id
stringlengths 7
10
| query
stringlengths 226
15.3k
| answer
stringlengths 103
18.7k
| text
stringlengths 106
15.2k
| src_lang
stringclasses 1
value | trg_lang
stringclasses 1
value |
|---|---|---|---|---|---|
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 |
DOLFIN179 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| FTSE EPRA Nareit Global Developed Green CTB, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Capitalisation'' - ISIN code LU2365458905 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the FTSE EPRA Nareit Developed Green EU CTB (NTR) Index (Bloomberg: FENGRECN Index) (“the Index”) by investing in the shares issued by companies included in the Index, respecting the Index's weightings (full replication). The Index is composed of global listed real estate companies and REITS of the following regions: North America, Developed Europe, Japan and Developed Asia-Pacific ex Japan, with strong sustainability metrics, based on three sustainable investment considerations : Green building certification, Energy usage and Carbon Emission data, while aiming to comply with the Climate Transition Benchmark (CTB) targets of reducing carbon intensity by at least 30% relative to the initial investment universe and achieving an additional decarbonisation target of at least 7% each year, as defined in the framework of the European Benchmark Regulation. As a result, companies subject to significant violations of the UN Global Compact principles are excluded from the Index. The type of approach implemented here is thematic (the Index is composed of companies that provide products and services proving concrete solutions to specific environmental and/or social challenges, seeking to benefit from future growth anticipated in these areas while contributing capital to the transition towards a low-carbon, inclusive economy). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the index, its composition, calculation and rules for monitoring and periodic rebalancing, as well as information on the general methodology common to all FTSE Russell indices, can be found at www.ftserussell.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. | | FTSE EPRA Nareit Global Developed Green CTB, un subfondo de la SICAV BNP PARIBAS EASY Clase «UCITS ETF Capitalisation» - Código ISIN LU2365458905 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
| --- |
| Objetivos y política de inversión |
| El Fondo es un fondo de seguimiento de índices administrado pasivamente. El Fondo busca replicar (con un error de seguimiento máximo* del 1%) el desempeño del FTSE EPRA NAREIT desarrolló el Índice CTB (NTR) de la UE Verde (Bloomberg: FENGRECN Index) (“el índice”) invirtiendo en las acciones emitidas por las empresas incluidas en el índice, respetando las ponderaciones del índice (plena replicación). El Índice está compuesto por sociedades inmobiliarias cotizadas a nivel mundial y SOCIEDADES DE INVERSIÓN INMOBILIARIA de las siguientes regiones: América del Norte, Europa desarrollada, Japón y Asia-Pacífico ex Japón, con sólidas métricas de sostenibilidad, basadas en tres consideraciones de inversión sostenible : Certificación de edificios verdes, uso de energía y datos de emisiones de carbono, al tiempo que se pretende cumplir con los objetivos del Índice de referencia para la transición climática (CTB) de reducir la intensidad del carbono en al menos un 30% en relación con el universo de inversión inicial y lograr un objetivo de descarbonización adicional de al menos un 7% cada año, Tal como se define en el marco del Reglamento europeo de referencia. Como resultado, las empresas sujetas a violaciones significativas de los principios del Pacto Mundial de las Naciones Unidas quedan excluidas del Índice. El tipo de enfoque que se implementa aquí es temático (el Índice está compuesto por empresas que proporcionan productos y servicios que prueban soluciones concretas a desafíos ambientales y/o sociales específicos, buscando beneficiarse del crecimiento futuro previsto en estas áreas, al tiempo que contribuyen al capital a la transición hacia una economía inclusiva y de bajo carbono). La estrategia extrafinanciera del Índice puede incluir limitaciones metodológicas como el riesgo relacionado con la inversión en ESG o el reequilibrio del Índice. Puede encontrar más información sobre el índice, su composición, cálculo y reglas para el seguimiento y reequilibrio periódico, así como información sobre la metodología general común a todos los índices FTSE Russell, en www.ftserussell.com. *El error de seguimiento es un indicador de riesgo que mide la medida en que un fondo realiza un seguimiento del rendimiento de su índice de referencia. Los ingresos se reinvierten sistemáticamente. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Otros riesgos que revisten una importancia significativa para el Fondo y que el indicador no capta de manera adecuada: Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - Algunos mercados están menos regulados que la mayoría de los mercados internacionales; por lo tanto, los servicios relacionados con la custodia y la liquidación del subfondo en dichos mercados podrían entrañar un mayor riesgo. | | FTSE EPRA Nareit Global Developed Green CTB, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Capitalisation'' - ISIN code LU2365458905 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the FTSE EPRA Nareit Developed Green EU CTB (NTR) Index (Bloomberg: FENGRECN Index) (“the Index”) by investing in the shares issued by companies included in the Index, respecting the Index's weightings (full replication). The Index is composed of global listed real estate companies and REITS of the following regions: North America, Developed Europe, Japan and Developed Asia-Pacific ex Japan, with strong sustainability metrics, based on three sustainable investment considerations : Green building certification, Energy usage and Carbon Emission data, while aiming to comply with the Climate Transition Benchmark (CTB) targets of reducing carbon intensity by at least 30% relative to the initial investment universe and achieving an additional decarbonisation target of at least 7% each year, as defined in the framework of the European Benchmark Regulation. As a result, companies subject to significant violations of the UN Global Compact principles are excluded from the Index. The type of approach implemented here is thematic (the Index is composed of companies that provide products and services proving concrete solutions to specific environmental and/or social challenges, seeking to benefit from future growth anticipated in these areas while contributing capital to the transition towards a low-carbon, inclusive economy). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the index, its composition, calculation and rules for monitoring and periodic rebalancing, as well as information on the general methodology common to all FTSE Russell indices, can be found at www.ftserussell.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. | en | es |
DOLFIN184 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Depositary : The fund depositary is J.P. Morgan SE - Luxembourg Branch.
Further Information : A copy of the Prospectus and latest annual and semi-annual financial report in English, French, German, Italian, Portuguese and Spanish and the latest Net Asset Value per Share are available free of charge upon request from www. jpmorganassetmanagement.com, by email from fundinfo@jpmorgan. com, or by writing to JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg.
Remuneration Policy : The Management Company's Remuneration Policy can be found on http://www.jpmorganassetmanagement.lu/ emea-remuneration-policy. This policy includes details of how remuneration and benefits are calculated, including responsibilities and composition of the committee which oversees and controls the policy. A copy of this policy can be requested free of charge from the Management Company.
Tax : The Sub-Fund is subject to Luxembourg tax regulations. This may have an impact on the investor's personal tax position.
Legal Information : JPMorgan Asset Management (Europe) S.à r.l. 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.
JPMorgan Liquidity Funds consists of separate Sub-Funds, each of which issues one or more Share Classes. This document is prepared for
a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Liquidity Funds.
The Sub-Fund is part of JPMorgan Liquidity Funds. Under Luxembourg law, there is segregated liability between Sub-Funds. This means that the assets of a Sub-Fund will not be available to meet a claim of a creditor or another third party made against another Sub-Fund.
The Sub-Fund is rated by an external credit rating agency. Such rating is financed by the Sub-Fund.
Switching : Investors have the right to switch all or part of their Shares of any Share Class of a Sub-Fund into Shares of another Share Class of that or another Sub-Fund of JPMorgan Liquidity Funds subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information on switching conditions can be found in the "Switching of Shares" section of the Prospectus.
Privacy Policy : You should note that, if you contact J.P. Morgan Asset Management by telephone, those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you may be processed by J.P. Morgan Asset Management, acting as a data controller, in accordance with applicable data protection laws. Further information about processing activities of J.P. Morgan Asset Management can be found in the EMEA Privacy Policy, which is available at www.jpmorgan. com/emea-privacy-policy. Additional copies of the EMEA Privacy Policy are available on request.
The Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF.
This Key Investor Information is accurate as at 01/01/2022. | # Información práctica
Depositario : El depositario del fondo es J.P. Morgan Bank Luxembourg S.A.
Información adicional : Puede obtener gratuitamente un ejemplar del Folleto del fondo y del último informe anual y semestral, en inglés, francés, alemán, italiano y español, así como el Valor Liquidativo por Acción más reciente, solicitándolo a través de www. jpmorganassetmanagement.com, enviando un correo electrónico a la dirección [email protected] o dirigiendo una carta a JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Gran Ducado de Luxemburgo.
Política de remuneración : La Política de remuneración de la Sociedad gestora se encuentra disponible en http://www. jpmorganassetmanagement.lu/emea-remuneration-policy. Esta política incluye información detallada sobre cómo se calculan la remuneración y las prestaciones, así como sobre las responsabilidades y la composición del comité que supervisa y controla dicha política. Se puede solicitar una copia gratuita de esta política a la Sociedad gestora.
Fiscalidad : El Subfondo está sujeto a la legislación tributaria de Luxemburgo. Esto podría tener repercusión sobre la situación fiscal del inversor.
Información legal : JPMorgan Asset Management (Europe) S.à r.l. 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.
JPMorgan Liquidity Funds está integrado por Subfondos independientes, cada uno de los cuales puede emitir una o varias
Clases de Acciones. El presente documento se ha elaborado para una Clase de Acciones concreta. El Folleto y los informes anual y semestral se elaboran para JPMorgan Liquidity Funds.
El Subfondo forma parte de JPMorgan Liquidity Funds. Con arreglo a las leyes de Luxemburgo, cada Subfondo solo es responsable de su propio pasivo. Ello significa que el activo de un Subfondo no estará disponible para hacer frente al pago de las deudas contraídas por otros Subfondos con sus acreedores u otros terceros.
El Subfondo recibe la calificación de una agencia de calificación crediticia externa. Dicha calificación es financiada por el Subfondo.
Canje : Los inversores podrán canjear parte o la totalidad de sus acciones de cualquier Clase de un Subfondo por acciones de cualquier Clase de ese u otro Subfondo de JPMorgan Liquidity Funds, siempre que reúnan los requisitos pertinentes y cumplan los importes mínimos de tenencia. Las condiciones relativas al canje se exponen con mayor detalle en el apartado «Canje de Acciones» del Folleto.
Política de privacidad : Tenga en cuenta que si se pone en contacto con
J.P. Morgan Asset Management por teléfono, la conversación puede ser grabada y supervisada con fines de seguridad y formación. Asimismo, debe tener presente que toda la información y los datos incluidos en las comunicaciones con usted podrán ser procesados por J.P. Morgan Asset Management, en tanto que responsable del tratamiento, de conformidad con las leyes de protección de datos aplicables. Para obtener más información sobre las actividades de tratamiento de J.P. Morgan Asset Management, consulte la Política de privacidad EMEA, disponible en el sitio web www.jpmorgan.com/emea-privacy-policy. Si lo desea, puede solicitar copias adicionales de la Política de privacidad EMEA.
El Subfondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. está autorizada en Luxemburgo y está regulada por la CSSF.
Los presentes datos fundamentales para el inversor son exactos a fecha de 01/01/2022. | # Practical Information
Depositary : The fund depositary is J.P. Morgan SE - Luxembourg Branch.
Further Information : A copy of the Prospectus and latest annual and semi-annual financial report in English, French, German, Italian, Portuguese and Spanish and the latest Net Asset Value per Share are available free of charge upon request from www. jpmorganassetmanagement.com, by email from fundinfo@jpmorgan. com, or by writing to JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg.
Remuneration Policy : The Management Company's Remuneration Policy can be found on http://www.jpmorganassetmanagement.lu/ emea-remuneration-policy. This policy includes details of how remuneration and benefits are calculated, including responsibilities and composition of the committee which oversees and controls the policy. A copy of this policy can be requested free of charge from the Management Company.
Tax : The Sub-Fund is subject to Luxembourg tax regulations. This may have an impact on the investor's personal tax position.
Legal Information : JPMorgan Asset Management (Europe) S.à r.l. 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.
JPMorgan Liquidity Funds consists of separate Sub-Funds, each of which issues one or more Share Classes. This document is prepared for
a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Liquidity Funds.
The Sub-Fund is part of JPMorgan Liquidity Funds. Under Luxembourg law, there is segregated liability between Sub-Funds. This means that the assets of a Sub-Fund will not be available to meet a claim of a creditor or another third party made against another Sub-Fund.
The Sub-Fund is rated by an external credit rating agency. Such rating is financed by the Sub-Fund.
Switching : Investors have the right to switch all or part of their Shares of any Share Class of a Sub-Fund into Shares of another Share Class of that or another Sub-Fund of JPMorgan Liquidity Funds subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information on switching conditions can be found in the "Switching of Shares" section of the Prospectus.
Privacy Policy : You should note that, if you contact J.P. Morgan Asset Management by telephone, those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you may be processed by J.P. Morgan Asset Management, acting as a data controller, in accordance with applicable data protection laws. Further information about processing activities of J.P. Morgan Asset Management can be found in the EMEA Privacy Policy, which is available at www.jpmorgan. com/emea-privacy-policy. Additional copies of the EMEA Privacy Policy are available on request.
The Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF.
This Key Investor Information is accurate as at 01/01/2022. | en | es |
DOLFIN192 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Funds’ investments, which reflects the return of the Bloomberg Barclays US Aggregate Bond Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of the US dollar-denominated taxable bond market. The FI securities may be issued by the US Treasury, government agencies and companies and may include asset-backed, commercial mortgage-backed and mortgage-backed securities (i.e. financial securities backed by cash flows from debt). The FI securities will be denominated in US Dollars, will pay income according to a fixed rate of interest and will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Only bonds with a minimum remaining time to maturity of one year are considered for inclusion in the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Bloomberg Barclays US Aggregate Bond Index, el índice de referencia del Fondo (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible venderlos.
El Índice mide el rendimiento del mercado de bonos sujetos a tributación y denominados en dólares estadounidenses. Los valores de RF pueden estar emitidos por el Tesoro estadounidense, agencias gubernamentales y empresas, y podría incluir los valores de titulización de activos, de titulización de hipotecas sobre inmuebles comerciales y los valores con garantía hipotecaria (como los valores financieros garantizados por flujos de efectivo procedentes de deuda). Los valores de RF estarán denominados en dólares estadounidenses, pagarán rendimientos con arreglo a un tipo de interés fijo, y en el momento de su inclusión en el Índice tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia). En el Índice solamente se tienen en cuenta para su inclusión bonos con un plazo mínimo hasta vencimiento de un año.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Funds’ investments, which reflects the return of the Bloomberg Barclays US Aggregate Bond Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of the US dollar-denominated taxable bond market. The FI securities may be issued by the US Treasury, government agencies and companies and may include asset-backed, commercial mortgage-backed and mortgage-backed securities (i.e. financial securities backed by cash flows from debt). The FI securities will be denominated in US Dollars, will pay income according to a fixed rate of interest and will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Only bonds with a minimum remaining time to maturity of one year are considered for inclusion in the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN193 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
*Source: ICE Data Indices, LLC. Performance data quoted reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted.
Fund Risks to Consider:
The Fund is subject to the general risks and considerations associated with investing in debt securities. Among these is credit risk, which is the risk that a counterparty or an issuer of a Fund asset will fail to meet its payment obligations, and interest rate risk, which is the risk that as interest rates rise, bond prices may fall. The Fund may substantially invest in high yield securities. High yield securities typically pay a higher level of income but generally involve greater credit risk and sensitivity to economic developments than investment grade debt securities. Impairment of the value of underlying assets of mortgage-backed and asset-backed securities may result in a reduction in the value of the security and a financial loss to the Fund. The use of financial derivative instruments (FDI) may create leverage, leading to greater fluctuations in assets as well as potentially resulting in gains or losses that are greater than the amount originally invested in FDI. Investment in non-U.S. markets including emerging markets may expose the Fund to more social, political, regulatory and currency risks than securities in developed markets. For assets denominated in a currency other than U.S. dollars, changes in currency exchange rates may reduce or increase the returns an investor might expect to receive independent of the performance of such assets. The performance of any unhedged share classes of the Fund may be affected by changes in the exchange rates between the currency denomination of any non-USD denominated unhedged class and the USD, the currency in which the Fund is denominated. Please refer to the Fund’s KIID and prospectus for more detailed risk information. | *Fuente: ICE Data Indices, LLC. Los datos de rendimiento mostrados reflejan el rendimiento anterior y no garantizan los resultados futuros. Puede que el rendimiento actual sea mayor o menor que el rendimiento registrado anteriormente.
Riesgos del fondo por considerar:
El Fondo está sujeto a los riesgos y las consideraciones generales asociados con la inversión en títulos de deuda. Entre ellos, se encuentra el riesgo crediticio, que es el riesgo de que una contraparte o un emisor de un activo del Fondo no cumpla con sus obligaciones de pago, y el riesgo de tasa de interés, que es el riesgo de que, a medida que las tasas de interés suban, los precios de los bonos puedan bajar. El Fondo puede invertir sustancialmente en valores de alto rendimiento. Los valores de alto rendimiento generalmente pagan un nivel de ingresos más alto, pero a menudo implican un mayor riesgo crediticio y sensibilidad a los acontecimientos económicos que los valores de deuda de grado de inversión. El deterioro del valor de los activos subyacentes de títulos respaldados por hipotecas y por activos puede resultar en una reducción del valor del título y una pérdida financiera para el Fondo. El uso de instrumentos derivados financieros (Financial Derivative Instruments, FDI) puede crear apalancamiento, lo que conduce a mayores fluctuaciones en los activos, así como también a posibles ganancias o pérdidas que son mayores que el monto invertido originalmente en FDI. La inversión en mercados no estadounidenses, incluidos los mercados emergentes, puede exponer al Fondo a más riesgos sociales, políticos, regulatorios y de divisas que los valores de los mercados desarrollados. En el caso de los activos denominados en una moneda que no sea el dólar estadounidense, los cambios en los tipos de cambio pueden reducir o aumentar los rendimientos que un inversionista podría esperar recibir independientemente del rendimiento de dichos activos. El rendimiento de cualquier clase de acciones sin cobertura del Fondo puede verse afectado por cambios en los tipos de cambio entre la moneda de denominación de cualquier clase sin cobertura denominada en dólares estadounidenses y el dólar estadounidense, la moneda en la que se denomina el Fondo. Consulte el KIID del Fondo y el prospecto para obtener información más detallada sobre el riesgo. | *Source: ICE Data Indices, LLC. Performance data quoted reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted.
Fund Risks to Consider:
The Fund is subject to the general risks and considerations associated with investing in debt securities. Among these is credit risk, which is the risk that a counterparty or an issuer of a Fund asset will fail to meet its payment obligations, and interest rate risk, which is the risk that as interest rates rise, bond prices may fall. The Fund may substantially invest in high yield securities. High yield securities typically pay a higher level of income but generally involve greater credit risk and sensitivity to economic developments than investment grade debt securities. Impairment of the value of underlying assets of mortgage-backed and asset-backed securities may result in a reduction in the value of the security and a financial loss to the Fund. The use of financial derivative instruments (FDI) may create leverage, leading to greater fluctuations in assets as well as potentially resulting in gains or losses that are greater than the amount originally invested in FDI. Investment in non-U.S. markets including emerging markets may expose the Fund to more social, political, regulatory and currency risks than securities in developed markets. For assets denominated in a currency other than U.S. dollars, changes in currency exchange rates may reduce or increase the returns an investor might expect to receive independent of the performance of such assets. The performance of any unhedged share classes of the Fund may be affected by changes in the exchange rates between the currency denomination of any non-USD denominated unhedged class and the USD, the currency in which the Fund is denominated. Please refer to the Fund’s KIID and prospectus for more detailed risk information. | en | es |
DOLFIN194 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in line with the benchmark by investing primarily in global government debt securities.
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Targets diversified sources of portfolio return – including duration management, yield curve positioning, inflation and cross markets trades.
- Invests in global government and government related debt.
Share Class Benchmark J.P. Morgan Government Bond Index Global (Total Return Gross) Hedged to USD
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations.
The Sub-Fund is actively managed. The majority of issuers in the Sub- Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 67% of assets invested in debt securities issued or guaranteed by governments globally, including agencies and local governments guaranteed by such governments.
The Sub-Fund may invest up to 20% in debt securities issued or guaranteed by supranational organisations. The Sub-Fund will not invest in convertible bonds, equities or other participation rights.
At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good governance practices as | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Conseguir una rentabilidad similar a la del índice de referencia invirtiendo fundamentalmente en títulos de deuda pública de todo el mundo.
Enfoque de inversión
- Aplica un proceso de inversión basado en un análisis integrado globalmente que se centra en examinar factores fundamentales, cuantitativos y técnicos de distintos países, sectores y emisores.
- Privilegia fuentes diversificadas de rentabilidad de la cartera, lo que incluye gestión de la duración, posicionamiento en la curva de tipos, inflación y operaciones entre mercados.
- Invierte en deuda pública y cuasisoberana mundial.
Índice de referencia de la Clase de Acciones J.P. Morgan Government Bond Index Global (Total Return Gross) Hedged to USD
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Base para los cálculos de VaR relativo.
El Subfondo se gestiona de forma activa. La mayor parte de los emisores del Subfondo probablemente están representados en el índice de referencia, ya que el Gestor de inversiones utiliza dicho índice de referencia como base para la construcción de la cartera, aunque dispone de un cierto margen discrecional para desviarse de su composición y sus características de riesgo dentro de unos parámetros de riesgo indicativos.
El Subfondo se asemejará a su índice de referencia en términos de composición y características de riesgo; no obstante, dado el margen discrecional del Gestor de inversiones, la rentabilidad podría ser diferente a la del índice de referencia.
POLÍTICAS
Exposición de inversión principal Como mínimo el 67% del patrimonio se invierte en títulos de deuda emitidos o garantizados por gobiernos de todo el mundo, lo que incluye sus agencias y gobiernos locales que estén garantizados por tales gobiernos.
El Subfondo podrá invertir hasta un 20% en títulos de deuda emitidos o garantizados por organizaciones supranacionales. El Subfondo no invertirá en bonos convertibles, renta variable u otros derechos de participación.
Como mínimo el 51% del patrimonio se invertirá en emisores con características medioambientales y/o sociales positivas que observan buenas prácticas de gobernanza, con arreglo a la metodología de puntuación ESG interna del Gestor de inversiones y/o datos de terceros. | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in line with the benchmark by investing primarily in global government debt securities.
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Targets diversified sources of portfolio return – including duration management, yield curve positioning, inflation and cross markets trades.
- Invests in global government and government related debt.
Share Class Benchmark J.P. Morgan Government Bond Index Global (Total Return Gross) Hedged to USD
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations.
The Sub-Fund is actively managed. The majority of issuers in the Sub- Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 67% of assets invested in debt securities issued or guaranteed by governments globally, including agencies and local governments guaranteed by such governments.
The Sub-Fund may invest up to 20% in debt securities issued or guaranteed by supranational organisations. The Sub-Fund will not invest in convertible bonds, equities or other participation rights.
