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 |
|---|---|---|---|---|---|
DOLFIN8571 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund will seek gains by investing primarily in listed or traded debt securities and preference shares which are capable of conversion into shares and will have a global focus. Particular focus will be paid to the credit quality of individual issuers, the cost to convert the debt into shares and the projected return (yield) of the debt securities.
1 The Fund may also invest directly in shares (or related instruments), cash and other debt securities.
1 The Portfolio will be diversified with no more than 40% of the Portfolio's investments in securities listed or traded on Recognised Markets in non- OECD countries, which shall include investment in Russian securities which shall in no circumstances exceed 20% of the Portfolio's Net Asset Value.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to global banned weapons, nuclear weapons, tobacco and coal-oriented activities.
1 The debt securities in which the Fund invests can have a fixed or floating rate of interest, be issued by a government, corporation or other entity, and be rated investment grade or, non-investment grade.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the Thomson Reuters Global Focus Convertible Bond Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include Tracking error and or relative Value at Risk (VaR) versus the benchmark as well as relative sector and/or country weights versus the benchmark and relative duration and equity exposure versus the benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the
Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be material. The Benchmark is also used for performance comparison purposes.
1 The Fund may use financial derivative instruments (instruments whose price are dependent on one or more underlying assets, 'FDI') to achieve the investment objective, for hedging against anticipated movements in a market or security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (USD).
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund. | # Objetivos y política de inversión
1 El Fondo procurará obtener beneficios invirtiendo fundamentalmente en valores de deuda negociados o cotizados y acciones preferentes con la capacidad de convertirse en acciones, y tendrá un enfoque internacional. Se hará especial hincapié en la calidad crediticia de los emisores individuales, el coste de convertir la deuda en acciones y la rentabilidad prevista (rendimiento) de los valores de deuda.
1 El Fondo también puede invertir directamente en acciones (o instrumentos relacionados), posiciones de tesorería y otros valores de deuda.
1 La Cartera estará diversificada con no más del 40% de las inversiones de la Cartera en valores cotizados o negociados en Mercados Reconocidos de países no pertenecientes a la OCDE, que incluirán inversiones en valores rusos que no deberán sobrepasar el 20% del Patrimonio Neto de la Cartera.
1 El Fondo promueve, entre otras, características ambientales y sociales según lo estipulado en el artículo 8 del Reglamento europeo sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (también conocido por el acrónimo inglés SFDR). Asimismo, la Gestora de Inversiones aplica una lista de exclusión de valores o sectores controvertidos que pueden estar relacionados con armas prohibidas a nivel mundial, armas nucleares y con actividades orientadas al tabaco y al carbón.
1 Los valores de deuda en los que invierte en Fondo pueden tener un tipo de interés fijo o variable, estar emitidos por un gobierno, sociedad u otra entidad, y tener una calificación que alcance o no la categoría de inversión.
1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice Thomson Reuters Global Focus Convertible Bond y no está limitado por él. El Fondo utiliza el índice de referencia a efectos de gestión de riesgos para garantizar que el Fondo se gestione de manera acorde con su objetivo de inversión y su perfil de riesgo. En el marco de su función de gestión de riesgos, el Gestor de inversiones realizará una supervisión adicional de las posiciones del fondo en relación con las ponderaciones del índice de referencia. Las ponderaciones relativas se evaluarán con referencia a un umbral que podrá actualizarse periódicamente. En otros controles de riesgo se encuentran el error de seguimiento y/o el valor en riesgo (VaR) relativo en relación con el Índice de
referencia, así como las ponderaciones relativas de los sectores y/o países en relación con el Índice de referencia, la duración relativa y la exposición a la renta variable en relación con el Índice de referencia. Si bien el Fondo se centrará en emisores individuales que pueden o no pertenecer al Índice de referencia, dicha inversión puede tener ponderaciones diferentes a las utilizadas por el Índice de referencia. Los factores mencionados, considerados conjuntamente, pueden influir en la medida en que la Cartera se desvíe del Índice de referencia, y dicha desviación puede ser importante. El Índice de referencia también se utiliza a efectos de comparación del rentabilidad.
1 El Fondo puede utilizar instrumentos financieros derivados (“IFD”, instrumentos cuyo precio dependa de uno o más activos subyacentes) para lograr el objetivo de inversión, cubrirse ante movimientos previstos en un mercado o valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente.
1 El Fondo usará IFD para proporcionar a los inversores una rentabilidad similar a la de cualquier clase de acciones emitidas en la divisa operativa del Fondo (USD).
1 Cualquier ingreso obtenido por las inversiones se sumará al valor de las acciones de los inversores, y estos pueden comprar o vender sus acciones cada día de negociación del Fondo. | # Objectives and investment policy
1 The Fund will seek gains by investing primarily in listed or traded debt securities and preference shares which are capable of conversion into shares and will have a global focus. Particular focus will be paid to the credit quality of individual issuers, the cost to convert the debt into shares and the projected return (yield) of the debt securities.
1 The Fund may also invest directly in shares (or related instruments), cash and other debt securities.
1 The Portfolio will be diversified with no more than 40% of the Portfolio's investments in securities listed or traded on Recognised Markets in non- OECD countries, which shall include investment in Russian securities which shall in no circumstances exceed 20% of the Portfolio's Net Asset Value.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to global banned weapons, nuclear weapons, tobacco and coal-oriented activities.
1 The debt securities in which the Fund invests can have a fixed or floating rate of interest, be issued by a government, corporation or other entity, and be rated investment grade or, non-investment grade.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the Thomson Reuters Global Focus Convertible Bond Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include Tracking error and or relative Value at Risk (VaR) versus the benchmark as well as relative sector and/or country weights versus the benchmark and relative duration and equity exposure versus the benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the
Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be material. The Benchmark is also used for performance comparison purposes.
1 The Fund may use financial derivative instruments (instruments whose price are dependent on one or more underlying assets, 'FDI') to achieve the investment objective, for hedging against anticipated movements in a market or security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (USD).
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund. | en | es |
DOLFIN8579 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Notwithstanding the foregoing, where on any Valuation Date the Corporation has contracted to:
- purchase any asset, the value of the consideration to be paid for such asset shall be shown as a liability of the Corporation and the value of the asset to be acquired shall be shown as an asset of the Corporation;
- sell any asset, the value of the consideration to be received for such asset shall be shown as an asset of the Corporation and the asset to be delivered shall not be included in the assets of the Corporation; provided however, that if the exact value or nature of such consideration or such asset is not known on such Valuation Date, then its value shall be estimated by the Corporation.
- The liabilities of the Corporation shall be deemed to include:
- all loans, bills and accounts payable;
- all accrued interest on loans of the Corporation (including accrued fees for commitment for such loans);
- all accrued or payable expenses (including administrative expenses, advisory and management fees, including incentive fees, custodian fees, and corporate agents' fees);
- all known liabilities, present and future, including all matured contractual obligations for payments of money or property, including the amount of any unpaid dividends declared by the Corporation where the Valuation Date falls on the declaration date or is subsequent thereto, and the amounts of any such dividends declared but for which coupons have not been presented and which have thus not been paid;
- an appropriate provision for taxes based on capital and income to the Valuation Date, as determined from time to time by the Corporation, and other reserves, if any, authorized and approved by the Board of Directors and
- all other liabilities of the Corporation of whatsoever kind and nature, reflected in accordance with generally accepted accounting principles, except liabilities represented by capital stock of the Corporation.
In determining the amount of such liabilities the Corporation shall take into account all expenses payable by the Corporation which shall comprise formation expenses, fees payable to its investment advisers or investment managers, including performance fees, fees and expenses of accountants, cus- todian, domiciliary, registrar and transfer agents, any paying agent and permanent representatives in places of registration, Directors, supervisory officers and officers, any other agent employed by the Corporation, fees for legal and auditing services, insurance, promotional, printing, reporting and publishing expenses, including the cost of advertising or preparing and printing of prospectuses, explanatory memoranda, registration statements, public notices and other communications (including electronic or conventional contract notes), preparing and filing of Articles of Incorporation, taxes or governmental charges, the cost of a quotation of the shares in the Corporation on any stock exchange or other market and all other operating expenses, including the cost of buying and selling assets, interest, bank charges and brokerage, postage, telephone and telex. The Corporation may calculate administrative and other expenses of a regular or recurring nature on an estimated figure for yearly or other periods in advance, and may accrue the same in equal proportions over any such period.
- All investments, cash balances and other assets of the Corporation the value of which is expressed in currency other than that of the currency in which the Net Asset Value is expressed shall be valued aftertaking into account the market rate or rates of exchange at the date and time for determination of the Net Asset Value, where relevant.
- The net assets attributable to a given Sub-Fund shall mean the assets of the Corporation as hereinabove defined, which are to be attributed to a specific Sub-Fund, less the portion of liabilities of the Corporation as hereinabove defined as of the close of business on the Valuation date on which the Net Asset Value is being determined, which are to be attributed to such Sub-Fund. The assets of a given Sub- Fund are exclusively available to satisfy the rights of investors in relation to that given Sub-Fund and the rights of those creditors whose claims have arisen in connection with the creation, the operation or the liquidation of that given Sub-Fund.
- The Directors shall establish a pool of assets for one or more Sub-Funds in the following manner:
- the proceeds from the issue of one or several Sub-Funds shall be applied in the books of the Corporation to the pool of assets established for the Sub-Fund or Sub-Funds, and the assets and liabilities and income and expenditure attributable thereto shall be applied to such pool subject to the provisions of this Article;
- if within any pool specific assets are held by the Corporation for a specific Sub-Fund the value thereof shall be allocated to the Sub-Fund concerned and the purchase price paid therefor shall be deducted, at the time of acquisition, from the proportion of the other net assets of the relevant pool which otherwise would be attributable to such Sub-Fund;
- where any asset is derived from another asset, such derivative asset shall be applied in the books of the Corporation to the same pool or, if applicable, the same Sub-Fund as the asset from which it was derived and on each revaluation of an asset, the increase or diminution in value shall be applied to the relevant pool and/or Sub-Fund;
- where the Corporation incurs a liability which relates to any asset attributable to a particular pool or Sub-Fund or to any action taken in connection with an asset attributable to a particular pool or Sub-Fund, such liability shall be allocated to the relevant pool and/or Sub-Fund;
- in the case where any asset or liability of the Corporation cannot be considered as being attributable to a particular pool or Sub-Fund, such asset or liability shall be equally divided between all the pools or, insofar as justified by the amounts, shall be allocated to the pools or, as the case may be, the Sub-Funds, prorata to the Net Asset Values;
- upon the record date for determination of the person entitled to any dividend declared on any Sub- Fund, the net asset value of such Sub-Fund shall be reduced by the amount of such dividends;
- upon the payment of an expense allocable to a specific pool or a particular Sub-Fund, the amount thereof shall be deducted from the assets of the pool concerned and, if applicable, from the proportion of the net assets attributable to the Sub-Fund concerned. | # Sin perjuicio de cuanto antecede, cuando en cualquier Fecha de valoración la Sociedad se haya comprometido a:
- Comprar cualquier activo, el valor de la contraprestación que deberá pagarse por dicho activo se reflejará como pasivo de la Sociedad, y el valor del activo que vaya a adquirirse se reflejará como activo de la Sociedad;
- Vender cualquier activo, el valor de la contraprestación que deberá cobrarse por dicho activo se reflejará como activo de la Sociedad, y el activo que vaya a entregarse no se incluirá en el activo de la Sociedad; bien entendido, sin embargo, que si se desconoce el valor o la naturaleza exacta de dicha contraprestación o de dicho activo en la citada Fecha de valoración, su valor será calculado por la Sociedad.
- Se considerará que el pasivo de la Sociedad incluye:
- Todos los préstamos recibidos, efectos y cuentas por pagar;
- Todos los intereses devengados por préstamos de la Sociedad (incluidas las comisiones devengadas por la contratación de dichos préstamos);
- Todos los gastos devengados o pagaderos (incluidos los gastos de administración, honorarios de asesoramiento y gestión, incluidos las comisiones de incentivos, las de depósito y las de los agentes de la Sociedad);
- 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 cualesquiera dividendos pendientes, declarados por la Sociedad cuando la Fecha de valoración coincida con la fecha de declaración o sea posterior a la misma, y los importes de cualquiera de dichos dividendos declarados, pero respecto de los cuales no se hayan presentado cupones y que, por tanto, no hayan sido pagados;
- La adecuada provisión para impuestos sobre plusvalías y rendimientos a la Fecha de valoración, determinada oportunamente por la Sociedad, y otras reservas, en su caso, autorizadas y aprobadas por el Consejo de Administración y
- Todos los restantes pasivos de la Sociedad de cualquier clase y naturaleza reflejados de conformidad con los principios contables generalmente aceptados, con excepción de los pasivos representados por el capital social de la Sociedad.
Para determinar el importe de dichos pasivos, la Sociedad tendrá en cuenta todos los gastos pagaderos por la misma, los cuales comprenderán los gastos de constitución, honorarios pagaderos a sus asesores o gestores de inversiones financieras, las comisiones de rendimiento, honorarios y gastos devengados por contables, depositarios, agentes de domiciliaciones, agentes de registro y de transmisiones, los agentes de pagos y los representantes permanentes en los lugares de registro, Administradores, responsables de supervisión y directivos, cualquier otro mandatario contratado por la Sociedad, los honorarios correspondientes a servicios de asesoramiento letrado y auditoría, seguros, gastos de promoción, de impresión, elaboración de informes y edición, incluidos los costes de publicidad o de la realización e impresión de folletos, memorias explicativas, declaraciones de registro de valores, avisos públicos y otras notificaciones (como pueden ser los documentos de confirmación de contrato en formato electrónico o convencional), elaboración y presentación de Estatutos, tributos o tasas administrativas, el coste de la admisión a negociación de las acciones de la Sociedad en cualquier bolsa de valores u otro mercado, y todos los demás gastos de explotación, incluido el coste de la compra y venta de activos, intereses, gastos bancarios y corretajes, gastos de correo, teléfono y télex. La Sociedad podrá calcular por adelantado los gastos administrativos y otros gastos de carácter ordinario o periódico, sobre la base de las cifras estimadas para los periodos anuales y de otra duración, y podrá contabilizarlos en igual proporción durante cualesquiera de dichos periodos.
- Todas las inversiones financieras, saldos de tesorería y otros activos de la Sociedad cuyo valor se exprese en una moneda distinta de la moneda en que se expresa el Valor liquidativo serán valorados, en su caso, teniendo en cuenta el tipo o tipos de cambio de mercado en la fecha y hora de determinación del Valor liquidativo.
- Por patrimonio neto correspondiente a un determinado Subfondo se entenderán los activos de la Sociedad definidos anteriormente que deban ser atribuidos a un Subfondo concreto, menos la parte del pasivo de la Sociedad definida anteriormente al cierre de operaciones de la Fecha de valoración en que se haya determinado el Valor liquidativo, que corresponda a dicho Subfondo. Los activos de un Subfondo dado están disponibles exclusivamente para satisfacer los derechos de los inversores con respecto a ese Subfondo, así como los derechos de los acreedores cuyos créditos se deriven de la creación, el funcionamiento o la liquidación de dicho Subfondo.
- Los Administradores establecerán un grupo de activos para uno o varios Subfondos de la siguiente manera:
- El importe que se perciba de la emisión de uno o varios Subfondos se aplicará en los libros de la Sociedad al grupo de activos establecido para dicho Subfondo o Subfondos, y los activos y pasivos, ingresos y gastos atribuibles a dichaclase o clases se aplicarán a dicho grupo de activos, de acuerdo con lo dispuesto en el presente artículo;
- Si en un grupo dado la Sociedad mantuviera una serie de activos para un Subfondo en concreto, el valor de los mismos se asignará al Subfondo de que se trate, y el precio de compra que se haya pagado por ellos se deducirá, en el momento de su adquisición, de la proporción de los restantes activos netos del grupo correspondiente, que de otro modo serían atribuibles a dicho Subfondo;
- Cuando un activo se derive de otro, el activo derivado se aplicará en los libros de la Sociedad al mismo grupo de activos o, en su caso, al mismo Subfondo, al que pertenezca el activo del que se hubiera derivado, y en cada nueva valoración de un activo, el incremento o disminución de valor se aplicará al correspondiente grupo de activos y/o Subfondo;
- Cuando la Sociedad contraiga un pasivo relacionado con cualquier activo atribuible a un grupo de activos o Subfondo concreto, o con cualquier medida adoptada en relación con un activo atribuible a un grupo de activos o Subfondo concreto, dicho pasivo se asignará al correspondiente grupo de activos y/o Subfondo;
- En el caso de que cualquier activo o pasivo de la Sociedad no pueda considerarse atribuible a un grupo de activos o Subfondo concreto, dicho activo o pasivo se dividirá, proporcionalmente, entre todos los grupos de activos o, en la medida en que lo justifiquen los importes, se asignará a los grupos de activos o, en su caso, a los Subfondos, de manera proporcional a los Valores liquidativos;
- En la fecha según registro para la determinación de las personas con derecho a percibir los dividendos declarados para un Subfondo, al Valor liquidativo del Subfondo implicado se le restará el importe de dichos dividendos;
- Con ocasión del pago de cualquier gasto atribuible a un grupo de activos o Subfondo concreto, el importe de dicho gasto se deducirá de los activos del grupo de activos de que se trate y, en su caso, de la proporción de los activos netos atribuibles al Subfondo correspondiente. | # Notwithstanding the foregoing, where on any Valuation Date the Corporation has contracted to:
- purchase any asset, the value of the consideration to be paid for such asset shall be shown as a liability of the Corporation and the value of the asset to be acquired shall be shown as an asset of the Corporation;
- sell any asset, the value of the consideration to be received for such asset shall be shown as an asset of the Corporation and the asset to be delivered shall not be included in the assets of the Corporation; provided however, that if the exact value or nature of such consideration or such asset is not known on such Valuation Date, then its value shall be estimated by the Corporation.
- The liabilities of the Corporation shall be deemed to include:
- all loans, bills and accounts payable;
- all accrued interest on loans of the Corporation (including accrued fees for commitment for such loans);
- all accrued or payable expenses (including administrative expenses, advisory and management fees, including incentive fees, custodian fees, and corporate agents' fees);
- all known liabilities, present and future, including all matured contractual obligations for payments of money or property, including the amount of any unpaid dividends declared by the Corporation where the Valuation Date falls on the declaration date or is subsequent thereto, and the amounts of any such dividends declared but for which coupons have not been presented and which have thus not been paid;
- an appropriate provision for taxes based on capital and income to the Valuation Date, as determined from time to time by the Corporation, and other reserves, if any, authorized and approved by the Board of Directors and
- all other liabilities of the Corporation of whatsoever kind and nature, reflected in accordance with generally accepted accounting principles, except liabilities represented by capital stock of the Corporation.
In determining the amount of such liabilities the Corporation shall take into account all expenses payable by the Corporation which shall comprise formation expenses, fees payable to its investment advisers or investment managers, including performance fees, fees and expenses of accountants, cus- todian, domiciliary, registrar and transfer agents, any paying agent and permanent representatives in places of registration, Directors, supervisory officers and officers, any other agent employed by the Corporation, fees for legal and auditing services, insurance, promotional, printing, reporting and publishing expenses, including the cost of advertising or preparing and printing of prospectuses, explanatory memoranda, registration statements, public notices and other communications (including electronic or conventional contract notes), preparing and filing of Articles of Incorporation, taxes or governmental charges, the cost of a quotation of the shares in the Corporation on any stock exchange or other market and all other operating expenses, including the cost of buying and selling assets, interest, bank charges and brokerage, postage, telephone and telex. The Corporation may calculate administrative and other expenses of a regular or recurring nature on an estimated figure for yearly or other periods in advance, and may accrue the same in equal proportions over any such period.
- All investments, cash balances and other assets of the Corporation the value of which is expressed in currency other than that of the currency in which the Net Asset Value is expressed shall be valued aftertaking into account the market rate or rates of exchange at the date and time for determination of the Net Asset Value, where relevant.
- The net assets attributable to a given Sub-Fund shall mean the assets of the Corporation as hereinabove defined, which are to be attributed to a specific Sub-Fund, less the portion of liabilities of the Corporation as hereinabove defined as of the close of business on the Valuation date on which the Net Asset Value is being determined, which are to be attributed to such Sub-Fund. The assets of a given Sub- Fund are exclusively available to satisfy the rights of investors in relation to that given Sub-Fund and the rights of those creditors whose claims have arisen in connection with the creation, the operation or the liquidation of that given Sub-Fund.
- The Directors shall establish a pool of assets for one or more Sub-Funds in the following manner:
- the proceeds from the issue of one or several Sub-Funds shall be applied in the books of the Corporation to the pool of assets established for the Sub-Fund or Sub-Funds, and the assets and liabilities and income and expenditure attributable thereto shall be applied to such pool subject to the provisions of this Article;
- if within any pool specific assets are held by the Corporation for a specific Sub-Fund the value thereof shall be allocated to the Sub-Fund concerned and the purchase price paid therefor shall be deducted, at the time of acquisition, from the proportion of the other net assets of the relevant pool which otherwise would be attributable to such Sub-Fund;
- where any asset is derived from another asset, such derivative asset shall be applied in the books of the Corporation to the same pool or, if applicable, the same Sub-Fund as the asset from which it was derived and on each revaluation of an asset, the increase or diminution in value shall be applied to the relevant pool and/or Sub-Fund;
- where the Corporation incurs a liability which relates to any asset attributable to a particular pool or Sub-Fund or to any action taken in connection with an asset attributable to a particular pool or Sub-Fund, such liability shall be allocated to the relevant pool and/or Sub-Fund;
- in the case where any asset or liability of the Corporation cannot be considered as being attributable to a particular pool or Sub-Fund, such asset or liability shall be equally divided between all the pools or, insofar as justified by the amounts, shall be allocated to the pools or, as the case may be, the Sub-Funds, prorata to the Net Asset Values;
- upon the record date for determination of the person entitled to any dividend declared on any Sub- Fund, the net asset value of such Sub-Fund shall be reduced by the amount of such dividends;
- upon the payment of an expense allocable to a specific pool or a particular Sub-Fund, the amount thereof shall be deducted from the assets of the pool concerned and, if applicable, from the proportion of the net assets attributable to the Sub-Fund concerned. | en | es |
DOLFIN8580 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# WHAT HAPPENS IF CARMIGNAC GESTION LUXEMBOURG IS UNABLE TO PAY OUT?
For your protection the sub-fund's assets are held with a separate company, a depositary, so the sub-fund's ability to pay out would not be affected by the insolvency of the manufacturer. If the sub- fund is terminated or wound up, the assets will be liquidated and you will receive an appropriate share of any proceeds but you may lose part or all of your investment. There is no compensation or guarantee scheme in place which may offset, all or any of, this loss. | # ¿QUÉ PASA SI CARMIGNAC GESTION LUXEMBOURG NO PUEDE PAGAR?
Por su protección, los activos del subfondo son conservados por una entidad independiente (el depositario), de modo que la capacidad de pago del fondo no se verá afectada por la insolvencia del productor. En caso de disolución o cese del fondo, los activos serán liquidados y usted recibirá una parte adecuada del producto de liquidación, pero podría sufrir una pérdida total o parcial de su inversión. No existe ningún régimen de compensación o de garantía que cubra parte o la totalidad de esta pérdida. | # WHAT HAPPENS IF CARMIGNAC GESTION LUXEMBOURG IS UNABLE TO PAY OUT?
For your protection the sub-fund's assets are held with a separate company, a depositary, so the sub-fund's ability to pay out would not be affected by the insolvency of the manufacturer. If the sub- fund is terminated or wound up, the assets will be liquidated and you will receive an appropriate share of any proceeds but you may lose part or all of your investment. There is no compensation or guarantee scheme in place which may offset, all or any of, this loss. | en | es |
DOLFIN8586 | 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 | 4,580 USD -54.21% | 3,770 USD -17.72% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,350 USD -26.49% | 7,470 USD -5.68% |
| Moderate² | What you might get back after costs Average return each year | 10,230 USD 2.34% | 13,200 USD 5.72% |
| Favourable³ | What you might get back after costs Average return each year | 13,960 USD 39.64% | 20,290 USD 15.20% | | | 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 | 4.580 USD -54,21% | 3.770 USD -17,72% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.350 USD -26,49% | 7.470 USD -5,68% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.230 USD 2,34% | 13.200 USD 5,72% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.960 USD 39,64% | 20.290 USD 15,20% | | | 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 | 4,580 USD -54.21% | 3,770 USD -17.72% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,350 USD -26.49% | 7,470 USD -5.68% |
| Moderate² | What you might get back after costs Average return each year | 10,230 USD 2.34% | 13,200 USD 5.72% |
| Favourable³ | What you might get back after costs Average return each year | 13,960 USD 39.64% | 20,290 USD 15.20% | | en | es |
DOLFIN8588 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Although this list is not exhaustive, the Company would like to draw the attention of Shareholders and potential investors on the following risks:
- Risks associated with equity investments: an investment in equities generally gives rise to a higher return than an investment in short or long-term debt, but the risks associated are also often greater, as the performance of equities depends on unpredictable factors, e.g. the possibility of a sudden or prolonged fall in the market as well as the risks connected with the companies themselves. The main risk associated with equity investment is the fact that the value of the investments held in this portfolio may fall, as the value of equities can vary in response to the business activities of the companies or to global changes in the market and/or economic conditions. Historically, equities have generated higher returns in the long term and have entailed greater risks in the short term than any other investment vehicle.
- Risks associated with investments in debt securities: the main risks connected to investments in debt securities include:
- interest rate risk, i.e. the risk that the value of investments by the Company and each of its Sub-Funds could decrease if interest rates increase;
- credit risk, i.e. the risk that the companies in which the Company is invested might fall into financial difficulties and might no longer be willing or able to honour their commitments towards the Company;
- market risk, i.e. the risk that the value of investments by the Company and each of its Sub-Funds could decrease following general movements in the financial markets;
- management risk, i.e. the risk that investment techniques used by the Company and each of its Sub-Funds could prove inefficient and create losses for the Company;
- counterparty risk, i.e. the risk of a counterparty's bankruptcy leading it to default on payment; and
- high-yield securities risk, i.e. the risk related to the investment in non-investment grade bonds, speculative bonds or junk bonds. Such securities feature a yield higher than investment grade securities counterbalanced by the higher risk of default of the issuer.
- Risks associated with OTC transactions: the Company may carry out OTC transactions on spot and futures contracts on indices or other financial instruments as well as on swaps on indices or other financial instruments with first-class banks or stockbrokers specialised in these types of transactions acting as counterparty. Although the corresponding markets are not necessarily recognised as being more volatile than other futures markets, traders are less protected from defaults in their transactions on these markets because the contracts traded on them are not guaranteed by a clearing house. The prices of OTC index contracts can be very volatile due to the low margin requirements for this type of contract.
- Risks associated with currencies: the Company may invest in securities denominated in a certain number of currencies other than the Company's base currency (EUR). Exchange rate fluctuations of foreign currencies affect the value of the securities held by the Company.
