been completed to the satisfaction of the Administrator and/or the Unitholder has not provided an original Application Form. | en | es |
DOLFIN178 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Japanese Smaller Companies
Schroder ISF Japanese Smaller Companies (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 Russell Nomura Small Cap (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 Russell Nomura Small Cap (Net TR) index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Russell Nomura Small Cap (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 29 October 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 Japanese Smaller Companies
Schroder ISF Japanese Smaller Companies (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 Russell Nomura Small Cap (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 Russell Nomura Small Cap (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 Russell Nomura Small Cap (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 29 de octubre 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 Japanese Smaller Companies
Schroder ISF Japanese Smaller Companies (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 Russell Nomura Small Cap (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 Russell Nomura Small Cap (Net TR) index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Russell Nomura Small Cap (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 29 October 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 |
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