At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good governance practices as | en | es |
DOLFIN204 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 0,45 % |
| Exit charge | None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0,51 % de l'actif net moyen |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | 15% p.a. of any gain above that of the benchmark index |
| No fee was deducted for the prior year. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0,45% |
| Gastos de salida | Cero |
| Estos tipos corresponden al porcentaje máximo que puede detraerse de su capital antes de proceder a la inversión (entrada) o antes de abonar el producto de la inversión (salida). |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0,51% del activo neto medio |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15% anual del rendimiento a partir del registrado por el índice de referencia |
| No se ha detraído ninguna comisión en concepto del ejercicio anterior | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 0,45 % |
| Exit charge | None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0,51 % de l'actif net moyen |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | 15% p.a. of any gain above that of the benchmark index |
| No fee was deducted for the prior year. | | en | es |
DOLFIN205 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Classification by the French Market Regulator (AMF): International equities.
By subscribing in CPR Silver Age - P, you are investing in a portfolio of European equities related to the theme of the aging of the population.
The investment objective is to outperform the European equity markets in the long term – over a minimum of five years – by taking advantage of the momentum of European stocks linked to the ageing of the population.
As the Fund’s management is based on a specific theme for which there is no representative benchmark index, a benchmark index that is relevant for this Fund cannot be defined. However, as guidance, the euro-adjusted MSCI Europe index (net dividends reinvested) will be used ex-post as a benchmark to gauge the performance of the portfolio, without limiting its management.
The index is available on the website: www.msci.com/equity.
To achieve this, the investment policy seeks to select the best performing European securities in various sectors benefiting from the ageing of the population (pharmaceuticals, medical equipment, savings, etc.). Within this universe, the management is carried out in two stages: segment allocation defined based on the growth prospects of each sector and selection of securities within each sector through an approach that is both quantitative and qualitative while also including liquidity and market capitalisation criteria.
Within this theme and for diversification purposes, the Fund may also invest up to 25% of its assets in securities from other geographical areas. Your Fund is intended to be fully invested in European equities.
The equities exposure will range from 75% to 120% of the portfolio's total assets.
For the management of its liquidity, the portfolio may invest up to 25% in money-market and interest-rate products.
Derivative financial instruments or temporary acquisitions and sales of securities may be used for hedging and/or exposure purposes. CPR Silver Age - P has a recommended term of investment of more than 5 years.
CPR Silver Age - P accumulates and/or distributes its net profit and the net profits achieved.
You may redeem your units at each net asset value, calculated on a daily basis in accordance with the terms specified in the prospectus. | # Objetivos y política de inversión
Clasificación de la Autoridad de Mercados Financieros (AMF): Renta variable internacional.
Al suscribir CPR Silver Age - P, usted invierte en una cartera de renta variable europea relacionada con la temática de envejecimiento de la población.
El objetivo de la gestión consiste en obtener una rentabilidad superior a la de los mercados de renta variable europeos a largo plazo (con un mínimo de cinco años), aprovechando la dinámica de los valores europeos vinculados al envejecimiento de la población.
Dado que la gestión del Fondo se basa en una temática específica para la que no existe ningún índice representativo, no puede definirse un indicador de referencia apropiado para este Fondo. No obstante, a título indicativo, el índice MSCI Europe convertido a euros (dividendos netos reinvertidos) se utilizará a posteriori como una simple referencia para evaluar la rentabilidad de la cartera, sin imponer su gestión.
El índice se encuentra disponible en la web: www.msci.com/equity.
Para conseguirlo, la política de inversión tiene por objetivo seleccionar los valores europeos más rentables en los diferentes sectores que se benefician del envejecimiento de la población (farmacia, equipos médicos, ahorro, etc.). Dentro de este universo, la gestión se realiza en dos etapas: una asignación sectorial, que se define en función de las perspectivas de crecimiento de cada sector y la selección de valores dentro de cada sector de acuerdo con un enfoque cuantitativo y cualitativo a la vez, integrando criterios de liquidez y de capitalización bursátil.
Dentro de esta temática y a efectos de diversificación, el fondo podrá invertir asimismo hasta un 25% en valores de otras regiones geográficas. Su Fondo tiene por objeto invertir plenamente en renta variable europea.
La exposición a la renta variable estará comprendida entre el 75% y el 120% del activo total de la cartera. Para la gestión de su liquidez, la cartera podrá invertir hasta el 25% en productos monetarios y de renta fija.
Con fines de cobertura y/o exposición pueden utilizarse instrumentos financieros derivados o adquisiciones y cesiones temporales de títulos. CPR Silver Age - P tiene una duración de inversión recomendada superior a cinco años.
CPR Silver Age - P capitaliza y/o distribuye su resultado neto y sus plusvalías netas materializadas.
Las participaciones pueden reembolsarse al valor liquidativo correspondiente, calculado diariamente, según las condiciones que se estipulan en el folleto. | # Objectives and Investment Policy
Classification by the French Market Regulator (AMF): International equities.
By subscribing in CPR Silver Age - P, you are investing in a portfolio of European equities related to the theme of the aging of the population.
The investment objective is to outperform the European equity markets in the long term – over a minimum of five years – by taking advantage of the momentum of European stocks linked to the ageing of the population.
As the Fund’s management is based on a specific theme for which there is no representative benchmark index, a benchmark index that is relevant for this Fund cannot be defined. However, as guidance, the euro-adjusted MSCI Europe index (net dividends reinvested) will be used ex-post as a benchmark to gauge the performance of the portfolio, without limiting its management.
The index is available on the website: www.msci.com/equity.
To achieve this, the investment policy seeks to select the best performing European securities in various sectors benefiting from the ageing of the population (pharmaceuticals, medical equipment, savings, etc.). Within this universe, the management is carried out in two stages: segment allocation defined based on the growth prospects of each sector and selection of securities within each sector through an approach that is both quantitative and qualitative while also including liquidity and market capitalisation criteria.
Within this theme and for diversification purposes, the Fund may also invest up to 25% of its assets in securities from other geographical areas. Your Fund is intended to be fully invested in European equities.
The equities exposure will range from 75% to 120% of the portfolio's total assets.
For the management of its liquidity, the portfolio may invest up to 25% in money-market and interest-rate products.
Derivative financial instruments or temporary acquisitions and sales of securities may be used for hedging and/or exposure purposes. CPR Silver Age - P has a recommended term of investment of more than 5 years.
CPR Silver Age - P accumulates and/or distributes its net profit and the net profits achieved.
You may redeem your units at each net asset value, calculated on a daily basis in accordance with the terms specified in the prospectus. | en | es |
DOLFIN208 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Share Class Benchmark Bloomberg US Aggregate Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations. | Índice de referencia de la Clase de Acciones Bloomberg US Aggregate Index (Total Return Gross)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Base para los cálculos de VaR relativo. | Share Class Benchmark Bloomberg US Aggregate Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations. | en | es |
DOLFIN213 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.40% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above 70% Exane ECI - Euro Convertible TR Close + 30% Merrill Lynch EMU Corporates 3-5 years RI Close. |
| No commission was taken over the last accounting year of the Sub-Fund. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 3,00% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,40% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del 70% Exane ECI - Euro Convertible TR Close + 30% Merrill Lynch EMU Corporates 3-5 years RI Close. |
| No se ha detraído comisión alguna durante el último año contable del Subfondo. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.40% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above 70% Exane ECI - Euro Convertible TR Close + 30% Merrill Lynch EMU Corporates 3-5 years RI Close. |
| No commission was taken over the last accounting year of the Sub-Fund. | | en | es |
DOLFIN220 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Yield curve
- Interest-rate premiumThere is no capital guarantee and no capital protection. | Los datos históricos empleados para el cálculo de la categoría de riesgo y rendimiento no se pueden considerar una indicación fiable del perfil de riesgo futuro.
La categoría de riesgo y rendimiento indicada puede estar sujeta a cambios. La clasificación en una categoría puede cambiar con el tiempo.
La categoría de riesgo más baja no equivale a una inversión libre de riesgo.
Motivos para la clasificación en la categoría de riesgo y rentabilidad:
- Curva de tipos
- Subida de tiposNo existen garantías de capital ni protección de capital. | The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Yield curve
- Interest-rate premiumThere is no capital guarantee and no capital protection. | en | es |
DOLFIN224 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund’s sustainable investment objective is to contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. Climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds and a carbon footprint target. The fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental credit quality. Furthermore, the fund invests at least 5% in green, social, sustainable, and/or sustainability-linked bonds. In the portfolio construction the fund targets a carbon footprint at least equal to or better than the Solactive Paris Aligned Global Corporate Index. This is to ensure the fund is aligned with the desired decarbonization trajectory of an average 7% year on year. | # Sustentabilidad
El objetivo de inversión sostenible del fondo es contribuir a mantener el aumento de la temperatura del planeta por debajo de 2 °C mediante la reducción de la huella de carbono del fondo. Las consideraciones sobre cambio climático y sostenibilidad se incorporan al proceso de inversión mediante exclusiones, así como con la integración de criterios ASG, una asignación mínima a bonos con calificación ASG y un objetivo de huella de carbono. El fondo no invierte en empresas que incumplen normas internacionales y aplica las exclusiones basadas en las actividades conforme al artículo 12 del reglamento de la UE en lo relativo a los índices de referencia de transición climática de la UE, los índices de referencia de la UE armonizados con el Acuerdo de París y la divulgación de información relativa a la sostenibilidad de los índices de referencia, según la política de exclusión de Robeco. Se integran factores ASG, incluyendo el cambio climático, en el análisis de valores bottom-up para evaluar el potencial de descarbonización y el impacto de los riesgos ASG financieramente relevantes en la calidad del análisis fundamental crediticio del emisor. Además, el fondo invierte al menos un 5% en bonos verdes, sociales, sostenibles o vinculados a la sostenibilidad. En la elaboración de la cartera, el fondo tiene como objetivo una huella de carbono que sea como mínimo igual, sino mejor, que la del Solactive Paris Aligned Global Corporate Index. El propósito de esto es garantizar que el fondo sea coherente con la trayectoria de descarbonización deseada de una media del 7% interanual. | # Sustainability
The fund’s sustainable investment objective is to contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. Climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds and a carbon footprint target. The fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental credit quality. Furthermore, the fund invests at least 5% in green, social, sustainable, and/or sustainability-linked bonds. In the portfolio construction the fund targets a carbon footprint at least equal to or better than the Solactive Paris Aligned Global Corporate Index. This is to ensure the fund is aligned with the desired decarbonization trajectory of an average 7% year on year. | en | es |
DOLFIN226 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The outcome of the referendum has caused significant uncertainty and may cause disruption, in particular, with regards to the functioning of European markets, including the ease, cost, ability and willingness of persons to trade and invest within Europe, the scope and functioning of European legal and regulatory frameworks (including with respect to the regulation of alternative investment fund managers and the distribution and marketing of alternative investment funds), the nature and scope of the regulation of the provision of financial services within, and to, persons in Europe and the nature and scope of industrial, trade, immigration and other governmental policy pursued within Europe. More specifically, the costs of trading may increase if there is less market functionality (including the potential need for the Fund to appoint additional counterparties). These effects may persist
for some time.
Brexit may have other consequences, including a recession of the UK economy, down-grading of the UK’s credit rating, and an increased likelihood of pro-independence movements in Scotland and other parts of the UK taking steps to secede from the UK. The volatility and uncertainty caused by Brexit may adversely affect the value of the Fund’s investments, the Net Asset Value of the Fund and the liquidity and trading of the Fund.
- Smaller Companies RiskInvestments in smaller companies offers the possibility of higher return but also involve a higher degree of risk than investment in well established, larger companies. The shares of smaller companies can be more volatile which may lead to increased volatility in the price of the Units of a Sub-Fund.
- Military Conflict RiskA Sub-Fund may incur significant losses in the event of a military conflict arising in any region in which it is either directly or indirectly invested. Such military conflicts may result in restricted or no access to certain markets, investments, service providers or counterparties, thus negatively impacting the performance of a Sub-Fund and restricting the ability of the Investment Manager to implement the investment strategy of a Sub-Fund and achieve its investment objective. Increased volatility, currency fluctuations, liquidity constraints, counterparty default, valuation and settlement difficulties and operational risk resulting from such conflicts may also negatively impact the performance of a Sub- Fund. Such events may result in otherwise historically “low-risk” strategies performing with unprecedented volatility and risk. | El resultado del referéndum ha generado una enorme incertidumbre y podría provocar distorsiones, especialmente en lo que se refiere al funcionamiento de los mercados europeos,
como por ejemplo, la facilidad, el coste, la capacidad y la voluntad de las personas de realizar operaciones comerciales e invertir en Europa, el ámbito de aplicación y el funcionamiento de los marcos jurídicos y regulatorios europeos (incluido, en relación con la regulación de los gestores de fondos de inversión alternativa y la distribución y comercialización de fondos de inversión alternativa), la naturaleza y el ámbito de aplicación de la reglamentación sobre la prestación de servicios financieros dentro de Europa y a residentes en Europa, y la naturaleza y el ámbito de aplicación de las políticas públicas en materia industrial, de comercio, inmigración y de otro tipo que se lleven a cabo en Europa. Más concretamente, los costes de negociación pueden incrementarse si la funcionalidad del mercado disminuye (pudiendo incluso ser necesario que el Fondo designe contrapartes adicionales). Estos efectos pueden continuar durante algún tiempo.
El Brexit puede tener otras consecuencias, incluida una recesión de la economía británica, la rebaja de la calificación crediticia del Reino Unido y una mayor probabilidad de que los movimientos a favor de la independencia de Escocia y otras partes del país tomen medidas para separarse del Reino Unido. La volatilidad y la incertidumbre que genera el Brexit pueden afectar negativamente al valor de las inversiones del Fondo, a su patrimonio neto y a su liquidez y negociación.
- Riesgo de inversión en pequeñas empresasLas inversiones en pequeñas empresas ofrecen la posibilidad de obtener rentabilidades más elevadas, pero también conllevan un mayor riesgo que la inversión en empresas consolidadas de mayor tamaño. Las acciones de las pequeñas empresas pueden ser más inestables, con el consiguiente riesgo de mayor volatilidad en el precio de las Participaciones de un Subfondo.
- Riesgo de conflictos armadosUn Subfondo puede incurrir en fuertes pérdidas en caso de declararse un conflicto armado en cualquiera de las regiones en las que invierte directa o indirectamente. Dichos conflictos armados pueden restringir o impedir el acceso a determinados mercados, inversiones, proveedores de servicios o contrapartes. Esta circunstancia tendría consecuencias adversas para la rentabilidad de un Subfondo y limitaría la capacidad de la Gestora de Inversiones para implementar la estrategia de inversión de un Subfondo y lograr su objetivo de inversión. El aumento de la volatilidad, las fluctuaciones de los tipos de cambio, las limitaciones a la liquidez, el incumplimiento de las contrapartes, las dificultades de valoración y liquidación, y el riesgo operativo derivados de dichos conflictos también pueden afectar negativamente a la rentabilidad de un Subfondo. Tales circunstancias pueden provocar que estrategias que de otro modo habrían tenido un riesgo reducido atendiendo a su historial acusen una volatilidad y un riesgo sin precedentes. | The outcome of the referendum has caused significant uncertainty and may cause disruption, in particular, with regards to the functioning of European markets, including the ease, cost, ability and willingness of persons to trade and invest within Europe, the scope and functioning of European legal and regulatory frameworks (including with respect to the regulation of alternative investment fund managers and the distribution and marketing of alternative investment funds), the nature and scope of the regulation of the provision of financial services within, and to, persons in Europe and the nature and scope of industrial, trade, immigration and other governmental policy pursued within Europe. More specifically, the costs of trading may increase if there is less market functionality (including the potential need for the Fund to appoint additional counterparties). These effects may persist
for some time.
Brexit may have other consequences, including a recession of the UK economy, down-grading of the UK’s credit rating, and an increased likelihood of pro-independence movements in Scotland and other parts of the UK taking steps to secede from the UK. The volatility and uncertainty caused by Brexit may adversely affect the value of the Fund’s investments, the Net Asset Value of the Fund and the liquidity and trading of the Fund.
- Smaller Companies RiskInvestments in smaller companies offers the possibility of higher return but also involve a higher degree of risk than investment in well established, larger companies. The shares of smaller companies can be more volatile which may lead to increased volatility in the price of the Units of a Sub-Fund.
- Military Conflict RiskA Sub-Fund may incur significant losses in the event of a military conflict arising in any region in which it is either directly or indirectly invested. Such military conflicts may result in restricted or no access to certain markets, investments, service providers or counterparties, thus negatively impacting the performance of a Sub-Fund and restricting the ability of the Investment Manager to implement the investment strategy of a Sub-Fund and achieve its investment objective. Increased volatility, currency fluctuations, liquidity constraints, counterparty default, valuation and settlement difficulties and operational risk resulting from such conflicts may also negatively impact the performance of a Sub- Fund. Such events may result in otherwise historically “low-risk” strategies performing with unprecedented volatility and risk. | en | es |
DOLFIN236 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.07% (including the Master Fund's fees) |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above JP Morgan Global Government Bond Index Broad . |
| Over the last accounting year, a performance fee of 0.42% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 4,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,07% (incluidas las comisiones del Fondo principal) |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del JP Morgan Global Government Bond Index Broad. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,42%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.07% (including the Master Fund's fees) |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above JP Morgan Global Government Bond Index Broad . |
| Over the last accounting year, a performance fee of 0.42% was charged. | | en | es |
DOLFIN239 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 1,930 | EUR 1,360 |
| | Average return each year % | -80.70% | -32.90% |
| Unfavourable scenario | What you might get back after costs | EUR 6,400 | EUR 4,910 |
| | Average return each year % | -36.00% | -13.26% |
| Moderate scenario | What you might get back after costs | EUR 11,060 | EUR 17,400 |
| | Average return each year % | 10.60% | 11.71% |
| Favourable scenario | What you might get back after costs | EUR 16,510 | EUR 25,450 |
| | Average return each year % | 65.10% | 20.54% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 1.930 | EUR 1.360 |
| | Rendimiento medio cada año | -80,70% | -32,90% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 6.400 | EUR 4.910 |
| | Rendimiento medio cada año | -36,00% | -13,26% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 11.060 | EUR 17.400 |
| | Rendimiento medio cada año | 10,60% | 11,71% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 16.510 | EUR 25.450 |
| | Rendimiento medio cada año | 65,10% | 20,54% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 1,930 | EUR 1,360 |
| | Average return each year % | -80.70% | -32.90% |
| Unfavourable scenario | What you might get back after costs | EUR 6,400 | EUR 4,910 |
| | Average return each year % | -36.00% | -13.26% |
| Moderate scenario | What you might get back after costs | EUR 11,060 | EUR 17,400 |
| | Average return each year % | 10.60% | 11.71% |
| Favourable scenario | What you might get back after costs | EUR 16,510 | EUR 25,450 |
| | Average return each year % | 65.10% | 20.54% | | en | es |
DOLFIN240 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Manager will seek to select the most attractive issues, according to their convictions, in order to maximise the portfolio’s risk/return ratio.
In order to reduce interest rate and credit risks and achieve a stable interest rate sensitivity throughout the life of the product, the construction of the portfolio aims to give equal weighting to different maturity components (ladder structure). It also aims to protect the portfolio against interest rate shocks and to follow market movements over time by capturing early repayment premiums and issue premiums on the primary market. A portion of the portfolio will be automatically reinvested each month as debt falls in the portfolio, thus allowing the market to be dynamically followed.
In order to achieve the management objective, the strategy will combine a sector-based approach using a “top- down” process and a credit analysis approach aimed at selecting the most attractive issuers by means of a “bottom- up” process.
Top-down approach
The top-down approach is, first and foremost, based on a macroeconomic analysis of the various sectors or countries explored within the context of the portfolio allocation. It leads to the determination of market scenarios created on the basis of the management team’s expectations.
This analysis makes it possible to define, in particular:
- the degree of exposure to different economic sectors,
- the distribution between Investment Grade and High Yield (speculative securities, for which the risk of issuer default is greater, and which have a Standard & Poor’s or equivalent rating below BBB- or an equivalent internal rating from the Management Company) and between the different ratings within these categories. | El gestor trata de seleccionar las emisiones que, según su criterio, le parecen más atractivas para tratar de maximizar la relación rendimiento/riesgo de la cartera.
Con el fin de reducir los riesgos de tipo de interés y crédito, así como para determinar una sensibilidad estable a los tipos de interés durante la vida del producto, la construcción de la cartera trata de equiponderar los diferentes tramos de vencimiento (estructura de tipo escalera). Con ello, también se pretende brindar protección contra las perturbaciones de los tipos y soportar los movimientos del mercado a lo largo del tiempo, captando primas de reembolso anticipado y primas de emisión en el mercado primario. Una parte de la cartera se reinvertirá automáticamente cada mes con el vencimiento de la deuda en la cartera, lo que permitirá obtener un apoyo dinámico del mercado.
Para la ejecución del objetivo de gestión, la estrategia combinará un enfoque sectorial desarrollado a través de un proceso «Top Down» (descendente) y un análisis crediticio destinado a seleccionar los emisores más atractivos mediante un proceso «Bottom Up» (ascendente).
Enfoque «Top Down»
El enfoque «Top Down» se basa principalmente en un análisis macroeconómico de los diferentes sectores o países explorados en el marco de la asignación de la cartera. Este resulta en la determinación de posibles escenarios de mercado definidos a partir de las previsiones del equipo de gestión.
Fundamentalmente, el análisis permite definir:
- el grado de exposición a los diferentes sectores económicos; y
- la distribución entre las categorías «Investment Grade» y «High Yield» (títulos especulativos para los que el riesgo de incumplimiento del emisor es más importante, cuya calificación es inferior a BBB- según Standard & Poor’s o equivalente, o que ostentan una calificación interna equivalente de la sociedad gestora) y entre las diferentes calificaciones dentro de esas categorías. | The Manager will seek to select the most attractive issues, according to their convictions, in order to maximise the portfolio’s risk/return ratio.
In order to reduce interest rate and credit risks and achieve a stable interest rate sensitivity throughout the life of the product, the construction of the portfolio aims to give equal weighting to different maturity components (ladder structure). It also aims to protect the portfolio against interest rate shocks and to follow market movements over time by capturing early repayment premiums and issue premiums on the primary market. A portion of the portfolio will be automatically reinvested each month as debt falls in the portfolio, thus allowing the market to be dynamically followed.
In order to achieve the management objective, the strategy will combine a sector-based approach using a “top- down” process and a credit analysis approach aimed at selecting the most attractive issuers by means of a “bottom- up” process.
Top-down approach
The top-down approach is, first and foremost, based on a macroeconomic analysis of the various sectors or countries explored within the context of the portfolio allocation. It leads to the determination of market scenarios created on the basis of the management team’s expectations.