- Liquidity risk: Liquidity risk exists when an asset is difficult to purchase or sell within an expected time horizon. The Sub-Fund is impacted by liquidity risk when Sub-Fund’s ability to respond to market movements or meet redemptions request by reducing positions is impaired by factors such as decreased trading volume, increased price volatility, industry and government regulations, increased transaction costs. The illiquid positions may display volatility and be difficult to value. It may be costly or temporary impossible for a Sub-Fund to liquidate an illiquid position timely. These impairments may reduce the investment return of the Sub-Fund. Investments securities with substantial market and/or credit risk, emerging market securities and derivatives tend to have the greatest exposure to liquidity risk.
- Risks of leverage: the Company may include exchange-traded derivatives (including futures and options) and OTC derivatives (including options, futures products, interest rate swaps and credit derivatives) in its investment policy for the purpose of investment and/or hedging. These are volatile instruments generating certain specific risks (risks associated with OTC derivatives, counterparty risk) and exposing investors to the risk of loss. Leverage is provided by the low initial margin deposits that are usually requested when taking a position in such instruments. Thus, a relatively minor change in the price of a contract could result in significant gains or losses compared to the initial margin actually invested, this potential leading to unlimited additional losses in excess of the margin deposited. Furthermore, when used for the purpose of hedging, these instruments and the investments or market sectors being hedged could prove uncorrelated. Transactions in over-the-counter derivatives, such as credit derivatives, may involve additional risk as there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk.
- Risks associated with credit derivative transactions: the Company (or a Sub-Fund) may take part in the credit derivatives market by concluding, for example, credit default swaps in order to sell or purchase protection. A credit default swap (CDS) is a bilateral financial contract whereby a counterparty (the protection buyer) pays a periodic fee in exchange for a payoff from the protection seller in the event that a credit event affecting the reference issuer should arise. The protection buyer acquires the right either to sell a particular bond or bonds of the reference issuer at par value or to receive the difference between the par value and the market price of said reference bond or bonds (or any other previously determined reference value or strike price) in the event that a credit event should arise. A credit event includes bankruptcy, insolvency, judicial settlement, significant debt restructuring or the inability to honour a paymentobligation on the stipulated date. The International Swaps and Derivatives Association (ISDA) has established standardised documentation entitled the “ISDA Master Agreement” relating to such derivative contracts. The Company may use credit derivative products for hedging the specific risk of certain issuers held in the portfolio by purchasing protection. Furthermore, if it is in the Company’s own best interests, it may purchase protection via credit derivatives without holding the underlying assets. While acting in its own best interests, the Company may also sell protection via credit derivatives in order to acquire specific credit exposure. The Company may only take part in OTC credit derivative transactions if the counterparty is a first-class financial institution specialised in this type of transaction and, if this is the case, the transaction complies with the standards laid down by the ISDA Master Agreement.
- Emerging markets risks: price fluctuations can be significant and the operating and supervision conditions may deviate from the standards prevailing on the major international exchanges due to investment in emerging markets.
- Volatility risk: the increase or decrease in volatility which is unrelated with the performance of traditional real securities markets may lead to a fall in Net Asset Value. The Company is exposed to this risk, particularly through derivative products with volatility as the Underlying instrument.
- Risk associated with commodity indices: changes in commodity prices and the volatility of the sector may cause the Net Asset Value to fall. The Company is exposed to this risk, particularly through investment in derivative products with commodity indices as the Underlying security.
- Risk associated with hedging foreign-currency units: units in currencies other than the Euro and that are hedged are covered against currency risk. This hedging may not be related and may generate a performance differential between units in different currencies.
- Risk associated with market capitalisation: the Company is mainly exposed to one or more equity markets of small and medium cap stocks. As there are fewer small and mid-cap stocks listed on stock exchanges, market movements are more pronounced and rapid than in the case of large cap stocks. The Net Asset Value of the Company may therefore assume the same behaviour.
- Risk of capital loss: the Company is managed on a discretionary basis and does not guarantee or protect the capital invested. A capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase.
- Risk associated with discretionary management: discretionary management relies on the expected evolution of the different markets. There is a risk that the product might not be invested in the best-performing markets at all times.
- Risk associated with Asset Backed Securities (ABS) or Mortgage Backed Securities (MBS): the Company (or a Sub- Fund) may invest in ABS or in MBS, which may expose Shareholders and potential investors to a higher level of credit risk. As ABS and MBS are backed by debts, the impairment of the value of the surety underlying the security, such as the non-payment of loans, may be reflected in a reduction in the value of the security itself and generate a loss for the Sub-Fund.
- Risk associated with the management of collateral: cash collateral and re-invested cash collateral may be subject to currency risks, interest rate risks, counterparty and credit risks, operational risks and legal risks.
- Long/Short risk: This risk is associated with long and/or short positions used to adjust net market exposure. The Company could suffer high losses if its long and short exposures were to move simultaneously in the wrong directions.
- ESG risk: There is no guarantee that investments that include Environmental, Social and Governance criteria in company selection will perform better or in line with the reference market.
- Sustainability risk: means an environmental, social or governance event or condition that, if it occurs, may cause an actual or a potential material negative impact on the value of the investments and, ultimately, on the Net Asset Value of the Company. See chapter 29 for further details.
- Risk associated with unlisted securities: These securities carry a liquidity risk due to the absence of an active market and the nature of issuers; these securities also carry a valuation risk given the absence of listings and market references. The inability to sell these securities at the times and prices initially planned may therefore have a negative impact on the net asset value of the sub-fund.
-
## BOARD OF DIRECTORS | #### La Sociedad llama la atención de los Accionistas y los inversores potenciales sobre los riesgos incluidos en la siguiente lista, cuyo carácter no es exhaustivo:
- Riesgos asociados a la inversión en renta variable: una inversión en renta variable genera un beneficio más elevado que una inversión en títulos de deuda a corto o largo plazo, pero los riesgos asociados también suelen ser mayores, puesto que la rentabilidad de la renta variable depende de factores impredecibles como, por ejemplo, la posibilidad deun deterioro repentino o prolongado del mercado, así como los riesgos inherentes a las propias empresas. El principal riesgo asociado a las inversiones de renta variable se deriva del hecho de que el valor de las inversiones de la cartera puede disminuir, puesto que el valor de las acciones puede fluctuar como consecuencia de las actividades de las empresas o de la evolución global del mercado y/o de las condiciones económicas. Desde un punto de vista histórico, la renta variable ha registrado rentabilidades a largo plazo más elevados y ha generado más riesgos a corto plazo que cualquier otra opción en materia de inversión.
- Riesgos específicos vinculados a la inversión en China: entre los riesgos vinculados a la inversión en títulos de deuda, podemos mencionar principalmente:
- el riesgo de tipos de interés, es decir, el riesgo de que el valor de las inversiones de la Sociedad y de cada uno de sus Subfondos disminuya si los tipos de interés suben;
- el riesgo de crédito, es decir, el riesgo de que las empresas en las que la Sociedad invierte se enfrenten a dificultades financieras y no quieran o no sean capaces de atender sus obligaciones con la Sociedad;
- el riesgo de mercado, es decir, el riesgo de que el valor de las inversiones de la Sociedad y de cada uno de sus Subfondos disminuya ante los movimientos de los mercados financieros en general;
- el riesgo de gestión, es decir, el riesgo de que las técnicas de inversión de la Sociedad y de cada uno de sus Subfondos resulten ineficaces y ocasionen pérdidas para la Sociedad;
- el riesgo de contraparte, es decir, el riesgo de incumplimiento de una contraparte conducente a un impago; y
- el riesgo ligado a los títulos de alto rendimiento, es decir, el riesgo relacionado con la inversión en obligaciones con calificación inferior a «investment grade», obligaciones especulativas o bonos basura. Dichos valores ofrecen un rendimiento superior al de los títulos con calificación «investment grade», si bien queda contrarrestado por el mayor riesgo de impago del emisor.
- Riesgos asociados a las operaciones OTC: la Sociedad podrá realizar transacciones OTC sobre contratos de futuros y al contado sobre índices u otros instrumentos financieros, así como sobre contratos de permuta financiera sobre índices u otros instrumentos financieros, teniendo como contraparte a bancos o sociedades de valores y bolsa de primer orden especializadas en la materia. Aunque los mercados correspondientes no se consideren necesariamente más volátiles que otros mercados de futuros, los operadores están menos protegidos frente a los incumplimientos en sus transacciones en dichos mercados, ya que los contratos que en ellos se negocian no están garantizados por una cámara de compensación. Las cotizaciones de los contratos OTC sobre índices pueden ser muy volátiles debido a las menores exigencias de margen para este tipo de contrato.
- Riesgos vinculados a las divisas: la Sociedad podrá invertir en valores denominados en un determinado número de monedas distintas de la moneda base de la Sociedad (EUR). Las fluctuaciones de los tipos de cambio de las divisas extranjeras afectan al valor de los títulos poseídos por la Sociedad.
- Riesgo de liquidez: El riesgo de liquidez se da cuando un activo resulta difícil de comprar o vender dentro de un horizonte temporal previsto. El Subfondo se ve afectado por el riesgo de liquidez cuando la capacidad del Subfondo para responder a los movimientos del mercado o satisfacer las solicitudes de reembolso mediante la reducción de posiciones se ve afectada por factores como la disminución en el volumen de operaciones, el aumento en la volatilidad de los precios, las normativas industriales y gubernamentales y el aumento en los gastos operativos. Las posiciones ilíquidas pueden revelarse volátiles y ser difíciles de valorar. Liquidar una posición ilíquida podría resultar costoso o temporalmente imposible para un Subfondo. Esta dificultad puede reducir la rentabilidad de la inversión del Subfondo. Los títulos de inversión que presentan un riesgo sustancial de mercado y/o de crédito, los valores de mercados emergentes y los derivados suelen presentar la mayor exposición al riesgo de liquidez.
- Riesgos de apalancamiento: la Sociedad podrá utilizar instrumentos derivados negociados en bolsa (incluidos contratos de futuros y opciones) e instrumentos derivados negociados en mercados OTC (incluidas opciones, instrumentos a plazo, swaps de tipos de interés y derivados crediticios) en su política de inversión con fines de inversión y/o de cobertura. Estos instrumentos son volátiles, generan determinados riesgos específicos (riesgos vinculados a los derivados OTC, riesgo de contraparte) y exponen a los inversores a un riesgo de pérdidas. Los depósitos con bajo margen inicial, generalmente requeridos para abrir una posición en dichos instrumentos, permiten un apalancamiento. Por consiguiente, una variación relativamente pequeña en el precio de un contrato podría generar una pérdida o un beneficio elevado respecto al importe de los fondos realmente invertidos en concepto de margen inicial, y ello podría desembocar en una pérdida adicional no limitada que superaría el margen depositado. Además, en caso de utilización con fines de cobertura, la correlación entre estos instrumentos y las inversiones o los sectores del mercado objeto de una operación de cobertura puede resultar imperfecta. Las operaciones con derivados OTC, como los derivados de crédito, pueden generar un riesgo suplementario debido a la ausencia de un mercado en el que liquidar una posición abierta. La posibilidad de liquidar una posición existente, de valorar una posición o de determinar el nivel de exposición a los riesgos no está forzosamente garantizada.
- Riesgos asociados a las operaciones de derivados de crédito: la Sociedad (o un Subfondo) podrá operar en el mercado de derivados de crédito celebrando, por ejemplo, contratos de permuta financiera de riesgo de crédito (CDS)al objeto de prestar o recibir protección. Un contrato de permuta financiera de riesgo de crédito (CDS) es un contrato financiero bilateral en virtud del cual una contraparte (el comprador de protección) paga una comisión periódica a cambio de una indemnización por parte del vendedor de protección en el caso de que el emisor de referencia fuese objeto de un evento de crédito. El comprador de protección adquiere el derecho de vender a la par una obligación determinada u otras obligaciones del emisor de referencia o el derecho de recibir la diferencia entre el valor a la par y el precio de mercado de dicha obligación o dichas obligaciones de referencia (o cualquier otro valor de referencia o precio de ejercicio previamente determinados) al producirse un evento de crédito. Un evento de crédito puede adoptar la forma de una situación de quiebra, insolvencia, liquidación judicial, reestructuración significativa de la deuda o incumplimiento de una obligación de pago en la fecha prevista. La International Swap and Derivatives Association (ISDA) ha elaborado una documentación normalizada para dichos contratos de derivados en el marco de su ISDA Master Agreement. La Sociedad podrá utilizar derivados de crédito para cubrirse frente al riesgo de crédito específico de algunos de los emisores de su cartera comprando protección. Además, la Sociedad podrá, siempre y cuando sea en su exclusivo interés, comprar protección a través de los derivados de crédito sin mantener en su posesión los activos subyacentes. Siempre y cuando sea en su exclusivo interés, la Sociedad podrá vender protección a través de los derivados de crédito con el fin de adquirir una exposición crediticia específica. La Sociedad únicamente podrá celebrar operaciones con derivados de crédito OTC cuando la contraparte sea una entidad financiera de primera fila especializada en este tipo de operaciones y, si este fuese el caso, la operación sea conforme a los términos normalizados establecidos por el ISDA Master Agreement.
- Riesgo de los mercados emergentes: las variaciones de las cotizaciones pueden ser altas y las condiciones de funcionamiento y vigilancia pueden no ajustarse a los estándares que prevalecen en los grandes mercados internacionales debido a la inversión en los mercados emergentes.
- Riesgo de volatilidad: el aumento o la disminución de la volatilidad, que no guarda relación con la rentabilidad de los mercados de valores tradicionales activos, podría conllevar un descenso del Valor liquidativo. La Sociedad está expuesta a este riesgo, especialmente a través de los productos derivados que tienen como Subyacente la volatilidad.
- Riesgo vinculado a los índices de materias primas: la variación del precio de las materias primas y la volatilidad de este sector podrían conllevar una disminución del Valor liquidativo. La Sociedad está expuesta a este riesgo a través de la inversión en productos derivados que tienen como Subyacente los índices de materias primas.
- Riesgo vinculado a la cobertura de participaciones denominadas en divisas extranjeras: las participaciones denominadas en divisas distintas del euro y que incorporan la mención «Hedged» están cubiertas frente al riesgo de cambio. Esta cobertura puede ser imperfecta y dar lugar a diferencias de rentabilidad entre las participaciones denominadas en divisas distintas.
- Riesgo vinculado a la capitalización de mercado: la Sociedad está expuesta principalmente a uno o varios mercados de renta variable de pequeña y mediana capitalización. El volumen de este tipo de títulos, admitidos a cotización, es reducido, por lo que los movimientos del mercado son más marcados y más rápidos que en el caso de las grandes capitalizaciones. Por lo tanto, el Valor liquidativo de la Sociedad podrá adoptar el mismo comportamiento.
- Riesgo de pérdida de capital: la Sociedad se gestiona de forma discrecional y no goza de ninguna garantía o protección del capital invertido. La pérdida de capital se produce en el momento de vender una participación a un precio inferior al precio pagado en el momento de la compra.
- Riesgo vinculado a la gestión discrecional: la gestión discrecional se basa en la anticipación de la evolución de los diferentes mercados. Existe el riesgo de que el producto no se invierta siempre en los mercados más rentables.
- Riesgo vinculado a los bonos de titulización de activos (ABS) o a los bonos de titulización hipotecaria (MBS): la Sociedad (o un Subfondo) puede invertir en ABS o en MBS, lo que puede exponer a los Accionistas y a los inversores potenciales a un nivel más elevado de riesgo de crédito. Al estar los ABS y los MBS ligados a créditos, el deterioro del valor de su garantía subyacente, por motivos como el impago de préstamos, puede traducirse en una reducción del valor del propio título y generar una pérdida para el Subfondo.
- Riesgo vinculado a la gestión de las garantías: las garantías en efectivo y las garantías en efectivo reinvertidas podrán estar sujetas a los riesgos de divisas, riesgos de tipos de interés, riesgos de contraparte y crédito, riesgos operativos y riesgos jurídicos.
- Riesgo «long/short»: este riesgo está asociado a las posiciones largas y/o cortas utilizadas para ajustar la exposición neta al mercado. La Sociedad podría sufrir considerables pérdidas si las exposiciones largas y cortas fluctuaran, de manera simultánea, en la dirección equivocada.
- Riesgo ASG: No hay ninguna garantía de que las inversiones que integran criterios ambientales, sociales y de gobierno corporativo en la selección de empresas vayan a obtener una rentabilidad superior o equivalente a la del mercado de referencia.
- Riesgo de sostenibilidad: significa todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión y, en última instancia, en el Valor liquidativo de la Sociedad. Véase el punto 29 para más información.
- Riesgos asociados a los títulos no cotizados: Estos valores comportan un riesgo de liquidez debido a la ausencia de un mercado activo y a la naturaleza de los emisores; estos valores también conllevan un riesgo de valoración, dada la ausencia de cotización oficial y referencias de mercado. Por lo tanto, la incapacidad para vender estos valores en el momento y al precio inicialmente planeados podrá tener un efecto negativo en el patrimonio neto del subfondo.
-
## CONSEJO DE ADMINISTRACIÓN | #### Although this list is not exhaustive, the Company would like to draw the attention of Shareholders and potential investors on the following risks:
- Risks associated with equity investments: an investment in equities generally gives rise to a higher return than an investment in short or long-term debt, but the risks associated are also often greater, as the performance of equities depends on unpredictable factors, e.g. the possibility of a sudden or prolonged fall in the market as well as the risks connected with the companies themselves. The main risk associated with equity investment is the fact that the value of the investments held in this portfolio may fall, as the value of equities can vary in response to the business activities of the companies or to global changes in the market and/or economic conditions. Historically, equities have generated higher returns in the long term and have entailed greater risks in the short term than any other investment vehicle.
- Risks associated with investments in debt securities: the main risks connected to investments in debt securities include:
- interest rate risk, i.e. the risk that the value of investments by the Company and each of its Sub-Funds could decrease if interest rates increase;
- credit risk, i.e. the risk that the companies in which the Company is invested might fall into financial difficulties and might no longer be willing or able to honour their commitments towards the Company;
- market risk, i.e. the risk that the value of investments by the Company and each of its Sub-Funds could decrease following general movements in the financial markets;
- management risk, i.e. the risk that investment techniques used by the Company and each of its Sub-Funds could prove inefficient and create losses for the Company;
- counterparty risk, i.e. the risk of a counterparty's bankruptcy leading it to default on payment; and
- high-yield securities risk, i.e. the risk related to the investment in non-investment grade bonds, speculative bonds or junk bonds. Such securities feature a yield higher than investment grade securities counterbalanced by the higher risk of default of the issuer.
- Risks associated with OTC transactions: the Company may carry out OTC transactions on spot and futures contracts on indices or other financial instruments as well as on swaps on indices or other financial instruments with first-class banks or stockbrokers specialised in these types of transactions acting as counterparty. Although the corresponding markets are not necessarily recognised as being more volatile than other futures markets, traders are less protected from defaults in their transactions on these markets because the contracts traded on them are not guaranteed by a clearing house. The prices of OTC index contracts can be very volatile due to the low margin requirements for this type of contract.
- Risks associated with currencies: the Company may invest in securities denominated in a certain number of currencies other than the Company's base currency (EUR). Exchange rate fluctuations of foreign currencies affect the value of the securities held by the Company.
- Liquidity risk: Liquidity risk exists when an asset is difficult to purchase or sell within an expected time horizon. The Sub-Fund is impacted by liquidity risk when Sub-Fund’s ability to respond to market movements or meet redemptions request by reducing positions is impaired by factors such as decreased trading volume, increased price volatility, industry and government regulations, increased transaction costs. The illiquid positions may display volatility and be difficult to value. It may be costly or temporary impossible for a Sub-Fund to liquidate an illiquid position timely. These impairments may reduce the investment return of the Sub-Fund. Investments securities with substantial market and/or credit risk, emerging market securities and derivatives tend to have the greatest exposure to liquidity risk.
- Risks of leverage: the Company may include exchange-traded derivatives (including futures and options) and OTC derivatives (including options, futures products, interest rate swaps and credit derivatives) in its investment policy for the purpose of investment and/or hedging. These are volatile instruments generating certain specific risks (risks associated with OTC derivatives, counterparty risk) and exposing investors to the risk of loss. Leverage is provided by the low initial margin deposits that are usually requested when taking a position in such instruments. Thus, a relatively minor change in the price of a contract could result in significant gains or losses compared to the initial margin actually invested, this potential leading to unlimited additional losses in excess of the margin deposited. Furthermore, when used for the purpose of hedging, these instruments and the investments or market sectors being hedged could prove uncorrelated. Transactions in over-the-counter derivatives, such as credit derivatives, may involve additional risk as there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk.
- Risks associated with credit derivative transactions: the Company (or a Sub-Fund) may take part in the credit derivatives market by concluding, for example, credit default swaps in order to sell or purchase protection. A credit default swap (CDS) is a bilateral financial contract whereby a counterparty (the protection buyer) pays a periodic fee in exchange for a payoff from the protection seller in the event that a credit event affecting the reference issuer should arise. The protection buyer acquires the right either to sell a particular bond or bonds of the reference issuer at par value or to receive the difference between the par value and the market price of said reference bond or bonds (or any other previously determined reference value or strike price) in the event that a credit event should arise. A credit event includes bankruptcy, insolvency, judicial settlement, significant debt restructuring or the inability to honour a paymentobligation on the stipulated date. The International Swaps and Derivatives Association (ISDA) has established standardised documentation entitled the “ISDA Master Agreement” relating to such derivative contracts. The Company may use credit derivative products for hedging the specific risk of certain issuers held in the portfolio by purchasing protection. Furthermore, if it is in the Company’s own best interests, it may purchase protection via credit derivatives without holding the underlying assets. While acting in its own best interests, the Company may also sell protection via credit derivatives in order to acquire specific credit exposure. The Company may only take part in OTC credit derivative transactions if the counterparty is a first-class financial institution specialised in this type of transaction and, if this is the case, the transaction complies with the standards laid down by the ISDA Master Agreement.
- Emerging markets risks: price fluctuations can be significant and the operating and supervision conditions may deviate from the standards prevailing on the major international exchanges due to investment in emerging markets.
- Volatility risk: the increase or decrease in volatility which is unrelated with the performance of traditional real securities markets may lead to a fall in Net Asset Value. The Company is exposed to this risk, particularly through derivative products with volatility as the Underlying instrument.
- Risk associated with commodity indices: changes in commodity prices and the volatility of the sector may cause the Net Asset Value to fall. The Company is exposed to this risk, particularly through investment in derivative products with commodity indices as the Underlying security.
- Risk associated with hedging foreign-currency units: units in currencies other than the Euro and that are hedged are covered against currency risk. This hedging may not be related and may generate a performance differential between units in different currencies.
- Risk associated with market capitalisation: the Company is mainly exposed to one or more equity markets of small and medium cap stocks. As there are fewer small and mid-cap stocks listed on stock exchanges, market movements are more pronounced and rapid than in the case of large cap stocks. The Net Asset Value of the Company may therefore assume the same behaviour.
- Risk of capital loss: the Company is managed on a discretionary basis and does not guarantee or protect the capital invested. A capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase.
- Risk associated with discretionary management: discretionary management relies on the expected evolution of the different markets. There is a risk that the product might not be invested in the best-performing markets at all times.
- Risk associated with Asset Backed Securities (ABS) or Mortgage Backed Securities (MBS): the Company (or a Sub- Fund) may invest in ABS or in MBS, which may expose Shareholders and potential investors to a higher level of credit risk. As ABS and MBS are backed by debts, the impairment of the value of the surety underlying the security, such as the non-payment of loans, may be reflected in a reduction in the value of the security itself and generate a loss for the Sub-Fund.
- Risk associated with the management of collateral: cash collateral and re-invested cash collateral may be subject to currency risks, interest rate risks, counterparty and credit risks, operational risks and legal risks.
- Long/Short risk: This risk is associated with long and/or short positions used to adjust net market exposure. The Company could suffer high losses if its long and short exposures were to move simultaneously in the wrong directions.
- ESG risk: There is no guarantee that investments that include Environmental, Social and Governance criteria in company selection will perform better or in line with the reference market.
- Sustainability risk: means an environmental, social or governance event or condition that, if it occurs, may cause an actual or a potential material negative impact on the value of the investments and, ultimately, on the Net Asset Value of the Company. See chapter 29 for further details.
- Risk associated with unlisted securities: These securities carry a liquidity risk due to the absence of an active market and the nature of issuers; these securities also carry a valuation risk given the absence of listings and market references. The inability to sell these securities at the times and prices initially planned may therefore have a negative impact on the net asset value of the sub-fund.
-
## BOARD OF DIRECTORS | en | es |
DOLFIN8592 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objective and Investment Policy
## Investment Objective
The Sub-Fund seeks to generate positive absolute returns measured in Euro on an annual basis irrespective of market conditions by investing in, or getting long or short exposure to, a wide range of asset classes on all global markets.
## Investment Policy
The Sub-Fund is actively and discretionarily managed in order to capture opportunities across different market conditions by taking long or short net positions in a wide range of asset classes including fixed income securities, equities, commodities (notably through commodity indices) and currencies on all global markets, including emerging markets. Investment decisions are based on a combination of investment strategies that are lowly correlated, encompassing security picking, asset allocation, thematic and relative value opportunities. The diversification of the portfolio is achieved through the combination of a macroeconomic, sector and company specific analysis. The Investment Manager will manage the Sub-Fund in accordance with a yearly risk budget at the overall portfolio level and at each individual strategy level.
The investment policy may be achieved by direct investments and through derivatives, especially by entering for instance into total return swaps on equities, bonds or indices, futures, forwards, or options.
The Sub-Fund's global exposure will be monitored by using the absolute Value-at-Risk (VaR) measurement with a maximum VaR of 5% with a five (5) Business Days horizon and 95% confidence level which corresponds to a VaR of 14.16% with a twenty (20) Business Days horizon and 99% confidence level under VaR normal | # Objetivos y política de inversión
## Objetivo de Inversión
El objetivo del Subfondo es generar rendimientos absolutos positivos, denominados en euros, sobre una base anual independientemente de las condiciones de mercado, invirtiendo en una amplia gama de clases de activos, u obteniendo una exposición larga o corta a ella, en todos los mercados globales.
## Política de inversión
El Subfondo está gestionado de forma activa y discrecional con el fin de captar oportunidades en las diferentes condiciones de mercado tomando posiciones netas largas o cortas en una amplia gama de clases de activos, incluidos títulos de renta fija, renta variable, materias primas (en particular a través de los índices sobre materias primas) y divisas en todos los mercados globales, incluidos los mercados emergentes. Las decisiones de inversión se basan en una combinación de estrategias de inversión poco correlacionadas, que comprenden selección de títulos, asignación de activos, y oportunidades de valor relativo y temático. La diversificación de la cartera se obtiene a través de la combinación de análisis específicos macroeconómicos, sectoriales y empresariales. La Gestora gestionará el Subfondo de acuerdo con un presupuesto de riesgo anual a nivel de la cartera general y a nivel de cada estrategia individual.
La política de inversión puede llevarse a cabo mediante inversiones directas y a través de derivados, especialmente formalizando, por ejemplo, permutas de rendimiento total (total return swaps) sobre renta variable, bonos o índices, futuros, forwards, u opciones.