This analysis makes it possible to define, in particular:
- the degree of exposure to different economic sectors,
- the distribution between Investment Grade and High Yield (speculative securities, for which the risk of issuer default is greater, and which have a Standard & Poor’s or equivalent rating below BBB- or an equivalent internal rating from the Management Company) and between the different ratings within these categories. | en | es |
DOLFIN248 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,190 | EUR 2,140 |
| | Average return each year % | -78.10% | -26.53% |
| Unfavourable scenario | What you might get back after costs | EUR 7,830 | EUR 7,660 |
| | Average return each year % | -21.70% | -5.19% |
| Moderate scenario | What you might get back after costs | EUR 10,740 | EUR 13,340 |
| | Average return each year % | 7.40% | 5.93% |
| Favourable scenario | What you might get back after costs | EUR 13,700 | EUR 15,600 |
| | Average return each year % | 37.00% | 9.30% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 2.190 | EUR 2.140 |
| | Rendimiento medio cada año | -78,10% | -26,53% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.830 | EUR 7.660 |
| | Rendimiento medio cada año | -21,70% | -5,19% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.740 | EUR 13.340 |
| | Rendimiento medio cada año | 7,40% | 5,93% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 13.700 | EUR 15.600 |
| | Rendimiento medio cada año | 37,00% | 9,30% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,190 | EUR 2,140 |
| | Average return each year % | -78.10% | -26.53% |
| Unfavourable scenario | What you might get back after costs | EUR 7,830 | EUR 7,660 |
| | Average return each year % | -21.70% | -5.19% |
| Moderate scenario | What you might get back after costs | EUR 10,740 | EUR 13,340 |
| | Average return each year % | 7.40% | 5.93% |
| Favourable scenario | What you might get back after costs | EUR 13,700 | EUR 15,600 |
| | Average return each year % | 37.00% | 9.30% | | en | es |
DOLFIN253 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) between 30/04/2014-30/04/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,897
9.0%
EUR 14,436
6.3% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) entre 30/04/2014-30/04/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 897 EUR
9,0%
14 436 EUR
6,3% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) between 30/04/2014-30/04/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,897
9.0%
EUR 14,436
6.3% | en | es |
DOLFIN262 | 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 Swiss Re Cat Bond Index (TR) between 31/03/2013-31/03/2018.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,990
9.9%
GBP 13,094
5.5% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/03/2013-31/03/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 990 GBP
9,9%
13 094 GBP
5,5% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/03/2013-31/03/2018.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,990
9.9%
GBP 13,094
5.5% | en | es |
DOLFIN267 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Further, redemption requests may be deferred under certain circumstances and within certain thresholds as detailed in the Prospectus.
In addition a dilution levy may be imposed on deals as specified in the Prospectus. Such dilution levy should not exceed 5% of the Net Asset Value and will be calculated taking into account the estimated costs, expenses and potential impact on security prices that may be incurred to meet redemption and conversion requests. | # Asimismo, se podrán aplazar las solicitudes de reembolso en determinadas circunstancias y dentro de ciertos límites, según lo detallado en el Folleto informativo.
Además, se podrá aplicar una comisión de dilución a las transacciones especificadas en el Folleto informativo. Dicha comisión de dilución no debe ser superior al 5% del Valor liquidativo y se calculará con arreglo a la repercusión potencial en el precio de los valores, los costes y los gastos estimados contraídos para atender las solicitudes de reembolso y canje. | # Further, redemption requests may be deferred under certain circumstances and within certain thresholds as detailed in the Prospectus.
In addition a dilution levy may be imposed on deals as specified in the Prospectus. Such dilution levy should not exceed 5% of the Net Asset Value and will be calculated taking into account the estimated costs, expenses and potential impact on security prices that may be incurred to meet redemption and conversion requests. | en | es |
DOLFIN269 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Dist.) between 31/01/2014-31/01/2020.
Favourable scenario
What you might get back after costs
Average return each year
EUR 12,656
26.6%
EUR 17,802
10.1% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Dist.) entre 31/01/2014-31/01/2020.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
12 656 EUR
26,6%
17 802 EUR
10,1% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Dist.) between 31/01/2014-31/01/2020.
Favourable scenario
What you might get back after costs
Average return each year
EUR 12,656
26.6%
EUR 17,802
10.1% | en | es |
DOLFIN274 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Sustainable Future Trends (formerly Sustainable Multi-Asset)
Schroder ISF Sustainable Future Trends (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 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged 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 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF Sustainable Future Trends (anteriormente Sustainable Multi-Asset)
Schroder ISF Sustainable Future Trends (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 50% MSCI World EUR Hedged, 30% FTSE World Government Bond Index EUR Hedged y 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged, 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 50% MSCI World EUR Hedged, 30% FTSE World Government Bond Index EUR Hedged y 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el 50% MSCI World EUR Hedged, 30% FTSE World Government Bond Index EUR Hedged y 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged, según la metodología explicada anteriormente, desde la fecha de entrada en vigor de los requisitos reglamentarios el 10 de marzo de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF Sustainable Future Trends (formerly Sustainable Multi-Asset)
Schroder ISF Sustainable Future Trends (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 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged 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 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged based on the methodology explained above since the effective date of the regulatory requirements on 10 March 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 |
DOLFIN278 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Fund is passively managed and aims to invest in the shares of the companies in generally the same proportion as in the Index.
There may be circumstances when it is not possible or practical for the Fund to invest in all constituents of the Index. If the Fund cannot invest directly in the companies that constitute the Index, it may gain exposure by using other investments such as depositary receipts, derivatives or funds.
The Fund may also invest in China A-shares either directly (through the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect) or indirectly through China A-shares Access Products (CAAP) or through funds, including other HSBC funds. The Fund may invest up to 10% of its assets in other funds. | ## El Fondo se gestiona de forma pasiva y tiene como objetivo invertir en las acciones de las empresas, en general, en la misma proporción que en el Índice.
Puede haber circunstancias en las que el Fondo no pueda, o no le resulte conveniente, invertir en todos los componentes del Índice. Si el Fondo no puede invertir directamente en las sociedades que componen el Índice, podrá obtener exposición utilizando otras inversiones, como recibos de depósito, derivados o fondos.
El Fondo puede invertir en acciones de clase A de China de forma directa mediante el Shanghai-Hong Kong Stock Connect o el Shenzhen-Hong Kong Stock Connect, o de forma indirecta mediante productos de acceso a acciones de clase A de China (CAAP, por sus siglas en inglés) u otros fondos, incluidos otros fondos de HSBC. El Fondo puede invertir hasta el 10 % de sus activos en otros fondos. | ## The Fund is passively managed and aims to invest in the shares of the companies in generally the same proportion as in the Index.
There may be circumstances when it is not possible or practical for the Fund to invest in all constituents of the Index. If the Fund cannot invest directly in the companies that constitute the Index, it may gain exposure by using other investments such as depositary receipts, derivatives or funds.
The Fund may also invest in China A-shares either directly (through the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect) or indirectly through China A-shares Access Products (CAAP) or through funds, including other HSBC funds. The Fund may invest up to 10% of its assets in other funds. | en | es |
DOLFIN284 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# MAIN RISKS OF THE FUND
Risk related to investments in other UCIs/UCITS
The risks inherent in these UCIs/UCITS, such as the risk of fluctuation in the currency of the country in which the UCI invests, regulation in terms of foreign exchange control, application of the taxation laws of different countries, etc.
Risk related to derivative financial instruments
The risk of a change in the market value of the underlying, liquidity risk, management risk, and risk of default of the counterparty.
Currency risk
The Fund invests in foreign markets and could be impacted by changes in exchange rates resulting in an increase or decrease of the value of the investments.
Risk of capital loss
The fund has no guarantee or protection of the capital invested. There is a risk you may not get back all of the capital you invest.
1
KIID (Key Investor Information Document) risk scale. Risk category 3 reflects limited potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indi- cator of the Fund’s future risk profile. The risk category associated with this Fund is not guaranteed and may change over time. The weakest category does not mean “risk-free”. The level of risk of this Fund primarily reflects risks for equities, bonds, participating securities and rights in the European market.
2
The management team is subject to change. | # PRINCIPALES RIESGOS DEL FONDO
Riesgo asociado a las inversiones realizadas en otros OIC/OICVM
Son los riesgos inherentes a estos OIC/OICVM, como el riesgo de fluctuación de la moneda del país en el que invierte el OIC, la normativa de control del tipo de cambio, la aplicación de la legislación fiscal de los distintos países, etc.
Riesgo asociado a instrumentos financieros derivados
Son riesgos de variación en el valor de mercado del subyacente, riesgos de liquidez, riesgos de gestión y riesgos de impago de la contraparte.
Riesgo de divisa
El Fondo invierte en mercados extranjeros y puede verse afectado por variaciones de los tipos de cam- bio que den lugar a un aumento o una disminución del valor de las inversiones.
Riesgo de pérdida de capital
El Fondo carece de cualquier garantía o protección del capital invertido. Cabe la posibilidad de que no recupere todo el capital que invirtió.
1
Escala de riesgo del DFI (documento de Datos Fundamentales para el Inversor). La categoría de riesgo 3 refleja un poten- cial de ganancia y/o pérdida limitado del valor de la cartera. Los datos históricos utilizados en el cálculo de este indicador sintético podrían no ser un indicador fiable del perfil de riesgo futuro del Fondo. La categoría de riesgo asociada a este Fondo no está garantizada y puede variar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El nivel de riesgo de este Fondo refleja principalmente el riesgo de renta variable, bonos, títulos o derechos de participación en el mercado europeo.
2
El equipo de gestión puede cambiar. | # MAIN RISKS OF THE FUND
Risk related to investments in other UCIs/UCITS
The risks inherent in these UCIs/UCITS, such as the risk of fluctuation in the currency of the country in which the UCI invests, regulation in terms of foreign exchange control, application of the taxation laws of different countries, etc.
Risk related to derivative financial instruments
The risk of a change in the market value of the underlying, liquidity risk, management risk, and risk of default of the counterparty.
Currency risk
The Fund invests in foreign markets and could be impacted by changes in exchange rates resulting in an increase or decrease of the value of the investments.
Risk of capital loss
The fund has no guarantee or protection of the capital invested. There is a risk you may not get back all of the capital you invest.
1
KIID (Key Investor Information Document) risk scale. Risk category 3 reflects limited potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indi- cator of the Fund’s future risk profile. The risk category associated with this Fund is not guaranteed and may change over time. The weakest category does not mean “risk-free”. The level of risk of this Fund primarily reflects risks for equities, bonds, participating securities and rights in the European market.
2
The management team is subject to change. | en | es |
DOLFIN288 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Although exposure will be primarily sought on equity markets, the Sub-fund may invest up to 100% of its net assets in debt securities and money market instruments denominated in dollars or other currencies.
The Sub-fund seeks to invest in issues from public or private issuers with a residual maturity of a maximum of 397 days for fixed-rate issues and a maximum of two years for variable-rate issues.
These securities, rated primarily as “investment grade”, i.e. those for which the issuer default risk is lowest (securities with a rating greater than or equal to BBB- or a short-term rating greater than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or an equivalent internal rating from the Management Company).
However, it should be noted that securities that have not been rated by a rating agency but have been rated as ‘ Investment Grade’ by the Management Company will be limited to 15% of the net assets.
The Sub-fund may also invest up to 10% of its net assets in “High Yield” securities, i.e. speculative securities for which the risk of issuer default is higher (securities with a rating lower than BBB- or a short-term rating lower than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or an equivalent internal rating from the Management Company).
In addition, the Sub-fund may invest up to 10% of its net assets in units or shares of UCIs or other eligible Investment Funds, regardless of their classification, in particular in order to:
- increase exposure to equity markets or to diversify exposure to other asset classes (e.g. funds invested in securities of companies in the commodities or real estate sectors);
- or for cash management purposes (money market and bond UCIs). | Aunque se perseguirá la exposición principalmente a mercados de renta variable, el subfondo podrá invertir hasta el 100 % de su patrimonio neto en títulos de crédito e instrumentos del mercado monetario denominados en dólares u otras divisas.
El subfondo se centrará en las emisiones de emisores públicos o privados con una duración residual máxima de 397 días en el caso de las emisiones a tipo fijo y de hasta dos años en el caso de las emisiones a tipo variable.
Estos títulos contarán con una calificación principal de «Investment Grade», es decir, aquellos que presentan el menor riesgo de incumplimiento del emisor (con una calificación superior o equivalente a BBB- o cuya calificación a corto plazo es superior o igual a A-3 según Standard & Poor’s o una agencia equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente). No obstante, se especifica que los títulos no calificados por ninguna agencia de calificación, pero que tengan una calificación de categoría de inversión («Investment Grade») de la sociedad gestora, no supondrán más del 15 % del patrimonio neto.
Con un límite del 10 % del patrimonio neto, el subfondo podrá utilizar valores de alto rendimiento o «High Yield», es decir, valores especulativos cuyo riesgo de incumplimiento del emisor es más elevado (valores con una calificación inferior a BBB- o cuya calificación a corto plazo es inferior o igual a A-3 según Standard & Poor’s o una agencia equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente).
Además, el subfondo puede invertir hasta un máximo del 10 % del patrimonio neto, en participaciones o acciones de la IIC u otros fondos de inversión elegibles, cualquiera que sea su clasificación, con el fin de:
- aumentar la exposición a los mercados de renta variable o diversificar la exposición a otras clases de activos (por ejemplo, fondos invertidos en títulos de sociedades del sector de materias primas o del sector inmobiliario); o
- gestionar la liquidez (IIC del mercado monetario y de renta fija). | Although exposure will be primarily sought on equity markets, the Sub-fund may invest up to 100% of its net assets in debt securities and money market instruments denominated in dollars or other currencies.
The Sub-fund seeks to invest in issues from public or private issuers with a residual maturity of a maximum of 397 days for fixed-rate issues and a maximum of two years for variable-rate issues.
These securities, rated primarily as “investment grade”, i.e. those for which the issuer default risk is lowest (securities with a rating greater than or equal to BBB- or a short-term rating greater than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or an equivalent internal rating from the Management Company).
However, it should be noted that securities that have not been rated by a rating agency but have been rated as ‘ Investment Grade’ by the Management Company will be limited to 15% of the net assets.
The Sub-fund may also invest up to 10% of its net assets in “High Yield” securities, i.e. speculative securities for which the risk of issuer default is higher (securities with a rating lower than BBB- or a short-term rating lower than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or an equivalent internal rating from the Management Company).
In addition, the Sub-fund may invest up to 10% of its net assets in units or shares of UCIs or other eligible Investment Funds, regardless of their classification, in particular in order to:
- increase exposure to equity markets or to diversify exposure to other asset classes (e.g. funds invested in securities of companies in the commodities or real estate sectors);
- or for cash management purposes (money market and bond UCIs). | en | es |
DOLFIN298 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a total return on your investment, through a combination of capital growth and income, which reflects the return of the FTSE Euro Dollar Bond Index, the Fund’s benchmark index.
The Fund invests predominantly in the fixed income (FI) securities (such as bonds) that make up the Fund’s benchmark index (which comprises US denominated credit bonds).
The FI securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.
The benchmark index measures the performance of USD denominated government, supranational, agency, corporate, financial and asset-backed securities (i.e. financial securities which are backed by cash flows from debt), FI securities with varying redemption dates (i.e. the date on which some, or all, of the principal amount and interest is repaid during the life of the security) and maturities (i.e. the time until the security becomes due for repayment) and credit ratings.
The Fund uses techniques for efficient portfolio management purposes or to protect against exchange rate risk. These techniques may include the strategic selection of certain securities that make up the benchmark index or other FI securities which provide similar performance to certain constituent securities. They may also include the use of financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets).
The Fund is passively managed and intends to replicate in similar proportions the Benchmark Index by holding the equity securities which make up the Benchmark Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing shares (i.e. dividend income will be paid on the shares semi-annually). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener la rentabilidad total de su inversión, a través de una combinación de revalorización del capital y rendimientos, que refleje la rentabilidad del Índice FTSE Euro Dollar Bond, el índice de referencia del Fondo.
El Fondo invierte principalmente en los valores de renta fija (RF) (como bonos) que componen el índice de referencia del Fondo (que está integrado por bonos corporativos denominados en USD).
Los valores de RF podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento) y tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de la compra. Si las calificaciones de solvencia de un valor de RF se revisan a la baja, el Fondo podrá seguir manteniéndolo hasta que resulte factible vender la posición.
El índice de referencia mide la rentabilidad de valores del Estado, supranacionales, de agencia, corporativos, financieros y respaldados por activos (es decir, valores financieros respaldados por flujos de efectivo procedentes de deuda), valores de renta fija con distintas fechas de reembolso (es decir, la fecha en la que parte o la totalidad del importe principal y los intereses se paguen durante la duración del valor) y vencimientos (es decir, el periodo hasta que la fecha en que el valor se debe reembolsar) y calificaciones de solvencia.
El Fondo utiliza técnicas con fines de gestión eficiente de la cartera o para protegerse frente al riesgo de los tipos de cambio. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el índice de referencia, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
El Fondo se gestiona de forma pasiva y trata de replicar el Índice de referencia manteniendo los valores de renta variable que componen el Índice de referencia en unas proporciones similares.
El Fondo también podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio para generar rendimientos adicionales y compensar los costes del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos por dividendo sobre las acciones). Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión mínima inicial para esta clase de acciones es de 500 000 USD.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a total return on your investment, through a combination of capital growth and income, which reflects the return of the FTSE Euro Dollar Bond Index, the Fund’s benchmark index.
The Fund invests predominantly in the fixed income (FI) securities (such as bonds) that make up the Fund’s benchmark index (which comprises US denominated credit bonds).
The FI securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.
The benchmark index measures the performance of USD denominated government, supranational, agency, corporate, financial and asset-backed securities (i.e. financial securities which are backed by cash flows from debt), FI securities with varying redemption dates (i.e. the date on which some, or all, of the principal amount and interest is repaid during the life of the security) and maturities (i.e. the time until the security becomes due for repayment) and credit ratings.
The Fund uses techniques for efficient portfolio management purposes or to protect against exchange rate risk. These techniques may include the strategic selection of certain securities that make up the benchmark index or other FI securities which provide similar performance to certain constituent securities. They may also include the use of financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets).
The Fund is passively managed and intends to replicate in similar proportions the Benchmark Index by holding the equity securities which make up the Benchmark Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing shares (i.e. dividend income will be paid on the shares semi-annually). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN299 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### The restrictions set out under letters a and b above do not apply to:
- transferable securities and money market instruments issued or guaranteed by a Member State of the European Union or its local public authorities;
- transferable securities and money market instruments issued or guaranteed by a State that is not a member of the European Union;
- transferable securities and money market instruments issued by international public bodies of which one or more Member States of the European Union are members;
- Shares held by the Company in the capital of a company of a non-member State of the European Union that primarily invests its assets in the securities of issuers of that State where, under the legislation of that State, such an investment constitutes the only way in which the Company can invest in the securities of issuers of that state. This derogation only applies, however, on condition that the investment policy of the company of the non-member of the European Union complies with the limits laid down in the provisions contained in Section B, with the exception of points 6 and 7. Should the limits set out in Section B be exceeded, with the exception of the limits set out in points 6, 7 and 9, Article 49 of the Law of 2010 will apply by analogy;
- Shares held by one or more investment companies in the capital of subsidiary companies carrying out, exclusively on their behalf, management, advisory and marketing activities in the country in which the subsidiary is located, in regard to the redemption of units at unitholders' request.
- Regarding derivative transactions, the Company will comply with the limits and restrictions set out in “Part III: Additional information” of the Company’s prospectus under Chapter IV “Techniques and instruments” hereafter. | ##### Las restricciones enunciadas en los apartados a y b anteriores no serán aplicables en lo concerniente a:
- valores mobiliarios e instrumentos del mercado monetario emitidos o garantizados por un Estado miembro de la Unión Europea o sus autoridades públicas locales;
- valores mobiliarios e instrumentos del mercado monetario emitidos o garantizados por un Estado que no forme parte de la Unión Europea;
- valores mobiliarios e instrumentos del mercado monetario emitidos por organismos internacionales a los que pertenezcan uno o varios Estados miembros de la Unión Europea;
- Acciones propiedad de la Sociedad en el capital de una sociedad de un Estado que no pertenezca a la Unión Europea que invierta principalmente su activo en títulos de emisores de dicho Estado cuando, en virtud de la legislación de este, esta inversión constituya el único modo en que la Sociedad puede invertir en valores de emisores de dicho Estado. Sin embargo, esta derogación solo será aplicable cuando la política de inversión de la sociedad del Estado no perteneciente a la Unión Europea cumpla los límites previstos en las disposiciones del Apartado B, excepto los puntos 6 y 7. En caso de superarse los límites previstos en el Apartado B, a excepción de los establecidos en los puntos 6, 7 y 9, se aplicará por analogía el artículo 49 de la Ley de 2010;
- acciones propiedad de una o varias sociedades de inversión en el capital de las sociedades filiales que ejerzan, únicamente en beneficio propio, actividades de gestión, asesoramiento y comercialización en el país en el que se encuentra la filial, en lo concerniente al reembolso de participaciones a petición de los titulares.
- En relación con las transacciones de derivados, la Sociedad cumplirá con los límites y restricciones establecidos en la «Parte III: Información complementaria» del folleto de la Sociedad en el Capítulo IV «Técnicas e instrumentos» a continuación. | ##### The restrictions set out under letters a and b above do not apply to:
- transferable securities and money market instruments issued or guaranteed by a Member State of the European Union or its local public authorities;
- transferable securities and money market instruments issued or guaranteed by a State that is not a member of the European Union;
- transferable securities and money market instruments issued by international public bodies of which one or more Member States of the European Union are members;
- Shares held by the Company in the capital of a company of a non-member State of the European Union that primarily invests its assets in the securities of issuers of that State where, under the legislation of that State, such an investment constitutes the only way in which the Company can invest in the securities of issuers of that state. This derogation only applies, however, on condition that the investment policy of the company of the non-member of the European Union complies with the limits laid down in the provisions contained in Section B, with the exception of points 6 and 7. Should the limits set out in Section B be exceeded, with the exception of the limits set out in points 6, 7 and 9, Article 49 of the Law of 2010 will apply by analogy;
- Shares held by one or more investment companies in the capital of subsidiary companies carrying out, exclusively on their behalf, management, advisory and marketing activities in the country in which the subsidiary is located, in regard to the redemption of units at unitholders' request.
- Regarding derivative transactions, the Company will comply with the limits and restrictions set out in “Part III: Additional information” of the Company’s prospectus under Chapter IV “Techniques and instruments” hereafter. | en | es |
DOLFIN304 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 3,250 | USD 3,070 |
| | Average return each year % | -67.50% | -21.04% |
| Unfavourable scenario | What you might get back after costs | USD 7,000 | USD 6,540 |
| | Average return each year % | -30.00% | -8.14% |
| Moderate scenario | What you might get back after costs | USD 10,380 | USD 11,890 |
| | Average return each year % | 3.80% | 3.52% |
| Favourable scenario | What you might get back after costs | USD 15,210 | USD 17,110 |
| | Average return each year % | 52.10% | 11.34% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 3.250 | USD 3.070 |
| | Rendimiento medio cada año | -67,50% | -21,04% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.000 | USD 6.540 |
| | Rendimiento medio cada año | -30,00% | -8,14% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.380 | USD 11.890 |
| | Rendimiento medio cada año | 3,80% | 3,52% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 15.210 | USD 17.110 |
| | Rendimiento medio cada año | 52,10% | 11,34% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 3,250 | USD 3,070 |
| | Average return each year % | -67.50% | -21.04% |
| Unfavourable scenario | What you might get back after costs | USD 7,000 | USD 6,540 |
| | Average return each year % | -30.00% | -8.14% |
| Moderate scenario | What you might get back after costs | USD 10,380 | USD 11,890 |
| | Average return each year % | 3.80% | 3.52% |
| Favourable scenario | What you might get back after costs | USD 15,210 | USD 17,110 |
| | Average return each year % | 52.10% | 11.34% | | en | es |
DOLFIN306 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World Momentum ESG Reduced Carbon Target Select Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in equity securities (e.g. shares) that make up the Index.
The Index aims to reflect the performance of a sub-set of equity securities within the MSCI World Index (Parent Index) with targeted exposure to the momentum factor, subject to certain optimisation constraints, including carbon reduction and environmental, social and governance (“ESG”) score improvement relative to the Parent Index. Companies involved in controversial and nuclear weapons, civilian firearms, thermal coal, tobacco or oil sands, classified as violating the United Nations Global Compact principles, or with a ‘Red’ MSCI ESG Controversies score, are excluded. The Fund may have limited exposure to securities considered not to meet these ESG criteria. The remaining companies are weighted using an optimisation methodology which seeks to maximise the exposure of the Index to the momentum factor, and to improve the ESG score and reduce carbon exposure compared to the Parent Index.
The momentum factor is assessed using a momentum score based on the recent price performance of a security, while also reflecting its corresponding volatility. Securities within the Parent Index that have large fluctuations in price (volatility) may not form part of the Index.
The Fund adopts a binding and significant ESG optimisation approach to sustainable investing i.e. the Fund will integrate ESG information into investment processes to optimise exposure to issuers to achieve a higher ESG rating.
The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it. The Fund may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. The use of FDIs is expected to be limited for this share class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI World Momentum ESG Reduced Carbon Target Select Index, el índice de referencia del Fondo (Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta variable (p. ej., acciones) que componen el Índice.
El Índice pretende reflejar la rentabilidad de un subconjunto de valores de renta variable incluidos en el MSCI World Index (Índice matriz), con una exposición específica al factor del momento, sujeto a determinadas limitaciones de optimización, incluidas la reducción de las emisiones de carbono y la mejora de la calificación medioambiental, social y de gobierno corporativo («ESG») en relación con el Índice matriz. Quedan excluidas las empresas implicadas en actividades relacionadas con armas controvertidas y nucleares, armas de fuego de uso civil, carbón térmico, tabaco o arenas bituminosas, clasificadas como infractoras de los principios del Pacto Mundial de las Naciones Unidas, o con una calificación de MSCI ESG Controversies en «Rojo». El Fondo puede tener una exposición limitada a valores que se considere que no cumplen estos criterios ESG. El resto de las empresas se ponderan utilizando una metodología de optimización que trata de maximizar la exposición del Índice al factor del momento, así como mejorar la calificación ESG y reducir la exposición a las emisiones de carbono en comparación con el Índice matriz.
El factor del momento se evalúa utilizando una puntuación de momento basada en la evolución reciente del precio de un valor, a la vez que refleja su correspondiente volatilidad. Los valores incluidos en el Índice matriz que presenten grandes fluctuaciones en los precios (volatilidad) no podrán formar parte del Índice.
El Fondo adopta un enfoque de optimización ESG vinculante y significativo en relación con la inversión sostenible, es decir, el Fondo integrará la información ESG en los procesos de inversión para optimizar la exposición a los emisores con el fin de lograr una clasificación ESG más alta.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este. El Fondo podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar el objetivo de inversión del Fondo. Para esta clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World Momentum ESG Reduced Carbon Target Select Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in equity securities (e.g. shares) that make up the Index.
The Index aims to reflect the performance of a sub-set of equity securities within the MSCI World Index (Parent Index) with targeted exposure to the momentum factor, subject to certain optimisation constraints, including carbon reduction and environmental, social and governance (“ESG”) score improvement relative to the Parent Index. Companies involved in controversial and nuclear weapons, civilian firearms, thermal coal, tobacco or oil sands, classified as violating the United Nations Global Compact principles, or with a ‘Red’ MSCI ESG Controversies score, are excluded. The Fund may have limited exposure to securities considered not to meet these ESG criteria. The remaining companies are weighted using an optimisation methodology which seeks to maximise the exposure of the Index to the momentum factor, and to improve the ESG score and reduce carbon exposure compared to the Parent Index.
The momentum factor is assessed using a momentum score based on the recent price performance of a security, while also reflecting its corresponding volatility. Securities within the Parent Index that have large fluctuations in price (volatility) may not form part of the Index.
The Fund adopts a binding and significant ESG optimisation approach to sustainable investing i.e. the Fund will integrate ESG information into investment processes to optimise exposure to issuers to achieve a higher ESG rating.
The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it. The Fund may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. The use of FDIs is expected to be limited for this share class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN308 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 3 because its simulated Net Asset Value has shown low to medium fluctuations historically.
economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- The Sub-Fund may be concentrated geographically. As a result, the Sub-Fund may be more volatile than more broadly diversified funds.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y puede variar a lo largo del tiempo.
La asignación de una Clase de Acciones a la calificación de riesgo más baja no significa que la inversión esté libre de riesgo.
¿Por qué se asigna esta Clase de Acciones a esta categoría? Esta Clase de Acciones se asigna a la categoría 3 debido a que históricamente su Valor Liquidativo simulado ha registrado un nivel de fluctuaciones entre bajo y medio.
interés, así como de la solvencia del emisor. Es posible que un emisor de títulos de deuda no sea capaz de hacer frente a sus pagos o sufra una rebaja de su calificación de crédito.
- No se prevé que el Subfondo replique en todo momento la rentabilidad del Índice con absoluta precisión. Sin embargo, se prevé que el Subfondo proporcione resultados de inversión que, antes de gastos, se correspondan globalmente con la cotización y la rentabilidad del Índice.
- El Subfondo podrá estar concentrado geográficamente. Por consiguiente, el Subfondo podrá experimentar una volatilidad mayor que la de los fondos más diversificados.
- Si desea más información sobre riesgos, consulte el apartado«Información sobre riesgos» del Folleto. | The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 3 because its simulated Net Asset Value has shown low to medium fluctuations historically.
economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- The Sub-Fund may be concentrated geographically. As a result, the Sub-Fund may be more volatile than more broadly diversified funds.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | en | es |
DOLFIN309 | 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 MSCI World (TR) between 30/09/2011-30/09/2018.
Favourable scenario
What you might get back after costs
Average return each year
USD 15,836
58.4%
USD 23,700
13.1% | # Este tipo de escenario se produjo para una inversión MSCI World (TR) entre 30/09/2011-30/09/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
15 836 USD
58,4%
23 700 USD
13,1% | # This type of scenario occurred for an investment MSCI World (TR) between 30/09/2011-30/09/2018.
Favourable scenario
What you might get back after costs
Average return each year
USD 15,836
58.4%
USD 23,700
13.1% | en | es |
DOLFIN313 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Significant risk(s) for the Fund not taken into account in this indicator include the following:
Risk linked to the use of derivatives: The Fund may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may cause significant changes in the price of the corresponding derivative. The use of over-the-counter derivatives exposes the Fund to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This may result in a financial loss for the Fund. | # Entre los riesgos significativos del Fondo que no se toman en cuenta en este indicador se incluyen los siguientes:
Riesgo relacionado con el uso de instrumentos derivados: El Fondo podrá utilizar derivados, es decir, instrumentos financieros cuyo valor depende del valor de un activo subyacente. Las fluctuaciones del precio del activo subyacente, aunque pequeñas, pueden no obstante dar lugar a cambios significativos en el precio del instrumento derivado correspondiente. El uso de instrumentos derivados OTC expone al Fondo a un incumplimiento parcial o total de los compromisos asumidos por la contraparte, Y que de ello se derive una pérdida financiera para el Fondo. | # Significant risk(s) for the Fund not taken into account in this indicator include the following:
Risk linked to the use of derivatives: The Fund may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may cause significant changes in the price of the corresponding derivative. The use of over-the-counter derivatives exposes the Fund to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This may result in a financial loss for the Fund. | en | es |
DOLFIN317 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# DEPOSITARY, ADMINISTRATOR AND INVESTMENT MANAGER
- The Company shall appoint:-
- a Depositary with responsibility for the safekeeping of all of the assets of the Company and to carry out the functions required of a trustee and depositary by the Regulations and to perform such other duties as the Directors may from time to time, with the agreement of the Depositary, determine; and
- a person, firm or corporation to act as Administrator; and
- one or more persons, firms or corporations to act as Investment Manager of the Company’s investments and assets;and the Directors may entrust to and confer upon the Depositary, Administrator and Investment Manager so appointed any of the powers, duties, discretions and/or functions exercisable by them as Directors, upon such terms and conditions including the right to remuneration payable by the Company and with such powers of delegation and such restrictions as they think fit. In the event of a conflict of interest in respect of the appointment of the Administrator, Depositary or Investment Manager, the policy and procedure of the Company in respect of this conflict shall be as set out in the Prospectus.
- The terms of appointment of any Depositary may authorise such Depositary to appoint (with powers of sub-delegation) sub-depositary, nominees, agents or delegates at the expense of the Company or otherwise and to delegate any of its custodial functions and duties to any person or persons so appointed, provided that such appointment shall first have been notified to the Company and is in accordance with the Central Bank Requirements and provided further that any such appointment, insofar as it relates to an appointment in relation to the assets of the Company, shall terminate forthwith on termination of the appointment of the Depositary.
- In accordance with the Central Bank Requirements, the appointment of the Administrator may be terminated and a replacement Administrator may be appointed and the terms of appointment of an Administrator from time to time may be varied and may authorise such Administrator to appoint one or more agents and to delegate any of its functions and duties to any person or persons so appointed, provided that such appointment or appointments shall first have been approved by the Company16and provided further that any such appointment shall terminate forthwith on termination of the appointment of the Administrator.
- In accordance with the Central Bank Requirements, the appointment of the Investment Manager may be terminated and a replacement Investment Manager may be appointed and the terms of appointment of an Investment Manager from time to time may be varied and may authorise such Investment Manager to appoint one or more investment advisers or other agents and to delegate any of its functions and duties to any person or persons so appointed, provided that such appointment or appointments shall first have been approved by the Company and provided further that any such appointment shall terminate forthwith on termination of the appointment of the Investment Manager.
- The Depositary appointed shall be approved by the Central Bank to act as depositary of a UCITS pursuant to the Regulations and its appointment shall be approved by the Central Bank.
- Any contract or agreement entered into by the Company with any Depositary and any variation to any such contract or agreement then in force shall be subject to prior approval by the Central Bank and contain the obligations of the Depositary as specified in the Regulations.
- In the event of the Depositary desiring to retire or being removed from office the Company shall use its best endeavours to find a corporation willing to act as depositary and who is approved by the Central Bank to act as depositary and upon so doing the Company shall subject to the approval of the Central Bank appoint such corporation to be the depositary in place of the former Depositary. In the event of the Depositary desiring to retire or the Company desiring to remove the Depositary from office the Directors shall use their best endeavours to find a person qualified to act under the Regulations and willing to act as Depositary and upon so doing the Directors shall, subject to approval by the Central Bank, appoint such person to be Depositary in place of the former Depositary. The Depositary may not retire or be removed from office until a replacement Depositary is appointed or until the authorisation of the Company has been revoked by the Central Bank.
- If within such period as the Directors may from time to time determine from (i) the date on which the Depositary notifies the Company of its desire to retire in accordance with the terms of the Depositary Agreement and has not withdrawn notice of its intention to so retire; (ii) the date on which the appointment of the Depositary is terminated by the Company in accordance with the terms of the Depositary Agreement; or (iii) the date on which the Depositary ceases to be approved by the Central Bank to act as Depositary, a new depositary acceptable to the Company and approved by the Central Bank has not been appointed to act as depositary to the Company, the Secretary shall forthwith at the request of the Directors (such request to be made in a timely manner), convene an extraordinary general meeting of all Members at which there shall be proposed an Ordinary Resolution to wind up the Company in accordance with the provisions of Article 33 so that the shares in the Company may be redeemed in accordance with the provisions of Article 12 and revocation of the Company’s authorisation shall be sought from the Central Bank. Upon the revocation of the Company’s authorisation from the Central Bank, the Depositary’s appointment shall terminate.
- | # DEPOSITARIO, ADMINISTRADOR Y GESTOR DE INVERSIÓN
- La Sociedad nombrará:
- a un Depositario con la responsabilidad de salvaguardar todos los activos de la Sociedad y de realizar las funciones de fideicomiso y depositario requeridas por el Reglamento y realizar cualquier otra tarea que los Consejeros consideren oportuno, con el acuerdo del Depositario; y
- a una persona, firma o corporación para actuar como Administrador, y
- a una o más personas, firmas o corporaciones para actuar como Gestor de inversión para las inversiones y los activos de la Sociedad;y los Consejeros podrán confiar y conferir al Depositario, Administrador y Gestor de inversión nombrados cualesquiera de los poderes, deberes, discreciones y/o funciones ejecutables por ellos como Consejeros, según los términos y condiciones pertinentes incluido el derecho de remuneración pagadera por la Sociedad y cualesquiera de los poderes de delegación y restricciones que consideren oportunos. En el caso de un conflicto de intereses respecto al nombramiento del Administrador, Depositario oGestor de inversiones, la política y procedimiento de la Sociedad respecto a dicho conflicto serán expuestos en el Folleto.
- Los términos del nombramiento de cualquier Depositario pueden autorizar a dicho Depositario a nombrar (con poderes de subdelegación) a subdepositarios, representantes, agentes o delegados a expensas de la Sociedad y a delegar cualquiera de sus funciones y deberes de depositario a cualquier persona nombrada, siempre que dicho nombramiento primero haya sido notificado a la Sociedad y siempre que sea con arreglo a los Requisitos del Banco Central y siempre que dicho nombramiento, cuando guarde relación con un nombramiento vinculado a los activos de la Sociedad, termine en cuanto finalice el nombramiento del Depositario.
- Con arreglo a los Requisitos del Banco Central, el nombramiento del Administrador podrá terminarse y podrá nombrarse a un Administrador sustituto y los términos del nombramiento de un Administrador podrán variar de vez en cuando y se podrá autorizar a dicho Administrador a nombrar a uno o más agentes y a delegar cualquiera de sus funciones y responsabilidades a cualquier persona nombrada, siempre que dicho nombramiento haya sido aprobado primero por la Sociedad y siempre que dicho nombramiento termine en cuanto finalice el nombramiento del Administrador.
- Con arreglo a los Requisitos del Banco Central, el nombramiento del Gestor de inversión podrá terminarse y podrá nombrarse a un Gestor de inversión sustituto y los términos del nombramiento de un Gestor de inversión podrán variar de vez en cuando y se podrá autorizar a dicho Gestor de inversión a nombrar a uno o más asesores de inversión u otros agentes y a delegar cualquiera de sus funciones y responsabilidades a cualquier persona nombrada, siempre que dicho nombramiento haya sido aprobado primero por la Sociedad y siempre que dicho nombramiento termine en cuanto finalice el nombramiento del Gestor de inversión.
- El Depositario nombrado deberá ser aprobado por el Banco Central para actuar como depositario de un OICVM con arreglo al Reglamento y su nombramiento será aprobado por el Banco Central.
- Cualquier acuerdo o contrato celebrado entre la Sociedad y cualquier Depositario y cualquier variación de dicho contrato o acuerdo entonces vigente estarán sujetos a la autorización previa del Banco Central y contendrán las obligaciones del Depositario tal y como se especifica en el Reglamento.
- En el caso de que el Depositario desee jubilarse o de que sea cesado de su cargo en la Sociedad se deberá utilizar los mejores medios para encontrar una corporación que desee actuar como depositario y que esté autorizada por el Banco Central para actuar como depositario y al hacerlo, la Sociedad deberá estar sujeta a la aprobación del Banco Central para nombrar a dicha corporación para ser el depositario en sustitución del anterior Depositario. En el caso de que el Depositario desee jubilarse o que la Sociedad desee cesar al Depositario de sus funciones, los Consejeros deberán utilizar todos los medios a su alcance para encontrar a una persona cualificada para actuar en virtud del Reglamento y que desee actuar como Depositario y que, al hacerlo los Consejeros, con sujeción a la autorización por parte del Banco Central, deberán nombrar a dicha persona para ser Depositario en sustitución del anterior. El Depositario puede que no se jubile o que no se le cese de su cargo hasta que se nombre a un sustituto o hasta que la autorización de la Sociedad haya sido revocada por el Banco Central.
- Si dentro de ese plazo cuando los Consejeros deseen determinar (i) a partir de la fecha en que el Depositario notifique a la Sociedad su deseo de jubilarse con arreglo a los términos del Contrato del Depositario y este no haya retirado su aviso de su intención de jubilarse; (ii) a partir de la fecha en que el nombramiento del Depositario finalicepor parte de la Sociedad con arreglo a los términos del Acuerdo del Depositario; o (iii) a partir de la fecha en que el Depositario deje de estar autorizado por el Banco Central para actuar como depositario, no se haya nombrado a un nuevo depositario aceptable para la Sociedad y autorizado por el Banco Central para actuar como Depositario de la Sociedad, el Secretario deberá inmediatamente, a solicitud de los Consejeros (oportunamente), organizar una junta general extraordinaria de todos los Miembros en la que se proponga una Resolución Ordinaria para liquidar la Sociedad con arreglo a las disposiciones del Artículo 33 para que las acciones en la Sociedad puedan ser reembolsadas con arreglo a las disposiciones del Artículo 12 y deberá obtenerse una revocación de la autorización de la Sociedad por parte del Banco Central. Tras la revocación de la autorización de la Sociedad por parte del Banco Central, el nombramiento del Depositario deberá terminar.
- | # DEPOSITARY, ADMINISTRATOR AND INVESTMENT MANAGER
- The Company shall appoint:-
- a Depositary with responsibility for the safekeeping of all of the assets of the Company and to carry out the functions required of a trustee and depositary by the Regulations and to perform such other duties as the Directors may from time to time, with the agreement of the Depositary, determine; and
- a person, firm or corporation to act as Administrator; and
- one or more persons, firms or corporations to act as Investment Manager of the Company’s investments and assets;and the Directors may entrust to and confer upon the Depositary, Administrator and Investment Manager so appointed any of the powers, duties, discretions and/or functions exercisable by them as Directors, upon such terms and conditions including the right to remuneration payable by the Company and with such powers of delegation and such restrictions as they think fit. In the event of a conflict of interest in respect of the appointment of the Administrator, Depositary or Investment Manager, the policy and procedure of the Company in respect of this conflict shall be as set out in the Prospectus.
- The terms of appointment of any Depositary may authorise such Depositary to appoint (with powers of sub-delegation) sub-depositary, nominees, agents or delegates at the expense of the Company or otherwise and to delegate any of its custodial functions and duties to any person or persons so appointed, provided that such appointment shall first have been notified to the Company and is in accordance with the Central Bank Requirements and provided further that any such appointment, insofar as it relates to an appointment in relation to the assets of the Company, shall terminate forthwith on termination of the appointment of the Depositary.
- In accordance with the Central Bank Requirements, the appointment of the Administrator may be terminated and a replacement Administrator may be appointed and the terms of appointment of an Administrator from time to time may be varied and may authorise such Administrator to appoint one or more agents and to delegate any of its functions and duties to any person or persons so appointed, provided that such appointment or appointments shall first have been approved by the Company16and provided further that any such appointment shall terminate forthwith on termination of the appointment of the Administrator.
- In accordance with the Central Bank Requirements, the appointment of the Investment Manager may be terminated and a replacement Investment Manager may be appointed and the terms of appointment of an Investment Manager from time to time may be varied and may authorise such Investment Manager to appoint one or more investment advisers or other agents and to delegate any of its functions and duties to any person or persons so appointed, provided that such appointment or appointments shall first have been approved by the Company and provided further that any such appointment shall terminate forthwith on termination of the appointment of the Investment Manager.
- The Depositary appointed shall be approved by the Central Bank to act as depositary of a UCITS pursuant to the Regulations and its appointment shall be approved by the Central Bank.
- Any contract or agreement entered into by the Company with any Depositary and any variation to any such contract or agreement then in force shall be subject to prior approval by the Central Bank and contain the obligations of the Depositary as specified in the Regulations.
- In the event of the Depositary desiring to retire or being removed from office the Company shall use its best endeavours to find a corporation willing to act as depositary and who is approved by the Central Bank to act as depositary and upon so doing the Company shall subject to the approval of the Central Bank appoint such corporation to be the depositary in place of the former Depositary. In the event of the Depositary desiring to retire or the Company desiring to remove the Depositary from office the Directors shall use their best endeavours to find a person qualified to act under the Regulations and willing to act as Depositary and upon so doing the Directors shall, subject to approval by the Central Bank, appoint such person to be Depositary in place of the former Depositary. The Depositary may not retire or be removed from office until a replacement Depositary is appointed or until the authorisation of the Company has been revoked by the Central Bank.
- If within such period as the Directors may from time to time determine from (i) the date on which the Depositary notifies the Company of its desire to retire in accordance with the terms of the Depositary Agreement and has not withdrawn notice of its intention to so retire; (ii) the date on which the appointment of the Depositary is terminated by the Company in accordance with the terms of the Depositary Agreement; or (iii) the date on which the Depositary ceases to be approved by the Central Bank to act as Depositary, a new depositary acceptable to the Company and approved by the Central Bank has not been appointed to act as depositary to the Company, the Secretary shall forthwith at the request of the Directors (such request to be made in a timely manner), convene an extraordinary general meeting of all Members at which there shall be proposed an Ordinary Resolution to wind up the Company in accordance with the provisions of Article 33 so that the shares in the Company may be redeemed in accordance with the provisions of Article 12 and revocation of the Company’s authorisation shall be sought from the Central Bank. Upon the revocation of the Company’s authorisation from the Central Bank, the Depositary’s appointment shall terminate.
- | en | es |
DOLFIN319 | 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 Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,399
14.0%
EUR 12,162
4.0% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 01/2014-01/2019.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 399 EUR
14,0%
12 162 EUR
4,0% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,399
14.0%
EUR 12,162
4.0% | en | es |
DOLFIN335 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The assets are principally invested in debt instruments (bonds and financial instruments having the same characteristics, including convertible bonds) which:
- are issued by both private (companies) and public (governments, international and supranational organizations, …) sector issuers;
- are denominated in various currencies;
- may be at fixed or variable rates, indexed and / or, for a maximum of 10% Subordinated; and
- are rated BBB-/Baa3 (or equivalent) at least by one of the independent rating agency or considered of comparable quality by the Management Company (notably when issue rating is missing). | Los activos se invertirán principalmente en instrumentos de deuda (bonos e instrumentos financieros con las mismas características, incluidos bonos convertibles) que:
- sean emitidos por sociedades del sector privado y organismos del sector público (gobiernos, organizaciones internacionales y supranacionales, etc.);
- estén denominados en distintas divisas;
- estén a tipos fijos o variables, vinculados a un índice y/o, para un máximo del 10%, subordinados; y
- tengan la clasificación BBB-/Baa3 (o equivalente) de al menos una agencia de calificación independiente o la Sociedad Gestora los considera de una calidad comparable (especialmente cuando no se cuenta con la calificación de la emisión). | The assets are principally invested in debt instruments (bonds and financial instruments having the same characteristics, including convertible bonds) which:
- are issued by both private (companies) and public (governments, international and supranational organizations, …) sector issuers;
- are denominated in various currencies;
- may be at fixed or variable rates, indexed and / or, for a maximum of 10% Subordinated; and
- are rated BBB-/Baa3 (or equivalent) at least by one of the independent rating agency or considered of comparable quality by the Management Company (notably when issue rating is missing). | en | es |
DOLFIN345 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance
Based on transaction prices, the fund's return was -7.74%.