La exposición global del Subfondo será controlada utilizando el indicador de valor en riesgo (Value-at-Risk - VaR) absoluto con un nivel máximo del 5% con un horizonte de cinco (5) días hábiles y un nivel de confianza del 95%, que corresponde a un VaR del 14,16% con un horizonte de veinte (20) días | # Objective and Investment Policy
## Investment Objective
The Sub-Fund seeks to generate positive absolute returns measured in Euro on an annual basis irrespective of market conditions by investing in, or getting long or short exposure to, a wide range of asset classes on all global markets.
## Investment Policy
The Sub-Fund is actively and discretionarily managed in order to capture opportunities across different market conditions by taking long or short net positions in a wide range of asset classes including fixed income securities, equities, commodities (notably through commodity indices) and currencies on all global markets, including emerging markets. Investment decisions are based on a combination of investment strategies that are lowly correlated, encompassing security picking, asset allocation, thematic and relative value opportunities. The diversification of the portfolio is achieved through the combination of a macroeconomic, sector and company specific analysis. The Investment Manager will manage the Sub-Fund in accordance with a yearly risk budget at the overall portfolio level and at each individual strategy level.
The investment policy may be achieved by direct investments and through derivatives, especially by entering for instance into total return swaps on equities, bonds or indices, futures, forwards, or options.
The Sub-Fund's global exposure will be monitored by using the absolute Value-at-Risk (VaR) measurement with a maximum VaR of 5% with a five (5) Business Days horizon and 95% confidence level which corresponds to a VaR of 14.16% with a twenty (20) Business Days horizon and 99% confidence level under VaR normal | en | es |
DOLFIN8596 | 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 identified as participating or having a positive contribution to the investment theme of global water provision and/or municipal waste treatment.
The Fund invests at least two-thirds of its total assets in equity securities worldwide. This may include common stocks, preferred stocks and, on an ancillary basis, closed-ended real estate investment trusts (“REITS”), and depositary receipts for any of those equity investments. The Fund may also invest up to 30% of its total assets in equity securities in emerging markets companies including certain eligible A-Shares via the Shanghai-Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program.
The Fund may invest up to one-third of its total assets in other types of securities than those described above and in money market instruments, cash and cash equivalents. The Fund may invest up to 10% of its net assets in undertakings for collective investment, including exchange traded funds that qualify as UCITS.
The Fund is actively managed with an emphasis on companies having, in the opinion of the Investment Manager, an attractive risk/return profile driven by long-term secular trends.
As part of the sustainable approach of the Fund, the Investment Manager excludes controversial activities deemed to have a significant negative impact on the sustainable investment objective of the Fund during the screening process. The Investment Manager systematically includes non-financial considerations in the fundamental analysis of companies. Each company is reviewed with respect to authoritative standards on ESG. Among the ESG criteria considered:
- Environmental criteria: company climate changeresiliency, effluents and waste management,stock. While the review of the ESG criteria permanently covers at least 90% of the Fund’s net assets, a low ESG score does not exclude a stock from the portfolio, but it will limit its position size. These in-depth analyses result in selecting companies assessed to practice good governance and whose activities do not significantly harm the achievement of sustainable development and the sustainable investment objective of the Fund. | # Política de inversión:
El fondo invierte principalmente en títulos de renta variable de empresas que participan o tienen una contribución positiva en el tema de inversión del suministro de agua global y/o el tratamiento de residuos municipales.
El fondo invierte al menos dos tercios de su patrimonio total en renta variable a escala mundial. Esto puede incluir acciones ordinarias, acciones preferentes y, de forma accesoria, sociedades de inversión inmobiliaria de capital fijo (“REIT”), así como certificados de depósito de valores de cualquiera de estas inversiones en renta variable. El fondo también puede invertir hasta el 30% de sus activos totales en valores de renta variable 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.
El Fondo puede invertir hasta un tercio de su patrimonio total en tipos de valores distintos de los descritos anteriormente, y en instrumentos del mercado monetario, efectivo y equivalentes al efectivo. El fondo puede invertir hasta el 10% de su patrimonio neto en organismos de inversión colectiva, incluyendo fondos cotizados cualificados como OICVM.
El fondo se gestiona de forma activa, prestando especial atención a las empresas que ofrecen, en opinión del gestor de inversiones, un perfil atractivo de riesgo/rentabilidad favorecido por tendencias seculares de largo plazo.
Como parte del enfoque sostenible del fondo, durante el proceso de cribado, el Gestor de Inversiones excluye las actividades controvertidas que se considera que tienen un importante efecto negativo en el objetivo de inversión sostenible del fondo. El Gestor de Inversiones incluye sistemáticamente consideraciones no financieras en el análisis fundamental de las empresas. Cada empresa se analiza con arreglo a normas autoritativas en materia ASG. Entre los criterios ASG considerados:
- Criterios ambientales: resiliencia de la empresa al cambioclimático, gestión de efluentes y residuos, impacto ambientalgestión) que se tienen en cuenta a la hora de ponderar cada valor. Pese a que la revisión de los criterios ASG comprende en todos los casos al menos el 90% del patrimonio neto del fondo, una baja puntuación de ASG no provoca la exclusión de un valor de la cartera, pero limitará el tamaño de la posición. Estos análisis en profundidad permiten seleccionar empresas que han sido evaluadas para aplicar una buena gobernanza y cuyas actividades no perjudican de forma significativa al logro del desarrollo sostenible y el objetivo de inversión sostenible del fondo. | # Investment policy:
The Fund invests primarily in equity securities of companies identified as participating or having a positive contribution to the investment theme of global water provision and/or municipal waste treatment.
The Fund invests at least two-thirds of its total assets in equity securities worldwide. This may include common stocks, preferred stocks and, on an ancillary basis, closed-ended real estate investment trusts (“REITS”), and depositary receipts for any of those equity investments. The Fund may also invest up to 30% of its total assets in equity securities in emerging markets companies including certain eligible A-Shares via the Shanghai-Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program.
The Fund may invest up to one-third of its total assets in other types of securities than those described above and in money market instruments, cash and cash equivalents. The Fund may invest up to 10% of its net assets in undertakings for collective investment, including exchange traded funds that qualify as UCITS.
The Fund is actively managed with an emphasis on companies having, in the opinion of the Investment Manager, an attractive risk/return profile driven by long-term secular trends.
As part of the sustainable approach of the Fund, the Investment Manager excludes controversial activities deemed to have a significant negative impact on the sustainable investment objective of the Fund during the screening process. The Investment Manager systematically includes non-financial considerations in the fundamental analysis of companies. Each company is reviewed with respect to authoritative standards on ESG. Among the ESG criteria considered:
- Environmental criteria: company climate changeresiliency, effluents and waste management,stock. While the review of the ESG criteria permanently covers at least 90% of the Fund’s net assets, a low ESG score does not exclude a stock from the portfolio, but it will limit its position size. These in-depth analyses result in selecting companies assessed to practice good governance and whose activities do not significantly harm the achievement of sustainable development and the sustainable investment objective of the Fund. | en | es |
DOLFIN8600 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If a Sub-Fund invests more than 20% of its assets in other UCITS or UCI that publish their ongoing charges, these ongoing charges are taken into consideration when calculating the Ongoing Charges for the Sub-Fund.
- Restructuring FeeIn addition, the Management Company may charge a restructuring fee to certain Sub-Funds, provided that such fee is not charged directly to the Shareholder under the terms of a Share Class. The Management Company may reduce the restructuring fee at its absolute discretion.
- Remuneration PolicyThe primary components of monetary remuneration are the base salary, which typically reflects the scope, responsibilities and experience that are required in a particular role, and an annual discretionary variable compensation award. The variable compensation typically includes both, an annual bonus payment in cash after the end of each performance year and a deferred component for all employees whose variable remuneration exceeds a specified threshold. | Si un Compartimento invierte más del 20 % de sus activos en otros OICVM u OIC que publiquen sus gastos corrientes, dichos gastos corrientes se tendrán en cuenta a la hora de calcular los Gastos corrientes del Compartimento.
- Comisión de reestructuraciónAdemás, la Sociedad Gestora podrá imponer para determinados Compartimentos una comisión de reestructuración, siempre y cuando dicha comisión no se cargue directamente a los Accionistas en virtud de los términos de una Clase de Acciones en particular. Quedará a la absoluta discreción de la Sociedad Gestora reducir la comisión de reestructuración.
- Política de remuneraciónLos componentes principales de la remuneración monetaria son el salario base, que normalmente refleja el ámbito, las responsabilidades y la experiencia necesarias para un puesto específico, y una compensación variable y discrecional anual. La compensación variable normalmente incluye tanto pagos de primas anuales en efectivo al finalizar cada ejercicio de rendimiento, como un componente diferido para todos los empleados cuya remuneración variable exceda un límite específico. | If a Sub-Fund invests more than 20% of its assets in other UCITS or UCI that publish their ongoing charges, these ongoing charges are taken into consideration when calculating the Ongoing Charges for the Sub-Fund.
- Restructuring FeeIn addition, the Management Company may charge a restructuring fee to certain Sub-Funds, provided that such fee is not charged directly to the Shareholder under the terms of a Share Class. The Management Company may reduce the restructuring fee at its absolute discretion.
- Remuneration PolicyThe primary components of monetary remuneration are the base salary, which typically reflects the scope, responsibilities and experience that are required in a particular role, and an annual discretionary variable compensation award. The variable compensation typically includes both, an annual bonus payment in cash after the end of each performance year and a deferred component for all employees whose variable remuneration exceeds a specified threshold. | en | es |
DOLFIN8611 | 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 Credit Suisse Carmignac Emerging Markets Multi-Asset Fund KB USD between 15/02/2021-27/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 6,381
-36.2%
USD 7,147
-6.5% | # Este tipo de escenario se produjo para una inversión Credit Suisse Carmignac Emerging Markets Multi-Asset Fund KB USD entre 15/02/2021-27/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
6 381 USD
-36,2%
7 147 USD
-6,5% | # This type of scenario occurred for an investment Credit Suisse Carmignac Emerging Markets Multi-Asset Fund KB USD between 15/02/2021-27/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 6,381
-36.2%
USD 7,147
-6.5% | en | es |
DOLFIN8632 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Macro Opportunities FX – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the EUR I Accumulating Class was -2.37%. Over the same period, the benchmark index, the ICE BofA 0-1 Year AAA Euro Government Index (Total Return, EUR) (the “Index”), returned -0.66%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
During the period, the best performing major currencies were the Canadian dollar and the US dollar. The worst performing major currencies were the Japanese yen and the Swedish krona. As compared to the Index, overweight the Canadian dollar and underweight the Swedish krona were the best performing positions whilst overweight the Japanese yen and Brazilian real were detractors from performance.
Much of 2021 was dominated by increasing inflationary pressures across all major economies. This led to a significant repricing of sovereign yields higher and rising commodity prices. Initially, the US Federal Reserve retained their accommodative stance however, towards the end of the year, they began to acknowledge that inflation may be less temporary than initially thought. This shift in stance towards a more hawkish policy outlook pushed short term yields higher and began to weigh on risky assets causing some cross-asset volatility. The rapidly shifting dynamics meant that the factors driving the currency market also changed rapidly creating significant dislocations between short term indicators and long-term dynamics.
Looking ahead into 2022, much will depend on whether or not inflation pressures continue and central banks retail a hawkish policy outlook. Should this materialise, we anticipate the possibility of risky assets struggling and volatility picking up further. The strategy begins the year with core overweights in the Japanese yen and Euro and underweights in the US dollar and Swiss franc. As cross-asset correlations become less stable and volatility picks up, we anticipate long term valuations to become an important driver for the currency market.
ANNUAL REPORT 2021 91
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # Macro Opportunities FX – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I EUR en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al -2,37%. En el mismo periodo, el índice de referencia, el ICE BofA 0-1 Year AAA Euro Government (rentabilidad total en EUR) (el “Índice”), rindió un -0,66%. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. En la rentabilidad total mostrada se han descontado todas las comisiones y los gastos, y se incluye la reinversión de ingresos por dividendos y otras distribuciones, en su caso).
Durante el periodo, las monedas principales que mejor se comportaron fueron el dólar canadiense y el dólar estadounidense. Por el extremo contrario destacaron el yen japonés y la corona sueca. La sobreponderación en el dólar canadiense y la infraponderación de la corona sueca respecto del Índice realizaron las mayores aportaciones a la rentabilidad, mientras que la sobreponderación en el yen japonés y el real brasileño perjudicaron.
Gran parte de 2021 estuvo dominado por el aumento de las presiones inflacionarias en todas las grandes economías. Esto provocó un importante ajuste al alza de las rentabilidades de la deuda soberana y un aumento de precios de las materias primas. La Reserva Federal estadounidense mantuvo su postura acomodaticia en un principio; sin embargo, hacia finales de año comenzó a reconocer que la inflación podría tener un carácter menos efímero de lo que se había pensado originalmente. La adopción de unas perspectivas más restrictivas para la política monetaria impulsó las rentabilidades a corto plazo y comenzó a pesar sobre los activos de riesgo, generando cierta volatilidad entre activos. La rápida dinámica de cambio hizo que los factores determinantes del mercado de divisas también cambiasen rápidamente, generando importantes distorsiones entre los indicadores a corto plazo y la dinámica a largo plazo.
De cara a 2022, mucho dependerá de la persistencia o no de las presiones inflacionarias y de que los bancos centrales mantengan unas perspectivas restrictivas para la política monetaria. En caso de que esto se materialice, vemos posible que los activos de riesgo atraviesen dificultades y que la volatilidad continúe aumentando. La estrategia comienza el año con las principales sobreponderaciones en el yen japonés y el euro, y con infraponderaciones en el dólar estadounidense y el franco suizo. Prevemos que, a medida que las correlaciones entre activos se vuelvan menos estables y repunte la volatilidad, las valoraciones a largo plazo se convertirán en un importante factor de impulso para el mercado de divisas.
INFORME ANUAL 2021 91
CUENTAS INFORME DEL GESTOR DE INVERSIONES | # Macro Opportunities FX – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the EUR I Accumulating Class was -2.37%. Over the same period, the benchmark index, the ICE BofA 0-1 Year AAA Euro Government Index (Total Return, EUR) (the “Index”), returned -0.66%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
During the period, the best performing major currencies were the Canadian dollar and the US dollar. The worst performing major currencies were the Japanese yen and the Swedish krona. As compared to the Index, overweight the Canadian dollar and underweight the Swedish krona were the best performing positions whilst overweight the Japanese yen and Brazilian real were detractors from performance.
Much of 2021 was dominated by increasing inflationary pressures across all major economies. This led to a significant repricing of sovereign yields higher and rising commodity prices. Initially, the US Federal Reserve retained their accommodative stance however, towards the end of the year, they began to acknowledge that inflation may be less temporary than initially thought. This shift in stance towards a more hawkish policy outlook pushed short term yields higher and began to weigh on risky assets causing some cross-asset volatility. The rapidly shifting dynamics meant that the factors driving the currency market also changed rapidly creating significant dislocations between short term indicators and long-term dynamics.
Looking ahead into 2022, much will depend on whether or not inflation pressures continue and central banks retail a hawkish policy outlook. Should this materialise, we anticipate the possibility of risky assets struggling and volatility picking up further. The strategy begins the year with core overweights in the Japanese yen and Euro and underweights in the US dollar and Swiss franc. As cross-asset correlations become less stable and volatility picks up, we anticipate long term valuations to become an important driver for the currency market.
ANNUAL REPORT 2021 91
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | es |
DOLFIN8633 | 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 14, 2008.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
2.5%
2%
1.5%
1%
0.5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 14 de abril de 2008. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en USD.
2.5%
2%
1.5%
1%
0.5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: April 14, 2008.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
2.5%
2%
1.5%
1%
0.5%
0% | en | es |
DOLFIN8635 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge* | 2.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 0.81% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above USD LIBOR 1-month + 3 %. |
| Over the last accounting year, a performance fee of 0.02% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada* | 2,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 0,81% |
| 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 USD LIBOR 1-Month + 3%. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,02%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge* | 2.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 0.81% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above USD LIBOR 1-month + 3 %. |
| Over the last accounting year, a performance fee of 0.02% was charged. | | en | es |
DOLFIN8637 | 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 Sub-Fund is actively managed. The MSCI Europe TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index. The Sub-Fund aims to generate capital growth over the long term with on average a higher performance than MSCI Europe. It invests mainly in stocks issued by European companies of any size. In selecting individual equity securities, the Investment Manager is guided by its own financial analysis on companies. The Sub-Fund permanently invests a minimum of 75% of its assets in European Economic Area equities, and is therefore PEA (Plan d’Epargne en Actions) eligible in France. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening &
scoring, exclusions, restrictions and qualitative and quantitative reviews). The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente. El índice MSCI Europe TR ND se utiliza a efectos de comparación de la rentabilidad y seguimiento del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. Los valores que el Subfondo tiene previsto mantener pueden asemejarse a los del índice en una medida que varía a lo largo del tiempo, pero se prevé que su ponderación difiera significativamente. La rentabilidad del Subfondo podrá diferir sustancialmente de la del índice. El objetivo del subfondo es la revalorización del capital a largo plazo con un rendimiento medio superior al del MSCI Europe. Invierte principalmente en valores emitidos por empresas europeas de cualquier tamaño. Al seleccionar títulos de renta variable individuales, el gestor de inversiones se guía por su propio análisis financiero de empresas. El subfondo invierte continuamente un mínimo del 75% de sus activos en acciones del Espacio Económico Europeo y, por lo tanto, es apto para el PEA (plan de ahorro de acciones) en Francia. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de
dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI Europe TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index. The Sub-Fund aims to generate capital growth over the long term with on average a higher performance than MSCI Europe. It invests mainly in stocks issued by European companies of any size. In selecting individual equity securities, the Investment Manager is guided by its own financial analysis on companies. The Sub-Fund permanently invests a minimum of 75% of its assets in European Economic Area equities, and is therefore PEA (Plan d’Epargne en Actions) eligible in France. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening &
scoring, exclusions, restrictions and qualitative and quantitative reviews). The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN8642 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### In addition, each share class may apply a specific hedging policy as found in the sub-fund fact sheets, that is:
- Hedging against fluctuations in the reference currency: such hedging aims to reduce the effect of fluctuations in exchange rates between the reference currency of the sub-fund and the currency in which the share class is denominated. This type of hedging aims to achieve a reasonably comparableperformance (adjusted in particular for the difference in interest rate between the two currencies) between the hedged class and the equivalent denominated in the reference currency of the sub-fund. This type of hedging is identified by the suffix H in the name of the class.
- Hedging against the foreign exchange exposure of the assets forming the portfolio: such hedging aims to reduce the effect of fluctuations in exchange rates between the currencies in which the sub-fund's assets are held and the currency in which the share class is denominated. This type of hedging is identified by the suffix AH in the name of the class. | ### Además, cada clase de podrá aplicar una política de cobertura específica, según se indica en las fichas técnicas de los subfondos, es decir:
- Una cobertura frente a las fluctuaciones de la divisa de referencia: dicha cobertura pretende reducir el efecto de las fluctuaciones de los tipos de cambio entre la divisa de referencia del subfondo y la divisa en la que está denominada la clase de acciones. Este tipo de cobertura pretende lograr una rentabilidad (ajustada principalmente por la diferencia de tipos de interés entre las dos divisas) razonablemente comparable entre la clase cubierta y la (equivalente) denominada en la divisa de referencia del subfondo. Este tipo de cobertura se identificará añadiendo el sufijo H a la denominación de la clase.
- Una cobertura contra la exposición cambiaria de los activos que componen la cartera: dicha cobertura pretende reducir el efecto de las fluctuaciones de los tipos de cambio entre las divisas de los activos del subfondo y la divisa en la que está denominada la clase. Este tipo de cobertura se identificará añadiendo el sufijo AH a la denominación de la clase. | ### In addition, each share class may apply a specific hedging policy as found in the sub-fund fact sheets, that is:
- Hedging against fluctuations in the reference currency: such hedging aims to reduce the effect of fluctuations in exchange rates between the reference currency of the sub-fund and the currency in which the share class is denominated. This type of hedging aims to achieve a reasonably comparableperformance (adjusted in particular for the difference in interest rate between the two currencies) between the hedged class and the equivalent denominated in the reference currency of the sub-fund. This type of hedging is identified by the suffix H in the name of the class.
- Hedging against the foreign exchange exposure of the assets forming the portfolio: such hedging aims to reduce the effect of fluctuations in exchange rates between the currencies in which the sub-fund's assets are held and the currency in which the share class is denominated. This type of hedging is identified by the suffix AH in the name of the class. | en | es |
DOLFIN8645 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past performance
Secondary market investors (those who buy or sell shares on a stock exchange) may be charged certain fees by their stock broker. These charges, if any, can be obtained from such stock broker. Authorised participants dealing directly with the fund will pay the transaction costs related to their subscriptions and redemptions.
The ongoing charges shown here are a cost estimate. It excludes portfolio transaction costs and performance fees, if any.
Additional information on costs can be found in the cost section(s) of the prospectus.
There is not yet sufficient data available to provide you with useful information regarding earlier performance.
The 2C share class of Xtrackers USD Corporate Green Bond UCITS ETF was launched in 2021. | # Rentabilidad histórica
A los inversores del mercado secundario (aquellos que compran o venden acciones en bolsa) se les podrá aplicar ciertas comisiones estipuladas por su bróker. Estos gastos, si los hay, pueden solicitarse a su bróker. Los participantes autorizados que negocien directamente con el fondo abonarán los costes de transacción relacionados con sus suscripciones y reembolsos.
La cifra que aquí se muestra en relación con los gastos corrientes constituye una estimación de dichos gastos. No incluye los costes de transacción de la cartera ni las comisiones de rendimiento, en caso de haberlas.
Puede encontrar más información acerca de los gastos en las secciones sobre costes del folleto de venta.
Los datos disponibles son insuficientes para proporcionarle una indicación de la rentabilidad histórica que resulte de utilidad.
La clase de acciones 2C de Xtrackers USD Corporate Green Bond UCITS ETF se constituyó en 2021. | # Past performance
Secondary market investors (those who buy or sell shares on a stock exchange) may be charged certain fees by their stock broker. These charges, if any, can be obtained from such stock broker. Authorised participants dealing directly with the fund will pay the transaction costs related to their subscriptions and redemptions.
The ongoing charges shown here are a cost estimate. It excludes portfolio transaction costs and performance fees, if any.
Additional information on costs can be found in the cost section(s) of the prospectus.
There is not yet sufficient data available to provide you with useful information regarding earlier performance.
The 2C share class of Xtrackers USD Corporate Green Bond UCITS ETF was launched in 2021. | en | es |
DOLFIN8649 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: Refinitiv Global Focus Hedged (CHF) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES A CHF H
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class CHF of the French Edmond de Rothschild GLOBAL CONVERTIBLES (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 CHF of the Absorbed Sub-Fund. | ## Índice de referencia: Refinitiv Global Focus Hedged (CHF) Convertible Bond Index, calculado con cupones netos reinvertidos
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES A CHF H
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 CHF del fondo francés Edmond de Rothschild GLOBAL CONVERTIBLES (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 CHF del Subfondo absorbido. | ## Benchmark: Refinitiv Global Focus Hedged (CHF) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES A CHF H
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class CHF of the French Edmond de Rothschild GLOBAL CONVERTIBLES (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 CHF of the Absorbed Sub-Fund. | en | es |
DOLFIN8652 | 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 investors with a total return, taking into account both capital and income returns, which reflects, before fees and expenses, the return of the Fidelity Electric Vehicles and Future Transportation ESG (the ‘‘Index’’).
- The Index is designed to reflect the performance of a global universe of companies engaged in the production of electric and/or autonomous vehicles and their components, technology, or energy systems or engaged in other initiatives that aim to change the future of transportation (the ‘‘Index Theme’’).
- The Index Theme comprises two sub-themes: (a) future transportation technologies, which covers activities such as manufacturing of electric vehicle, lithium batteries, electric vehicles charging stations or ride sharing apps; and (b) future transportation enablers, which covers activities such as power devices, application processors or electronic circuits semi-conductor company or supporting components and software manufacturing such as sensors, GPS, or autonomous software/electronics. The Index comprises equity securities of the relevant companies. For more information on the Index, please refer to the publicly available index methodology at https://moorgatebenchmarks.com
- To be eligible to be included in the Index, stocks must pass a screen particular to the Index Theme, meeting certain theme-specific criteria.
- The Index also applies environmental, social and governance (‘‘ESG’’) screens and integrates ESG rating in the index construction as part of its methodology so that a minimum of 50% of its constituents are deemed to maintain sustainable characteristics. The Index also applies an ESG controversies screen to exclude certain issuers based on data rating controversies depending on their impact on the environment and society as well as the risks to the issuer’s business. The fund promotes environmental and social characteristics pursuant to Article 8 of the SFDR
- The investment policy of the fund is 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 fund’s performance and that of the Index.
- The fund will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index.
- The securities in which the fund invests will be primarily listed or traded on recognised markets globally in accordance with the limits set out in the UCITS Regulations.
- The fund may use derivatives for efficient portfolio management and for currency hedging purposes.
- The fund uses a benchmark ‘‘index tracking’’ (also known as ‘‘passive’’) investment management approach by tracking the Index.
- Income will be retained in the share class to grow the value of your investment.
- You can buy and sell shares in the fund on any day the banks in London are open. | # Objetivos y política de inversión
- El Subfondo tiene como objetivo proporcionar a los inversores un rendimiento total, teniendo en cuenta los rendimientos de capital e ingresos, que refleje, antes de comisiones y gastos, el rendimiento del Fidelity Electric Vehicles and Future Transportation ESG Index NR (el«Índice»).
- El Índice está diseñado para reflejar la rentabilidad de un universo global de empresas implicadas en la fabricación de vehículos eléctricos o autónomos y sus piezas, tecnologías o sistemas energéticos, o bien, implicadas en otras iniciativas encaminadas a cambiar el futuro del transporte (el «Tema del Índice»).
- El Tema del Índice comprende dos subtemas: a) las tecnologías del transporte del futuro, que abarcan actividades como la fabricación de vehículos eléctricos, baterías de litio, estaciones de carga de vehículos eléctricos o aplicaciones de viajes compartidos; y b) futuros capacitadores del transporte, que cubre actividades tales como fabricación de dispositivos de energía, procesadores de aplicaciones o semiconductores de circuitos electrónicos o componentes de apoyo y fabricación de software como sensores, GPS o software / electrónica de movilidad autónoma. El Índice incluye valores de renta variable de las empresas correspondientes. Para saber más sobre el Índice, consulte la información sobre su metodología, disponible en abierto en https://moorgatebenchmarks.com.
- Para poder ser incluidos en el Índice, los valores deben superar el filtrado particular del Tema del Índice, y cumplir determinados criterios concretos del tema.
- El Índice también aplica filtros ambientales, sociales y de gobernanza («ESG») e integra la calificación ESG en la construcción del índice como parte de su metodología, de modo que se considera que al menos el 50% de sus componentes mantiene características sostenibles. El Índice también aplica un filtro de controversias ESG para excluir a ciertos emisores en función de los datos de calificación de controversias en función de su impacto en el medio ambiente y la sociedad, así como de los riesgos para la actividad del emisor. El Subfondo promueve las características medioambientales y sociales que exige el Artículo 8 del SFDR.
- La política de inversión de este Subfondo trata de seguir la evolución del Índice lo más de cerca posible, independientemente de si su nivel sube o baja, a la vez que intenta minimizar lo máximo posible el error de seguimiento entre la rentabilidad del Subfondo y la del Índice.
- El Subfondo intentará replicar el Índice manteniendo posiciones en todos sus valores en proporciones similares a su ponderación en el mismo.
- Los valores en los que invierte el Subfondo cotizarán o se negociarán fundamentalmente en mercados reconocidos de todo el mundo, de conformidad con las limitaciones establecidas en los Reglamentos sobre OICVM.
- El Subfondo puede usar derivados para lograr una gestión eficiente de la cartera y con fines de cobertura cambiaria.
- El Subfondo utiliza un enfoque de inversión basado en la replicación de un índice de referencia (también conocido como «gestión pasiva») en virtud del cual trata de replicar el Índice.
- Los ingresos se retendrán en la clase de acción para incrementar el valor de su inversión.
- Puede comprar y vender Acciones del Subfondo cualquier día de apertura de los bancos en Londres. | # Objectives and Investment Policy
- The fund aims to provide investors with a total return, taking into account both capital and income returns, which reflects, before fees and expenses, the return of the Fidelity Electric Vehicles and Future Transportation ESG (the ‘‘Index’’).
- The Index is designed to reflect the performance of a global universe of companies engaged in the production of electric and/or autonomous vehicles and their components, technology, or energy systems or engaged in other initiatives that aim to change the future of transportation (the ‘‘Index Theme’’).
- The Index Theme comprises two sub-themes: (a) future transportation technologies, which covers activities such as manufacturing of electric vehicle, lithium batteries, electric vehicles charging stations or ride sharing apps; and (b) future transportation enablers, which covers activities such as power devices, application processors or electronic circuits semi-conductor company or supporting components and software manufacturing such as sensors, GPS, or autonomous software/electronics. The Index comprises equity securities of the relevant companies. For more information on the Index, please refer to the publicly available index methodology at https://moorgatebenchmarks.com
- To be eligible to be included in the Index, stocks must pass a screen particular to the Index Theme, meeting certain theme-specific criteria.
- The Index also applies environmental, social and governance (‘‘ESG’’) screens and integrates ESG rating in the index construction as part of its methodology so that a minimum of 50% of its constituents are deemed to maintain sustainable characteristics. The Index also applies an ESG controversies screen to exclude certain issuers based on data rating controversies depending on their impact on the environment and society as well as the risks to the issuer’s business. The fund promotes environmental and social characteristics pursuant to Article 8 of the SFDR
- The investment policy of the fund is 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 fund’s performance and that of the Index.
- The fund will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index.
- The securities in which the fund invests will be primarily listed or traded on recognised markets globally in accordance with the limits set out in the UCITS Regulations.
- The fund may use derivatives for efficient portfolio management and for currency hedging purposes.
- The fund uses a benchmark ‘‘index tracking’’ (also known as ‘‘passive’’) investment management approach by tracking the Index.
- Income will be retained in the share class to grow the value of your investment.
- You can buy and sell shares in the fund on any day the banks in London are open. | en | es |
DOLFIN8653 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended minimum holding period: 3 years Investment 10 000 EUR |
| --- |
| Survival Scenarios Minimum: | 1 year | 3 years (recommended holding period) |
| Stress scenario | What might you get back after costs | 8 010 EUR | 8 430 EUR |
| | Average return each year | - 19.89 % | - 5.55 % |
| Unfavourable scenario | What might you get back after costs | 8 820 EUR | 8 430 EUR |
| | Average return each year | - 11.76% | - 5.55% |
| Moderate scenario | What might you get back after costs | 10 040 EUR | 10 370 EUR |
| | Average return each year | 0.4% | 1.21% |
| Favourable scenario | What might you get back after costs | 11 170 EUR | 11 400 EUR |
| | Average return each year | 11.71% | 4.47% | | | Período de mantenimiento mínimo recomendado: 3 años Inversión 10 000 EUR |
| --- |
| Escenarios en caso de supervivencia Mínimo: | 1 año | 3 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que puede recibir una vez deducidos los costes | 8 010 EUR | 8 430 EUR |
| | Rendimiento medio cada año | - 19,89 % | - 5,55 % |
| Escenario desfavorable | Lo que puede recibir una vez deducidos los costes | 8 820 EUR | 8 430 EUR |
| | Rendimiento medio cada año | - 11,76% | - 5,55% |
| Escenario moderado | Lo que puede recibir una vez deducidos los costes | 10 040 EUR | 10 370 EUR |
| | Rendimiento medio cada año | 0,4% | 1,21% |
| Escenario favorable | Lo que puede recibir una vez deducidos los costes | 11 170 EUR | 11 400 EUR |
| | Rendimiento medio cada año | 11,71% | 4,47% | | | Recommended minimum holding period: 3 years Investment 10 000 EUR |
| --- |
| Survival Scenarios Minimum: | 1 year | 3 years (recommended holding period) |
| Stress scenario | What might you get back after costs | 8 010 EUR | 8 430 EUR |
| | Average return each year | - 19.89 % | - 5.55 % |
| Unfavourable scenario | What might you get back after costs | 8 820 EUR | 8 430 EUR |
| | Average return each year | - 11.76% | - 5.55% |
| Moderate scenario | What might you get back after costs | 10 040 EUR | 10 370 EUR |
| | Average return each year | 0.4% | 1.21% |
| Favourable scenario | What might you get back after costs | 11 170 EUR | 11 400 EUR |
| | Average return each year | 11.71% | 4.47% | | en | es |
DOLFIN8654 | 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?
## Risk Indicator
| 1 2 3 4 | 5 | 6 7 |
| --- | --- | --- |
| Lower risk Higher risk The risk indicator assumes you keep the product for 5 years. ! |
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classified this product as 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 very poor market conditions will likely impact the capacity to pay you.
### The following is applicable if you subscribe for or settle shares in a different currency than the fund or share-class currency: Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
The following risks could be of particular significance for the fund: Derivatives risk, Conflicts of interest risk, Currency Hedging risk, Shares risk, Exceptional circumstances risk, Disruption/Adjustment events risk, Rules based index risk, Region Concentration risk. A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus and supplement. You may lose some or all of your investment. Your risk is limited to the amount invested. This product does not include any protection from future market performance so you could lose some or all of your investment.
## Performance Scenarios
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate and favourable scenarios shown are illustrations using the worst, average and best performance of the product and a suitable benchmark over the last 10.00 years. Markets could develop very differently in the future.
| Recommended holding period: Example Investment: | 5 years 10,000 EUR |
| --- | --- |
| | If you exit after 1 year | If you exit after 5 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 Average return each year | 750 EUR -92.5 % | 3,010 EUR -21.4 % |
| Unfavourable | What you might get back after costs Average return each year | 7,760 EUR -22.4 % | 7,760 EUR -4.9 % |
| Moderate | What you might get back after costs Average return each year | 11,310 EUR 13.1 % | 16,790 EUR 10.9 % |
| Favourable | What you might get back after costs Average return each year | 15,690 EUR 56.9 % | 21,960 EUR 17.0 % |
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. The stress scenario shows what you might get back in extreme market circumstances. For the recommended holding period: This type of scenario (Favourable, Moderate, Unfavourable) occured for an investment with reference to MSCI USA TR Net between (Favourable: 31.10.2016-29.10.2021, Moderate: 31.05.2017-31.05.2022, Unfavourable: 31.12.2021-31.12.2022). | # ¿Qué riesgos corro y qué podría obtener a cambio?
## Indicador de riesgo
| 1 2 3 4 | 5 | 6 7 |
| --- | --- | --- |
| Menor riesgo Mayor riesgo El indicador de riesgo presupone que usted mantendrá el producto durante 5 años. ! |
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle. Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta, y es probable que unas condiciones del mercado muy desfavorables afecten a la capacidad de efectuar los pagos que se le deban.
### En caso de que suscriba o liquide acciones en una moneda diferente de la que corresponde al fondo o la clase de acciones, será de aplicación lo siguiente: Tenga presente el riesgo de cambio. Usted recibirá los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Riesgo de derivados, Riesgo de conflictos de interés, Riesgo de cobertura cambiaria, Riesgo de acciones, Riesgo de circunstancias excepcionales, Riesgo de sucesos disruptivos o de ajuste, Riesgo de índice basado en reglas, Riesgo de concentración regional. Puede encontrar una descripción detallada de los riesgos y otra información general en la sección sobre riesgos del folleto de venta y el suplemento. Puede perder parte o la totalidad de su inversión. El riesgo que asume se limita a la cantidad invertida. 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. Si no se puede podemos pagarle lo que se le debe, podría perder toda su inversión.
## Escenarios de rentabilidad
Lo que obtenga de este producto dependerá de la evolución futura del mercado, la cual es incierta y no puede predecirse con exactitud. Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto y de un valor de referencia adecuado durante los últimos 10,00 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
| Período de mantenimiento recomendado: Ejemplo de inversión: | 5 años 10.000 EUR |
| --- | --- |
| | En caso de salida después de 1 año | En caso de salida 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 Rendimiento medio cada año | 750 EUR -92,5 % | 3.010 EUR -21,4 % |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.760 EUR -22,4 % | 7.760 EUR -4,9 % |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.310 EUR 13,1 % | 16.790 EUR 10,9 % |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.690 EUR 56,9 % | 21.960 EUR 17,0 % |
Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba. El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados. Período de mantenimiento recomendado: Este tipo de escenario (Favorable, Moderado, Desfavorable) se produjo para una inversión MSCI USA TR Net entre (Favorable: 31.10.2016-29.10.2021, Moderado: 31.05.2017-31.05.2022, Desfavorable: 31.12.2021-31.12.2022). | # What are the risks and what could I get in return?
## Risk Indicator
| 1 2 3 4 | 5 | 6 7 |
| --- | --- | --- |
| Lower risk Higher risk The risk indicator assumes you keep the product for 5 years. ! |
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classified this product as 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 very poor market conditions will likely impact the capacity to pay you.
### The following is applicable if you subscribe for or settle shares in a different currency than the fund or share-class currency: Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
The following risks could be of particular significance for the fund: Derivatives risk, Conflicts of interest risk, Currency Hedging risk, Shares risk, Exceptional circumstances risk, Disruption/Adjustment events risk, Rules based index risk, Region Concentration risk. A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus and supplement. You may lose some or all of your investment. Your risk is limited to the amount invested. This product does not include any protection from future market performance so you could lose some or all of your investment.
## Performance Scenarios
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate and favourable scenarios shown are illustrations using the worst, average and best performance of the product and a suitable benchmark over the last 10.00 years. Markets could develop very differently in the future.
| Recommended holding period: Example Investment: | 5 years 10,000 EUR |
| --- | --- |
| | If you exit after 1 year | If you exit after 5 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 Average return each year | 750 EUR -92.5 % | 3,010 EUR -21.4 % |
| Unfavourable | What you might get back after costs Average return each year | 7,760 EUR -22.4 % | 7,760 EUR -4.9 % |
| Moderate | What you might get back after costs Average return each year | 11,310 EUR 13.1 % | 16,790 EUR 10.9 % |
| Favourable | What you might get back after costs Average return each year | 15,690 EUR 56.9 % | 21,960 EUR 17.0 % |
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. The stress scenario shows what you might get back in extreme market circumstances. For the recommended holding period: This type of scenario (Favourable, Moderate, Unfavourable) occured for an investment with reference to MSCI USA TR Net between (Favourable: 31.10.2016-29.10.2021, Moderate: 31.05.2017-31.05.2022, Unfavourable: 31.12.2021-31.12.2022). | en | es |
DOLFIN8655 | 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 30/04/2015-30/04/2020.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,524
5.2%
USD 12,591
4.7% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 30/04/2015-30/04/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 524 USD
5,2%
12 591 USD
4,7% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/04/2015-30/04/2020.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,524
5.2%
USD 12,591
4.7% | en | es |
DOLFIN8660 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 08/10/2003 and the unit in 2016.
Past performance has been calculated in EUR and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | Se muestra la rentabilidad histórica tras deducir los gastos corrientes. Las comisiones de entrada/salida están excluidas del cálculo.
El Subfondo se lanzó el 08/10/2003 y la participación en 2016.
La rentabilidad pasada ha sido calculada en EUR y se expresa como una variación porcentual del valor liquidativo del Subfondo al cierre de cada año. | Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 08/10/2003 and the unit in 2016.
Past performance has been calculated in EUR and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | en | es |
DOLFIN8662 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The accounting records and the financial statements are denominated in the reference currencies of each Sub- Fund.
Transactions in currencies other than that in which the Sub-Fund is denominated are converted into the respective currency of the portfolio based on the exchange rate in effect at the date of the transaction.
Assets and liabilities denominated in other currencies are converted into the respective currency of the Sub- Fund at the last available rate of exchange at each balance sheet date.
For all AXA World Funds Sub-Funds, the exchange rates applied for the Net Asset Value calculation and to combine all Sub-Funds Net Asset Value are as follows: | Los registros contables y los estados financieros están expresados en la moneda de referencia de cada Subfondo.
Las transacciones en divisas distintas de la de denominación del Subfondo se convierten a la correspondiente divisa de la cartera utilizando el tipo de cambio vigente en la fecha de la transacción.
Los activos y pasivos denominados en otras divisas se convierten a la correspondiente divisa del Subfondo utilizando el último tipo de cambio disponible en la fecha de cada balance de situación.
Para todos los Subfondos de AXA World Funds, los tipos de cambio utilizados para calcular el patrimonio neto y consolidar el patrimonio neto de todos los Subfondos son los siguientes: | The accounting records and the financial statements are denominated in the reference currencies of each Sub- Fund.
Transactions in currencies other than that in which the Sub-Fund is denominated are converted into the respective currency of the portfolio based on the exchange rate in effect at the date of the transaction.
Assets and liabilities denominated in other currencies are converted into the respective currency of the Sub- Fund at the last available rate of exchange at each balance sheet date.
For all AXA World Funds Sub-Funds, the exchange rates applied for the Net Asset Value calculation and to combine all Sub-Funds Net Asset Value are as follows: | en | es |
DOLFIN8663 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise income on your investment consistent with maintaining capital and ensuring its underlying assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of fixed income securities (such as bonds) and MMIs (i.e. debt securities with short term maturities). It may also invest in deposits with credit institutions (e.g. banks).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus.
The Fund is a “Short Term Low Volatility Variable Net Asset Value Money Market Fund” (or LVNAV) as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The Fund’s assets may be issued or guaranteed by United States (US) or non-US issuers including governments, government agencies, companies and supranationals and shall always be denominated in US Dollars. They will be rated high quality (i.e. meet a specified level of credit worthiness) at the time of purchase.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The Secured Overnight Financing Rate (SOFR) should be used by investors to compare the performance of the Fund.
LVNAV Funds are valued using a mixture of the amortised cost and mark-to-market method (i.e. a valuation based on current market prices) where possible, and, if not available, the mark to model method (i.e. a valuation based on a financial model). The NAV may be rounded for dealing purposes. A comparative NAV is also calculated using the mark-to-market method where possible, and if not, the mark-to-model method, to four decimal places daily.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The Fund is valued at multiple valuation points throughout each day in order to offer investors the ability to buy and sell shares at multiple times during the day. The minimum initial investment for this share class is US$25,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar los rendimientos de su inversión de manera compatible con el mantenimiento del capital y garantizando que los activos subyacentes en los que invierta el Fondo puedan comprarse o venderse fácilmente en condiciones normales de mercado. El dinero invertido en el Fondo no está protegido ni garantizado.
El Fondo invierte en una amplia gama de valores de renta fija (como bonos) e IMM (es decir, títulos de deuda con vencimientos a corto plazo). También podrá invertir en depósitos con entidades de crédito (como bancos).
La gestora de inversiones tendrá en cuenta una serie de criterios medioambientales, sociales y de gobierno corporativo a la hora de seleccionar las inversiones, tal como se detalla en el folleto del Fondo.
El Fondo es un «fondo del mercado monetario a corto plazo de valor liquidativo variable y baja volatilidad» (o LVNAV), tal como establecen los Reglamentos de la UE sobre fondos del mercado monetario. Los detalles de las actuales calificaciones de solvencia (si las hubiera) atribuidas al Fondo están disponibles en www.blackrock.com/cash.
Los activos del Fondo podrán ser emitidos o garantizados por emisores de Estados Unidos, o no estadounidenses, incluyendo gobiernos, agencias gubernamentales, empresas y organismos supranacionales, y siempre estarán denominados en dólares estadounidenses. Tendrán una alta calificación de calidad (o sea, cumplirán un nivel específico de solvencia) en el momento de la adquisición.
El Fondo limitará su inversión a los activos que cuenten con un periodo de tiempo igual o inferior a 397 días hasta que deba pagarse la totalidad del capital. El vencimiento medio ponderado (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital o, con respecto a las notas de tipo de interés, el tiempo medio hasta la siguiente revisión del tipo de interés según un tipo del mercado monetario) de todos los activos del Fondo será de hasta 60 días. La vida media ponderada (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital de los activos) de todos los activos del Fondo será de hasta 120 días.
El Fondo también puede celebrar acuerdos de recompra inversa a corto plazo. Se trata de contratos en virtud de los cuales el Fondo acuerda comprar en efectivo deuda pública a determinados terceros considerados elegibles, y acepta que el vendedor podrá recomprarlos en un momento y a un precio preestablecidos.
El Fondo se gestiona de forma activa. La gestora de inversiones tiene la potestad para seleccionar las inversiones del Fondo y no está limitada por ningún parámetro de referencia para llevar a cabo este proceso. Los inversores deberían utilizar el Secured Overnight Financing Rate (SOFR) para comparar la rentabilidad del Fondo.
Los Fondos LVNAV se valoran utilizando, siempre que sea posible, una combinación de los métodos de coste amortizado y valoración de mercado (es decir, una valoración basada en los precios actuales del mercado), y si no fuera posible, el método de valoración según modelo (es decir, una valoración basada en un modelo financiero). El valor liquidativo se puede redondear con fines de negociación. También se calcula diariamente un valor liquidativo comparativo utilizando, siempre que sea posible, el método de valoración de mercado, y si no es posible, el método de valoración según modelo, hasta alcanzar cuatro cifras decimales.
Recomendación: Este Fondo puede no ser adecuado para inversores que buscan una revalorización del capital a largo plazo. Sus acciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. Se llevará a cabo una valoración del Fondo en diferentes puntos de valoración a lo largo de cada día para ofrecer a los inversores la posibilidad de comprar y vender acciones en diferentes momentos durante el día. La inversión mínima inicial para esta clase de participaciones es de 25 000 USD.
Para obtener más información sobre el Fondo, las clases de acciones/participaciones, la metodología de valoración, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise income on your investment consistent with maintaining capital and ensuring its underlying assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of fixed income securities (such as bonds) and MMIs (i.e. debt securities with short term maturities). It may also invest in deposits with credit institutions (e.g. banks).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus.
The Fund is a “Short Term Low Volatility Variable Net Asset Value Money Market Fund” (or LVNAV) as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The Fund’s assets may be issued or guaranteed by United States (US) or non-US issuers including governments, government agencies, companies and supranationals and shall always be denominated in US Dollars. They will be rated high quality (i.e. meet a specified level of credit worthiness) at the time of purchase.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The Secured Overnight Financing Rate (SOFR) should be used by investors to compare the performance of the Fund.
LVNAV Funds are valued using a mixture of the amortised cost and mark-to-market method (i.e. a valuation based on current market prices) where possible, and, if not available, the mark to model method (i.e. a valuation based on a financial model). The NAV may be rounded for dealing purposes. A comparative NAV is also calculated using the mark-to-market method where possible, and if not, the mark-to-model method, to four decimal places daily.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The Fund is valued at multiple valuation points throughout each day in order to offer investors the ability to buy and sell shares at multiple times during the day. The minimum initial investment for this share class is US$25,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | en | es |
DOLFIN8671 | 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
The fund basically kept up with the market rise of 3%. The strongest contributions came from the small cap overweight in the fund, which is pleasing to see after a difficult period. It seems that some of the extreme pessimism in markets from earlier in the year has ended for now, and risk appetite has modestly recovered. The overweight in the broader technology area was also a positive factor and mirrors this upturn in sentiment. Individual stock names that stood out included software services company Shift. Also IC package specialist Ibiden. We remain bullish on the long term outlook for Ibiden as the volume of package material is a structural growth phase boosted by the move towards stacked or multi-layer IC chips. The household pet insurance leader Anicom was a notable outperformer, and a recent call with management has reminded us of their strong competitive position, and the ability to compete on service rather than price. Lastly the industrial conglomerate KHI, Kawasaki Heavy, as it was formally known, showed further strength. It has exposure to the recovery in passenger aircraft production and motorcycles.
Portfolio Activity
Activity was fairly light. We have taken some money out of some of the large cap names that have held up relatively well over this year, anticipating that the rotation back into riskier assets will continue. Toyota and Sompo Japan, the insurance group, were the main sales. We also took some profits in Daiichi Sankyo which has been a very strong performer this year.
Outlook
The outlook is still somewhat unclear given the confusing economic signals. Inflation is a concern still, although the rapid rise in interest rates should begin to slow the global economy down. Clearly rate rises are still off the table in Japan. We do not expect that Governor Kuroda will change Bank of Japan policy ahead of his retirement next April. Indeed, given that wages remain stagnant, there is little evidence to suggest that inflation in Japan is self-sustaining at present. There has also been a strong reversal in the direction of the Yen. After its dramatic fall through most of this year, it has strengthened noticeably since the Federal Reserve indicate that the pace of rate increases in the United States would start to slow. This modest recovery in the Yen should begin to ease some of the imported cost inflation that has been so damaging to Japanese consumers these last few months. This should ease the pressure on Japanese monetary policymakers to make any big changes to policy. In terms of the Japanese stock market, a recovery in the currency should also make Japanese assets look more attractive once again. Recent strong inflows from foreign investors into Japan is an early sign of this pick up in sentiment.
Source(s): AXA Investment Managers as at 30/11/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
Rentabilidad
El fondo siguió básicamente la subida del mercado, del 3 %. Las mayores contribuciones provinieron de la sobreponderación en valores de pequeña capitalización en el fondo, lo que es agradable de ver tras un periodo difícil. Parece que parte del pesimismo extremo de los mercados de principios de año ha terminado por ahora y la propensión al riesgo se ha recuperado moderadamente. La sobreponderación en el sector tecnológico en general también fue un factor positivo y refleja esta mejora de la confianza. Entre los valores más destacados figura la empresa de servicios de software Shift. También Ibiden, empresa especialista en paquetes de circuitos integrados. Seguimos siendo optimistas con respecto a las perspectivas a largo plazo de Ibiden, ya que el volumen de material de paquetes se encuentra en una fase de crecimiento estructural gracias a la tendencia a la adopción de chips de circuitos integrados apilados o multicapa.
Anicom, empresa líder en seguros para animales domésticos, obtuvo un destacado rendimiento superior, y una reciente conversación con la dirección nos ha recordado su sólida posición competitiva y su capacidad de competir en servicio más que en precio. Por último, el conglomerado industrial KHI, Kawasaki Heavy, como se lo conocía formalmente, mostró más fortaleza. Tiene exposición a la recuperación de la producción de aviones de pasajeros y motocicletas.
Cambios en la cartera
La actividad ha sido bastante escasa. Hemos retirado algo de dinero de algunos de los valores de gran capitalización que se han mantenido relativamente bien este año, anticipando que la rotación hacia activos de mayor riesgo continuará.
Toyota y Sompo Japan, el grupo asegurador, fueron las principales ventas. También recogimos beneficios en Daiichi Sankyo, que ha sido un valor muy rentable este año.
Perspectivas
Las perspectivas siguen siendo poco claras, dados los confusos indicios económicos. La inflación sigue preocupando, aunque la rápida subida de los tipos de interés debería empezar a ralentizar la economía mundial. Evidentemente, las subidas de tipos siguen estando fuera de discusión en Japón. No esperamos que el gobernador Kuroda cambie la política del Banco de Japón antes de su jubilación en abril del próximo año. De hecho, dado que los salarios siguen estancados, hay pocas pruebas que sugieran que la inflación en Japón sea autosostenible en la actualidad. También se produjo un fuerte cambio de rumbo en la dirección del yen. Tras su desplome durante la mayor parte de este año, se ha fortalecido notablemente desde que la Reserva Federal anunció que el ritmo de las subidas de tipos en Estados Unidos empezaría a ralentizarse. Esta modesta recuperación del yen debería comenzar a aliviar parte de la inflación de los costes de importación, que tanto ha perjudicado a los consumidores japoneses estos últimos meses. Esto debería aliviar la presión sobre los responsables de política monetaria de Japón para que introduzcan grandes cambios en la política monetaria. En cuanto al mercado bursátil japonés, una recuperación de la moneda también debería hacer que los activos japoneses vuelvan a resultar más atractivos. La fuerte afluencia de inversores extranjeros a Japón es un primer indicio de esta recuperación de la confianza.
Fuente(s) : AXA Investment Managers a 30/11/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
Performance
The fund basically kept up with the market rise of 3%. The strongest contributions came from the small cap overweight in the fund, which is pleasing to see after a difficult period. It seems that some of the extreme pessimism in markets from earlier in the year has ended for now, and risk appetite has modestly recovered. The overweight in the broader technology area was also a positive factor and mirrors this upturn in sentiment. Individual stock names that stood out included software services company Shift. Also IC package specialist Ibiden. We remain bullish on the long term outlook for Ibiden as the volume of package material is a structural growth phase boosted by the move towards stacked or multi-layer IC chips. The household pet insurance leader Anicom was a notable outperformer, and a recent call with management has reminded us of their strong competitive position, and the ability to compete on service rather than price. Lastly the industrial conglomerate KHI, Kawasaki Heavy, as it was formally known, showed further strength. It has exposure to the recovery in passenger aircraft production and motorcycles.
Portfolio Activity
Activity was fairly light. We have taken some money out of some of the large cap names that have held up relatively well over this year, anticipating that the rotation back into riskier assets will continue. Toyota and Sompo Japan, the insurance group, were the main sales. We also took some profits in Daiichi Sankyo which has been a very strong performer this year.
Outlook
The outlook is still somewhat unclear given the confusing economic signals. Inflation is a concern still, although the rapid rise in interest rates should begin to slow the global economy down. Clearly rate rises are still off the table in Japan. We do not expect that Governor Kuroda will change Bank of Japan policy ahead of his retirement next April. Indeed, given that wages remain stagnant, there is little evidence to suggest that inflation in Japan is self-sustaining at present. There has also been a strong reversal in the direction of the Yen. After its dramatic fall through most of this year, it has strengthened noticeably since the Federal Reserve indicate that the pace of rate increases in the United States would start to slow. This modest recovery in the Yen should begin to ease some of the imported cost inflation that has been so damaging to Japanese consumers these last few months. This should ease the pressure on Japanese monetary policymakers to make any big changes to policy. In terms of the Japanese stock market, a recovery in the currency should also make Japanese assets look more attractive once again. Recent strong inflows from foreign investors into Japan is an early sign of this pick up in sentiment.
Source(s): AXA Investment Managers as at 30/11/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN8675 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- The Board of Directors of the Management Company may also decide to merge another fund or sub-fund managed by the same or by another management company into the Fund.
- Mergers are possible between two Luxembourg funds or sub-funds (domestic merger) or between funds or sub-funds that are based in two different Member States of the European Union (cross-border merger).