The objective of the Developed Markets Enhanced Indexing strategy is to consistently outperform the MSCI World Index by applying a large number of small overweight and underweight positions with respect to the index, resulting in a low tracking error. The portfolio consists of roughly 750 developed market stocks and overweights stocks with an attractive valuation, a profitable operating business, strong price momentum and positive recent revisions from analysts. By using our integrated multi-factor stock selection model, we expect the strategy to consistently outperform the benchmark. Furthermore, the fund has a lower footprint on carbon emissions compared to the benchmark. | # Rentabilidad
Según los precios de negociación, el rendimiento del fondo fue del -7,74%.
El objetivo de la estrategia Developed Markets Enhanced Indexing es superar consistentemente la rentabilidad del índice MSCI World aplicando un gran número de pequeñas posiciones sobreponderadas e infraponderadas respecto al índice, resultando en un tracking error bajo. Aproximadamente, componen la cartera 750 valores de mercados desarrollados y títulos sobreponderados con una valoración atractiva, un negocio operativo rentable, fuerte impulso de precio y revisiones recientes positivas de los analistas. Mediante la aplicación de nuestro modelo integrado de selección de acciones multifactorial, esperamos que la estrategia supere sistemáticamente al índice. Además, el fondo mantiene una menor huella medioambiental en emisiones de CO2, en comparación con el índice. | # Performance
Based on transaction prices, the fund's return was -7.74%.
The objective of the Developed Markets Enhanced Indexing strategy is to consistently outperform the MSCI World Index by applying a large number of small overweight and underweight positions with respect to the index, resulting in a low tracking error. The portfolio consists of roughly 750 developed market stocks and overweights stocks with an attractive valuation, a profitable operating business, strong price momentum and positive recent revisions from analysts. By using our integrated multi-factor stock selection model, we expect the strategy to consistently outperform the benchmark. Furthermore, the fund has a lower footprint on carbon emissions compared to the benchmark. | en | es |
DOLFIN348 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
No dividend shall be payable except out of such funds as may be lawfully distributed as dividends. Dividends may be paid out of the net revenue of the relevant Fund, realised and unrealised profits on the disposal/value of investments and other assets less realised and unrealised losses of the relevant Fund.
-
## Receipts. | Sólo se abonarán dividendos con cargo a los fondos que se pueden distribuir legalmente en forma de dividendos. Se pueden pagar dividendos con cargo a las rentas netas de inversión de un Fondo, es decir, sus plusvalías netas de capital realizadas y no realizadas obtenidas por la enajenación o el valor de Inversiones y otros activos menos las minusvalías realizadas y no realizadas del Fondo.
-
## Recibos. | No dividend shall be payable except out of such funds as may be lawfully distributed as dividends. Dividends may be paid out of the net revenue of the relevant Fund, realised and unrealised profits on the disposal/value of investments and other assets less realised and unrealised losses of the relevant Fund.
-
## Receipts. | en | es |
DOLFIN361 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: April 6, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
15%
10%
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 6 de abril de 2020. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en CHF.
15%
10%
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: April 6, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
15%
10%
5%
0% | en | es |
DOLFIN364 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Management process
- The Sub-fund is actively managed and will be a concentrated portfolio and will not be restricted by index weightings, sector constraints, or company size. The Fund assesses the companies' ability to deliver intentional positive outcomes for the environment and society. Progress against each pillar is measured using the SDGs' relevant key performance indicators (KPIs), linking the company's ability to affect positive change in the context of these overarching global challenges. Engagement with company management teams is a part of our investment process and ongoing stewardship programme. Our process evaluates the ownership structures, governance and management quality of the companies. The benchmark is also used as a basis for setting risk constraints and don't have any sustainable factors . In order to achieve its objective, the Fund will take positions whose weightings diverge from the benchmark or invest in securities which are not included in the benchmark. The investments of the Fund may deviate significantly from the components and their weightings in the benchmark. Due to the active nature of the management process, the Fund's performance profile may deviate significantly from that of the benchmark over the longer term. | # Proceso de gestión
- El subfondo se gestiona activamente y será una cartera concentrada de acciones y no estará sujeto a restricciones por ponderaciones de índice, limitaciones sectoriales o tamaño de empresa. El fondo evalúa la capacidad de las empresas de generar resultados positivos intencionales para el medio ambiente y la sociedad. El progreso en cada pilar se mide utilizando los indicadores clave de rendimiento relevantes de los ODS, vinculando la capacidad de la empresa para lograr cambios positivos en el contexto de estos desafíos globales. La implicación con los equipos directivos forma parte de nuestro proceso de inversión y nuestro programa de administración continuo. Nuestroproceso evalúa las estructuras de propiedad, el gobierno y la calidad de la gestión de las empresas. El índice de referencia también se usa como base para fijar las restricciones al riesgo y no tiene ningún factor sostenible. Con el fin de alcanzar su objetivo, el fondo adoptará posiciones cuyas ponderaciones divergen del índice de referencia, o invertirá en valores que no están incluidosen el índice de referencia. Las inversiones del fondo podrán diferir significativamente de los componentes del índice de referencia y sus respectivas ponderaciones. Debido a la naturaleza activa del proceso de gestión, el perfil de rentabilidad del fondo podría desviarse a largo plazo significativamente del perfil del índice. | # Management process
- The Sub-fund is actively managed and will be a concentrated portfolio and will not be restricted by index weightings, sector constraints, or company size. The Fund assesses the companies' ability to deliver intentional positive outcomes for the environment and society. Progress against each pillar is measured using the SDGs' relevant key performance indicators (KPIs), linking the company's ability to affect positive change in the context of these overarching global challenges. Engagement with company management teams is a part of our investment process and ongoing stewardship programme. Our process evaluates the ownership structures, governance and management quality of the companies. The benchmark is also used as a basis for setting risk constraints and don't have any sustainable factors . In order to achieve its objective, the Fund will take positions whose weightings diverge from the benchmark or invest in securities which are not included in the benchmark. The investments of the Fund may deviate significantly from the components and their weightings in the benchmark. Due to the active nature of the management process, the Fund's performance profile may deviate significantly from that of the benchmark over the longer term. | en | es |
DOLFIN383 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Chairman of the management company Lazard Frères Gestion SAS made a decision concerning the LAZARD CREDIT FI UCI (ISIN code: FR0010590950), to make the following changes:
- Change in the investment policy as part of obtaining the SRI (Socially Responsible Investment) label,
- Increase in the maximum weighting of foreign currency securities from 80% to 100%.
- Change of name: LAZARD CREDIT FI SRI
-
#### Effective date: 09/02/2021
- MANAGEMENT REPORTAt the date of preparation of the management report and in the context of uncertainty linked to the Covid-19 health crisis, the events listed below have not occurred:
- significant events occurring during the financial year such as changes in the methods of applying accounting methods (implementation of model valuation, activation of gates, suspension of NAV).
- other elements such as information relating to possible situations of suspension of subscriptions/redemptions, liquidation of funds or creation of a ring-fencing fund." | ### El Presidente de la sociedad gestora Lazard Frères Gestion S.A.S. decidió, con relación al FIC LAZARD CREDIT FI (código ISIN: FR0010590950), las modificaciones siguientes:
- Modificación de la política de inversión para la obtención de su certificación ISR (Inversión Socialmente Responsable),
- Aumento de la ponderación máxima de los títulos en divisas del 80% al 100%.
- Cambio de denominación: LAZARD CREDIT FI SRI.
-
#### Fecha de efecto: 09/02/2021.
- INFORME DE GESTIÓN«En la fecha de elaboración del informe de gestión y en el contexto de incertidumbre relacionado con la crisis sanitaria del Covid-19, no se han producido los acontecimientos enumerados a continuación:
- acontecimientos significativos ocurridos durante el ejercicio, como cambios en las modalidades de aplicación de los métodos contables (aplicación de valoración según modelo, activación de gates, suspensión de VL).
- otros elementos, como la información sobre posibles situaciones de suspensión de suscripciones/reembolsos, liquidación de fondos o creación de un compartimento de propósito especial». | ### The Chairman of the management company Lazard Frères Gestion SAS made a decision concerning the LAZARD CREDIT FI UCI (ISIN code: FR0010590950), to make the following changes:
- Change in the investment policy as part of obtaining the SRI (Socially Responsible Investment) label,
- Increase in the maximum weighting of foreign currency securities from 80% to 100%.
- Change of name: LAZARD CREDIT FI SRI
-
#### Effective date: 09/02/2021
- MANAGEMENT REPORTAt the date of preparation of the management report and in the context of uncertainty linked to the Covid-19 health crisis, the events listed below have not occurred:
- significant events occurring during the financial year such as changes in the methods of applying accounting methods (implementation of model valuation, activation of gates, suspension of NAV).
- other elements such as information relating to possible situations of suspension of subscriptions/redemptions, liquidation of funds or creation of a ring-fencing fund." | en | es |
DOLFIN394 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Each such calculation of the Net Asset Value per Share of each Class shall be conclusive absent manifest error.
The Net Asset Value per Share of each Class may be obtained at the registered office of the Fund, and the Fund will arrange for regular publication of the Net Asset Value per Share via any media as the Board of Directors of the Fund may from time to time determine.
The value of the Fund’s assets shall be determined as follows:
- the value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Board of Directors of the Fund may consider appropriate in such case to reflect the true value thereof;
- the value of all securities and/or Financial Derivative Instruments (“FDIs”) which are listed on an official stock exchange or traded on any other regulated market which operates regularly and is recognized and open to the public, are determined on the basis of the last reported sales price on the exchange or market on which such securities and/or FDIs are traded on the last trading day immediately preceding the Valuation Date, or, if no sales are reported, on the basis of market quotations, in each such case, as furnished by a pricing service approved by the Board of Directors of the Fund;
- in the event that any of the securities and/or FDIs held in the Fund’s portfolio on the relevant day are not listed on any stock exchange or traded on any regulated market which operates regularly and is recognised and open to the public, or if, with respect to securities and/or FDIs listed on any stock exchange or traded on any other regulated market which operates regularly and is recognised and open to the public, the price as determined pursuant to sub-paragraph (2) is not representative of the fair market value of the relevant securities and/or FDIs or, if no prices are available, the value of such securities and/or FDIs is based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the Fund;Notes to the Financial Statements (continued)Note 2: Significant Accounting Policies (continued)
- shares or units in underlying open-ended investment funds shall be valued at their last available net asset value.
- liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner; short-term investments that have a remaining maturity of one year or less may be valued (i) at market value, or (ii) where market value is not available or not representative, at amortised cost;
- securities and/or FDIs which are not so listed are valued on the basis of their last available closing price. Should the last available closing price for a given security and/or FDI not truly reflect its fair market value, then that security and/or FDI is valued by the Board of Directors of the Fund on the basis of the probable sales price which the Board of Directors of the Fund deems is prudent to assume. The table below presents securities which were fair valued pursuant to the valuation policy approved by the Board of Directors of the Fund at 31 December 2022: | En tal caso, el cálculo del valor liquidativo por acción de cada clase será definitivo salvo error manifiesto.
El valor liquidativo por acción de cada clase podrá consultarse en el domicilio social del Fondo, que ordenará su publicación periódica en cualesquiera medios de comunicación que el Consejo de administración del Fondo determine en cada momento.
El valor de los activos del Fondo se calculará como sigue:
- el valor de cualquier efectivo en caja o en depósito, efectos comerciales y pagarés a la vista y cuentas por cobrar, gastos pagados por anticipado, dividendos en efectivo e intereses declarados o devengados de la forma anteriormente mencionada, y todavía no cobrados, se considerará el importe total de estos, salvo que, en cualquier caso, su pago o cobro íntegro sea improbable, en cuyo caso su valor se determinará después de realizar el descuento que el Consejo de administración del Fondo considere apropiado para reflejar su valor real;
- el valor de todos los títulos y/o los instrumentos financieros derivados («IFD») que coticen en una bolsa de valores oficial o se negocien en cualquier otro mercado regulado, de funcionamiento regular y que esté reconocido y abierto al público, se calculará a partir del último precio de venta comunicado en la bolsa de valores o el mercado en que se negocien dichos títulos y/o IFD, el último día de negociación inmediatamente anterior a la Fecha de valoración o, si no se hubieran comunicado ventas, a partir de las cotizaciones del mercado que, en tal caso, ofrezca un servicio de determinación de precios aprobado por el Consejo de administración del Fondo;
- en el caso de que cualquiera de los títulos y/o los IFD en cartera del Fondo en la fecha pertinente no cotice en ninguna bolsa ni se negocie en ningún mercado regulado de funcionamiento regular y que esté reconocido y abierto al público o si, en el caso de valores e/o IFD que coticen en una bolsa o se negocien en cualquier otro mercado regulado de funcionamiento regular y que esté reconocido y abierto al público, el precio calculado con arreglo al subapartado (2) no fuera representativo del valor razonable de mercado de dichos títulos y/o IFD o, si no se dispusiera de precios, el valor de dichos títulos y/o IFD se basará en el precio de venta razonablemente previsible que calcule con prudencia y de buena fe el Consejo de administración del Fondo;Notas a los estados financieros (continuación)Nota 2: Políticas contables significativas (continuación)
- las acciones o participaciones de fondos de inversión de capital variable subyacentes se valorarán a su último valor liquidativo disponible;
- los activos líquidos y los instrumentos del mercado monetario pueden valorarse al valor nominal más los posibles intereses devengados o con arreglo al coste amortizado. El resto de los activos podrán valorarse de la misma forma cuando la práctica lo permita; las inversiones a corto plazo con un vencimiento residual igual o inferior a un año podrán valorarse (i) al valor de mercado o (ii), cuando el valor de mercado no esté disponible o no resulte representativo, al coste amortizado;
- los títulos y/o IFD no cotizados se valorarán con arreglo a su último precio de cierre disponible. Si el último precio al cierre disponible de un título y/o un IFD concreto no reflejara fielmente su valor razonable de mercado, el título y/o el IFD los valorarán el Consejo de administración del Fondo en función del precio probable de venta que, a su juicio, resulte prudente suponer. La siguiente tabla contiene los títulos que han sido valorados al valor razonable conforme a la política de valoración aprobada por el Consejo de administración del Fondo a 31 de diciembre de 2022: | Each such calculation of the Net Asset Value per Share of each Class shall be conclusive absent manifest error.
The Net Asset Value per Share of each Class may be obtained at the registered office of the Fund, and the Fund will arrange for regular publication of the Net Asset Value per Share via any media as the Board of Directors of the Fund may from time to time determine.
The value of the Fund’s assets shall be determined as follows:
- the value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Board of Directors of the Fund may consider appropriate in such case to reflect the true value thereof;
- the value of all securities and/or Financial Derivative Instruments (“FDIs”) which are listed on an official stock exchange or traded on any other regulated market which operates regularly and is recognized and open to the public, are determined on the basis of the last reported sales price on the exchange or market on which such securities and/or FDIs are traded on the last trading day immediately preceding the Valuation Date, or, if no sales are reported, on the basis of market quotations, in each such case, as furnished by a pricing service approved by the Board of Directors of the Fund;
- in the event that any of the securities and/or FDIs held in the Fund’s portfolio on the relevant day are not listed on any stock exchange or traded on any regulated market which operates regularly and is recognised and open to the public, or if, with respect to securities and/or FDIs listed on any stock exchange or traded on any other regulated market which operates regularly and is recognised and open to the public, the price as determined pursuant to sub-paragraph (2) is not representative of the fair market value of the relevant securities and/or FDIs or, if no prices are available, the value of such securities and/or FDIs is based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the Fund;Notes to the Financial Statements (continued)Note 2: Significant Accounting Policies (continued)
- shares or units in underlying open-ended investment funds shall be valued at their last available net asset value.
- liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner; short-term investments that have a remaining maturity of one year or less may be valued (i) at market value, or (ii) where market value is not available or not representative, at amortised cost;
- securities and/or FDIs which are not so listed are valued on the basis of their last available closing price. Should the last available closing price for a given security and/or FDI not truly reflect its fair market value, then that security and/or FDI is valued by the Board of Directors of the Fund on the basis of the probable sales price which the Board of Directors of the Fund deems is prudent to assume. The table below presents securities which were fair valued pursuant to the valuation policy approved by the Board of Directors of the Fund at 31 December 2022: | en | es |
DOLFIN398 | 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 Swiss Re Cat Bond Index (TR) between 31/08/2014-31/08/2019.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,458
4.6%
EUR 12,038
3.8% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/08/2014-31/08/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 458 EUR
4,6%
12 038 EUR
3,8% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/08/2014-31/08/2019.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,458
4.6%
EUR 12,038
3.8% | en | es |
DOLFIN399 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Further, where the Shares / Units are acquired pursuant to an offer made in reliance on section 305 of the SFA and the acquirer is:
- a corporation which is not an accredited investor (as defined in the SFA), whose sole business is to hold investments and the entire share capital of which is owned by individuals each of whom is an accredited investor); or
- a trust of which the trustee is not an accredited investor and whose sole purpose is to hold investments for the benefit of beneficiaries each of whom is an accredited investor,then no securities of such a corporation and no rights and interests of the beneficiaries in such a trust (as the case may be) shall be transferred for a period of 6 months from the time the corporation or trust (as the case may be) acquired the Shares / Units, unless such transfers are in accordance with the conditions specifically provided in sections 305A(2) and 305A(3) of the SFA (as the case may be). | ## Además, si las Acciones / Participaciones se adquieren en virtud de una oferta realizada según la sección 305 de la SFA y el comprador es:
- una corporación que no es un inversor acreditado (según se define en la SFA) cuya única actividad consiste en mantener inversiones y cuyo capital social total es propiedad de personas que son individualmente inversores acreditados); o
- un fideicomiso cuyo fideicomisario no es un inversor acreditado y cuya única actividad consiste en mantener inversiones para el beneficio de beneficiarios que son individualmente inversores acreditados,no se transmitirá ningún valor de dicha corporación ni tampoco ningún derecho e interés de los beneficiarios de dicho fideicomiso (según sea el caso) durante un período de 6 meses desde el momento en el que la corporación o fideicomiso (según sea el caso) adquiera las Acciones / Participaciones salvo que se realice de acuerdo con las condiciones que se disponen específicamente en las secciones 305A(2) y 305A(3) de la SFA (según sea el caso). | ## Further, where the Shares / Units are acquired pursuant to an offer made in reliance on section 305 of the SFA and the acquirer is:
- a corporation which is not an accredited investor (as defined in the SFA), whose sole business is to hold investments and the entire share capital of which is owned by individuals each of whom is an accredited investor); or
- a trust of which the trustee is not an accredited investor and whose sole purpose is to hold investments for the benefit of beneficiaries each of whom is an accredited investor,then no securities of such a corporation and no rights and interests of the beneficiaries in such a trust (as the case may be) shall be transferred for a period of 6 months from the time the corporation or trust (as the case may be) acquired the Shares / Units, unless such transfers are in accordance with the conditions specifically provided in sections 305A(2) and 305A(3) of the SFA (as the case may be). | en | es |
DOLFIN405 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The amounts described in 1 and 2 may be distributed, wholly or in part, independently of each other. Distributable income shall be paid out within a maximum period of five months after year-end.
The fund's net income is equal to the amount of interest, arrears, premiums and prizes, dividends, directors’ fees and any other income generated by the securities held in the fund’s portfolio, plus any income generated by temporary cash holdings, less management fees and debt servicing costs.
The management company shall decide upon the division of the distributable income.
For each unit class, if applicable, the Fund may opt, for each of the sums described in 1 and 2, for one of the following formulas:
- Pure accumulation: distributable income is fully accumulated, with the exception of such amounts as are subject to compulsory distribution by law;
- Pure distribution: distributable income is fully distributed, rounded to the nearest whole number;
- For funds wishing to retain the freedom to accumulate and/or distribute and/or carry forward distributable income, the management company decides each year on the allocation of the amounts referred to in 1 and 2. | Las cantidades indicadas en los apartados 1.º y 2.º podrán distribuirse, total o parcialmente, con independencia la una de la otra.
El pago de las cantidades distribuibles se efectúa en un plazo máximo de 5 meses a partir del cierre del ejercicio.
El resultado neto del fondo es igual al importe de los intereses, intereses de demora, primas y premios, dividendos, primas de asistencia y cualquier otro ingreso relativo a los títulos que componen la cartera del fondo, más los ingresos de las cantidades temporalmente disponibles, menos el importe de los gastos de gestión y los costes de los préstamos.
La sociedad de gestión es quien decide sobre el reparto de las cantidades distribuibles.
Para cada categoría de participaciones, en su caso, el fondo puede optar por una de las siguientes fórmulas para cada una de las cantidades indicadas en los apartados 1.º y 2.º:
- Acumulación pura: las cantidades distribuibles se acumulan íntegramente excepto las que deban distribuirse por obligación legal;
- Distribución pura: las cantidades distribuibles se distribuyen íntegramente, con redondeo;
- Para los fondos que deseen conservar la libertad de acumular, distribuir o pasar las cantidades distribuibles a cuenta nueva, la sociedad de gestión decide cada año la asignación de cada una de las cantidades indicadas en los apartados 1.º y 2.º. | The amounts described in 1 and 2 may be distributed, wholly or in part, independently of each other. Distributable income shall be paid out within a maximum period of five months after year-end.
The fund's net income is equal to the amount of interest, arrears, premiums and prizes, dividends, directors’ fees and any other income generated by the securities held in the fund’s portfolio, plus any income generated by temporary cash holdings, less management fees and debt servicing costs.
The management company shall decide upon the division of the distributable income.
For each unit class, if applicable, the Fund may opt, for each of the sums described in 1 and 2, for one of the following formulas:
- Pure accumulation: distributable income is fully accumulated, with the exception of such amounts as are subject to compulsory distribution by law;
- Pure distribution: distributable income is fully distributed, rounded to the nearest whole number;
- For funds wishing to retain the freedom to accumulate and/or distribute and/or carry forward distributable income, the management company decides each year on the allocation of the amounts referred to in 1 and 2. | en | es |
DOLFIN406 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### The Company complies with AEoI regimes applicable in Luxembourg. Consequently, the Company or its delegates may need to:
- Perform a due diligence review of each Holder of Record to determine the tax status and, where required, to request additional information (such as the name, address, place of birth, place of incorporation, tax identification number, etc.) or documentation with respect to such Holders of Record. The Company will be entitled to redeem the Shares held by the Holders of Record which do not provide the required documentation on time or which otherwise do not comply with Luxembourg rules relating to AEoI. When permitted by the law, the Company may elect at its sole discretion to exclude from review certain Holders of Record whose holdings do not exceed $50,000 (in case of individuals) or$250,000 (in case of entities).
- Report data regarding Holders of Record and certain other categories of investors either to the Luxembourg tax authorities, who may exchange such data with foreign tax authorities, or directly to the foreign tax authorities.
- Withhold tax on certain payments by (or on behalf of) the Company to certain persons. | ##### La Sociedad cumple con los regímenes de IAI aplicables en Luxemburgo. Por consiguiente, la Sociedad o sus delegados pueden estar obligados a:
- Realizar un examen de diligencia debida (due diligence) de cada Titular registrado para determinar el estatus fiscal y, si fuera necesario, solicitar información complementaria (como su nombre, dirección, lugar de nacimiento, lugar de constitución, número de identificación fiscal, etc.) o documentación con respecto a esos Titulares registrados. La Sociedad está facultada para reembolsar las Acciones que mantengan los Titulares registrados que no faciliten en plazo la documentación solicitada o que no cumplan la legislación luxemburguesa relativa al IAI. Cuando lo autorice la ley, la Sociedad podrá optar, a su entera discreción, por excluir del citado examen a determinados Titulares registrados cuyas participaciones no superen los 50 000 USD (en el caso de personas físicas) o los 250 000 USD (en el caso de personas jurídicas).
- Comunicar información relativa a los Titulares registrados y otras categorías específicas de inversores a las autoridades tributarias de Luxemburgo, que podrán intercambiar dicha información con las autoridades tributarias extranjeras, o directamente a las autoridades tributarias extranjeras.
- Retener impuestos sobre determinados pagos realizados por la Sociedad (o en su nombre) a personas específicas. | ##### The Company complies with AEoI regimes applicable in Luxembourg. Consequently, the Company or its delegates may need to:
- Perform a due diligence review of each Holder of Record to determine the tax status and, where required, to request additional information (such as the name, address, place of birth, place of incorporation, tax identification number, etc.) or documentation with respect to such Holders of Record. The Company will be entitled to redeem the Shares held by the Holders of Record which do not provide the required documentation on time or which otherwise do not comply with Luxembourg rules relating to AEoI. When permitted by the law, the Company may elect at its sole discretion to exclude from review certain Holders of Record whose holdings do not exceed $50,000 (in case of individuals) or$250,000 (in case of entities).
- Report data regarding Holders of Record and certain other categories of investors either to the Luxembourg tax authorities, who may exchange such data with foreign tax authorities, or directly to the foreign tax authorities.
- Withhold tax on certain payments by (or on behalf of) the Company to certain persons. | en | es |
DOLFIN410 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,330 | EUR 1,850 |
| | Average return each year % | -76.70% | -28.64% |
| Unfavourable scenario | What you might get back after costs | EUR 7,610 | EUR 8,730 |
| | Average return each year % | -23.90% | -2.68% |
| Moderate scenario | What you might get back after costs | EUR 11,120 | EUR 14,500 |
| | Average return each year % | 11.20% | 7.71% |
| Favourable scenario | What you might get back after costs | EUR 17,280 | EUR 21,370 |
| | Average return each year % | 72.80% | 16.40% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 2.330 | EUR 1.850 |
| | Rendimiento medio cada año | -76,70% | -28,64% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.610 | EUR 8.730 |
| | Rendimiento medio cada año | -23,90% | -2,68% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 11.120 | EUR 14.500 |
| | Rendimiento medio cada año | 11,20% | 7,71% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 17.280 | EUR 21.370 |
| | Rendimiento medio cada año | 72,80% | 16,40% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,330 | EUR 1,850 |
| | Average return each year % | -76.70% | -28.64% |
| Unfavourable scenario | What you might get back after costs | EUR 7,610 | EUR 8,730 |
| | Average return each year % | -23.90% | -2.68% |
| Moderate scenario | What you might get back after costs | EUR 11,120 | EUR 14,500 |
| | Average return each year % | 11.20% | 7.71% |
| Favourable scenario | What you might get back after costs | EUR 17,280 | EUR 21,370 |
| | Average return each year % | 72.80% | 16.40% | | en | es |
DOLFIN413 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 3,160 | USD 2,740 |
| | Average return each year % | -68.40% | -22.81% |
| Unfavourable scenario | What you might get back after costs | USD 7,330 | USD 6,880 |
| | Average return each year % | -26.70% | -7.21% |
| Moderate scenario | What you might get back after costs | USD 10,960 | USD 15,560 |
| | Average return each year % | 9.60% | 9.25% |
| Favourable scenario | What you might get back after costs | USD 16,160 | USD 23,450 |
| | Average return each year % | 61.60% | 18.58% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 3.160 | USD 2.740 |
| | Rendimiento medio cada año | -68,40% | -22,81% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.330 | USD 6.880 |
| | Rendimiento medio cada año | -26,70% | -7,21% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.960 | USD 15.560 |
| | Rendimiento medio cada año | 9,60% | 9,25% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 16.160 | USD 23.450 |
| | Rendimiento medio cada año | 61,60% | 18,58% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 3,160 | USD 2,740 |
| | Average return each year % | -68.40% | -22.81% |
| Unfavourable scenario | What you might get back after costs | USD 7,330 | USD 6,880 |
| | Average return each year % | -26.70% | -7.21% |
| Moderate scenario | What you might get back after costs | USD 10,960 | USD 15,560 |
| | Average return each year % | 9.60% | 9.25% |
| Favourable scenario | What you might get back after costs | USD 16,160 | USD 23,450 |
| | Average return each year % | 61.60% | 18.58% | | en | es |
DOLFIN416 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Share class creation date: 10/2014 Benchmark: JP Morgan EMBI Global Index
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS R USD
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class R USD of the French Edmond de Rothschild EMERGING BONDS (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class R USD of the Absorbed Sub-Fund. | ## Fecha de creación de la clase de acciones: 10.2014 Índice de referencia: JP Morgan EMBI Global Index
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS R USD
Índice de referencia
A: El Subfondo y la Clase se crearon el 1 de febrero de 2016 tras la fusión por absorción de la Clase R USD del fondo francés Edmond de Rothschild EMERGING BONDS (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase R USD del Subfondo absorbido. | ## Share class creation date: 10/2014 Benchmark: JP Morgan EMBI Global Index
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS R USD
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class R USD of the French Edmond de Rothschild EMERGING BONDS (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class R USD of the Absorbed Sub-Fund. | en | es |
DOLFIN418 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of S&P 500 EUR Hedged, the Fund’s benchmark index (Index).
The Index provides a return on the S&P 500 which measures the performance of the large-cap sector (i.e. leading companies with large market capitalisations) of the United States market. Market capitalisation is the share price multiplied by the number of shares issued. Companies are included in the Index based on a free float market capitalisation weighted basis. Free float means that only shares available to international investors, rather than all of a company’s issued shares, are used to calculate the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to international Investors. The Index also uses one month foreign exchange (FX) forward contracts to hedge each non-Euro currency in the Index back to Euro in accordance with the S&P Hedged Indices methodology. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities (e.g. shares) that make up the Index and Euro, the base currency of the Fund.
The Fund is passively managed and aims to invest in equity securities (e.g. shares) that, so far as possible and practicable, make up the S&P 500, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is Euro.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo trata de obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleja la rentabilidad del índice S&P 500 EUR Hedged, el índice de referencia del Fondo (el Índice).
El Índice proporciona una rentabilidad sobre el S&P 500, que mide la rentabilidad del sector de capitalización elevada (es decir, empresas líderes de capitalización bursátil elevada) del mercado estadounidense. La capitalización bursátil se obtiene multiplicando la cotización bursátil por el número de acciones emitidas. Las empresas se incluyen en el Índice en función de su ponderación por capitalización bursátil a flotación libre. Flotación libre significa que para el cálculo del Índice solamente se utilizan las acciones disponibles para inversores internacionales, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil a flotación libre se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones disponibles para inversores internacionales. El Índice también utiliza contratos de divisas a plazo de un mes para cubrir cada divisa del Índice distinta del euro respecto de este, de acuerdo con la metodología de los índices cubiertos de S&P. La cobertura reduce el efecto de las fluctuaciones de los tipos de cambio entre las divisas de los valores de renta variable (como acciones) que componen el Índice, y la moneda base del Fondo, que es el euro.
El Fondo se gestiona de forma pasiva y trata de invertir en los valores de renta variable (por ejemplo, acciones) que, en la medida de lo posible y realizable, componen el S&P 500, así como en contratos de divisas a plazo que, en la medida de lo posible y realizable, sigan la metodología de cobertura del Índice.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor). La moneda base del Fondo es el euro.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of S&P 500 EUR Hedged, the Fund’s benchmark index (Index).
The Index provides a return on the S&P 500 which measures the performance of the large-cap sector (i.e. leading companies with large market capitalisations) of the United States market. Market capitalisation is the share price multiplied by the number of shares issued. Companies are included in the Index based on a free float market capitalisation weighted basis. Free float means that only shares available to international investors, rather than all of a company’s issued shares, are used to calculate the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to international Investors. The Index also uses one month foreign exchange (FX) forward contracts to hedge each non-Euro currency in the Index back to Euro in accordance with the S&P Hedged Indices methodology. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities (e.g. shares) that make up the Index and Euro, the base currency of the Fund.
The Fund is passively managed and aims to invest in equity securities (e.g. shares) that, so far as possible and practicable, make up the S&P 500, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is Euro.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN421 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests at least 80% of its total assets in the equity securities (i.e. shares) of companies globally that are involved with new and emerging themes in health care.
In normal market conditions the Fund will invest in a portfolio of equity securities of companies with large, medium and small market capitalisation (i.e. the share price of the company multiplied by the number of shares readily available in the market) across multiple industries including (without limitation) biotechnology, pharmaceuticals, life sciences tools and services, health care technology, health care equipment, medical devices and digital health care, and across multiple sub- themes including (without limitation) the following: genetic medicine, next generation diagnostics, immunotherapy, robotic-assisted surgery, biosensors and trackers, medical artificial intelligence applications and telehealth.The companies are evaluated by the Investment Adviser (IA) based on their ability to manage the risks and opportunities associated with the next generation health care theme and their ESG risk and opportunity credentials.
Although it is likely that most of the Fund’s investments will be in companies located in developed markets globally, the Fund may also invest in emerging markets. The IA will take into account certain ESG characteristics when selecting the securities to be held directly by the Fund. In doing so, the IA will apply BlackRock EMEA
Baseline Screens, whereby the IA will seek to limit and/or exclude direct investment (as applicable) in issuers which, in the opinion of the IA, have exposure to, or ties with, certain sectors. For further details please refer to the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline- screens-in-europe-middleeast-and-africa.pdf
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The MSCI All Countries World Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener una rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo.
El Fondo invierte al menos el 80 % de sus activos totales en valores de renta variable (es decir, acciones) de empresas internacionales implicadas en temas novedosos y emergentes relacionados con la sanidad.
En condiciones normales de mercado, el Fondo invertirá en una cartera de valores de renta variable de empresas de elevada, mediana y pequeña capitalización bursátil (es decir, el precio de las acciones de la empresa multiplicado por el número de acciones inmediatamente disponibles en el mercado), con actividades relacionadas con diferentes sectores, que incluyen, (sin limitación alguna) biotecnología, productos farmacéuticos, herramientas y servicios para ciencias biológicas, tecnología sanitaria, equipos de atención sanitaria, dispositivos médicos y atención sanitaria digital, así como múltiples subtemas, entre los que se incluyen (sin limitación alguna): medicina genética, diagnósticos de última generación, inmunoterapia, cirugía asistida por sistemas robóticos, biosensores y rastreadores, aplicaciones médicas basadas en la inteligente artificial y telemedicina. El Asesor de Inversiones (AI) evalúa las empresas en función de su capacidad para gestionar los riesgos y oportunidades asociados al tema de la atención sanitaria de última y sus credenciales de riesgos y oportunidades ESG.
Aunque es probable que la mayor parte de las inversiones del Fondo se haga en empresas establecidas en mercados desarrollados de todo el mundo, el Fondo también podrá invertir en mercados emergentes.
El AI tendrá en cuenta determinadas características ESG a la hora de seleccionar los valores que el Fondo mantendrá de forma directa en su cartera. Al hacerlo, el AI aplicará los filtros de referencia de BlackRock EMEA, con los que el AI tratará de limitar o excluir las inversiones directas (según corresponda) en emisores que, en opinión del AI, mantengan una exposición a determinados sectores o vínculos con ellos. Para obtener más información, consulte el sitio web de BlackRock: https:// www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
El AI podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión con el fin de alcanzar el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo, a través de los IFD, podrá generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa. El AI tiene potestad para seleccionar las inversiones del Fondo y no está limitado por ningún parámetro de referencia para llevar a cabo este proceso. Los inversores deberían utilizar el MSCI All Countries World Index para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en dólares de Hong Kong. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests at least 80% of its total assets in the equity securities (i.e. shares) of companies globally that are involved with new and emerging themes in health care.
In normal market conditions the Fund will invest in a portfolio of equity securities of companies with large, medium and small market capitalisation (i.e. the share price of the company multiplied by the number of shares readily available in the market) across multiple industries including (without limitation) biotechnology, pharmaceuticals, life sciences tools and services, health care technology, health care equipment, medical devices and digital health care, and across multiple sub- themes including (without limitation) the following: genetic medicine, next generation diagnostics, immunotherapy, robotic-assisted surgery, biosensors and trackers, medical artificial intelligence applications and telehealth.The companies are evaluated by the Investment Adviser (IA) based on their ability to manage the risks and opportunities associated with the next generation health care theme and their ESG risk and opportunity credentials.
Although it is likely that most of the Fund’s investments will be in companies located in developed markets globally, the Fund may also invest in emerging markets. The IA will take into account certain ESG characteristics when selecting the securities to be held directly by the Fund. In doing so, the IA will apply BlackRock EMEA
Baseline Screens, whereby the IA will seek to limit and/or exclude direct investment (as applicable) in issuers which, in the opinion of the IA, have exposure to, or ties with, certain sectors. For further details please refer to the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline- screens-in-europe-middleeast-and-africa.pdf
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The MSCI All Countries World Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN426 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance
Based on transaction prices, the fund's return was 0.72%.
The fund had a positive total return in December. Credit returns made a positive contribution to performance in December. Banking and insurance were the strongest sector contributors. On a name basis, the strongest contributors were mainly in the insurance sector, with names like Athora, Prudential and La Mondiale. The fund's duration exposure made a negative contribution to total returns as Treasury yields rose | # Rentabilidad
Según los precios de negociación, el rendimiento del fondo fue del 0,72%.
El fondo registró un rendimiento total positivo en diciembre. Durante el mes, los rendimientos del crédito contribuyeron positivamente a la rentabilidad. Banca y seguros fueron los sectores que realizaron las mayores aportaciones a la rentabilidad. Las mayores aportaciones se generaron en el sector de seguros, con nombres como Athora, Prudential y La Mondiale. La exposición de la duración del fondo restó a la rentabilidad de los rendimientos totales, pues las rentabilidades de la deuda pública aumentaron. | # Performance
Based on transaction prices, the fund's return was 0.72%.
The fund had a positive total return in December. Credit returns made a positive contribution to performance in December. Banking and insurance were the strongest sector contributors. On a name basis, the strongest contributors were mainly in the insurance sector, with names like Athora, Prudential and La Mondiale. The fund's duration exposure made a negative contribution to total returns as Treasury yields rose | en | es |
DOLFIN433 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
This Fund is actively managed without reference to a benchmark based on an institutional investment process to allocate capital across a range of alternative investment strategies. It seeks to achieve total return consistent with the risk and return patterns of a diversified universe of hedge funds. The Fund invests in a broad range of instruments, including but not limited to, futures, commodities, exchange-traded funds (ETFs), options, currencies and others, but does not | # Objetivos y política de inversión
Este fondo se gestiona de forma activa sin referencia a un índice de referencia y en base a un proceso de inversión institucional de asignación de capital a través de una gama de estrategias de inversión alternativa. Tiene como objetivo lograr una rentabilidad total coherente con los patrones de riesgo y rentabilidad de un universo de fondos de cobertura diversificado. El fondo invierte en una amplia gama de instrumentos, incluyendo, sin carácter limitativo, futuros, materias primas, fondos cotizados (ETF), opciones, monedas y otros, pero no invierte en | # Objectives and investment policy
This Fund is actively managed without reference to a benchmark based on an institutional investment process to allocate capital across a range of alternative investment strategies. It seeks to achieve total return consistent with the risk and return patterns of a diversified universe of hedge funds. The Fund invests in a broad range of instruments, including but not limited to, futures, commodities, exchange-traded funds (ETFs), options, currencies and others, but does not | en | es |
DOLFIN434 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives & Investment Policy
The Fund aims to provide capital growth over the medium to long term.
The Fund’s life is divided into two investment phases: the "Investment Build-up Phase", which will start on the Closing Date and end on or about the 2nd of March 2020, and the "Main Investment Phase", which will start on the valuation day immediately following the end of the Investment Build-up Phase. During the Investment Build-up Phase, the Fund will seek to provide a stable Net Asset Value per Share by receiving payments from the Swap Counterparty which are sufficient to preserve the Net Asset Value per Share at the level of the Initial Issue Price, net of any fees and expenses.
During the Main Investment Phase, the Fund will seek to provide a return based on the performance of an investment portfolio and a cash element. The returns of the investment portfolio are linked to the performance of a diversified basket of equity and fixed income assets globally, including emerging markets, as determined by the Investment Manager taking into account the advice of Investment Advisor. The fund is actively managed and does not reference a benchmark. | # Objetivos y política de inversión
El Fondo pretende proporcionar crecimiento del capital de medio a largo plazo.
La vida del Fondo se divide en dos fases de inversión: la “Fase de acumulación de la inversión”, que comenzará en la Fecha de Cierre y finalizará alrededor del 2 de marzo de 2020, y la “Fase de inversión principal”, que comenzará el día de valoración inmediatamente posterior al final de la Fase de acumulación de la inversión.
Durante la Fase de Acumulación de la Inversión, el Fondo tratará de proporcionar un Valor Liquidativo estable por Acción recibiendo pagos de la Contraparte de Swaps que sean suficientes para preservar el Valor Liquidativo por Acción al nivel del Precio de Emisión Inicial, neto de cualquier comisión y gasto. Durante la fase principal de inversión, el Fondo intentará proporcionar una rentabilidad basada en el rendimiento de una cartera de inversiones y un elemento de efectivo. Las rentabilidades de la cartera de inversiones están vinculadas al rendimiento de una cesta diversificada de activos de renta variable y de renta fija de todo el mundo, incluidos mercados emergentes, según lo establecido por el Gestor de inversiones teniendo en cuenta el asesoramiento del Asesor de inversiones. El fondo es activamente administrado y no hace referencia a una marca. | # Objectives & Investment Policy
The Fund aims to provide capital growth over the medium to long term.
The Fund’s life is divided into two investment phases: the "Investment Build-up Phase", which will start on the Closing Date and end on or about the 2nd of March 2020, and the "Main Investment Phase", which will start on the valuation day immediately following the end of the Investment Build-up Phase. During the Investment Build-up Phase, the Fund will seek to provide a stable Net Asset Value per Share by receiving payments from the Swap Counterparty which are sufficient to preserve the Net Asset Value per Share at the level of the Initial Issue Price, net of any fees and expenses.
During the Main Investment Phase, the Fund will seek to provide a return based on the performance of an investment portfolio and a cash element. The returns of the investment portfolio are linked to the performance of a diversified basket of equity and fixed income assets globally, including emerging markets, as determined by the Investment Manager taking into account the advice of Investment Advisor. The fund is actively managed and does not reference a benchmark. | en | es |
DOLFIN446 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### ARTICLE 15 - TERM OF OFFICE OF DIRECTORS - REAPPOINTMENT TO THE BOARD
Subject to the provisions of the previous paragraph in this Article, the term of office of Directors is three years for new Directors and no more than six years for reappointments; "year" is understood to mean the period between two consecutive Annual General Meetings.
If one or more directorships become vacant between any two General Meetings, as a result of death or resignation, the Board of Directors may make provisional appointments.
A Director appointed provisionally by the Board to replace another, remains in office only for the remaining period of its predecessor's term. The provisional appointment is subject to ratification by the next General Meeting.
All outgoing Directors are eligible for reappointment. Their directorships may be revoked at any time by an Ordinary General Meeting.
The term of office of each member of the Board of Directors ends at the close of the Ordinary General Meeting of Shareholders convened to approve the financial statements for the past year, held in the year in which the Director's mandate expires, it being understood that if no General Meeting is held in that year, the Director in question shall remain in office but only until 31 December of that year, subject to the following exceptions.
Any Director may be appointed for a period less than six years if required to keep the Board renewal schedule as consistent as possible over any six-year period. This applies in particular where the number of Directors is increased or decreased in a way that affects renewal consistency.
When the number of members of the Board of Directors falls below the legal minimum, the remaining member(s) must immediately convene an Ordinary General Meeting of Shareholders with a view to make up the full complement of Board members.
In accordance with regulations, Directors over the age of 70 may not comprise more than one-third of the number Board members.
The Board of Directors may be renewed in fractions.
In the event of the death or resignation of a Director and when the number of remaining Directors is more than or equal to the statutory minimum, the Board may, provisionally and for the duration of the remaining term of office, provide for its replacement. | #### ARTÍCULO 15 - DURACIÓN DE LAS FUNCIONES DE LOS CONSEJEROS - RENOVACIÓN DEL CONSEJO
Sin perjuicio de lo dispuesto en el último párrafo de este artículo, la duración del mandato de los consejeros será de tres años para los primeros consejeros y no superior a seis años para los siguientes, definiéndose cada año como el intervalo entre dos juntas generales anuales consecutivas.
En caso de que entre dos juntas generales queden vacantes uno o más puestos de consejero, por fallecimiento o renuncia, el Consejo de Administración podrá efectuar nombramientos provisionales.
El consejero designado por el Consejo de manera temporal para reemplazar a otro permanecerá en el cargo solamente durante el resto del mandato de su predecesor. Su nombramiento está sujeto a ratificación en la próxima junta general.
Cualquier consejero saliente podrá ser reelegido. La junta general ordinaria podrá destituirlos en cualquier momento.
Los mandatos de cada miembro del Consejo de Administración finalizarán a la vez que la junta general ordinaria de accionistas convocada para aprobar los estados financieros del ejercicio anterior y celebrada en el año en que expire su mandato, quedando entendido que, en caso de que la junta no se celebre durante ese año, dicho mandato del miembro de que se trate finalizará el 31 de diciembre del mismo año, con las siguientes excepciones. Cualquier consejero puede ser nombrado por un periodo inferior a seis años cuando sea necesario para garantizar que la renovación del Consejo de Administración sea lo más regular y completa posible en cada periodo de seis años. Este será el caso si el número de consejeros aumenta o disminuye y la regularidad de la renovación se ve afectada.
Cuando el número de miembros del Consejo de Administración sea inferior al mínimo legal, el/los miembro(s) restante(s) debe(n) convocar inmediatamente la junta general ordinaria de accionistas para completar la composición del Consejo.
De acuerdo con la normativa, el número de consejeros mayores de 70 años no puede exceder un tercio del número de consejeros en cuestión.
El Consejo de Administración podrá ser renovado por fracciones.
En el caso de renuncia o fallecimiento de un consejero y cuando el número de consejeros que permanezcan en el cargo sea mayor o igual al mínimo legal, el Consejo podrá, provisionalmente y durante el resto del mandato, prever su reemplazo. | #### ARTICLE 15 - TERM OF OFFICE OF DIRECTORS - REAPPOINTMENT TO THE BOARD
Subject to the provisions of the previous paragraph in this Article, the term of office of Directors is three years for new Directors and no more than six years for reappointments; "year" is understood to mean the period between two consecutive Annual General Meetings.