- Such a merger may only be implemented if the investment policy of the fund or sub-fund to be absorbed does not contradict the investment policy of the absorbing UCITS.
- Mergers shall be implemented by way of the liquidation of the fund or sub-fund to be absorbed and a simultaneous takeover of all assets by the absorbing fund or sub-fund. The investors of the absorbed fund or sub-fund receive units in the absorbing fund or sub-fund; the number of these units is calculated on the basis of the ratio of the unit values of the funds or sub-funds in question at the time of merger, along with any settlement of fractional units.
- Both the absorbing fund or sub-fund and the absorbed fund or sub-fund will inform investors of the planned merger in an appropriate manner and in line with the legal requirements of the respective coun- tries of distribution of the absorbing or absorbed fund or sub-fund.
- The investors in the absorbing and the absorbed Fund or sub-Fund have the right, within 30 days and at no additional charge, to request the redemption of all or part of their units at the current net asset value or, if possible, the exchange for units of another Fund with a similar investment policy managed by the same Management Company or by another company with which the Management Company is linked by com- mon management or control or by a substantial direct or indirect holding. This right becomes effective on the date on which the unitholders of the absorbed and absorbing funds or sub-funds are informed of the planned merger, and expires five working days before the date of calculation of the exchange ratio.
- In the case of a merger between two or more funds or sub-funds, the funds or sub-funds in question may temporarily suspend the subscription, redemption and conversion of units if such suspension is justified for reasons of the protection of the unitholders.
- Implementation of the merger will be audited and confirmed by an independent auditor. A copy of the auditor's report will be made available at no charge to the investors in the absorbing and the absorbed funds or sub-funds, as well as to the respective supervisory authorities. | - De igual forma, el Consejo de administración de la sociedad gestora puede decidir absorber en el fondo otro fondo o subfondo gestionado por la misma sociedad gestora o por otra.
- Es posible fusionar tanto dos fondos o subfondos luxemburgueses (fusión en el ámbito nacional) como fondos o subfondos cuya sede se encuentre en dos Estados miembros diferentes de la Unión Europea (fu- sión en el ámbito internacional).
- Una fusión de este tipo solo se podrá realizar si la política de inversión del fondo o subfondo absorbido es compatible con la política de inversión del OICVM absorbente.
- La fusión se llevará a cabo como una disolución del fondo o subfondo absorbido y la adquisición simultá- nea de todos los activos por parte del fondo o subfondo absorbente. Los inversores del fondo o subfondo absorbido obtienen las participaciones del fondo o subfondo absorbente, cuyo número se calcula sobre la base de la relación del valor de participaciones de los fondos o subfondos afectados en el momento de la absorción, y, dado el caso, una compensación de saldos.
- Tanto el fondo o subfondo absorbente como el fondo o subfondo absorbido informarán a los inversores acerca de la fusión prevista de forma adecuada y conforme a las prescripciones de los países de distribu- ción del fondo o subfondo absorbente o absorbido respectivamente.
- Los inversores del fondo o subfondo absorbente o absorbido tienen durante treinta días el derecho a exigir sin costes adicionales el reembolso de todas o de una parte de sus participaciones al valor de participación que corresponda o, siempre que sea posible, el canje por participaciones de otro fondo o subfondo con una política de inversión similar, que a su vez esté gestionado por la misma sociedad gestora o por otra so- ciedad, y con la que la sociedad gestora esté vinculada a través de una gestión o control comunes o me- diante una participación esencial directa o indirecta. El derecho tendrá validez a partir del momento en el que se informe a los partícipes del fondo o subfondo absorbente y absorbido acerca de la fusión prevista y pierde su validez cinco días a efectos bancarios previos al momento en el que se calcule la relación de can- je.
- En la fusión de dos o varios fondos o subfondos, los fondos o subfondos en cuestión pueden interrumpir temporalmente las suscripciones, reembolsos o canjes de participaciones si dicha interrupción está justifi- cada con el fin de proteger a los partícipes.
- Un auditor de cuentas independiente comprobará y confirmará la realización de la fusión. Previa solicitud de los interesados, se pondrá a disposición de los inversores del fondo o subfondo absorbido y absorbente, así como del organismo de supervisión competente en cada caso, una copia del informe del auditor de cuentas. | - The Board of Directors of the Management Company may also decide to merge another fund or sub-fund managed by the same or by another management company into the Fund.
- Mergers are possible between two Luxembourg funds or sub-funds (domestic merger) or between funds or sub-funds that are based in two different Member States of the European Union (cross-border merger).
- Such a merger may only be implemented if the investment policy of the fund or sub-fund to be absorbed does not contradict the investment policy of the absorbing UCITS.
- Mergers shall be implemented by way of the liquidation of the fund or sub-fund to be absorbed and a simultaneous takeover of all assets by the absorbing fund or sub-fund. The investors of the absorbed fund or sub-fund receive units in the absorbing fund or sub-fund; the number of these units is calculated on the basis of the ratio of the unit values of the funds or sub-funds in question at the time of merger, along with any settlement of fractional units.
- Both the absorbing fund or sub-fund and the absorbed fund or sub-fund will inform investors of the planned merger in an appropriate manner and in line with the legal requirements of the respective coun- tries of distribution of the absorbing or absorbed fund or sub-fund.
- The investors in the absorbing and the absorbed Fund or sub-Fund have the right, within 30 days and at no additional charge, to request the redemption of all or part of their units at the current net asset value or, if possible, the exchange for units of another Fund with a similar investment policy managed by the same Management Company or by another company with which the Management Company is linked by com- mon management or control or by a substantial direct or indirect holding. This right becomes effective on the date on which the unitholders of the absorbed and absorbing funds or sub-funds are informed of the planned merger, and expires five working days before the date of calculation of the exchange ratio.
- In the case of a merger between two or more funds or sub-funds, the funds or sub-funds in question may temporarily suspend the subscription, redemption and conversion of units if such suspension is justified for reasons of the protection of the unitholders.
- Implementation of the merger will be audited and confirmed by an independent auditor. A copy of the auditor's report will be made available at no charge to the investors in the absorbing and the absorbed funds or sub-funds, as well as to the respective supervisory authorities. | en | es |
DOLFIN8676 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Global markets fell in the third quarter, as the three-month period brought with it further volatility that tested investor mettle. Soaring inflation, rapidly rising interest rates, war and geopolitical tensions, an energy crisis, fresh COVID-19 outbreaks, and fears of an impending recession buffeted global equities. After a dismal 1st half of 2022, equity markets rallied this quarter, following hopes that the US Federal Reserve (Fed) would relax its aggressive interest rate rise policy, but any optimism was short lived as the central bank confirmed it would do whatever it takes to quell inflation – even if that meant pushing the US closer to recession.
The Fed was not the only central bank intent on tightening monetary policy, with the Bank of England (BoE) implementing two rate rises, and the European Central Bank raised rates for the first time in more than 11 years. The biggest drag on global markets came at the end of September when the combination of US rate rises, and unfunded UK tax cuts sent equity, bond, and currency markets into meltdown, forcing the BoE to step in to ensure market stability in the UK. Commodity prices continued to weaken over the quarter, with oil dropping below $85 a barrel as fears of a recession weigh on demand, although the OPEC kept the falls in check with expectations for a cut in production.
Regionally, the worst performance came from Asia and Emerging Markets, but US stocks also lagged global peers in local currency terms. Nearly all sectors declined in the third quarter, with only consumer discretionary stocks eking out a small gain. Energy stocks also bettered their peers but lost some of their year-to-date momentum and delivered negative returns for the quarter. The worst returns came from the communication services sector after a several high-profile earnings misses, while real estate also underperformed in an environment of sharply rising interest rates. From a factor return perspective, the sharp rally in growth stocks in July meant that in aggregate for the quarter high dividend yield, value and low volatility all underperformed, while stocks with the best near-term price momentum outperformed. This masked much better returns to value and high dividend yield as markets fell through August and September, while quality became increasingly important as the quarter ended and fears of recession grew.
The Fund fell in absolute terms but modestly outperformed its benchmark in the third quarter of the year, net of fees for the A USD share class. Headwinds came from the fundamental risk factor exposures of the Fund, with July’s underperformance of value hampering returns in aggregate for the review period. Over the quarter, industry exposures helped offset these losses, particularly overweighting banks and underweighting REITs and telecoms.
Stock selection was mixed bag again as sentiment oscillated over the quarter. The top contributor was an overweight holding of Cadence Design Systems, a software firm with a strong track record of beating earnings expectations, which was a sought-after trait in the third quarter. Selected healthcare firms were also in demand, with overweight holdings of Cardinal Health and Vertex Pharmaceuticals accretive to active performance, but holdings of GSK and Sanofi proved less helpful after their share prices fell sharply in August amid growing litigation around their Zantac indigestion drug.
Source(s): AXA Investment Managers - MSCI as at 30/09/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
Los mercados mundiales cayeron en el tercer trimestre, ya que el periodo de tres meses trajo consigo una mayor volatilidad que puso a prueba el temple de los inversores. El aumento de la inflación, el rápido aumento de los tipos de interés, la guerra y las tensiones geopolíticas, una crisis energética, los nuevos brotes de COVID-19 y el temor a una recesión inminente sacudieron la renta variable mundial. Tras un pésimo primer semestre de 2022, los mercados de renta variable repuntaron este trimestre, tras las esperanzas de que la Reserva Federal estadounidense relajara su política de subidas agresivas de los tipos de interés, pero el optimismo duró poco, ya que el banco central confirmó que haría todo lo posible para apaciguar la inflación, aunque eso signifique que la economía estadounidense entre en recesión.
La Fed no fue el único banco central con intenciones de endurecer su política monetaria, ya que el Banco de Inglaterra realizó dos subidas de tipos y el Banco Central Europeo subió los tipos por primera vez en más de 11 años. El mayor lastre para los mercados mundiales se produjo a finales de septiembre, cuando la combinación de subidas de tipos en EE. UU. y los recortes fiscales no financiados en el Reino Unido provocaron un desplome de los mercados de renta variable, renta fija y divisas, lo que obligó al Banco de Inglaterra a tomar medidas para garantizar la estabilidad del mercado en el Reino Unido. Los precios de las materias primas siguieron debilitándose durante el trimestre: el petróleo cayó por debajo de los 85 dólares por barril, ya que el temor a una recesión lastraba la demanda, aunque la OPEP mantuvo las caídas bajo control con expectativas de un recorte de la producción.
Por regiones, la peor rentabilidad provino de Asia y los mercados emergentes, pero las acciones estadounidenses también quedaron rezagadas con respecto a sus homólogas mundiales en moneda local. Casi todos los sectores cayeron en el tercer trimestre y solo los valores del consumo discrecional registraron pequeñas ganancias. Los valores energéticos también superaron a sus homólogos, pero perdieron parte de su dinámica de lo que va de año y arrojaron rentabilidades negativas en el trimestre. Las peores rentabilidades provinieron del sector de servicios de comunicación tras una serie de incumplimientos de beneficios de perfil elevado, mientras que el sector inmobiliario también se rezagó en un entorno de fuerte subida de los tipos de interés. Desde la perspectiva de la rentabilidad de los factores, el fuerte repunte de los valores de crecimiento en julio hizo que, en conjunto en el trimestre, el elevado rendimiento por dividendo, el valor y la baja volatilidad se rezagaran, mientras que los valores con la mejor dinámica de precios a corto plazo destacaron. Esto ocultó unas rentabilidades mucho mejores para el valor y el alto rendimiento por dividendo, ya que los mercados cayeron en agosto y septiembre, mientras que la calidad se tornó cada vez más importante a medida que avanzaba el trimestre y crecían los temores a una recesión.
El fondo cedió terreno en términos absolutos, pero obtuvo una rentabilidad ligeramente superior a la de su índice de referencia en el tercer trimestre del año, después de comisiones para la clase de participaciones A USD. Los obstáculos provinieron de la exposición fundamental a factores de riesgo del fondo, ya que el peor comportamiento relativo del valor en julio empañó las rentabilidades en total durante el periodo analizado. Durante el trimestre, las exposiciones sectoriales ayudaron a compensar estas pérdidas, sobre todo la sobreponderación en bancos y la infraponderación en socimis y telecomunicaciones.
La selección de valores volvió a ser heterogénea, ya que el sentimiento osciló durante el trimestre. La mayor contribución provino de la sobreponderación en Cadence Design Systems, una empresa de software con un sólido historial de superación de las expectativas de beneficios, que fue codiciada en el tercer trimestre. Algunas empresas sanitarias también estuvieron demandadas; así, las sobreponderaciones en Cardinal Health y Vertex Pharmaceuticals acrecentaron la rentabilidad activa, pero las posiciones en GSK y Sanofi resultaron menos favorables después de que sus cotizaciones se desplomaran en agosto ante el aumento de los litigios en torno a su medicamento para la indigestión Zantac.
Fuente(s) : AXA Investment Managers - MSCI a 30/09/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
Global markets fell in the third quarter, as the three-month period brought with it further volatility that tested investor mettle. Soaring inflation, rapidly rising interest rates, war and geopolitical tensions, an energy crisis, fresh COVID-19 outbreaks, and fears of an impending recession buffeted global equities. After a dismal 1st half of 2022, equity markets rallied this quarter, following hopes that the US Federal Reserve (Fed) would relax its aggressive interest rate rise policy, but any optimism was short lived as the central bank confirmed it would do whatever it takes to quell inflation – even if that meant pushing the US closer to recession.
The Fed was not the only central bank intent on tightening monetary policy, with the Bank of England (BoE) implementing two rate rises, and the European Central Bank raised rates for the first time in more than 11 years. The biggest drag on global markets came at the end of September when the combination of US rate rises, and unfunded UK tax cuts sent equity, bond, and currency markets into meltdown, forcing the BoE to step in to ensure market stability in the UK. Commodity prices continued to weaken over the quarter, with oil dropping below $85 a barrel as fears of a recession weigh on demand, although the OPEC kept the falls in check with expectations for a cut in production.
Regionally, the worst performance came from Asia and Emerging Markets, but US stocks also lagged global peers in local currency terms. Nearly all sectors declined in the third quarter, with only consumer discretionary stocks eking out a small gain. Energy stocks also bettered their peers but lost some of their year-to-date momentum and delivered negative returns for the quarter. The worst returns came from the communication services sector after a several high-profile earnings misses, while real estate also underperformed in an environment of sharply rising interest rates. From a factor return perspective, the sharp rally in growth stocks in July meant that in aggregate for the quarter high dividend yield, value and low volatility all underperformed, while stocks with the best near-term price momentum outperformed. This masked much better returns to value and high dividend yield as markets fell through August and September, while quality became increasingly important as the quarter ended and fears of recession grew.
The Fund fell in absolute terms but modestly outperformed its benchmark in the third quarter of the year, net of fees for the A USD share class. Headwinds came from the fundamental risk factor exposures of the Fund, with July’s underperformance of value hampering returns in aggregate for the review period. Over the quarter, industry exposures helped offset these losses, particularly overweighting banks and underweighting REITs and telecoms.
Stock selection was mixed bag again as sentiment oscillated over the quarter. The top contributor was an overweight holding of Cadence Design Systems, a software firm with a strong track record of beating earnings expectations, which was a sought-after trait in the third quarter. Selected healthcare firms were also in demand, with overweight holdings of Cardinal Health and Vertex Pharmaceuticals accretive to active performance, but holdings of GSK and Sanofi proved less helpful after their share prices fell sharply in August amid growing litigation around their Zantac indigestion drug.
Source(s): AXA Investment Managers - MSCI as at 30/09/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN8678 | 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 long-term capital growth on your investment.
The Fund seeks to gain at least 80% of its investment exposure to equity securities (e.g. shares) of companies incorporated or listed in either developed or emerging markets. This is achieved by investing at least 80% of its total assets in equity securities and other equity-related securities and may, when deemed appropriate, invest in money market instruments (MMIs)(i.e. debt securities with short term maturities), deposits and cash. The equity-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets).
The MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account.
The Fund is actively managed and the investment adviser (IA) has discretion to select the Fund's investments. In doing so, the IA may refer to the MSCI All Country World Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index. The Index should be used by shareholders 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 Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 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
Este Fondo tiene por objetivo alcanzar una revalorización del capital a largo plazo en su inversión.
El Fondo trata de obtener al menos el 80% de la exposición de su inversión en valores de renta variable (p. ej., acciones) de empresas domiciliadas o cotizadas en mercados desarrollados o emergentes. Esto se logra invirtiendo al menos el 80% de sus activos totales en valores de renta variable y otros valores relacionados con renta variable y, cuando resulte oportuno, podrá invertir en instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo), depósitos y efectivo. Los valores relacionados con renta variable abarcan los instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
Los IMM podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento), y podrán tener la calificación de grado de inversión (es decir, cumplirán un nivel específico de solvencia), una calificación inferior al grado de inversión o carecer de calificación en el momento de la compra.
Para alcanzar su objetivo de inversión, el Fondo invertirá en varias estrategias e instrumentos de inversión. En particular, el Fondo utilizará modelos cuantitativos (es decir, matemáticos o estadísticos) para lograr un enfoque sistemático (basado en normas) de selección de valores. Esto significa que los valores se seleccionarán según su contribución a la rentabilidad de la cartera prevista, teniendo en cuenta el riesgo y los costes de transacción.
El Fondo se gestiona de forma activa y el asesor de inversiones (AI) tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI puede referirse al MSCI All Country World Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su poder discrecional para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. Está previsto que las posiciones de la cartera del Fondo se desvíen de forma considerable del Índice. Los accionistas deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve long-term capital growth on your investment.
The Fund seeks to gain at least 80% of its investment exposure to equity securities (e.g. shares) of companies incorporated or listed in either developed or emerging markets. This is achieved by investing at least 80% of its total assets in equity securities and other equity-related securities and may, when deemed appropriate, invest in money market instruments (MMIs)(i.e. debt securities with short term maturities), deposits and cash. The equity-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets).
The MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account.
The Fund is actively managed and the investment adviser (IA) has discretion to select the Fund's investments. In doing so, the IA may refer to the MSCI All Country World Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index. The Index should be used by shareholders 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 Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 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 |
DOLFIN8681 | 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 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. 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, integración de criterios 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. 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 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. 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 |
DOLFIN8689 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | 6.7 | 8.7 | 34.7 | -3.4 | -6.4 | 3.0 | 11.2 | -10.7 |
| Comparator †¹ | | | 0.5 | 0.6 | 0.5 | 0.3 | 0.7 | 0.8 | 0.3 | 0.1 |
| Comparator †² | | | 7.0 | -1.8 | 31.4 | 3.0 | 0.7 | 9.9 | 0.8 | -4.4 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is State Street Bank International GmbH, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Strategic Funds (BSF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BSF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BSF 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 Fund's prospectus.
Under Luxembourg law, BSF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BSF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BSF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 17 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | | 6,7 | 8,7 | 34,7 | -3,4 | -6,4 | 3,0 | 11,2 | -10,7 |
| Comparador †¹ | | | 0,5 | 0,6 | 0,5 | 0,3 | 0,7 | 0,8 | 0,3 | 0,1 |
| Comparador †² | | | 7,0 | -1,8 | 31,4 | 3,0 | 0,7 | 9,9 | 0,8 | -4,4 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
El depositario del Fondo es State Street Bank International GmbH, Luxembourg Branch.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Strategic Funds (BSF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BSF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BSF 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.
Con arreglo a la legislación de Luxemburgo, BSF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BSF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BSF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 17 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | 6.7 | 8.7 | 34.7 | -3.4 | -6.4 | 3.0 | 11.2 | -10.7 |
| Comparator †¹ | | | 0.5 | 0.6 | 0.5 | 0.3 | 0.7 | 0.8 | 0.3 | 0.1 |
| Comparator †² | | | 7.0 | -1.8 | 31.4 | 3.0 | 0.7 | 9.9 | 0.8 | -4.4 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is State Street Bank International GmbH, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Strategic Funds (BSF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BSF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BSF 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 Fund's prospectus.
Under Luxembourg law, BSF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BSF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BSF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 17 February 2022 | en | es |
DOLFIN8692 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 6.7 | -5.1 | 3.8 | -4.9 | 3.8 | 8.3 | -4.3 | 8.0 | 12.3 | 2.9 |
| Benchmark † | 6.9 | -4.8 | 4.1 | -4.7 | 4.0 | 8.5 | -4.1 | 8.2 | 12.5 | 3.1 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares III plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares III plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares III plc 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 Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares III plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares III plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares III plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 15 December 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 6,7 | -5,1 | 3,8 | -4,9 | 3,8 | 8,3 | -4,3 | 8,0 | 12,3 | 2,9 |
| Índice † | 6,9 | -4,8 | 4,1 | -4,7 | 4,0 | 8,5 | -4,1 | 8,2 | 12,5 | 3,1 |
El depositario del Fondo es State Street Custodial Services (Ireland) Limited.
Puede obtenerse información adicional acerca del Fondo y de la Clase de acciones en el último informe anual y los últimos informes semestrales de iShares III plc. Dichos documentos están disponibles de forma gratuita en inglés y otros idiomas. Podrán obtenerse, junto con otra información como detalles de las principales inversiones subyacentes de la Clase de acciones y los precios de las acciones, en el sitio web de iShares cuya dirección es www.ishares.com o llamando al +44 (0) 845 357 7000, o de su intermediario bursátil o asesor financiero.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo y a la Clase de acciones puede repercutir en la posición fiscal personal de su inversión.
El Fondo es un compartimento de iShares III plc, una estructura paraguas compuesta de diferentes compartimentos. El Fondo tiene una o más clases de acciones. Este documento es específico del Fondo y de la Clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
iShares III plc 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.
El valor de inventario neto intradía indicativo de la Clase de acciones está disponible en http://deutsche-boerse.com y/o http://www.reuters.com.
Con arreglo a la legislación irlandesa, iShares III plc mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de iShares III plc). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos. Los activos y pasivos específicos a una clase de acciones serían atribuibles solamente a esa clase de acciones, aunque con arreglo a la legislación irlandesa no hay segregación de los pasivos entre las clases de acciones.
El canje de acciones entre el Fondo y otros compartimentos de iShares III plc no está disponible para los inversores. Solamente los Participantes Autorizados que operan directamente con el Fondo podrán canjear acciones entre clases de acciones del Fondo, siempre y cuando se cumplan determinadas condiciones establecidas en el folleto del Fondo.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 15 diciembre 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 6.7 | -5.1 | 3.8 | -4.9 | 3.8 | 8.3 | -4.3 | 8.0 | 12.3 | 2.9 |
| Benchmark † | 6.9 | -4.8 | 4.1 | -4.7 | 4.0 | 8.5 | -4.1 | 8.2 | 12.5 | 3.1 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares III plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares III plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares III plc 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 Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares III plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares III plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares III plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 15 December 2022 | en | es |
DOLFIN8696 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In certain cases where the Directors may determine that the market price of an investment does not fairly represent the value of that investment, or in cases where the value of any asset for which liquidation or third party market valuations are not available, the Directors may value such investment as they, in their discretion reasonably determine. In such cases, when calculating the NAV and Net Asset Value per Share, the Administrative Agent may entirely rely upon and use such value determined by the Directors. In addition, the Administrative Agent may rely solely on and use the valuations provided by the Investment Manager with whom the Fund has invested its assets or their agents or other intermediaries. In such circumstances, the Administrative Agent shall not, in the absence of fraud, negligence or willful default on the part of the Administrative Agent, be liable for any loss suffered by the Fund or any Shareholder by reason of any error in the calculation of the NAV and Net Asset Value per Share resulting from any inaccuracy in the information and/or value provided by the Directors, the Investment Manager, or their agents or other intermediary.
The liabilities of the Fund shall be deemed to include:
- all loans bills and notes payable and accounts payable;
- all accrued and payable administrative expenses (including but not limited to all fees payable to the representatives and agents of the Fund);
- all known liabilities, present and future, including all matured contractual obligations for payments of money or property, including the amount of any unpaid dividends declared by the Fund where the Valuation Day falls on the record date for determination of the person entitled thereto or is subsequent thereto; and
- an appropriate provision for future taxes based on capital and income to the Valuation Day, as determined from time to time by the Fund, and other reserves, if any, authorized and approved by the Board of Directors. | En ciertos casos en que el Consejo puede determinar que el precio de mercado de una inversión no representa de forma equitativa el valor de esa inversión, o en los casos en que el valor de cualquier activo para el cual la liquidación o las valoraciones de mercado de terceros no están disponibles, los Consejeros podrán valorar dicha inversión tal como determinen según su criterio. En dichos casos, al calcular el Valor liquidativo y el Valor liquidativo de la Acción, el Agente administrativo podrá basarse enteramente en dicho valor determinado por los Consejeros, y utilizarlo. Además, el Agente administrativo podrá basarse únicamente en las valoraciones facilitadas por la Gestora de Inversiones con las que el Fondo ha invertido sus activos o sus agentes u otros intermediarios, así como utilizar dichas valoraciones. En dichas circunstancias, en ausencia de fraude, negligencia o dolo por parte del Agente administrativo, este no será responsable por cualquier pérdida sufrida por el Fondo o los Accionistas como consecuencia de cualquier error en el cálculo del Valor liquidativo y el Valor liquidativo de la Acción resultante de cualquier inexactitud en la información y/o el valor facilitados por el Consejo de administración, la Gestora de inversiones o sus agentes u otros intermediarios.
Se considerará que los pasivos del Fondo incluyen:
- todos los préstamos, letras y obligaciones por pagar y cuentas por pagar;
- todos los gastos administrativos devengados y por pagar (incluyendo, sin limitación, todas las comisiones pagaderas a los representantes y agentes del Fondo);
- todos los pasivos conocidos, presentes y futuros, incluidas todas las obligaciones contractuales vencidas para el pago de dinero o bienes, incluyendo el importe de los dividendos no pagados declarados por el Fondo cuando el Día de valoración caiga en la fecha de registro para la determinación de la persona con derecho a ello o sea posterior a la misma; y
- una provisión adecuada para impuestos futuros basados en el capital y los ingresos al Día de valoración, según lo determine oportunamente el Fondo, y otras reservas, en su caso, autorizadas y aprobadas por el Consejo de administración. | In certain cases where the Directors may determine that the market price of an investment does not fairly represent the value of that investment, or in cases where the value of any asset for which liquidation or third party market valuations are not available, the Directors may value such investment as they, in their discretion reasonably determine. In such cases, when calculating the NAV and Net Asset Value per Share, the Administrative Agent may entirely rely upon and use such value determined by the Directors. In addition, the Administrative Agent may rely solely on and use the valuations provided by the Investment Manager with whom the Fund has invested its assets or their agents or other intermediaries. In such circumstances, the Administrative Agent shall not, in the absence of fraud, negligence or willful default on the part of the Administrative Agent, be liable for any loss suffered by the Fund or any Shareholder by reason of any error in the calculation of the NAV and Net Asset Value per Share resulting from any inaccuracy in the information and/or value provided by the Directors, the Investment Manager, or their agents or other intermediary.
The liabilities of the Fund shall be deemed to include:
- all loans bills and notes payable and accounts payable;
- all accrued and payable administrative expenses (including but not limited to all fees payable to the representatives and agents of the Fund);
- all known liabilities, present and future, including all matured contractual obligations for payments of money or property, including the amount of any unpaid dividends declared by the Fund where the Valuation Day falls on the record date for determination of the person entitled thereto or is subsequent thereto; and
- an appropriate provision for future taxes based on capital and income to the Valuation Day, as determined from time to time by the Fund, and other reserves, if any, authorized and approved by the Board of Directors. | en | es |
DOLFIN8699 | 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 investments, which reflect the return of the MSCI EM SRI Select Reduced Fossil Fuel 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 measures the performance of equity securities (e.g. shares) within three regional MSCI indices: the MSCI Emerging Markets Asia Index, the MSCI Emerging Markets Europe, Middle East & Africa Index and the MSCI Emerging Markets Latin America Index (the “Regional Indices”) which are issued by companies with higher environmental, social and governance (“ESG”) ratings than other sector peers within the Regional Indices, based on a series of exclusionary and ratings based criteria. Companies may be excluded from the Index if they are involved with controversial/conventional weapons, nuclear weapons/power, civilian firearms, tobacco, alcohol, gambling, adult entertainment, genetically modified organisms, thermal coal, oil sands, and unconventional/conventional oil and gas extraction / power generation, as further detailed in the "Benchmark Index” section of the Prospectus.
The remaining companies are rated by the index provider based on their ability to manage their ESG risks and opportunities and are given a MSCI ESG rating. Companies that are involved in very severe controversies are also excluded based on an MSCI ESG controversy score.
The Fund may obtain limited exposure to securities considered not to satisfy these ESG criteria.
The Fund will adopt a best-in-class approach to sustainable investing, this means that it is expected that the Fund will invest in the best issuers from an ESG / socially responsible investment (“SRI”) perspective (based on the ESG or SRI criteria of the Index) within each relevant sector of activities covered by the Index. The portfolio of the Fund is reduced by at least 20% compared to the Regional Indices. More than 90% of the issuers of securities the Fund invests in, excluding cash and money market funds, are ESG rated or have been analysed for ESG purposes.
Eligible constituents within each Global Industry Classification Standard (“GICS”) sector are ranked by the index provider and are weighted based on their free float adjusted market capitalisation. Free float-adjusted means that only shares available to international investors, rather than all of a company’s issued shares, are used in calculating the Index. Free float-adjusted market capitalisation is the share price of the company multiplied by the number of shares available to international investors.
The Index targets 5% issuer exposure capping. In order to reduce the risk of non-compliance with the 5% threshold due to market movements, the weight of each issuer is capped at 4.5% at the point of Index construction and at each rebalancing.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The investment manager may use financial derivative instruments (FDIs) to help achieve the Fund’s investment objective. 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 alcanzar una rentabilidad en su inversión, a través de una combinación de revalorización del capital y rendimientos de las inversiones del Fondo, que refleje la rentabilidad del MSCI EM SRI Select Reduced Fossil Fuel Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir en la medida de lo posible y realizable en los valores de renta variable (p. ej., acciones) que componen el Índice.
El Índice mide la rentabilidad de los valores de renta variable (por ejemplo, acciones) incluidos en tres índices regionales: el MSCI Emerging Markets Asia Index, el MSCI Emerging Markets Europe, Middle East & Africa Index y el MSCI Emerging Markets Latin America Index (los «Índices regionales»), que son emitidos por empresas con una clasificación superior en relación con los criterios medioambientales, sociales y de gobierno corporativo («ESG») en comparación con otras empresas del mismo sector pertenecientes a estos Índices regionales, en función de una serie de criterios de exclusión y clasificación. Las empresas pueden quedar excluidas del Índice si están implicadas en actividades relacionadas con armas controvertidas/convencionales, energía/armas nucleares, armas de fuego de uso civil, tabaco, alcohol, actividades relacionadas con el juego y las apuestas, entretenimiento para adultos, organismos modificados genéticamente, carbón térmico, arenas bituminosas y la generación de energía/extracción de petróleo y gas mediante métodos no convencionales o convencionales, tal como se indica de forma más detallada en el apartado «Índice de referencia» del Folleto.
El proveedor del índice califica a las restantes empresas según su capacidad para gestionar sus riesgos y oportunidades ESG, con una clasificación ESG de MSCI. Las empresas implicadas en controversias muy graves también quedan excluidas de acuerdo con su puntuación de controversia ESG de MSCI.
El Fondo puede obtener una exposición limitada a valores que se considere que no cumplen estos criterios ESG.
El Fondo adoptará un enfoque de inversión sostenible de máxima calidad, lo que significa que se espera que el Fondo invierta en los mejores emisores desde una perspectiva de inversión ESG / socialmente responsable («SRI») (basándose en los criterios ESG o SRI del Índice) dentro de cada sector relevante de las actividades cubiertas por el Índice. La cartera del Fondo se reduce al menos en un 20 % en comparación con los Índices regionales. Más del 90 % de los emisores de valores en los que invierte el Fondo, a excepción de los fondos de efectivo y del mercado monetario, tienen una clasificación ESG o sus criterios ESG se han analizado.
El proveedor del índice ofrece una calificación a los componentes elegibles dentro de cada estándar de clasificación industrial global (GICS, Global Industry Classification Standard), que reciben una ponderación en función de su capitalización bursátil ajustada a flotación libre. Ajustada a 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 ajustada a flotación libre se obtiene multiplicando la cotización bursátil de las acciones de la empresa por el número de acciones disponibles para inversores internacionales.
El objetivo del Índice es alcanzar una exposición máxima por emisor del 5 %. Para reducir el riesgo de incumplimiento del umbral del 5 % debido a los movimientos del mercado, la ponderación de cada emisor se limita al 4,5 % en el momento de la elaboración del Índice y en cada reajuste.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) para alcanzar el objetivo de inversión del Fondo. Los IFD pueden utilizarse con fines de inversión directa. Para esta 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 Fund's investments, which reflect the return of the MSCI EM SRI Select Reduced Fossil Fuel 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 measures the performance of equity securities (e.g. shares) within three regional MSCI indices: the MSCI Emerging Markets Asia Index, the MSCI Emerging Markets Europe, Middle East & Africa Index and the MSCI Emerging Markets Latin America Index (the “Regional Indices”) which are issued by companies with higher environmental, social and governance (“ESG”) ratings than other sector peers within the Regional Indices, based on a series of exclusionary and ratings based criteria. Companies may be excluded from the Index if they are involved with controversial/conventional weapons, nuclear weapons/power, civilian firearms, tobacco, alcohol, gambling, adult entertainment, genetically modified organisms, thermal coal, oil sands, and unconventional/conventional oil and gas extraction / power generation, as further detailed in the "Benchmark Index” section of the Prospectus.
The remaining companies are rated by the index provider based on their ability to manage their ESG risks and opportunities and are given a MSCI ESG rating. Companies that are involved in very severe controversies are also excluded based on an MSCI ESG controversy score.
The Fund may obtain limited exposure to securities considered not to satisfy these ESG criteria.
The Fund will adopt a best-in-class approach to sustainable investing, this means that it is expected that the Fund will invest in the best issuers from an ESG / socially responsible investment (“SRI”) perspective (based on the ESG or SRI criteria of the Index) within each relevant sector of activities covered by the Index. The portfolio of the Fund is reduced by at least 20% compared to the Regional Indices. More than 90% of the issuers of securities the Fund invests in, excluding cash and money market funds, are ESG rated or have been analysed for ESG purposes.
Eligible constituents within each Global Industry Classification Standard (“GICS”) sector are ranked by the index provider and are weighted based on their free float adjusted market capitalisation. Free float-adjusted means that only shares available to international investors, rather than all of a company’s issued shares, are used in calculating the Index. Free float-adjusted market capitalisation is the share price of the company multiplied by the number of shares available to international investors.
The Index targets 5% issuer exposure capping. In order to reduce the risk of non-compliance with the 5% threshold due to market movements, the weight of each issuer is capped at 4.5% at the point of Index construction and at each rebalancing.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The investment manager may use financial derivative instruments (FDIs) to help achieve the Fund’s investment objective. 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 |
DOLFIN8712 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### Dilution adjustment
On any business day when the volume of buy requests differs significantly from that of sell requests (as defined by a threshold set for each fund by the management company), we may apply dilution adjustment (swing pricing) to a fund’s NAV. This adjustment reflects an assessment of the overall costs incurred (including transaction fees, transaction taxes, market impacts if any, bid/ask spreads, etc.) in buying and selling investments to satisfy net purchases or sales of shares.
On days with net inflows, the NAV is swung higher, and on days with net outflows it is swung lower. In either case, the swung NAV applies to all transactions at the level of the fund, regardless of direction. The rate for a dilution adjustment is set at the individual fund level by the board and is calculated separately for each share class. The maximum swing up or down is 2% of NAV for all funds, except for the funds Fixed Maturity USD Bonds 2023, Fixed Maturity USD Bonds 2024 and Fixed Maturity USD Bonds 2025 which apply a maximum swing of 3% of NAV.
Dilution adjustment is applied automatically according to the management company’s pre-determined criteria. However, the management company periodically reviews and updates its dilution adjustment policy and criteria, and also may, at its discretion, change them or make exceptional deviations whenever it believes it would be in the best interests of shareholders, including in case of exceptional circumstances. Such exceptional circumstances include, but are not limited to, periods of elevated market volatility, and periods of depressed market liquidity. In
such case the management company would inform investors via notices in accordance with the rules of section “Notices and Publications”.
Dilution adjustment is intended to reduce the impact of these costs on shareholders who are not trading their shares at that time. Note that dilution adjustment can somewhat amplify volatility and can have the effect of increasing or decreasing stated fund performance as compared to actual investment performance of the fund’s portfolio. | ##### Ajuste de dilución
En cualquier día hábil, cuando el volumen de las solicitudes de compra difiera significativamente de las órdenes de venta (según se determine mediante un umbral establecido para cada fondo por la sociedad gestora), podremos aplicar el ajuste de dilución (swing pricing) al VL de un fondo. Este ajuste refleja una evaluación de los costes generales en los que se incurre (incluidas las comisiones y los impuestos de las operaciones, las repercusiones en el mercado —si las hubiere— o los diferenciales de oferta/demanda, entre otros) en la compraventa de inversiones para satisfacer las compras netas o las ventas de acciones.
En los días con entradas netas, el VL se ajustará al alza y, en los días con salidas netas, a la baja. En cualquier caso, el VL ajustado se aplica a todas las operaciones a nivel del fondo, independientemente del tipo de ajuste. El consejo establece un tipo de un ajuste de dilución a nivel de cada fondo. Dicho tipo se calcula de forma independiente para cada clase de acciones. El nivel máximo de ajuste al alza o a la baja es del 2 % del VL para todos los fondos, excepto para los fondos Fixed Maturity USD Bonds 2023, Fixed Maturity USD Bonds 2024 y Fixed Maturity USD Bonds 2025, para los cuales aplica un ajuste máximo del 3 % del VL.
El ajuste de dilución se aplica automáticamente de acuerdo con los criterios predefinidos de la sociedad gestora. Sin embargo, la sociedad gestora revisa y actualiza periódicamente su política y criterios de ajuste de dilución y también puede, a su discreción, cambiarlos o desviarse de los mismos con carácter excepcional cuando considere que redunda en interés de los accionistas, incluido en caso de circunstancias excepcionales. Estas circunstancias excepcionales incluyen, entre otros, períodos de elevada volatilidad del mercado y períodos de baja liquidez del mercado. En tal caso, la sociedad gestora informaría a los inversores mediante un aviso de acuerdo con las normas establecidas en la sección «Avisos y publicaciones».
El ajuste de dilución está concebido para reducir el impacto de estos costes en los accionistas que no negocian sus acciones en ese momento. Tenga en cuenta que el ajuste de dilución puede amplificar en cierto modo la volatilidad y puede tener el efecto de aumentar o disminuir el rendimiento declarado del fondo en comparación con el rendimiento de la inversión real de la cartera del fondo. | ##### Dilution adjustment
On any business day when the volume of buy requests differs significantly from that of sell requests (as defined by a threshold set for each fund by the management company), we may apply dilution adjustment (swing pricing) to a fund’s NAV. This adjustment reflects an assessment of the overall costs incurred (including transaction fees, transaction taxes, market impacts if any, bid/ask spreads, etc.) in buying and selling investments to satisfy net purchases or sales of shares.
On days with net inflows, the NAV is swung higher, and on days with net outflows it is swung lower. In either case, the swung NAV applies to all transactions at the level of the fund, regardless of direction. The rate for a dilution adjustment is set at the individual fund level by the board and is calculated separately for each share class. The maximum swing up or down is 2% of NAV for all funds, except for the funds Fixed Maturity USD Bonds 2023, Fixed Maturity USD Bonds 2024 and Fixed Maturity USD Bonds 2025 which apply a maximum swing of 3% of NAV.
Dilution adjustment is applied automatically according to the management company’s pre-determined criteria. However, the management company periodically reviews and updates its dilution adjustment policy and criteria, and also may, at its discretion, change them or make exceptional deviations whenever it believes it would be in the best interests of shareholders, including in case of exceptional circumstances. Such exceptional circumstances include, but are not limited to, periods of elevated market volatility, and periods of depressed market liquidity. In
such case the management company would inform investors via notices in accordance with the rules of section “Notices and Publications”.
Dilution adjustment is intended to reduce the impact of these costs on shareholders who are not trading their shares at that time. Note that dilution adjustment can somewhat amplify volatility and can have the effect of increasing or decreasing stated fund performance as compared to actual investment performance of the fund’s portfolio. | en | es |
DOLFIN8716 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs | €686 | €2389 |
| Annual cost impact (*) | 6.9% | 3.0% each year | | | En caso de salida después de 1 año | En caso de salida después de 3 años |
| --- | --- |
| Costes totales | €686 | €2389 |
| Incidencia anual de los costes (*) | 6.9% | 3.0% cada año | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs | €686 | €2389 |
| Annual cost impact (*) | 6.9% | 3.0% each year | | en | es |
DOLFIN8721 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainable Finance Disclosure
Environmental, Social & Governance factors (ESG) and Sustainability Risk indicators are integrated into the investment process and are a key determinant based on which companies are selected. This Fund does promote environmental or social characteristics, however it does not have a sustainable investment objective. All investments that are selected as part of the Investment Manager's ESG analysis must follow good governance practices, and not be excluded by the Investment managers ESG Baseline Exclusions Policy. The investment manager integrates qualitative and quantitative data on adverse sustainability impacts into its investment process to measure whether the environmental or social characteristics promoted by the Fund have been achieved. These metrics, known as Principle Adverse Impact’s or (“PAI”) (as defined by the Sustainable Finance Disclosure Regulation) are the sustainability indicators used by the Fund. There is no guarantee this data will show an annual improvement over time, and therefore the Fund could have worse PAI metrics than previous periods or, compared to the index or other Funds.
Additional information regarding Taxonomy Regulation compliance is available under the section “Taxonomy Regulation Disclosures”. Further information regarding how the Investment Manager integrates ESG into its investment approach, its proprietary ESG model and how it engages with companies is available under the “Responsible Investment” section of the Prospectus and on the website www.avivainvestors.com. | # Divulgación en materia de finanzas sostenibles
Los factores ambientales, sociales y de gobernanza (ESG) y los indicadores de riesgo de sostenibilidad se integran en el proceso de inversión y son factores determinantes clave a la hora de decidir qué empresas se seleccionan. Aunque este Fondo prioriza las características sociales o ambientales, no posee un objetivo de inversión sostenible. Todas las inversiones que se seleccionan como parte del análisis ESG de la Gestora de Inversiones deben seguir prácticas de buena gobernanza y no verse excluidas conforme a la Política de Exclusiones Básicas de ESG de la Gestora de Inversiones. La Gestora de Inversiones integra en su proceso de inversión datos cualitativos y cuantitativos sobre impactos adversos en la sostenibilidad con el fin de medir si se han alcanzado las características medioambientales o sociales promovidas por el Fondo. Dichas métricas, denominadas «Principales Incidencias Adversas (o «PIA») (según su definición en el Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector financiero) son los indicadores de sostenibilidad utilizados por el Fondo. Puesto que no hay garantías de que dichos datos vayan a registrar una mejora anual con el paso del tiempo, el Fondo podría presentar métricas de PIA más negativas con respecto a periodos previos o en relación con el índice u otros fondos. En la sección
«Declaraciones acerca del Reglamento sobre la taxonomía» podrá encontrar información adicional sobre el cumplimiento del Reglamento sobre la taxonomía. En la sección «Filosofía de inversión responsable» del Folleto y en el sitio web www.avivainvestors.com podrá encontrar información adicional sobre cómo la Gestora de Inversiones integra criterios ESG en su enfoque de inversión y cómo se implica con las empresas, junto con datos acerca de su modelo propio de criterios ESG. | # Sustainable Finance Disclosure
Environmental, Social & Governance factors (ESG) and Sustainability Risk indicators are integrated into the investment process and are a key determinant based on which companies are selected. This Fund does promote environmental or social characteristics, however it does not have a sustainable investment objective. All investments that are selected as part of the Investment Manager's ESG analysis must follow good governance practices, and not be excluded by the Investment managers ESG Baseline Exclusions Policy. The investment manager integrates qualitative and quantitative data on adverse sustainability impacts into its investment process to measure whether the environmental or social characteristics promoted by the Fund have been achieved. These metrics, known as Principle Adverse Impact’s or (“PAI”) (as defined by the Sustainable Finance Disclosure Regulation) are the sustainability indicators used by the Fund. There is no guarantee this data will show an annual improvement over time, and therefore the Fund could have worse PAI metrics than previous periods or, compared to the index or other Funds.
Additional information regarding Taxonomy Regulation compliance is available under the section “Taxonomy Regulation Disclosures”. Further information regarding how the Investment Manager integrates ESG into its investment approach, its proprietary ESG model and how it engages with companies is available under the “Responsible Investment” section of the Prospectus and on the website www.avivainvestors.com. | en | es |
DOLFIN8725 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# >> Practical Information
Depositary Société Générale Bank & Trust
Further information Paper copies of the Prospectus for the Fund and Amundi Funds II (the "Master Fund") the latest annual and semi- annual reports for the Fund and the Master Fund, details of the remuneration policy of the Management Company, the latest share and unit prices as well as other practical information such as key investor information documents can be obtained in English free of charge upon request from the registered office of the Management Company and online at: www.amundi.lu/amundi-funds
Taxation The Sub-Fund is subject to the tax laws and regulations of Luxembourg. Depending on your country of residence, the tax legislation of Luxembourg may have an impact on your personal tax position.
Responsibility for information The Management Company, Amundi Luxembourg S.A., 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 Fund's Prospectus.
Fund structure The Sub-Fund is a sub-fund of Amundi SICAV II, which is a SICAV with a range of sub-funds. The assets and liabilities of each sub-fund are segregated by law from those of other sub-funds. The Prospectus and the annual and semi-annual reports of Amundi SICAV II are prepared for the entire range.
To place orders Instructions on how to buy, convert or redeem shares are set out in the Prospectus. Shareholders may have the right to convert shares of this Sub-Fund into the same class of shares of another Amundi SICAV II sub-fund.
Authorisation The Fund, the Master Fund and the Management Company are authorised in Luxembourg and are regulated by the Commission de Surveillance du Secteur Financier (CSSF).
Registered office Amundi Luxembourg S.A., 5, Allée Scheffer, L-2520 Luxembourg
Date This Key Investor Information is accurate as at 18 September 2018. | # >> Información práctica
Depositario Société Générale Bank & Trust
Más información El Folleto del Fondo y de Amundi Funds II (el “Fondo principal”), los informes anuales y semestrales más recientes del Fondo y el Fondo principal, la información de la política de remuneración de la Sociedad Gestora, los últimos precios de las acciones y participaciones, y otra información de utilidad, como los documentos de datos fundamentales para el inversor, están disponibles de forma gratuita en su versión impresa en español mediante solicitud dirigida al domicilio social de la Sociedad Gestora y en su versión electrónica en la dirección de Internet www.amundi.lu/amundi-funds
Régimen fiscal El Subfondo está sujeto a las disposiciones legales y reglamentarias de Luxemburgo. La legislación tributaria de Luxemburgo podría repercutir en su situación fiscal personal en función de su país de residencia.
Responsabilidad de la información La Sociedad Gestora, Amundi Luxembourg S.A., 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.
Estructura del fondo El Subfondo es un subfondo de Amundi SICAV II, que es un SICAV con una amplia gama de subfondos. Por ley, los activos y pasivos de cada subfondo están separados de los correspondientes a los demás subfondos. El Folleto y los informes anuales y semestrales de Amundi SICAV II se elaboran para el conjunto completo.
Para cursar órdenes En el Folleto se incluyen instrucciones sobre cómo comprar, convertir o reembolsar acciones. Los Accionistas pueden tener derecho a convertir acciones de este Subfondo en acciones de otro subfondo Amundi SICAV II.
Autorización El Fondo, el Fondo Principal y la Sociedad Gestora están autorizados en Luxemburgo y están regulados por la Commission de Surveillance du Secteur Financier (CSSF).
Domicilio social Amundi Luxembourg S.A., 5, Allée Scheffer, L-2520 Luxemburgo.
Fecha Los presentes Datos Fundamentales para el Inversor son exactos a 18 de septiembre de 2018. | # >> Practical Information
Depositary Société Générale Bank & Trust
Further information Paper copies of the Prospectus for the Fund and Amundi Funds II (the "Master Fund") the latest annual and semi- annual reports for the Fund and the Master Fund, details of the remuneration policy of the Management Company, the latest share and unit prices as well as other practical information such as key investor information documents can be obtained in English free of charge upon request from the registered office of the Management Company and online at: www.amundi.lu/amundi-funds
Taxation The Sub-Fund is subject to the tax laws and regulations of Luxembourg. Depending on your country of residence, the tax legislation of Luxembourg may have an impact on your personal tax position.
Responsibility for information The Management Company, Amundi Luxembourg S.A., 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 Fund's Prospectus.
Fund structure The Sub-Fund is a sub-fund of Amundi SICAV II, which is a SICAV with a range of sub-funds. The assets and liabilities of each sub-fund are segregated by law from those of other sub-funds. The Prospectus and the annual and semi-annual reports of Amundi SICAV II are prepared for the entire range.
To place orders Instructions on how to buy, convert or redeem shares are set out in the Prospectus. Shareholders may have the right to convert shares of this Sub-Fund into the same class of shares of another Amundi SICAV II sub-fund.
Authorisation The Fund, the Master Fund and the Management Company are authorised in Luxembourg and are regulated by the Commission de Surveillance du Secteur Financier (CSSF).
Registered office Amundi Luxembourg S.A., 5, Allée Scheffer, L-2520 Luxembourg
Date This Key Investor Information is accurate as at 18 September 2018. | en | es |
DOLFIN8734 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 01/07/1993.
The share class of the Fund was launched on 01/03/2011.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 01/07/1993.
La clase de acciones del Fondo se lanzó el 01/03/2011.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad. | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 01/07/1993.
The share class of the Fund was launched on 01/03/2011.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | en | es |
DOLFIN8737 | 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: October 31, 2011.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
30%
20%
10%
0%
-10%
-20% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 31 de octubre de 2011. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
30%
20%
10%
0%
-10%
-20% | ### Launch Date and Currency
Sub-Fund's launch date: October 31, 2011.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
30%
20%
10%
0%
-10%
-20% | en | es |
DOLFIN8739 | 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 490 | EUR 570 |
| | Average return each year % | -95.10% | -43.61% |
| Unfavourable scenario | What you might get back after costs | EUR 7,290 | EUR 8,220 |
| | Average return each year % | -27.10% | -3.84% |
| Moderate scenario | What you might get back after costs | EUR 10,970 | EUR 15,650 |
| | Average return each year % | 9.70% | 9.37% |
| Favourable scenario | What you might get back after costs | EUR 18,260 | EUR 24,670 |
| | Average return each year % | 82.60% | 19.79% | | | | 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 490 | EUR 570 |
| | Rendimiento medio cada año | -95,10% | -43,61% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.290 | EUR 8.220 |
| | Rendimiento medio cada año | -27,10% | -3,84% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.970 | EUR 15.650 |
| | Rendimiento medio cada año | 9,70% | 9,37% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 18.260 | EUR 24.670 |
| | Rendimiento medio cada año | 82,60% | 19,79% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 490 | EUR 570 |
| | Average return each year % | -95.10% | -43.61% |
| Unfavourable scenario | What you might get back after costs | EUR 7,290 | EUR 8,220 |
| | Average return each year % | -27.10% | -3.84% |
| Moderate scenario | What you might get back after costs | EUR 10,970 | EUR 15,650 |
| | Average return each year % | 9.70% | 9.37% |
| Favourable scenario | What you might get back after costs | EUR 18,260 | EUR 24,670 |
| | Average return each year % | 82.60% | 19.79% | | en | es |
DOLFIN8756 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Transaction costs are recorded in the specific accounts of the SICAV and are therefore not added to the cost of the transferable securities (excluding costs).
The weighted Average Withdrawal Price (PRMP) is used as the method of liquidation of the securities. For derivatives, on the other hand, the FIFO method (‘First In’ ‘First Out’; ‘First In First Out’) is used.
-
# - Remuneration | # Los gastos de negociación se contabilizan en cuentas específicas de la SICAV y, por lo tanto, no se añaden al precio de coste de los valores mobiliarios (gastos excluidos).
Se elige como método de liquidación de los títulos el PRMP (o Precio de Coste Medio Ponderado). En cambio, para los productos derivados se utiliza el método de la primera entrada, primera salida (First in-First Out, FIFO).
-
# - Remuneración | # Transaction costs are recorded in the specific accounts of the SICAV and are therefore not added to the cost of the transferable securities (excluding costs).
The weighted Average Withdrawal Price (PRMP) is used as the method of liquidation of the securities. For derivatives, on the other hand, the FIFO method (‘First In’ ‘First Out’; ‘First In First Out’) is used.
-
# - Remuneration | en | es |
DOLFIN8764 | 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 before fees and expenses of the MSCI ACWI IMI Next Generation Internet Innovation Select ESG Screened 100 Index (index). The index is based on the MSCI ACWI IMI Index (Parent Index) and is designed to reflect the performance of the shares of large, medium, and small-capitalisation companies globally that derive, or are expected to derive, significant revenues from technological innovation in the internet sector. In order to be eligible for inclusion in the index, companies must be eligible for inclusion in the Parent Index and pass both thematic selection criteria and ESG screening criteria. The thematic selection criteria calculates a relevance score for potential constituents by assessing companies’ exposure to business activities associated with the theme. Securities must meet a certain relevance score threshold to be eligible for inclusion. The ESG screening criteria 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) are 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 | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión replique el rendimiento, antes de comisiones y gastos, del índice MSCI ACWI IMI Next Generation Internet Innovation Select ESG Screened 100 (el “índice”). El índice toma como base el índice MSCI ACWI IMI (el “índice principal”), que está diseñado para reflejar la evolución del valor de acciones de empresas de todo el mundo con una capitalización grande, mediana y pequeña que obtengan, o se espera que vayan a obtener, unos ingresos considerables de la innovación tecnológica en el sector de internet. Para poder ser incluidas en el índice, las empresas deben resultar admisibles para su inclusión en el índice principal y cumplir tanto un criterio de selección temático como un criterio de cribado ESG. El criterio de selección temático calcula una puntuación de relevancia para los posibles componentes a partir de una evaluación de la exposición de las empresas a actividades asociadas a este tema. Los valores deben superar un umbral de puntuación de relevancia específico para poder optar a la inclusión. El criterio de cribado ESG 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 | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to track the performance before fees and expenses of the MSCI ACWI IMI Next Generation Internet Innovation Select ESG Screened 100 Index (index). The index is based on the MSCI ACWI IMI Index (Parent Index) and is designed to reflect the performance of the shares of large, medium, and small-capitalisation companies globally that derive, or are expected to derive, significant revenues from technological innovation in the internet sector. In order to be eligible for inclusion in the index, companies must be eligible for inclusion in the Parent Index and pass both thematic selection criteria and ESG screening criteria. The thematic selection criteria calculates a relevance score for potential constituents by assessing companies’ exposure to business activities associated with the theme. Securities must meet a certain relevance score threshold to be eligible for inclusion. The ESG screening criteria 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) are 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 | en | es |
DOLFIN8767 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Manager commentary
Global stocks enjoyed a broad-based rally in November sparked by the US Federal Reserve, which signalled it may ease its pace of interest rate hikes, leading to speculation that other central banks could follow suit. This led to a lower US dollar, which helped take the pressure off other global economies, in particular emerging markets, which hold much of their debt in dollar denomination. However, the prospect of a global recession still looms and while the US is enjoying cooling inflation and a robust jobs market, the pessimistic outlook for the global economy put pressure on the oil price over the month.