If one or more directorships become vacant between any two General Meetings, as a result of death or resignation, the Board of Directors may make provisional appointments.
A Director appointed provisionally by the Board to replace another, remains in office only for the remaining period of its predecessor's term. The provisional appointment is subject to ratification by the next General Meeting.
All outgoing Directors are eligible for reappointment. Their directorships may be revoked at any time by an Ordinary General Meeting.
The term of office of each member of the Board of Directors ends at the close of the Ordinary General Meeting of Shareholders convened to approve the financial statements for the past year, held in the year in which the Director's mandate expires, it being understood that if no General Meeting is held in that year, the Director in question shall remain in office but only until 31 December of that year, subject to the following exceptions.
Any Director may be appointed for a period less than six years if required to keep the Board renewal schedule as consistent as possible over any six-year period. This applies in particular where the number of Directors is increased or decreased in a way that affects renewal consistency.
When the number of members of the Board of Directors falls below the legal minimum, the remaining member(s) must immediately convene an Ordinary General Meeting of Shareholders with a view to make up the full complement of Board members.
In accordance with regulations, Directors over the age of 70 may not comprise more than one-third of the number Board members.
The Board of Directors may be renewed in fractions.
In the event of the death or resignation of a Director and when the number of remaining Directors is more than or equal to the statutory minimum, the Board may, provisionally and for the duration of the remaining term of office, provide for its replacement. | en | es |
DOLFIN448 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Ongoing charges are based on figures for the year ended 31 December 2021 .
This figure may vary from year to year and does not include Fund transaction costs.
For more information about charges, please see the Fund’s prospectus, available at www.comgest.com.
Past performance is not a reliable guide to future performance.
Performance results include ongoing charges taken from the Fund but do not include any entry charges that you might have to pay.
The share class came into existence in 2018.
As the initial offer period for this share class closed in 2020, there is not enough historical data to provide investors with any useful indication of past performance for 2019 and 2020.
Past performance has been calculated in GBP. | La cifra de gastos corrientes se basa en las cifras del ejercicio finalizado el 31 diciembre 2021 .
Dicha cifra puede variar de un año a otro y no incluye los costes de transacción del Fondo.
Para obtener más información sobre los gastos, consulte el folleto del Fondo, disponible en www.comgest.com.
La rentabilidad histórica no es un indicador fiable de la rentabilidad futura.
El resultado incluye gastos corrientes detraídos del Fondo, pero no incluye los gastos de entrada que usted pudiera tener que pagar.
La clase de acciones fue lanzada en 2018.
Debido a que el período de oferta inicial para esta clase de acciones cerró en 2020, los datos disponibles son insuficientes para proporcionar a los inversores una indicación de la rentabilidad histórica relativa a 2019 y 2020 que resulte de utilidad.
La rentabilidad histórica se ha calculado en GBP. | Ongoing charges are based on figures for the year ended 31 December 2021 .
This figure may vary from year to year and does not include Fund transaction costs.
For more information about charges, please see the Fund’s prospectus, available at www.comgest.com.
Past performance is not a reliable guide to future performance.
Performance results include ongoing charges taken from the Fund but do not include any entry charges that you might have to pay.
The share class came into existence in 2018.
As the initial offer period for this share class closed in 2020, there is not enough historical data to provide investors with any useful indication of past performance for 2019 and 2020.
Past performance has been calculated in GBP. | en | es |
DOLFIN462 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium- high level, and poor market conditions will likely impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Sub-Fund's performance. Please refer to the MULTI UNITS FRANCE prospectus.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movement in the markets or because we are not able to pay you. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, clase de riesgo entre media y alta. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como probable.
Riesgos adicionales: El riesgo de liquidez del mercado podría amplificar la variación de la rentabilidad entre los productos.
Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión.
Además de los riesgos incluidos en el indicador de riesgo, otros riesgos pueden afectar a la rentabilidad del Subfondo. Consulte el folleto de MULTI UNITS FRANCE.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle. | # What are the risks and what could I get in return?
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium- high level, and poor market conditions will likely impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Sub-Fund's performance. Please refer to the MULTI UNITS FRANCE prospectus.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movement in the markets or because we are not able to pay you. | en | es |
DOLFIN466 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### AXA World Funds - Framlington Digital Economy (note 1b)
- LU1684369710: Class "A" - Capitalisation in EUR Hedged (95%)
- LU1694771590: Class "A" - Capitalisation in USD
- LU1684370056: Class "E" - Capitalisation in EUR Hedged (95%)
- LU1684370213: Class "F" - Capitalisation in USD
- LU1684370304: Class "F" - Capitalisation in EUR Hedged (95%)
- LU1694772051: Class "F" - Distribution in EUR Hedged (95%)
- LU1684371708: Class "G" - Capitalisation in EUR Hedged (95%)
- LU1684370999: Class "I" - Capitalisation in EUR Hedged (95%)
- LU1694772994: Class "I" - Capitalisation in USD
- LU1694772218: Class "ZF" - Capitalisation in USD
- LU1694772721: Class "ZF" - Distribution quarterly in GBP Hedged (95%) | ##### AXA World Funds - Framlington Digital Economy (nota 1b)
- LU1684369710: Clase "A" - Capitalización en EUR Hedged (95%)
- LU1694771590: Clase "A" - Capitalización en USD
- LU1684370056: Clase "E" - Capitalización en EUR Hedged (95%)
- LU1684370213: Clase "F" - Capitalización en USD
- LU1684370304: Clase "F" - Capitalización en EUR Hedged (95%)
- LU1694772051: Clase "F" - Reparto en EUR Hedged (95%)
- LU1684371708: Clase "G" - Capitalización en EUR Hedged (95%)
- LU1684370999: Clase "I" - Capitalización en EUR Hedged (95%)
- LU1694772994: Clase "I" - Capitalización en USD
- LU1694772218: Clase "ZF" - Capitalización en USD
- LU1694772721: Clase "ZF" - Reparto trimestral en GBP Hedged (95%) | ##### AXA World Funds - Framlington Digital Economy (note 1b)
- LU1684369710: Class "A" - Capitalisation in EUR Hedged (95%)
- LU1694771590: Class "A" - Capitalisation in USD
- LU1684370056: Class "E" - Capitalisation in EUR Hedged (95%)
- LU1684370213: Class "F" - Capitalisation in USD
- LU1684370304: Class "F" - Capitalisation in EUR Hedged (95%)
- LU1694772051: Class "F" - Distribution in EUR Hedged (95%)
- LU1684371708: Class "G" - Capitalisation in EUR Hedged (95%)
- LU1684370999: Class "I" - Capitalisation in EUR Hedged (95%)
- LU1694772994: Class "I" - Capitalisation in USD
- LU1694772218: Class "ZF" - Capitalisation in USD
- LU1694772721: Class "ZF" - Distribution quarterly in GBP Hedged (95%) | en | es |
DOLFIN468 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Why is the fund in this category?
Funds of category 3 have shown in the past a low to medium volatility. The volatility describes how much the value of the fund went up and down in the past. The units of a fund of category 3
This risk and reward indicator is based on past performance data. It may not be a reliable indication of the future risk profile of the fund.
The categorisation of the fund is not guaranteed and may change in the future.
Even the lowest category 1 does not mean a risk-free investment.
might be subject to low to medium price fluctuations based on the historical volatilities observed.
The following material risks are not fully captured by the risk and reward indicator:
We may invest directly or indirectly a significant portion of the fund into bonds or money markets instruments. If the issuer may fall into insolvency or may suffer economical problems the interest and/or the capital of these assets may not or may not be completely paid and/or the price of the assets may drop.
Since there may be a lack of opportunities in relation to mergers, takeovers or other corporate transactions, or since transactions of this nature may not go ahead, it is possible that the Sub-Fund may not reach its investment objective under these circumstances. The share price may fall as a result.
Charges
These charges are used to pay the costs of running the fund, including the costs of marketing and selling. They reduce the potential growth of your investment.
One-off charges deducted before or after you invest
Entry Charge Exit Charge
This is the maximum charge that might be taken out of your money before it is invested or before the proceeds of your investments are paid out.
Charges taken from the fund over a year
Ongoing Charges
The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find actual entry and exit charges from your financial adviser.
The ongoing charges shown are based on the fund’s last financial year ending 30.09.2021. It may vary from year to year. It does not include transaction costs incurred when we buy or sell assets for the fund.
You will find more details about the calculation of the charges by checking the respective part of the prospectus.
Past Performance
n Percentage growth of the fund n Benchmark: until 30.09.2021 EONIA + 50 bps (in EUR), starting 01.10.2021 €STR + 50bps (in EUR)
In those years, the fund had different characteristics. Please consult the Management Company for further information. | ¿Por qué el fondo pertenece a esta categoría?
Los fondos de la categoría 3 han mostrado en el pasado una volatilidad de baja a media. La volatilidad describe cuánto aumentó y disminuyó el valor del fondo en el pasado. Las participaciones de un fondo de la categoría 3 pueden estar
Este indicador de riesgo y remuneración se basa en los datos de rentabilidad histórica. Es posible que no sea una indicación fiable del perfil de riesgo futuro del fondo.
La categorización del fondo no está garantizada y puede variar en el futuro.
Incluso la asignación a la categoría más baja 1 no significa que la inversión esté libre de riesgos.
sujetas a fluctuaciones de precio de bajas a medias según las volatilidades históricas observadas.
Los siguientes riesgos materiales no están totalmente contemplados por el indicador de riesgo y remuneración:
Podemos invertir directa o indirectamente una porción considerable del fondo en bonos o instrumentos del mercado monetario. Si se declara la insolvencia del emisor o este padece problemas económicos, el interés y/o capital de estos activos no se pagará o no se pagará en su totalidad y/o el precio de los activos puede disminuir.
Puesto que es posible que haya una falta de oportunidades con respecto a fusiones, adquisiciones u otras transacciones corporativas, o debido a que las transacciones de este tipo pueden no prosperar, es posible que el Subfondo no logre su objetivo de inversión en estas circunstancias. En consecuencia, el precio de las acciones puede bajar.
Gastos
Estos gastos están destinados a sufragar los costes de funcionamiento del fondo, incluidos los costes de comercialización y distribución. Estos gastos reducen el posible crecimiento de su inversión.
Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión
Gastos de entrada Gastos de salida
Este es el máximo que puede detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión.
Gastos detraídos del fondo a lo largo de un año
Gastos corrientes
Los gastos de entrada y salida indicados representan las cifras máximas. Es posible que en algunos casos se deba pagar un importe inferior; puede consultar con su asesor financiero cuáles son sus gastos de entrada y salida reales.
Los gastos corrientes indicados se basan en el último ejercicio financiero del fondo, que finalizó el 30.09.2021. Pueden variar de un año a otro. No incluyen los costes de transacción incurridos cuando compramos o vendemos activos para el fondo.
Puede obtener más información sobre el cálculo de los gastos consultando la parte respectiva del folleto.
Rentabilidad histórica
n Crecimiento porcentual del fondo n Valor de referencia: hasta 30.09.2021 EONIA + 50 bps (in EUR), desde el 01.10.2021 €STR + 50bps (in EUR)
En esos años, el fondo tenía otras características. Consulte a la Sociedad Gestora para obtener información adicional. | Why is the fund in this category?
Funds of category 3 have shown in the past a low to medium volatility. The volatility describes how much the value of the fund went up and down in the past. The units of a fund of category 3
This risk and reward indicator is based on past performance data. It may not be a reliable indication of the future risk profile of the fund.
The categorisation of the fund is not guaranteed and may change in the future.
Even the lowest category 1 does not mean a risk-free investment.
might be subject to low to medium price fluctuations based on the historical volatilities observed.
The following material risks are not fully captured by the risk and reward indicator:
We may invest directly or indirectly a significant portion of the fund into bonds or money markets instruments. If the issuer may fall into insolvency or may suffer economical problems the interest and/or the capital of these assets may not or may not be completely paid and/or the price of the assets may drop.
Since there may be a lack of opportunities in relation to mergers, takeovers or other corporate transactions, or since transactions of this nature may not go ahead, it is possible that the Sub-Fund may not reach its investment objective under these circumstances. The share price may fall as a result.
Charges
These charges are used to pay the costs of running the fund, including the costs of marketing and selling. They reduce the potential growth of your investment.
One-off charges deducted before or after you invest
Entry Charge Exit Charge
This is the maximum charge that might be taken out of your money before it is invested or before the proceeds of your investments are paid out.
Charges taken from the fund over a year
Ongoing Charges
The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find actual entry and exit charges from your financial adviser.
The ongoing charges shown are based on the fund’s last financial year ending 30.09.2021. It may vary from year to year. It does not include transaction costs incurred when we buy or sell assets for the fund.
You will find more details about the calculation of the charges by checking the respective part of the prospectus.
Past Performance
n Percentage growth of the fund n Benchmark: until 30.09.2021 EONIA + 50 bps (in EUR), starting 01.10.2021 €STR + 50bps (in EUR)
In those years, the fund had different characteristics. Please consult the Management Company for further information. | en | es |
DOLFIN473 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The stress scenario shows what you might get back in extreme market circumstances.
Unfavourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between September 2017 and September 2022.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between November 2014 and November 2019.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between December 2015 and December 2020. | El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados.
Escenario desfavorable: Este tipo de escenario se produjo en el caso de una inversión que utilizaba el índice de referencia indicado en el folleto entre septiembre de 2017 y septiembre de 2022.
Escenario moderado: Este tipo de escenario se produjo en el caso de una inversión que utilizaba el índice de referencia indicado en el folleto entre noviembre de 2014 y noviembre de 2019.
Escenario favorable: Este tipo de escenario se produjo en el caso de una inversión que utilizaba el índice de referencia indicado en el folleto entre diciembre de 2015 y diciembre de 2020. | The stress scenario shows what you might get back in extreme market circumstances.
Unfavourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between September 2017 and September 2022.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between November 2014 and November 2019.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between December 2015 and December 2020. | en | es |
DOLFIN475 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Transaction costs are the costs incurred in the acquisition, issue or disposal of financial assets and liabilities. Transaction costs include fees and commissions paid to brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs. These costs are accounted for as they are incurred and are recognised as an expense for financial reporting purposes in the Profit and Loss Account.
The Company and the Portfolios also pay certain other costs, charges, fees and expenses incurred in its operation. These may include without limitation fees and expenses incurred in relation to banking and brokerage in respect of the purchase and sale of Portfolio securities, taxes, insurance, the costs and expenses of maintaining its accounting records and of preparing, printing, publishing and distributing (in such languages as may be necessary) prospectuses, supplements, annual and semi-annual reports and other documents or information to current and prospective shareholders (including the costs of electronic transmission techniques to distribute such documents or information), the expense of publishing price and yield information, in relevant media, the costs and expenses of obtaining authorisations or registrations of the Company or of any shares with the regulatory authorities in various jurisdictions, including any levy applied by the Central Bank of Ireland, the cost of listing and maintaining a listing of shares on any stock exchange, marketing and promotional expenses, the cost of convening and holding Directors and Shareholders meetings, the costs of exercising voting rights attached to the Company’s investment in the best interest of the Shareholders, professional fees and expenses for legal, auditing and other consulting services, any and all expenses arising in respect of the termination or liquidation of the Company and such other costs and expenses (including non-recurring and extraordinary costs and expenses) as may arise from time to time and which have been approved by the Directors as necessary or appropriate for the continued operation of the Company or of any Portfolio. In connection with the registration of the Company or the shares for sale in certain jurisdictions, the Company pays the fees and expenses of paying agents, information agents and/or correspondent banks, such payments being made at normal commercial rates.
For financial reporting purposes, organisation expenses are expensed to the Profit and Loss Account as they are incurred. For the purpose of calculating the NAV per share for shareholder dealing, organisation expenses are being amortised over the first two financial years of the lifetime of the Portfolio.
-
#### RELATED PARTY TRANSACTIONS | Los costes de transacción son los costes en que se incurre con motivo de la adquisición, la emisión o la enajenación de activos y pasivos financieros. Incluyen las comisiones abonadas a intermediarios financieros, las tasas impuestas por agencias reguladoras y mercados de valores y los impuestos y tasas que gravan las transmisiones. Los costes de transacción no incluyen primas ni descuentos de deuda, costes de financiación ni costes administrativos o de tenencia de valores de carácter interno. Estos costes se contabilizan cuando se producen y se reconocen como gastos a efectos de la información financiera, en la Cuenta de pérdidas y ganancias.
La Sociedad y las Carteras abonan también otros costes, comisiones y gastos en los que incurren en el marco de sus operaciones. Estos pueden incluir, entre otros, comisiones y gastos bancarios o de corretaje en que se incurra en la compraventa de valores de las Carteras, impuestos, seguros, los costes y gastos de mantener sus registros contables y de elaborar, imprimir, publicar y distribuir (en los idiomas en que sea preciso) folletos, suplementos, informes anuales y semestrales y otra documentación o información a Accionistas actuales o potenciales (incluidos los costes de las técnicas de transmisión electrónica para distribuir dicha documentación o información), los gastos de publicar información sobre precios o rentabilidades en los medios de comunicación pertinentes, los costes y gastos de obtener autorizaciones o registros de la Sociedad o de cualquiera de las Acciones ante autoridades reguladoras de diversas jurisdicciones, incluida cualquier tasa aplicada por el Banco Central de Irlanda, el coste de admisión a cotización y el mantenimiento de la cotización de Acciones en cualquier bolsa de valores, gastos de marketing y promocionales, el coste de convocar y celebrar juntas de Accionistas y reuniones del Consejo de administración, los costes derivados de ejercer los derechos de voto vinculados a la inversión de la Sociedad atendiendo al interés de los Accionistas, y los honorarios profesionales y gastos de servicios jurídicos, de auditoría o consultoría, todos y cada uno de los gastos derivados de la liquidación o cierre de la Sociedad y cualesquiera otros costes y gastos (incluidos los costes y gastos extraordinarios o no recurrentes) que se produzcan y que hayan sido autorizados por el Consejo de administración por estimarlos necesarios o apropiados para la explotación continuada de la Sociedad o de cualquier Cartera. En relación con el registro de la Sociedad o de las Acciones para su venta en determinadas jurisdicciones, la Sociedad abonará las comisiones y gastos de agentes de pago, agentes de información y o bancos corresponsales, en todos los casos a tarifas comerciales normales.
A efectos de la información financiera, los gastos de constitución se cargan en la Cuenta de pérdidas y ganancias a medida en que se incurren. A los efectos del cálculo del Valor liquidativo de la Acción utilizado en las operaciones de los accionistas, los gastos de constitución se amortizan durante los dos primeros ejercicios de la vida de la Cartera.
-
#### TRANSACCIONES CON PARTES RELACIONADAS | Transaction costs are the costs incurred in the acquisition, issue or disposal of financial assets and liabilities. Transaction costs include fees and commissions paid to brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs. These costs are accounted for as they are incurred and are recognised as an expense for financial reporting purposes in the Profit and Loss Account.
The Company and the Portfolios also pay certain other costs, charges, fees and expenses incurred in its operation. These may include without limitation fees and expenses incurred in relation to banking and brokerage in respect of the purchase and sale of Portfolio securities, taxes, insurance, the costs and expenses of maintaining its accounting records and of preparing, printing, publishing and distributing (in such languages as may be necessary) prospectuses, supplements, annual and semi-annual reports and other documents or information to current and prospective shareholders (including the costs of electronic transmission techniques to distribute such documents or information), the expense of publishing price and yield information, in relevant media, the costs and expenses of obtaining authorisations or registrations of the Company or of any shares with the regulatory authorities in various jurisdictions, including any levy applied by the Central Bank of Ireland, the cost of listing and maintaining a listing of shares on any stock exchange, marketing and promotional expenses, the cost of convening and holding Directors and Shareholders meetings, the costs of exercising voting rights attached to the Company’s investment in the best interest of the Shareholders, professional fees and expenses for legal, auditing and other consulting services, any and all expenses arising in respect of the termination or liquidation of the Company and such other costs and expenses (including non-recurring and extraordinary costs and expenses) as may arise from time to time and which have been approved by the Directors as necessary or appropriate for the continued operation of the Company or of any Portfolio. In connection with the registration of the Company or the shares for sale in certain jurisdictions, the Company pays the fees and expenses of paying agents, information agents and/or correspondent banks, such payments being made at normal commercial rates.
For financial reporting purposes, organisation expenses are expensed to the Profit and Loss Account as they are incurred. For the purpose of calculating the NAV per share for shareholder dealing, organisation expenses are being amortised over the first two financial years of the lifetime of the Portfolio.
-
#### RELATED PARTY TRANSACTIONS | en | es |
DOLFIN477 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type:
Investment fund (UCITS) under Luxembourg law, which is subject to the law for undertakings for collective investment of December 17, 2010 and which is a fonds commun de placement under this law. The fund's performance depends on the performance of the underlying investments.
## Term:
The term of this product is indefinite and it has no maturity date. The manufacturer may reposition the product at any time, merge it with another product or terminate it unilaterally and without notice.
## Objectives:
The investment objective is to generate long-term capital growth along with an adequate return by investing in the shares of Japanese SMEs.
The fund invests at least 80% of its assets in the equity securities of small and mid-caps whose registered office or primary business activities are in the Japan region. The market capitalisation of the companies may not account for more than 2% of the market capitalisation of the entire share market in question. At least 2/3 of the investments are selected by systematically taking into account ESG criteria. The fund is classified under Article 8 of 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 («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 tailored benchmark index. The portfolio composition may deviate significantly from this benchmark index. The composition is set out in the sales prospectus. 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.
Fund units are issued and redeemed basically on every bank business day in Luxembourg. Earnings and profits of the unit class are not distributed, but reinvested.
RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette, was appointed as the custodian bank (depository).
This document describes the fund. Additional information about the fund, the sales prospectus, the management regulations, the annual and semi-annual reports, and the latest unit prices can be accessed in German free of charge at www.swisscanto.com. Where appropriate, these documents are created for the entire umbrella fund.
The liability of the assets of a fund within the umbrella fund for claims against the assets of another fund is excluded.
The investor has the right to convert his investment in the shares of one sub-fund into the shares of another sub-fund. Further information on unit conversion procedures can be found in the sales prospectus and the management regulations.
## Intended retail investor:
This product is suitable for investors who ...
... have at least a basic knowledge of the financial instruments contained in the fund;
... have a long-term investment horizon;
... would, in a worst-case scenario, be able to withstand the loss of the entire invested capital. | # ¿QUÉ ES ESTE PRODUCTO?
## Tipo:
Fondo de inversión (UCITS) de derecho luxemburgués, que está sujeto a la ley de organismos de inversión colectiva del 17 de diciembre de 2010 y que es un fondo común de colocación en virtud de esta ley. El rendimiento del fondo depende del rendimiento de las inversiones subyacentes.
## Plazo:
Este producto reviste un carácter indefinido y no tiene fecha de vencimiento. El productor puede reposicionar el producto en cualquier momento, combinarlo con otro producto o anularlo de manera unilateral sin previo aviso.
## Objetivos:
El objetivo de inversión es lograr un crecimiento del capital a largo plazo junto con un rendimiento adecuado, invirtiendo para ello en acciones de pequeñas y medianas empresas japonesas.