Domestic politics and geopolitics both continue to cause hurdles for economies, with the war in Ukraine creating an uneasy backdrop.
Among sectors, the strongest gains came from material and industrials stocks, with energy companies the weakest economic grouping, although still by far and away the best-performing group on a year-to-date basis. Asia and Emerging Markets delivered double-digit gains, handsomely outperforming their developed peers. From a fundamental risk factor perspective, value was in favour once again, while low volatility lagged in most markets.
Portfolio Comments
The portfolio slightly underperformed the benchmark index before fees and expenses in November. The strategy’s risk factor exposure went unrewarded this month overall as low volatility was out of favour. However, the portfolio was able to capture the majority of the market’s upside as its focus on stocks with high quality earnings helped to drive returns.
The underweight exposure to auto makers, particularly Tesla, was rewarded as stocks here gave up some of their recent gains. As oil prices declined on expectations of global recession, the below-benchmark exposure to energy companies was rewarded and not holding Exxon Mobil or Chevron featured among the top contributors to active return at stock level.
The largest detractor from active returns was not owning chipmaker Nvidia, which trended upwards in November.
Regional active exposures detracted from performance this month as the overweight exposure to North America had an unusually large impact on performance.
Important Information
This material is intended for sophisticated professional investors and advisors and is issued by AXA Investment Managers UK Ltd. AXA Investment Managers UK Ltd is authorised and regulated by the Financial Conduct Authority (FCA), 25 The North Colonnade, Canary Wharf, London E14 5HS.
This material is intended for the use of persons meeting the MiFID client classification of Professional Clients or Eligible Counterparties and is not approved for communication to retail customers in any territory.
It is published for private reference purposes only and is neither an offer nor a solicitation to subscribe for any investment described herein. AXA Investment Managers UK Ltd or any of its affiliates may have acted upon or used any recommendations described herein.
The contents of this documentation are based upon sources believed to be correct but no guarantee, warranty or representation, express or implied is given as to their accuracy or completeness.
All performance figures, unless otherwise stated, are gross of management fees. The deduction of fees reduces the level of return.
The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Past performance is not a guide to future performance. The financial instruments used by AXA Investment Managers UK Ltd carry inherent risks which are unavoidable such as Market Risk, Credit Risk, Liquidity Risk and other risks. Before making an investment, investors should read the relevant Prospectus and the Key Investor Information Document / scheme documents, which provide full product details including investment charges and risks.
Any forward-looking or simulated data information contained herein are subject to certain inherent limitations and are based upon assumptions that may not materialise or may vary significantly from actual events and conditions. In addition not all relevant events and conditions may have been considered in developing such assumptions. Accordingly actual results may vary and such variations may be material. Prospective investors should understand and evaluate such assumptions to determine whether they are appropriate for their purposes.
Source(s): AXA Investment Managers - MSCI as at 30/11/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
Comentario del gestor
La renta variable mundial disfrutó de un repunte generalizado en noviembre provocado por la Reserva Federal estadounidense, que señaló que podría relajar su ritmo de subidas de tipos, lo que llevó a la especulación de que otros bancos centrales podrían seguir su ejemplo. Esto hizo que el dólar estadounidense se depreciara, lo que contribuyó a eliminar la presión de otras economías mundiales, en particular los mercados emergentes, que poseen gran parte de su deuda en dólares. Sin embargo, la perspectiva de una recesión mundial sigue latente y, aunque en Estados Unidos la inflación se está enfriando y el mercado laboral es sólido, las pesimistas perspectivas para la economía mundial ejercieron presión sobre el precio del petróleo a lo largo del mes. Tanto la política nacional como la geopolítica siguen siendo un obstáculo para las economías y la guerra en Ucrania crea un telón de fondo inquietante.
Por sectores, las mayores ganancias provinieron de los valores de materiales e industria, y las empresas energéticas fueron el grupo económico más débil, aunque sigue siendo, con diferencia, el grupo con mejores resultados en lo que va de año. Asia y los mercados emergentes registraron ganancias de dos dígitos, superando ampliamente a sus homólogos desarrollados. Desde la perspectiva de los factores de riesgo fundamentales, el valor se impuso una vez más, mientras que la baja volatilidad quedó rezagada en la mayoría de los mercados.
Comentarios de la cartera
La cartera tuvo un comportamiento ligeramente inferior al de su índice de referencia antes de comisiones y gastos durante el mes de noviembre. La exposición a factores de riesgo de la estrategia no se vio recompensada este mes en general, ya que la baja volatilidad no se vio favorecida. Sin embargo, la cartera pudo captar la mayor parte del alza del mercado, ya que su enfoque en valores con beneficios de alta calidad contribuyó a impulsar las rentabilidades.
La infraponderación en fabricantes de automóviles, en particular en Tesla, se vio recompensada, ya que los valores cedieron parte de sus recientes ganancias. Dado que los precios del petróleo cayeron ante las expectativas de una recesión mundial, la infraponderación en empresas energéticas se vio recompensada y la ausencia en cartera de ExxonMobil o Chevron estuvo entre las principales contribuciones individuales a la rentabilidad activa.
El mayor lastre para las rentabilidades activas fue la ausencia en cartera del fabricante de chips Nvidia, que tendió al alza en noviembre.
Las exposiciones activas regionales lastraron la rentabilidad este mes, ya que la sobreponderación en Norteamérica tuvo un impacto inusualmente considerable en la rentabilidad.
Información importante
Este material está destinado a inversores y asesores profesionales sofisticados y lo publica AXA Investment Managers UK Ltd. AXA Investment Managers UK Ltd está autorizada y regulada por la Autoridad de Conducta Financiera (FCA) del Reino Unido, con sede en 25 The North Colonnade, Canary Wharf, Londres E14 5HS.
Este material está destinado a su uso por parte de personas que cumplen con la clasificación de Clientes Profesionales o Contrapartes aptas según la directiva MiFID y no está autorizado para su comunicación a clientes particulares en ningún territorio.
Se publica únicamente a efectos de referencia privados y no es una oferta ni una solicitud de suscripción respecto de ninguna de las inversiones aquí descritas. AXA Investment Managers UK Ltd o alguna de sus filiales puede haberse basado o utilizado cualquier recomendación descrita en el presente documento.
El contenido de la presente documentación se basa en fuentes que se consideran correctas, aunque no se ofrece ninguna garantía o manifestación, expresa o implícita, sobre su exactitud o integridad.
Todas las cifras de rentabilidad, salvo indicación en contrario, son antes de comisiones de gestión. La deducción de las comisiones reduce el nivel de rentabilidad.
El valor de las inversiones y las rentas derivadas de ellas pueden disminuir o aumentar y es posible que los inversores no recuperen la cantidad invertida originalmente. Las rentabilidades pasadas no son un indicador de resultados futuros. Los instrumentos financieros utilizados por AXA Investment Managers UK Ltd conllevan riesgos inherentes e inevitables, como el riesgo de mercado, el riesgo de crédito, el riesgo de liquidez y otros riesgos. Antes de realizar una inversión, los inversores deben leer el Folleto y el documento de Datos Fundamentales para el Inversor / documentos de oferta correspondientes, en los que figuran todos los detalles del producto, incluidos los gastos de inversión y los riesgos.
Fuente(s) : AXA Investment Managers - MSCI a 30/11/2022 Redactor: AXA Investment Managers Paris.
Cualesquiera datos o información predictivos o simulados que aparezcan aquí están sujetos a determinadas limitaciones inherentes y se basan en hipótesis que pueden no materializarse o pueden variar considerablemente de los acontecimientos o situaciones reales. Además, es posible que no se hayan tenido en cuenta todos los acontecimientos y situaciones pertinentes al elaborar esas hipótesis. En consecuencia, los resultados reales pueden diferir y esas variaciones pueden ser importantes. Los inversores potenciales deben entender y valorar dichas hipótesis para determinar si son apropiadas para sus propósitos. | # Fund manager's report
Manager commentary
Global stocks enjoyed a broad-based rally in November sparked by the US Federal Reserve, which signalled it may ease its pace of interest rate hikes, leading to speculation that other central banks could follow suit. This led to a lower US dollar, which helped take the pressure off other global economies, in particular emerging markets, which hold much of their debt in dollar denomination. However, the prospect of a global recession still looms and while the US is enjoying cooling inflation and a robust jobs market, the pessimistic outlook for the global economy put pressure on the oil price over the month.
Domestic politics and geopolitics both continue to cause hurdles for economies, with the war in Ukraine creating an uneasy backdrop.
Among sectors, the strongest gains came from material and industrials stocks, with energy companies the weakest economic grouping, although still by far and away the best-performing group on a year-to-date basis. Asia and Emerging Markets delivered double-digit gains, handsomely outperforming their developed peers. From a fundamental risk factor perspective, value was in favour once again, while low volatility lagged in most markets.
Portfolio Comments
The portfolio slightly underperformed the benchmark index before fees and expenses in November. The strategy’s risk factor exposure went unrewarded this month overall as low volatility was out of favour. However, the portfolio was able to capture the majority of the market’s upside as its focus on stocks with high quality earnings helped to drive returns.
The underweight exposure to auto makers, particularly Tesla, was rewarded as stocks here gave up some of their recent gains. As oil prices declined on expectations of global recession, the below-benchmark exposure to energy companies was rewarded and not holding Exxon Mobil or Chevron featured among the top contributors to active return at stock level.
The largest detractor from active returns was not owning chipmaker Nvidia, which trended upwards in November.
Regional active exposures detracted from performance this month as the overweight exposure to North America had an unusually large impact on performance.
Important Information
This material is intended for sophisticated professional investors and advisors and is issued by AXA Investment Managers UK Ltd. AXA Investment Managers UK Ltd is authorised and regulated by the Financial Conduct Authority (FCA), 25 The North Colonnade, Canary Wharf, London E14 5HS.
This material is intended for the use of persons meeting the MiFID client classification of Professional Clients or Eligible Counterparties and is not approved for communication to retail customers in any territory.
It is published for private reference purposes only and is neither an offer nor a solicitation to subscribe for any investment described herein. AXA Investment Managers UK Ltd or any of its affiliates may have acted upon or used any recommendations described herein.
The contents of this documentation are based upon sources believed to be correct but no guarantee, warranty or representation, express or implied is given as to their accuracy or completeness.
All performance figures, unless otherwise stated, are gross of management fees. The deduction of fees reduces the level of return.
The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Past performance is not a guide to future performance. The financial instruments used by AXA Investment Managers UK Ltd carry inherent risks which are unavoidable such as Market Risk, Credit Risk, Liquidity Risk and other risks. Before making an investment, investors should read the relevant Prospectus and the Key Investor Information Document / scheme documents, which provide full product details including investment charges and risks.
Any forward-looking or simulated data information contained herein are subject to certain inherent limitations and are based upon assumptions that may not materialise or may vary significantly from actual events and conditions. In addition not all relevant events and conditions may have been considered in developing such assumptions. Accordingly actual results may vary and such variations may be material. Prospective investors should understand and evaluate such assumptions to determine whether they are appropriate for their purposes.
Source(s): AXA Investment Managers - MSCI as at 30/11/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN8768 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How long should I hold it and can I take money out early?
#### Recommended holding period: 4 years
This Fund is designed for medium to longer term investments; you should be prepared to stay invested for at least 3 years. However, you can redeem your investment without penalty at any time during this period, or hold the investment longer. Redemptions are possible on every working day; it will take 3 business days for you to be paid. The price for the day, reflecting the actual value of the Fund, is set each day after the valuation point, and published on our website www.ssga.com.
As the shares are listed on the stock exchange, you may buy or sell shares in the product, without penalty, on any normal business day. Please contact your broker, financial adviser or distributor for information on any costs and charges relating to the sale of the shares.
ETF Shares purchased on the secondary market cannot usually be sold directly back to the Company. In exceptional circumstances, whether as a result of disruptions in the secondary market or otherwise, investors who have acquired ETF Shares on the secondary market are entitled to apply to the Company in writing to have the ETF Shares in question registered in their own name, to enable them to access the redemption facilities described in the "Primary Market" section. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
#### Período de mantenimiento recomendado: 4 años
Este producto ha sido diseñado para inversiones a medio y largo plazo; usted debería estar dispuesto a mantener su inversión durante al menos tres años. Sin embargo, podrá reembolsar su inversión sin penalización en cualquier momento durante este periodo o mantenerla más tiempo. Los reembolsos se pueden realizar todos los días hábiles y su pago se realizará en el plazo de tres días hábiles. El precio del día, que refleja el valor real del Fondo, se fija todos los días tras el punto de valoración, y se publica en nuestra página web www.ssga.com.
Dado que las se acciones cotizan en el mercado bursátil, usted puede comprar o vender acciones del producto, sin penalización, cualquier día hábil. Contacte con su corredor, asesor financiero o distribuidor para obtener información sobre los costes y gastos asociados a la venta de las acciones.
Por lo general, las Acciones del ETF compradas en el mercado secundario no se pueden vender directamente a la Sociedad. En circunstancias excepcionales, sea como resultado de perturbaciones en el mercado secundario o por otros motivos, los inversores que hayan comprado Acciones del ETF en el mercado secundario podrán solicitar a la Sociedad por escrito que estas acciones se registren a su propio nombre, con el fin de poder acceder a los servicios de reembolso descritos en la sección «Mercado primario». | # How long should I hold it and can I take money out early?
#### Recommended holding period: 4 years
This Fund is designed for medium to longer term investments; you should be prepared to stay invested for at least 3 years. However, you can redeem your investment without penalty at any time during this period, or hold the investment longer. Redemptions are possible on every working day; it will take 3 business days for you to be paid. The price for the day, reflecting the actual value of the Fund, is set each day after the valuation point, and published on our website www.ssga.com.
As the shares are listed on the stock exchange, you may buy or sell shares in the product, without penalty, on any normal business day. Please contact your broker, financial adviser or distributor for information on any costs and charges relating to the sale of the shares.
ETF Shares purchased on the secondary market cannot usually be sold directly back to the Company. In exceptional circumstances, whether as a result of disruptions in the secondary market or otherwise, investors who have acquired ETF Shares on the secondary market are entitled to apply to the Company in writing to have the ETF Shares in question registered in their own name, to enable them to access the redemption facilities described in the "Primary Market" section. | en | es |
DOLFIN8772 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
25% of the Fund’s net assets may be exposed:
- to shares of companies headquartered outside of the European Union, including emerging countries (up to 10% of assets), and
- to the currencies of countries that are not members of the European Union, in connection with investments in the securities of companies headquartered outside of the European Union, including emerging countries (up to a maximum of 10%).
- between 0% and 25% in money market instruments as part of cash management. This portfolio component shall consist of debt securities such as transferable debt securities, money market instruments and short-term bonds rated Investment Grade, i.e. between AAA and BBB- (by Standard & Poor’s or deemed equivalent by the Management Company or using the Management Company’s internal rating), which are denominated in euro and from issuers headquartered in the European Union or United Kingdom. The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take the interests of unitholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits. | El Fondo podrá exponer un 25% de su patrimonio neto:
- a acciones de sociedades domiciliadas fuera de la Unión Europea, incluidos los países emergentes (dentro del límite del 10% del patrimonio); y
- a divisas de países que no pertenecen a la Unión Europea relacionadas con inversiones en títulos de sociedades fuera de la Unión Europea, incluidos los países emergentes (hasta un 10%).
- del 0% al 25 % en productos de gestión monetaria en el marco de la gestión de su tesorería. Este componente de gestión estará constituido por títulos de crédito, tales como títulos de crédito negociables, instrumentos del mercado monetario y obligaciones a corto plazo con calificación investment grade, es decir, con una calificación de entre AAA y BBB- (otorgada por Standard & Poor’s u equivalente en opinión de la Sociedad gestora, o concedida de manera interna por parte de la Sociedad gestora), denominados en euros y cuyo emisor tenga su domicilio social en la Unión Europea o en el Reino Unido. La Sociedad gestora no recurre de forma exclusiva y mecánica a las calificaciones emitidas por las agencias de calificación y lleva a cabo su propio análisis interno. En el supuesto de rebajarse la calificación crediticia, se tendrá en cuenta en la evaluación de los límites de calificación el interés de los partícipes, la coyuntura del mercado y el análisis interno de la Sociedad gestora sobre la calificación de estos instrumentos de renta fija. | 25% of the Fund’s net assets may be exposed:
- to shares of companies headquartered outside of the European Union, including emerging countries (up to 10% of assets), and
- to the currencies of countries that are not members of the European Union, in connection with investments in the securities of companies headquartered outside of the European Union, including emerging countries (up to a maximum of 10%).
- between 0% and 25% in money market instruments as part of cash management. This portfolio component shall consist of debt securities such as transferable debt securities, money market instruments and short-term bonds rated Investment Grade, i.e. between AAA and BBB- (by Standard & Poor’s or deemed equivalent by the Management Company or using the Management Company’s internal rating), which are denominated in euro and from issuers headquartered in the European Union or United Kingdom. The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take the interests of unitholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits. | en | es |
DOLFIN8775 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# DETERMINATION OF NET ASSET VALUE
- The Company shall determine the Net Asset Value of the Company, each class and each fund as at each Dealing Day. The Net Asset Value shall be expressed in the Base Currency as a per share figure for the issue of shares and for the repurchase of shares respectively as appropriate and shall be determined in accordance with Article 14 hereof.
- The Company at any time may, but shall not be obliged to, temporarily suspend the determination of the Net Asset Value of the shares in any class or fund and the sale and repurchase of such shares, in the following instances:-
- during any period (other than ordinary holiday or customary weekend closings) when any market is closed which is the main market for a significant part of the Investments, or when trading thereon is restricted or suspended; or
- during any period when the disposal or valuation by the Company of Investments which constitute a substantial portion of the Company’s assets is not practically feasible or if feasible would be possible only on terms materially disadvantageous to Members; or
- during any period when for any reason the prices of any Investments cannot be reasonably, promptly or accurately ascertained by the Administrator; or
- during any period when remittance of monies which will, or may, be involved in the realisation of, or in the payment for, Investments cannot, in the opinion of the Directors, be carried out at normal rates of exchange; or
- during any period when the proceeds of sale or repurchase of shares in the Company cannot be transmitted to or from the Company’s account; or
- during any period when a notice to terminate the Company or any fund has been served or when a meeting of Members has been convened to consider a motion to terminate the Company or any fund; or
- upon the occurrence of an event causing the Company to enter into liquidation; or
- in exceptional cases, where the circumstances so require, and where the Directors consider it justifiable to do so having regard to the best interests of the Members as a whole; or31
- during the whole or part of any period when a Master Fund (in which Shares of the particular Feeder Fund are invested) suspends the determination of its Net Asset Value and the issue, redemption and conversion of its Shares.
- A suspension of repurchases may be made at any time prior to the payment of the repurchase monies and the removal of the details of the relevant shares from the Register. A suspension of subscriptions may be made at any time prior to the entry of the details of the relevant shares in the Register.
- The Company may elect to treat the first Business Day on which the conditions giving rise to the suspension have ceased as a substitute Dealing Day in which case the Net Asset Value calculations and all issues and repurchases of shares shall be effected on the substitute Dealing Day. Alternatively the Company may elect not to treat such Business Day as a substitute Dealing Day in which case it shall notify all applicants for shares and Members requesting repurchase of shares who shall then be entitled to withdraw their applications and repurchase requests by the date stated in the notification.
- Any such suspension shall be published by the Company in such manner as it may deem appropriate to the persons likely to be affected thereby if in the opinion of the Company, such suspension is likely to continue for a period exceeding fourteen days and any such suspension shall be notified immediately to the Central Bank.
- | # CÁLCULO DEL VALOR LIQUIDATIVO
- La Sociedad deberá determinar el Valor liquidativo de la Sociedad, cada clase y cada fondo en cada Día de Negociación. El Valor liquidativo deberá ser expresado en la Divisa Base como una cifra por acción para la emisión de acciones y para la recompra de acciones respectivamente y será determinado con arreglo al Artículo 14 del presente.
- La Sociedad podrá en cualquier momento, aunque no estará obligada a hacerlo, suspender de forma temporal el cálculo del Valor liquidativo de las acciones de una clase o fondo y la venta o recompra de dichas acciones, en las siguientes circunstancias:
- durante cualquier periodo (que no sean los cierres por vacaciones ordinarias o fines de semana) en que esté cerrado un mercado que sea el principal mercado de una parte significativa de las Inversiones, o cuando se restrinjan las negociaciones en ese mercado o se suspendan; o
- durante cualquier periodo en que la enajenación o valoración por parte de la Sociedad de las Inversiones que constituyen una parte significativa de los activos de la Sociedad no sea factible, o si fuera factible, solo fuera posible de una forma que resultase perjudicial para los Miembros; o
- en cualquier periodo en que por el motivo que fuera el Administrador no pudiera conocer los precios de determinadas Inversiones, de forma razonable, inmediata o precisa; o
- en cualquier periodo en que el envío de cantidades que estén o puedan estar relacionadas con la realización de, o con el pago de, Inversiones no pueda, en opinión de los Consejeros, realizarse según los tipos de cambio normales; o
- en cualquier periodo en que los importes de ventas o recompras de acciones en la Sociedad no puedan transferirse a o desde la cuenta de la Sociedad; o
- durante cualquier periodo en que se haya enviado una notificación para disolver la Sociedad o cualquier fondo o cuando se haya convocado una junta de Miembros para considerar una moción para disolver la Sociedad o cualquier fondo; o
- después de suceder un evento que haga que la Sociedad entre en liquidación; o
- en casos excepcionales, cuando las circunstancias así lo exijan y cuando los Consejeros los consideren justificable para velar por los intereses de los Miembros en conjunto; o
- durante la totalidad o parcialidad del periodo cuando un Fondo Principal (en el cual se invierten Acciones del Fondo de adhesión) suspende la determinación de su Valor liquidativo y la emisión, rescate y conversión de sus Acciones.
- Podrá realizarse una suspensión de las recompras en cualquier momento antes del pago de las cantidades de recompra y de la eliminación de los datos de las acciones correspondientes del Registro. Podrá realizarse una suspensión de las suscripciones en cualquier momento antes introducir los datos de las acciones correspondientes en el Registro.
- La Sociedad podrá decidir tratar el primer Día Hábil en que las condiciones que provocan la suspensión hayan cesado como un Día de Negociación alternativo en cuyo caso los cálculos del Valor liquidativo y todas las emisiones y recompras de acciones entrarán en vigor el Día de Negociación alternativo. Alternativamente, la Sociedad podrá elegir no tratar dicho Día Hábil como un Día Hábil alternativo en cuyo caso deberá notificar a los solicitantes de acciones y Miembros que soliciten la recompra de acciones quienes entonces tendrán derecho a retirar sus solicitudes y peticiones de recompra antes de la fecha indicada en la notificación.
- La Sociedad publicará cualquier suspensión de ese tipo de aquella manera que considere apropiada a las personas que sea probable que se vean afectadas por ella si, en opinión de la Sociedad, dicha suspensión es probable que continúe durante un período que sobrepase los catorce días y, cualquier suspensión de ese tipo será notificada inmediatamente al Banco Central.
- | # DETERMINATION OF NET ASSET VALUE
- The Company shall determine the Net Asset Value of the Company, each class and each fund as at each Dealing Day. The Net Asset Value shall be expressed in the Base Currency as a per share figure for the issue of shares and for the repurchase of shares respectively as appropriate and shall be determined in accordance with Article 14 hereof.
- The Company at any time may, but shall not be obliged to, temporarily suspend the determination of the Net Asset Value of the shares in any class or fund and the sale and repurchase of such shares, in the following instances:-
- during any period (other than ordinary holiday or customary weekend closings) when any market is closed which is the main market for a significant part of the Investments, or when trading thereon is restricted or suspended; or
- during any period when the disposal or valuation by the Company of Investments which constitute a substantial portion of the Company’s assets is not practically feasible or if feasible would be possible only on terms materially disadvantageous to Members; or
- during any period when for any reason the prices of any Investments cannot be reasonably, promptly or accurately ascertained by the Administrator; or
- during any period when remittance of monies which will, or may, be involved in the realisation of, or in the payment for, Investments cannot, in the opinion of the Directors, be carried out at normal rates of exchange; or
- during any period when the proceeds of sale or repurchase of shares in the Company cannot be transmitted to or from the Company’s account; or
- during any period when a notice to terminate the Company or any fund has been served or when a meeting of Members has been convened to consider a motion to terminate the Company or any fund; or
- upon the occurrence of an event causing the Company to enter into liquidation; or
- in exceptional cases, where the circumstances so require, and where the Directors consider it justifiable to do so having regard to the best interests of the Members as a whole; or31
- during the whole or part of any period when a Master Fund (in which Shares of the particular Feeder Fund are invested) suspends the determination of its Net Asset Value and the issue, redemption and conversion of its Shares.
- A suspension of repurchases may be made at any time prior to the payment of the repurchase monies and the removal of the details of the relevant shares from the Register. A suspension of subscriptions may be made at any time prior to the entry of the details of the relevant shares in the Register.
- The Company may elect to treat the first Business Day on which the conditions giving rise to the suspension have ceased as a substitute Dealing Day in which case the Net Asset Value calculations and all issues and repurchases of shares shall be effected on the substitute Dealing Day. Alternatively the Company may elect not to treat such Business Day as a substitute Dealing Day in which case it shall notify all applicants for shares and Members requesting repurchase of shares who shall then be entitled to withdraw their applications and repurchase requests by the date stated in the notification.
- Any such suspension shall be published by the Company in such manner as it may deem appropriate to the persons likely to be affected thereby if in the opinion of the Company, such suspension is likely to continue for a period exceeding fourteen days and any such suspension shall be notified immediately to the Central Bank.
- | en | es |
DOLFIN8777 | 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 the equity market in Australia, Hong Kong, New Zealand and Singapore.
The Fund is passively managed and invests in equity securities (e.g. shares) listed and traded on regulated markets in Australia, Hong Kong, New Zealand and Singapore.