El Fondo invierte como mínimo el 80% de su patrimonio en títulos de participación de empresas de pequeña y mediana capitalización que tienen su domicilio social o desempeñan la mayor parte de su actividad en Japón. La capitalización de mercado de la empresa no debe representar más del 2% del valor de mercado del conjunto del mercado bursátil en cuestión. Al seleccionar por lo menos 2/3 de las inversiones, se tienen en cuenta sistemáticamente los criterios de sostenibilidad ESG. El Fondo se clasifica bajo el Art. 8 del 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 («SFDR»).
Los valores se seleccionan de manera discrecional mediante un proceso de inversión coherente (gestión activa). Sobre la composición de la cartera, la selección de valores y su ponderación se centra en las empresas del índice de referencia personalizado. La desviación del índice puede ser significativa. La composición de la cartera figura en el folleto de venta. 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.
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.
Banco depositario es el RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette.
El presente documento describe el fondo. Podrá obtener gratuitamente más información en alemán sobre el fondo, el folleto de venta correspondiente, las condiciones contractuales, el informe anual y semestral, así como los precios actuales de las participaciones, en www.swisscanto.com. No obstante, estos documentos se elaboran, dado el caso, para el fondo paraguas completo.
Está excluida la responsabilidad del patrimonio de un fondo dentro del fondo paraguas por los pasivos que afectan el patrimonio de otro fondo.
El inversor tendrá derecho a convertir sus participaciones en un subfondo en participaciones de otro subfondo. Podrá encontrar más información sobre las modalidades de canje de participaciones en el folleto y en los términos del contrato.
## Inversor minorista al que va dirigido:
Este producto resulta adecuado para inversores que ...
... tienen, al menos, un conocimiento elemental de los instrumentos financieros contenidos en el fondo,
... tengan un horizonte de inversión a largo plazo,
... en el peor de los casos también podrían soportar la pérdida de todo el capital invertido. | # WHAT IS THIS PRODUCT?
## Type:
Investment fund (UCITS) under Luxembourg law, which is subject to the law for undertakings for collective investment of December 17, 2010 and which is a fonds commun de placement under this law. The fund's performance depends on the performance of the underlying investments.
## Term:
The term of this product is indefinite and it has no maturity date. The manufacturer may reposition the product at any time, merge it with another product or terminate it unilaterally and without notice.
## Objectives:
The investment objective is to generate long-term capital growth along with an adequate return by investing in the shares of Japanese SMEs.
The fund invests at least 80% of its assets in the equity securities of small and mid-caps whose registered office or primary business activities are in the Japan region. The market capitalisation of the companies may not account for more than 2% of the market capitalisation of the entire share market in question. At least 2/3 of the investments are selected by systematically taking into account ESG criteria. The fund is classified under Article 8 of 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 («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 tailored benchmark index. The portfolio composition may deviate significantly from this benchmark index. The composition is set out in the sales prospectus. 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.
Fund units are issued and redeemed basically on every bank business day in Luxembourg. Earnings and profits of the unit class are not distributed, but reinvested.
RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette, was appointed as the custodian bank (depository).
This document describes the fund. Additional information about the fund, the sales prospectus, the management regulations, the annual and semi-annual reports, and the latest unit prices can be accessed in German free of charge at www.swisscanto.com. Where appropriate, these documents are created for the entire umbrella fund.
The liability of the assets of a fund within the umbrella fund for claims against the assets of another fund is excluded.
The investor has the right to convert his investment in the shares of one sub-fund into the shares of another sub-fund. Further information on unit conversion procedures can be found in the sales prospectus and the management regulations.
## Intended retail investor:
This product is suitable for investors who ...
... have at least a basic knowledge of the financial instruments contained in the fund;
... have a long-term investment horizon;
... would, in a worst-case scenario, be able to withstand the loss of the entire invested capital. | en | es |
DOLFIN478 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of
metrics of the index are insufficiently reduced compared to the Parent Index, securities with the highest such carbon metrics are removed until the current carbon metrics of the index are sufficiently reduced as compared with the Parent Index. The remaining securities are then weighted by their free-float adjusted market capitalisation and are also subject to a relative weight cap against their weight in the Parent Index. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on at least a quarterly basis. The index is calculated in Euros on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager and sub-portfolio manager are not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is solely relying on the activities conducted by and information provided by the administrator of the index and MSCI ESG Research LLC for the ESG screening. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives for investment purposes and to try to manage its investments more efficiently. They may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investments.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en
cuales, si los actuales parámetros de carbono del índice no se reducen lo suficiente con respecto al índice principal, se procede a eliminar aquellos títulos con los valores más altos hasta que los parámetros en vigor del índice para el carbono se hayan reducido lo suficiente en comparación con el índice principal. Los valores restantes se ponderan en función de su capitalización de mercado ajustada al capital flotante y también se someten a un límite de ponderación relativo con respecto a su ponderación en el índice principal. El índice se calcula con una base de rentabilidad total neta, es decir, todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar los impuestos. El índice se revisa y ajusta, al menos, una vez por trimestre. El índice se calcula diariamente en euros. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. Durante el proceso de cribado del índice se aplican criterios ESG para excluir valores emitidos por empresas que guarden relación con ciertas actividades. El gestor de inversiones y el gestor secundario de la cartera no son responsables de supervisar el proceso de cribado ni de confirmar que todos los valores que resulten de él hayan sido emitidos por empresas con unos estándares ESG adecuados. Para el cribado por ESG, la sociedad únicamente se basa en las actividades llevadas a cabo por el administrador del índice y MSCI ESG Research LLC y en la información que estos proporcionen. La información sobre ESG de otros proveedores de datos puede estar incompleta, ser imprecisa o no estar disponible. En consecuencia, existe el riesgo de que el administrador del índice pueda valorar incorrectamente un valor o un emisor e incluir o excluir erróneamente un valor en el índice. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo puede emplear derivados financieros con fines de inversión y para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of
metrics of the index are insufficiently reduced compared to the Parent Index, securities with the highest such carbon metrics are removed until the current carbon metrics of the index are sufficiently reduced as compared with the Parent Index. The remaining securities are then weighted by their free-float adjusted market capitalisation and are also subject to a relative weight cap against their weight in the Parent Index. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on at least a quarterly basis. The index is calculated in Euros on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager and sub-portfolio manager are not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is solely relying on the activities conducted by and information provided by the administrator of the index and MSCI ESG Research LLC for the ESG screening. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives for investment purposes and to try to manage its investments more efficiently. They may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investments.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN482 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Custodian: CACEIS Bank France, 1-3 place Valhubert, 75206 Paris Cedex 13
The Fund’s full prospectus and latest annual and interim documents are sent free of charge upon written request of the unitholder to BDL Capital Management, 24 rue du Rocher – 75008 PARIS. These documents are available in English.
Requests for subscriptions and redemptions are centralised through the Depositary every day until 11 a.m. The net asset value is available on the website of the company.
Given that the Fund only offers accumulation units, the tax system is that of the taxation of capital gains on transferable securities applicable in the country of residence of the unitholder, following the rules appropriate to their situation. Depending on your tax system, any capital gains and income related to the holding of UCITS units may be subject to taxation. The investor is advised to seek information about their tax situation from the promoter of the Fund.
BDL Capital Management 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.
This Fund is authorised in France and regulated by the French Financial Markets Authority [Autorité des Marchés Financiers (AMF)]. The management company BDL Capital Management is authorised in France and regulated by the AMF. This key investor information is accurate as at 01/09/2022. | # Información práctica
Depositario: CACEIS Bank France, 1-3 place Valhubert, 75206 PARÍS Cedex 13
El folleto completo del Fondo y los documentos anuales y periódicos más recientes se envían, de forma gratuita, previa solicitud por escrito del partícipe dirigida BDL Capital Management, 24 rue du Rocher – 75008 PARÍS. Dichos documentos están disponibles en francés.
Las solicitudes de suscripción y reembolso se tramitan hasta las 11:00 horas cada día. El valor liquidativo está disponible en el sitio web de la sociedad.
Dado que el Fondo únicamente ofrece participaciones de capitalización, el régimen fiscal es del impuesto sobre las plusvalías de valores mobiliarios aplicable en el país de residencia del partícipe, según las normas aplicables a su situación. Según su régimen fiscal, las plusvalías y los posibles rendimientos relacionados con la inversión en participaciones del OICVM pueden estar sujetos a impuestos. Se recomienda a los inversores que se informen sobre su situación fiscal consultando al distribuidor del Fondo.
BDL Capital Management 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.
Este Fondo está autorizado y regulado en Francia por la Autoridad de los Mercados Financieros (AMF). La sociedad gestora BDL Capital Management está autorizada en Francia y está regulada por la AMF.
Los datos fundamentales para el inversor facilitados en el presente son exactos y están actualizados a 1 de septiembre de 2022. | # Practical Information
Custodian: CACEIS Bank France, 1-3 place Valhubert, 75206 Paris Cedex 13
The Fund’s full prospectus and latest annual and interim documents are sent free of charge upon written request of the unitholder to BDL Capital Management, 24 rue du Rocher – 75008 PARIS. These documents are available in English.
Requests for subscriptions and redemptions are centralised through the Depositary every day until 11 a.m. The net asset value is available on the website of the company.
Given that the Fund only offers accumulation units, the tax system is that of the taxation of capital gains on transferable securities applicable in the country of residence of the unitholder, following the rules appropriate to their situation. Depending on your tax system, any capital gains and income related to the holding of UCITS units may be subject to taxation. The investor is advised to seek information about their tax situation from the promoter of the Fund.
BDL Capital Management 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.
This Fund is authorised in France and regulated by the French Financial Markets Authority [Autorité des Marchés Financiers (AMF)]. The management company BDL Capital Management is authorised in France and regulated by the AMF. This key investor information is accurate as at 01/09/2022. | en | es |
DOLFIN483 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy:
The Fund invests primarily in equity securities of companies that have been identified by the Investment Manager as being participants in or having an exposure to the potential growth relating to global investment themes developed by the Investment Manager and implemented through the thematic Funds of the Umbrella Fund, as further described below.
The Fund invests at least two-thirds of its total assets in equity securities worldwide. The Fund’s equity investments may include common stocks, preferred stocks and, on an ancillary basis, closed- ended real estate investment trusts (“REITS”), equity-related instruments such as warrants, equity-linked notes, convertible bonds whose value is derived from the value of any of those equity securities, and depositary receipts for any of those equity investments.
As part of the Fund’s investments in equity securities worldwide, the Fund may also invest up to 30% of its total assets in emerging markets companies including, but not limited to, certain eligible A-Shares via the Shanghai-Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program (collectively, the “Stock Connects”). | # Política de inversión:
El fondo invierte principalmente en títulos de renta variable de empresas que el gestor de inversiones haya determinado que participan del potencial crecimiento o que mantienen una exposición al potencial crecimiento asociado a temas de inversión globales desarrollados por el gestor de inversiones e implementados a través de los fondos temáticos del fondo paraguas, tal y como se describe más abajo.
El fondo invierte al menos dos tercios de su patrimonio total en renta variable a escala mundial. Las inversiones en renta variable del fondo pueden incluir acciones ordinarias, acciones preferentes y, de forma complementaria, fondos de inversión inmobiliaria cerrados («REIT»), instrumentos relacionados con la renta variable, tales como warrants, pagarés vinculados a renta variable, bonos convertibles cuyo valor se calcula a partir del valor de cualquiera de esos títulos de renta variable, y recibos de depósito sobre cualquiera de las mencionadas inversiones en renta variable.
Como parte de las inversiones del fondo en valores de renta variable a escala mundial, el fondo también puede invertir hasta el 30% de su patrimonio total en empresas de mercados emergentes incluidas, entre otras, determinadas Acciones A admisibles mediante el programa Shanghai-Hong Kong Stock Connect y/o el programa Shenzhen-Hong Kong Stock Connect (colectivamente, los «programas Stock Connect»). | # Investment policy:
The Fund invests primarily in equity securities of companies that have been identified by the Investment Manager as being participants in or having an exposure to the potential growth relating to global investment themes developed by the Investment Manager and implemented through the thematic Funds of the Umbrella Fund, as further described below.
The Fund invests at least two-thirds of its total assets in equity securities worldwide. The Fund’s equity investments may include common stocks, preferred stocks and, on an ancillary basis, closed- ended real estate investment trusts (“REITS”), equity-related instruments such as warrants, equity-linked notes, convertible bonds whose value is derived from the value of any of those equity securities, and depositary receipts for any of those equity investments.
As part of the Fund’s investments in equity securities worldwide, the Fund may also invest up to 30% of its total assets in emerging markets companies including, but not limited to, certain eligible A-Shares via the Shanghai-Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program (collectively, the “Stock Connects”). | en | es |
DOLFIN485 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Performance & Market environment
Global equity markets rose in November, with the MSCI ACWI gaining 7.6%[1].
The macro-economic and geo-political backdrop continue to be an overhang whilst central banks continue to raise interest rates as they attempt to limit higher inflation.
Reporting season continued with fewer companies exceeding revenue and earnings forecasts so far in the third quarter than in prior periods. For those companies in the MSCI ACWI (representing the broader equity market) that have reported their third-quarter numbers, 59% have reported better-than-expected revenues and 50% have reported better-than-expected earnings.
When provided, outlooks for the fourth quarter and for 2023 have been mostly muted reflecting the challenging economy. The Thanksgiving shopping holiday took place over the final weekend of November, and according to data from Adobe Analytics, consumer spending online over the 5-day holiday reached new highs with $35.4bn spent, up 4.4% over the same period in 2021. Whilst the headline figure was robust, when considering inflation, it probably suggests that the average shopper made fewer purchases reflecting the current challenges present for consumers in terms of the higher cost of living and the rising interest rate environment.
This trend appears more apparent when looking at the results of two of our payment investments, Fidelity National Information Services and Global Payments. Both companies reported disappointing results and outlook, detracting from the fund’s performance during the month. As a result, the Payments/Fintech sub-theme (within our Delivery theme) was the biggest negative contributor to performance in November.
Our investments in the Discovery theme provided the best returns; with positive contributions in the Search Engine/Social Media sub-theme due to good gains from Tencent, the Hong Kong listed Chinese online media and entertainment company as well as Alphabet and Meta Platforms.
Portfolio Activity
There was no significant investment activity during the month. Market Outlook
Whilst macro-economic and geo-political uncertainty continue, we would expect markets to remain volatile. The pressures from inflation, a strong US dollar, higher energy costs and rising interest rates will continue to have a negative impact on consumer spending and businesses exposed to consumer spending. Near term growth expectations will likely be reset over the coming months. However, we believe the longer-term growth potential for many of the companies within the Digital Economy strategy are likely to remain elevated above broader economic growth rates over the duration of an investment cycle and with the contraction of valuations we believe there are many attractive investment opportunities arising. We are mindful that equity markets can overshoot in both directions, so we are not trying to call the bottom, but we do believe that our investment philosophy around identifying long term themes and the companies that will benefit from these themes remains intact despite the near-term challenges.
Whilst the long-term growth trends to which the fund is exposed are still intact the strength of the global economy may influence the pace of this growth. It is even more important that we continue to focus on quality within our investment universe, identifying management teams who we believe can navigate their organisations through these challenging times.
Long term investment trends that our strategy is exposed to such as the growth in online advertising, the adoption of e-commerce and the importance of having a reliable and safe transaction and fulfilment operation continue to play an important role in many successful business models even in a difficult economic environment. Arguably, the ability for
companies to harness the power of data and digitalisation to make themselves more productive and efficient play an even more vital role during times when growth has become scarce.
[1] Bloomberg as of 30/11/22, in USD
Source(s): AXA Investment Managers - MSCI as at 30/11/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
Resultados y entorno de mercado
Los mercados mundiales de renta variable repuntaron en noviembre y el MSCI ACWI ganó un 7,6 %[1].
El contexto macroeconómico y geopolítico sigue siendo una amenaza, mientras que los bancos centrales continúan subiendo los tipos de interés en su intento de limitar el aumento de la inflación.
La temporada de publicación de resultados continuó con un menor número de empresas que superaron las previsiones de ingresos y beneficios en lo que va del tercer trimestre en comparación con periodos anteriores. De las empresas del índice MSCI ACWI (representativo del conjunto del mercado de renta variable) que han presentado sus cifras del tercer trimestre, el 59 % han anunciado unos ingresos mejores de lo previsto y el 50 %, unos beneficios mejores de lo previsto.
En los casos en los que se han presentado, las perspectivas para el cuarto trimestre y para 2023 han sido, en su mayor parte, moderadas, lo que refleja la difícil situación económica.
La festividad de Acción de Gracias tuvo lugar el último fin de semana de noviembre y, según datos de Adobe Analytics, el gasto de consumo en Internet durante los cinco días de la festividad alcanzó nuevos máximos, con 35 400 millones de USD gastados, un 4,4 % más que en el mismo periodo de 2021. Aunque la cifra global fue sólida, si se tiene en cuenta la inflación, probablemente sugiere que el comprador medio realizó menos compras, lo que refleja los retos actuales a los que se enfrentan los consumidores en términos de encarecimiento del coste de vida y subida de los tipos de interés.
Esta tendencia resulta más evidente al analizar los resultados de dos de nuestras inversiones en empresas de pagos, Fidelity National Information Services y Global Payments. Ambas empresas publicaron unos resultados y perspectivas decepcionantes, lo que lastró la rentabilidad del fondo durante el mes. Como resultado, la subtemática de pagos/tecnología financiera (dentro de nuestra temática de Entrega) fue la mayor contribución negativa a la rentabilidad en noviembre.
Nuestras inversiones en la temática del Descubrimiento proporcionaron las mejores rentabilidades; con contribuciones positivas en la subtemática de motores de búsqueda/redes sociales gracias a las buenas ganancias de Tencent, la empresa china de medios de comunicación y entretenimiento en línea que cotiza en Hong Kong, así como de Alphabet y Meta Platforms.
Cambios en la cartera
No hubo actividad de inversión significativa durante el mes. Perspectivas del mercado
Mientras continúe la incertidumbre macroeconómica y geopolítica, cabría esperar que los mercados sigan siendo volátiles. Las presiones inflacionistas, la fortaleza del dólar, el aumento de los costes energéticos y el aumento de los tipos de interés seguirán teniendo un impacto negativo en el consumo y las empresas expuestas al consumo. Es probable que las expectativas de crecimiento a corto plazo se reajusten en los próximos meses. Sin embargo, creemos que es probable que el potencial de crecimiento a largo plazo de muchas de las empresas de la estrategia de economía digital siga siendo elevado por encima de las tasas de crecimiento económico más generales durante un ciclo de inversión, y con la contracción de las valoraciones creemos que surgen muchas oportunidades de inversión interesantes. Somos conscientes de que los mercados de renta variable pueden superarse en ambas direcciones, por lo que no estamos tratando de esperar una estabilización, pero creemos que nuestra filosofía de inversión en torno a la identificación de temáticas a largo plazo y las empresas que se beneficiarán de estas temáticas permanece intacta a pesar de los desafíos a corto plazo.
Si bien las tendencias de crecimiento a largo plazo a las que está expuesto el fondo siguen intactas, la fortaleza de la economía mundial podría influir en el ritmo de este crecimiento. Es incluso más importante que sigamos centrándonos en la calidad dentro de nuestro universo de inversión, identificando a los equipos directivos que creemos que pueden dirigir sus empresas en estos momentos difíciles.
Las tendencias de inversión a largo plazo a las que nuestra estrategia está expuesta, como el crecimiento de la publicidad en línea, la adopción del comercio electrónico y la importancia de contar con una transacción y una operación de reposición fiables y seguras, siguen desempeñando un papel importante en muchos modelos de negocio exitosos, incluso en un entorno económico difícil. Podría decirse que la capacidad de las empresas para aprovechar el poder de los datos y la digitalización para ser más productivas y eficaces desempeña un papel aún más vital en tiempos en los que el crecimiento se ha vuelto escaso.
[1] Bloomberg, a 30/11/2022, en USD
Fuente(s) : AXA Investment Managers - MSCI a 30/11/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
Performance & Market environment
Global equity markets rose in November, with the MSCI ACWI gaining 7.6%[1].
The macro-economic and geo-political backdrop continue to be an overhang whilst central banks continue to raise interest rates as they attempt to limit higher inflation.
Reporting season continued with fewer companies exceeding revenue and earnings forecasts so far in the third quarter than in prior periods. For those companies in the MSCI ACWI (representing the broader equity market) that have reported their third-quarter numbers, 59% have reported better-than-expected revenues and 50% have reported better-than-expected earnings.
When provided, outlooks for the fourth quarter and for 2023 have been mostly muted reflecting the challenging economy. The Thanksgiving shopping holiday took place over the final weekend of November, and according to data from Adobe Analytics, consumer spending online over the 5-day holiday reached new highs with $35.4bn spent, up 4.4% over the same period in 2021. Whilst the headline figure was robust, when considering inflation, it probably suggests that the average shopper made fewer purchases reflecting the current challenges present for consumers in terms of the higher cost of living and the rising interest rate environment.
This trend appears more apparent when looking at the results of two of our payment investments, Fidelity National Information Services and Global Payments. Both companies reported disappointing results and outlook, detracting from the fund’s performance during the month. As a result, the Payments/Fintech sub-theme (within our Delivery theme) was the biggest negative contributor to performance in November.
Our investments in the Discovery theme provided the best returns; with positive contributions in the Search Engine/Social Media sub-theme due to good gains from Tencent, the Hong Kong listed Chinese online media and entertainment company as well as Alphabet and Meta Platforms.
Portfolio Activity
There was no significant investment activity during the month. Market Outlook
Whilst macro-economic and geo-political uncertainty continue, we would expect markets to remain volatile. The pressures from inflation, a strong US dollar, higher energy costs and rising interest rates will continue to have a negative impact on consumer spending and businesses exposed to consumer spending. Near term growth expectations will likely be reset over the coming months. However, we believe the longer-term growth potential for many of the companies within the Digital Economy strategy are likely to remain elevated above broader economic growth rates over the duration of an investment cycle and with the contraction of valuations we believe there are many attractive investment opportunities arising. We are mindful that equity markets can overshoot in both directions, so we are not trying to call the bottom, but we do believe that our investment philosophy around identifying long term themes and the companies that will benefit from these themes remains intact despite the near-term challenges.
Whilst the long-term growth trends to which the fund is exposed are still intact the strength of the global economy may influence the pace of this growth. It is even more important that we continue to focus on quality within our investment universe, identifying management teams who we believe can navigate their organisations through these challenging times.
Long term investment trends that our strategy is exposed to such as the growth in online advertising, the adoption of e-commerce and the importance of having a reliable and safe transaction and fulfilment operation continue to play an important role in many successful business models even in a difficult economic environment. Arguably, the ability for
companies to harness the power of data and digitalisation to make themselves more productive and efficient play an even more vital role during times when growth has become scarce.
[1] Bloomberg as of 30/11/22, in USD
Source(s): AXA Investment Managers - MSCI as at 30/11/2022 Editor: AXA Investment Managers Paris | en | es |
Subsets and Splits
No saved queries yet
Save your SQL queries to embed, download, and access them later. Queries will appear here once saved.