The return of the Fund will be compared with the return on an index which will initially be the MSCI Pacific ex-Japan Index with net dividends, the Fund’s benchmark index.
The benchmark index measures the performance of equity securities of leading companies listed in Australia, Hong Kong, New Zealand and Singapore. The components of the benchmark index are weighted by market capitalisation. Market capitalisation, in this case, is the share price of the company multiplied by the number of shares readily available in the market.
The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.
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 units will be distributing units (i.e. dividend income will be paid quarterly).
The Fund’s base currency is US Dollar. Units for this class are bought and sold in Euro. The performance of your units may be affected by this currency difference. You can buy and sell your units daily. The minimum initial investment for this unit class is €1,000,000.
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
Este Fondo tiene por objetivo alcanzar una rentabilidad en su inversión a través de una combinación de revalorización del capital y rendimientos en los activos del Fondo que refleje la rentabilidad del mercado de renta variable de Australia, Hong Kong, Nueva Zelanda y Singapur.
El Fondo se gestiona de forma pasiva e invierte en valores de renta variable (como acciones) cotizados o negociados en mercados regulados de Australia, Hong Kong, Nueva Zelanda y Singapur.
La rentabilidad del Fondo se comparará con la rentabilidad de un índice, que en principio será el Índice MSCI Pacific ex-Japan con dividendos netos, el índice de referencia del Fondo.
El índice de referencia mide la rentabilidad de los valores de renta variable de destacadas empresas cotizadas de Australia, Hong Kong, Nueva Zelanda y Singapur. Los componentes del índice de referencia se ponderan en función de la capitalización bursátil. En este caso, la capitalización bursátil es la cotización bursátil de la empresa multiplicada por el número de acciones inmediatamente disponibles en el mercado.
El Fondo trata de replicar el índice de referencia manteniendo los valores de renta variable que componen dicho índice de referencia, en proporciones similares a este.
El Subfondo también podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio de generar rendimientos adicionales y de compensar los costes del Subfondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus participaciones serán distributivas (trimestralmente se pagarán ingresos por dividendo).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Puede usted comprar y vender diariamente sus participaciones. La inversión mínima inicial para esta clase de participaciones es de 1 000 000 EUR.
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 the equity market in Australia, Hong Kong, New Zealand and Singapore.
The Fund is passively managed and invests in equity securities (e.g. shares) listed and traded on regulated markets in Australia, Hong Kong, New Zealand and Singapore.
The return of the Fund will be compared with the return on an index which will initially be the MSCI Pacific ex-Japan Index with net dividends, the Fund’s benchmark index.
The benchmark index measures the performance of equity securities of leading companies listed in Australia, Hong Kong, New Zealand and Singapore. The components of the benchmark index are weighted by market capitalisation. Market capitalisation, in this case, is the share price of the company multiplied by the number of shares readily available in the market.
The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.
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 units will be distributing units (i.e. dividend income will be paid quarterly).
The Fund’s base currency is US Dollar. Units for this class are bought and sold in Euro. The performance of your units may be affected by this currency difference. You can buy and sell your units daily. The minimum initial investment for this unit class is €1,000,000.
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 |
DOLFIN8778 | 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 composite benchmark between 30/09/2011-30/09/2018.
Favourable scenario
What you might get back after costs
Average return each year
CHF 15,646
56.5%
CHF 24,158
13.4% | # Este tipo de escenario se produjo para una inversión índice de referencia compuesto entre 30/09/2011-30/09/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
15 646 CHF
56,5%
24 158 CHF
13,4% | # This type of scenario occurred for an investment composite benchmark between 30/09/2011-30/09/2018.
Favourable scenario
What you might get back after costs
Average return each year
CHF 15,646
56.5%
CHF 24,158
13.4% | en | es |
DOLFIN8783 | 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: The Fund is a sub-fund of iShares IV plc, an umbrella company incorporated in Ireland, authorised by the Central Bank of Ireland as a Undertaking for Collective Investment in Transferable Securities (“UCITS”).
Term: The Fund does not have a fixed term of existence or maturity period but in certain circumstances, as described in the Fund prospectus, the Fund may be unilaterally terminated following written notice to unitholders subject to compliance with the Fund prospectus and applicable regulation.
## Objectives
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund's investments, which reflect the return of the MSCI World SRI Select Reduced Fossil Fuel Index (the Index).
The Fund, is passively managed and aims to invest in equity securities (e.g. shares) that make up the Index.
The Index measures the performance of a sub-set of equity securities (e.g. shares) within four regional indices: the MSCI Pacific Index, the MSCI Europe & Middle East Index, the MSCI Canada Index, and the MSCI USA Index (“Regional Indices”) which are issued by global companies with higher environmental, social and governance (“ESG”) ratings than other sector peers within the relevant Regional Indices, based on a series of exclusionary and ratings based criteria set out in the Prospectus.
The Fund may obtain limited exposure to securities considered not to satisfy these ESG criteria.
The Fund will adopt a best-in-class approach to sustainable investing, this means that it is expected that the Fund will invest in the best issuers from an ESG / socially responsible investment (“SRI”) perspective (based on the ESG or SRI criteria of the Index) within each relevant sector of activities covered by the Index.
Eligible constituents within each Global Industry Classification Standard (“GICS”) sector are ranked and weighted by the index provider based on their free float adjusted market capitalisation.
The Regional Indices measure the performance of large and mid-capitalisation stocks across the developed global markets which comply with the index provider’s size, liquidity and free-float criteria. The Index targets 5% issuer exposure capping. In order to reduce the risk of non-compliance with the 5% threshold due to market movements, the weight of each issuer is capped at 4.5% at the point of Index construction and at each rebalancing.
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). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment.
The return on your investment in the Fund is directly related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below).
The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares IV plc. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the iShares website at: www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Sterling. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
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.
Intended retail investor: The Fund is intended for retail investors with the ability to bear losses up to the amount invested in the Fund (see “How long should I hold it and can I take my money out early?”).
Insurance benefits: The Fund does not offer any insurance benefits. | # ¿Qué es este producto?
Tipo: El Fondo es un subfondo de iShares IV plc, una sociedad paraguas constituida en Irlanda, autorizada por el Banco Central de Irlanda como un Organismo de Inversión Colectiva en Valores Mobiliarios («OICVM»).
Plazo: El Fondo no tiene establecido ningún periodo fijo de existencia o vencimiento, aunque, en determinadas circunstancias, tal como se describe en el folleto del Fondo, el Fondo podrá ser resuelto unilateralmente tras el envío de una notificación escrita a los partícipes, con sujeción a lo establecido en el folleto del Fondo y en la normativa aplicable.
## Objetivos
El Fondo tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de las inversiones del Fondo, que refleje la rentabilidad del MSCI World SRI Select Reduced Fossil Fuel Index (el Índice).
El Fondo se gestiona de forma pasiva y trata de invertir en los valores de renta variable (por ejemplo, acciones) que componen el Índice.
El Índice mide la rentabilidad de un subconjunto de valores de renta variable (por ejemplo, acciones) incluidos en cuatro índices regionales: el MSCI Pacific Index, el MSCI Europe & Middle East Index, el MSCI Canada Index y el MSCI USA Index («Índices regionales»), que son emitidos por empresas de todo el mundo con una clasificación medioambiental, social y de gobierno corporativo («ESG») superior a la de sus homólogos del sector incluidos en los Índices regionales relevantes en función de una serie de criterios de exclusión y clasificación establecidos en el Folleto.
El Fondo puede obtener una exposición limitada a valores que se considere que no cumplen estos criterios ESG.
El Fondo adoptará un enfoque de inversión sostenible de máxima calidad, lo que significa que se espera que el Fondo invierta en los mejores emisores desde una perspectiva ESG / de inversión socialmente responsable («SRI») (basándose en los criterios ESG o SRI del Índice) dentro de cada sector relevante de las actividades cubiertas por el Índice.
El proveedor del índice clasifica los componentes admisibles de cada sector de la Norma de clasificación sectorial global («GICS») y estos se ponderan en función de su capitalización bursátil ajustada a flotación libre.
Los Índices regionales miden la rentabilidad de valores de elevada y mediana capitalización bursátil de los mercados desarrollados de todo el mundo que cumplen los criterios de tamaño, liquidez y flotación libre del proveedor del índice. El Índice tiene como objetivo mantener una limitación de la exposición a los emisores del 5 %. Con el fin de reducir el riesgo de incumplimiento del umbral del 5 % debido a los movimientos del mercado, la ponderación de cada emisor está limitada al 4,5 % en el momento de la creación del Índice y en cada reajuste.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la de su Índice. Estas técnicas pueden incluir la selección estratégica de determinados valores que componen el Índice u otros valores que proporcionen una rentabilidad similar a la de ciertos valores incluidos en el Índice. También pueden incluir el uso de instrumentos financieros derivados (IFD). Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de Acciones, está previsto que la utilización de IFD sea limitada.
El precio de los valores fluctúa diariamente y puede verse influido por factores que afecten a la rentabilidad de cada una de las empresas que emiten los valores, así como por los movimientos diarios del mercado bursátil y por la situación económica y política general, que también puede afectar al valor de su inversión.
La rentabilidad de su inversión en el Fondo estará directamente relacionada con el valor de los activos subyacentes del Fondo, menos los costes (véase el apartado «¿Cuáles son los costes?»).
La relación entre la rentabilidad de la inversión, cómo se ve afectada y el periodo durante el cual usted deberá mantener la inversión son aspectos que se consideran más abajo (véase el apartado «¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?»).
El depositario del Fondo es State Street Custodial Services (Ireland) Limited.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes del iShares IV plc. Estos documentos están disponibles de forma gratuita en inglés y en otros idiomas. Podrán obtenerse, junto con otra información (práctica), incluidos los precios de las participaciones, en el sitio web de iShares: www.ishares.com, llamando al +44 (0)845 357 7000 o a través de su intermediario o asesor financiero.
Sus acciones serán distributivas (trimestralmente se pagarán ingresos sobre las acciones).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en libras esterlinas. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
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.
Inversor minorista al que va dirigido: El Fondo está destinado a inversores minoristas con capacidad para soportar pérdidas que pueden llegar al importe invertido en el Fondo (véase el apartado «¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?»).
Prestaciones de seguros: El Fondo no ofrece ninguna prestación de seguros. | # What is this product?
Type: The Fund is a sub-fund of iShares IV plc, an umbrella company incorporated in Ireland, authorised by the Central Bank of Ireland as a Undertaking for Collective Investment in Transferable Securities (“UCITS”).
Term: The Fund does not have a fixed term of existence or maturity period but in certain circumstances, as described in the Fund prospectus, the Fund may be unilaterally terminated following written notice to unitholders subject to compliance with the Fund prospectus and applicable regulation.
## Objectives
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund's investments, which reflect the return of the MSCI World SRI Select Reduced Fossil Fuel Index (the Index).
The Fund, is passively managed and aims to invest in equity securities (e.g. shares) that make up the Index.
The Index measures the performance of a sub-set of equity securities (e.g. shares) within four regional indices: the MSCI Pacific Index, the MSCI Europe & Middle East Index, the MSCI Canada Index, and the MSCI USA Index (“Regional Indices”) which are issued by global companies with higher environmental, social and governance (“ESG”) ratings than other sector peers within the relevant Regional Indices, based on a series of exclusionary and ratings based criteria set out in the Prospectus.
The Fund may obtain limited exposure to securities considered not to satisfy these ESG criteria.
The Fund will adopt a best-in-class approach to sustainable investing, this means that it is expected that the Fund will invest in the best issuers from an ESG / socially responsible investment (“SRI”) perspective (based on the ESG or SRI criteria of the Index) within each relevant sector of activities covered by the Index.
Eligible constituents within each Global Industry Classification Standard (“GICS”) sector are ranked and weighted by the index provider based on their free float adjusted market capitalisation.
The Regional Indices measure the performance of large and mid-capitalisation stocks across the developed global markets which comply with the index provider’s size, liquidity and free-float criteria. The Index targets 5% issuer exposure capping. In order to reduce the risk of non-compliance with the 5% threshold due to market movements, the weight of each issuer is capped at 4.5% at the point of Index construction and at each rebalancing.
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). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment.
The return on your investment in the Fund is directly related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below).
The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares IV plc. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the iShares website at: www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Sterling. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
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.
Intended retail investor: The Fund is intended for retail investors with the ability to bear losses up to the amount invested in the Fund (see “How long should I hold it and can I take my money out early?”).
Insurance benefits: The Fund does not offer any insurance benefits. | en | es |
DOLFIN8790 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
1 Man Asset Management (Ireland) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
1 This key investor information document describes one share class of one sub-fund of the Company. The assets and liabilities of each sub-fund are held with BNY Mellon Trust Company (Ireland) Limited and are legally segregated from the assets of other sub-funds of the Company.
1 Additional information related to the Fund is located in the prospectus which is produced in an official language of the jurisdictions in which the Fund is registered for public sale. The prospectus is available together with the most recent financial statements, information on other share classes and the latest prices of shares free of charge at www.man.com.
1 The Fund is subject to taxation legislation in Ireland, which may have an impact on your personal tax position as an investor in the Fund.
1 You may switch shares in the Fund for shares in any other sub-fund of the Company. Further information and provisions are in the prospectus.
1 Details of Man Asset Management (Ireland) Limited's Remuneration Policy are available at www.man.com/gpam-remuneration-policy, including: (a) a description of how remuneration and benefits are calculated; and (b) the identity of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, at Man Asset Management (Ireland) Limited at 70 Sir John Rogerson's Quay, Dublin 2, Ireland.
1 The index data provider makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any data contained herein. The data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This document is not approved, endorsed, reviewed or produced by the index provider. None of the data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. See: https://www.man.com/i ndices-disclaimer for full disclaimers.
The Fund and Man Asset Management (Ireland) Limited are authorised in Ireland and regulated by the Central Bank of Ireland.
This key investor information is accurate as at 11/07/2022. | # Información práctica
1 Man Asset Management (Ireland) Limited únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
1 Este documento de datos fundamentales para el inversor describe una clase de acciones de un subfondo de la Sociedad. Los activos y pasivos de cada subfondo se mantienen en BNY Mellon Trust Company (Ireland) Limited, y están segregados legalmente de los activos de otros subfondos de la Sociedad.
1 En el folleto se puede encontrar más información relativa al Fondo, en el idioma oficial de la jurisdicción en la que el Fondo esté registrado para la venta pública. El folleto, los últimos estados financieros, la información de otras clases de acciones y los últimos precios de las acciones están disponibles gratuitamente en www.man.com.
1 El Fondo está sujeto a la legislación tributaria de Irlanda, lo que podría incidir en su situación tributaria personal como inversor en el Fondo.
1 Está permitido el canje de acciones del Fondo por acciones de otros subfondos de la Sociedad. En el folleto encontrará información e instrucciones adicionales al respecto.
1 La información sobre la Política de remuneración de Man Asset Management (Ireland) Limited está disponible en www.man.com/gpam-r emuneration-policy e incluye: (a) una descripción de cómo se calculan la remuneración y los beneficios; y (b) la identidad de las personas responsables de conceder la remuneración y los beneficios. Se puede obtener una copia impresa gratuita de esta información en Man Asset Management (Ireland) Limited en 70 Sir John Rogerson's Quay, Dublín 2, Irlanda.
1 El proveedor de datos del índice no ofrece ninguna garantía ni declaración expresa o implícita, y no tendrá responsabilidad alguna con respecto a los datos contenidos en el presente documento. Los datos no podrán ser redistribuidos ni utilizados como base para otros índices o cualquier valor o producto financiero. Este documento no está aprobado, avalado, revisado ni elaborado por el proveedor del índice. Ninguno de los datos pretende constituir asesoramiento de inversiones o una recomendación para tomar (o dejar de tomar) una decisión de inversión, y no pueden ser considerados como tal. Véase: https://www.man.com/indices-disclaimer para obtener información completa sobre las cláusulas de exención de responsabilidad.
El Fondo y Man Asset Management (Ireland) Limited están autorizados en Irlanda y están regulados por el Banco Central de Irlanda.
Los presentes datos fundamentales para el inversor son exactos a 11/07/2022. | # Practical information
1 Man Asset Management (Ireland) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
1 This key investor information document describes one share class of one sub-fund of the Company. The assets and liabilities of each sub-fund are held with BNY Mellon Trust Company (Ireland) Limited and are legally segregated from the assets of other sub-funds of the Company.
1 Additional information related to the Fund is located in the prospectus which is produced in an official language of the jurisdictions in which the Fund is registered for public sale. The prospectus is available together with the most recent financial statements, information on other share classes and the latest prices of shares free of charge at www.man.com.
1 The Fund is subject to taxation legislation in Ireland, which may have an impact on your personal tax position as an investor in the Fund.
1 You may switch shares in the Fund for shares in any other sub-fund of the Company. Further information and provisions are in the prospectus.
1 Details of Man Asset Management (Ireland) Limited's Remuneration Policy are available at www.man.com/gpam-remuneration-policy, including: (a) a description of how remuneration and benefits are calculated; and (b) the identity of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, at Man Asset Management (Ireland) Limited at 70 Sir John Rogerson's Quay, Dublin 2, Ireland.
1 The index data provider makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any data contained herein. The data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This document is not approved, endorsed, reviewed or produced by the index provider. None of the data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. See: https://www.man.com/i ndices-disclaimer for full disclaimers.
The Fund and Man Asset Management (Ireland) Limited are authorised in Ireland and regulated by the Central Bank of Ireland.
This key investor information is accurate as at 11/07/2022. | en | es |
DOLFIN8798 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Please refer to the Relevant Supplement for additional information regarding subscriptions.
Except as disclosed in this Prospectus, the Sub-Funds do not impose any restrictions on the frequency of subscriptions and redemptions. However, the Directors may in their absolute discretion, refuse to accept any subscription for Shares, in whole or in part.
Shares may be subscribed for initially during the Offer Period for the relevant Sub-Fund at the Initial Issue Price and such Shares will be issued following the Offer Period for the relevant Sub-Fund. Thereafter, Shares will be issued at the Net Asset Value per Share in respect of each Dealing Day. All Shares issued will be in registered form and a written trade confirmation will be sent to Shareholders. Shares may only be issued as fully paid. Numbers of Shares issued in each Sub- Fund shall be calculated to the nearest three decimal places. At the end of the Offer Period the Directors may at its discretion determine not to launch a given Sub-Fund and to return any subscription monies that have been advanced. | ## Consulte el Suplemento correspondiente para obtener información adicional sobre las suscripciones.
Salvo según se estipula este Folleto, los Subfondos no imponen ninguna restricción a la frecuencia de las suscripciones y los reembolsos. Sin embargo, los Consejeros pueden, a su absoluta discreción, negarse a aceptar una suscripción de Acciones, en su totalidad o en parte.
Las Acciones pueden suscribirse inicialmente durante el Período de oferta para el Subfondo correspondiente al Precio de emisión inicial y dichas Acciones se emitirán tras el Período de oferta para el Subfondo correspondiente. A partir de entonces, las Acciones se emitirán al Valor liquidativo por Acción con respecto a cada Día de negociaciones. Todas las Acciones emitidas serán nominativas y se enviará a los Accionistas una confirmación escrita de la operación. Las Acciones solo pueden emitirse totalmente desembolsadas. El número de Acciones emitidas en cada Subfondo se calculará con una precisión de tres decimales. Al final del Período de oferta, los Consejeros podrán decidir, a su discreción, no lanzar un determinado Subfondo y devolver el dinero de suscripciones que se haya adelantado. | ## Please refer to the Relevant Supplement for additional information regarding subscriptions.
Except as disclosed in this Prospectus, the Sub-Funds do not impose any restrictions on the frequency of subscriptions and redemptions. However, the Directors may in their absolute discretion, refuse to accept any subscription for Shares, in whole or in part.
Shares may be subscribed for initially during the Offer Period for the relevant Sub-Fund at the Initial Issue Price and such Shares will be issued following the Offer Period for the relevant Sub-Fund. Thereafter, Shares will be issued at the Net Asset Value per Share in respect of each Dealing Day. All Shares issued will be in registered form and a written trade confirmation will be sent to Shareholders. Shares may only be issued as fully paid. Numbers of Shares issued in each Sub- Fund shall be calculated to the nearest three decimal places. At the end of the Offer Period the Directors may at its discretion determine not to launch a given Sub-Fund and to return any subscription monies that have been advanced. | en | es |
DOLFIN8802 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculated with net dividends reinvested
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES O EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class SD of the French Edmond de Rothschild EUROPE CONVERTIBLES (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 SD of the Absorbed Sub-fund. | ## Índice de referencia: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculado con los dividendos netos reinvertidos
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES O EUR
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 SD del fondo francés Edmond de Rothschild EUROPE CONVERTIBLES (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 SD del Subfondo absorbido. | ## Benchmark: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculated with net dividends reinvested
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES O EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class SD of the French Edmond de Rothschild EUROPE CONVERTIBLES (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 SD of the Absorbed Sub-fund. | en | es |
DOLFIN8803 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Fund may use equity linked notes to gain access to certain markets, for example emerging and less developed markets, where direct investment is not possible. This approach may result in the following additional risks being incurred – lack of a secondary market in such instruments, illiquidity of the underlying securities, and difficulty selling these instruments at times when the underlying markets are closed.
- Insurance Linked Securities RiskInsurance linked securities may incur severe or full losses as a result of insurance events such as natural, man-made or other catastrophes. Catastrophes can be caused by various events, including, but not limited to, hurricanes, earthquakes, typhoons, hailstorms, floods, tsunamis, tornados, windstorms, extreme temperatures, aviation accidents, fires, explosions and marine accidents. The incidence and severity of such catastrophes are inherently unpredictable, and the Fund’s losses from such catastrophes could be material. Any climatic or other event which might result in an increase in the likelihood and/or severity of such events (for example, global warming leading to more frequent and violent hurricanes) could have a material adverse effect on the Fund. Although a Fund’s exposure to such events will be diversified in accordance with its investment objective, a single catastrophic event could affect multiple geographic zones and lines of business or the frequency or severity of catastrophic events could exceed expectations, either of which could have a material adverse effect on the Fund’s Net Asset Value.
- General Risk associated with OTC TransactionsInstruments traded in OTC markets may trade in smaller volumes, and their prices may be more volatile than instruments principally traded on exchanges. Such instruments may be less liquid than more widely traded instruments. In addition, the prices of such instruments may include an undisclosed dealer mark-up which a Fund may pay as part of the purchase price. | Un Fondo puede utilizar pagarés vinculados a renta variable para acceder a determinados mercados, por ejemplo mercados emergentes y menos desarrollados, en los que no sea posible invertir directamente. Este enfoque puede dar lugar a varios riesgos adicionales: la falta de un mercado secundario de esos instrumentos, la falta de liquidez de los valores subyacentes y la dificultad de vender estos instrumentos cuando estén cerrados los mercados subyacentes.
- Riesgo asociado a la inversión en valores relacionados con el seguroLos valores relacionados con el seguro pueden incurrir en pérdidas severas o totales como consecuencia de eventos contemplados en la cobertura del seguro tales como catástrofes naturales, provocadas por el hombre o de otro tipo. Las catástrofes pueden ocurrir por diversas circunstancias, entre otras, a modo enunciativo y sin carácter taxativo, huracanes, terremotos, tifones, tormentas de granizo, inundaciones, tsunamis, tornados, vendavales, temperaturas extremas, accidentes aéreos, incendios, explosiones y accidentes marítimos. La incidencia y la gravedad de tales catástrofes son intrínsecamente imprevisibles, y las pérdidas del Fondo ante tales catástrofes pueden ser sustanciales. Cualquier adversidad climática o de otro tipo que pudiera resultar en un aumento de la probabilidad y/o gravedad de tales fenómenos (por ejemplo, el calentamiento global como causa de huracanes más frecuentes y más violentos) podría tener un efecto sustancialmente adverso sobre el Fondo. Si bien la exposición de un Fondo a tales acontecimientos se diversificará de acuerdo con su objetivo de inversión, un único episodio catastrófico podría afectar varias zonas geográficas y líneas de negocio, o bien la frecuencia o gravedad de los incidentes catastróficos podría superar las expectativas, y en ambos casos podría generarse un efecto sustancialmente adverso sobre el Valor liquidativo del Fondo.
- Riesgo general asociado a las transacciones extrabursátiles (OTC)Los instrumentos negociados en mercados extrabursátiles (OTC) pueden negociarse en volúmenes reducidos y sus precios pueden ser más volátiles que los de los instrumentos que se negocian principalmente en bolsa. Asimismo, pueden ser menos líquidos que los instrumentos cuyo volumen de negociación es mayor. Además, los precios de los instrumentos negociados en mercados OTC pueden incluir una comisión del operador no comunicada que el Fondo puede pagar como parte del precio de compra. | A Fund may use equity linked notes to gain access to certain markets, for example emerging and less developed markets, where direct investment is not possible. This approach may result in the following additional risks being incurred – lack of a secondary market in such instruments, illiquidity of the underlying securities, and difficulty selling these instruments at times when the underlying markets are closed.
- Insurance Linked Securities RiskInsurance linked securities may incur severe or full losses as a result of insurance events such as natural, man-made or other catastrophes. Catastrophes can be caused by various events, including, but not limited to, hurricanes, earthquakes, typhoons, hailstorms, floods, tsunamis, tornados, windstorms, extreme temperatures, aviation accidents, fires, explosions and marine accidents. The incidence and severity of such catastrophes are inherently unpredictable, and the Fund’s losses from such catastrophes could be material. Any climatic or other event which might result in an increase in the likelihood and/or severity of such events (for example, global warming leading to more frequent and violent hurricanes) could have a material adverse effect on the Fund. Although a Fund’s exposure to such events will be diversified in accordance with its investment objective, a single catastrophic event could affect multiple geographic zones and lines of business or the frequency or severity of catastrophic events could exceed expectations, either of which could have a material adverse effect on the Fund’s Net Asset Value.
- General Risk associated with OTC TransactionsInstruments traded in OTC markets may trade in smaller volumes, and their prices may be more volatile than instruments principally traded on exchanges. Such instruments may be less liquid than more widely traded instruments. In addition, the prices of such instruments may include an undisclosed dealer mark-up which a Fund may pay as part of the purchase price. | en | es |
DOLFIN8804 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Management Company
Pursuant to an agreement, Allspring Global Investments Luxembourg S.A. has been appointed to act as management company of the Fund. The Management Company is responsible on a day-to-day basis under the supervision of the Board of Directors, for providing administration, marketing, distribution, investment management and advisory services in respect of all the Sub-Funds and may delegate part or all of such functions to third parties.
The Management Company has delegated the administration functions to the Administrator, the Share registrar and transfer functions to the Registrar and Transfer Agent, and the investment management function to the Investment Adviser.
The Management Company was incorporated in the form of a société anonyme on 12 November 2014 for an unlimited duration. The Management Company is approved as a management company regulated by chapter 15 of the Law of 2010. The Management Company is a direct, wholly-owned subsidiary of Allspring Global Investments Holdings, LLC (Allspring Holdings), a holding company indirectly owned by certain portfolio companies of GTCR LLC and Reverence Capital Partners, L.P. The Management Company has a subscribed and paid up capital of 3,745,800 EUR at the date of this Prospectus.
The Management Company oversees compliance by the Fund with the investment restrictions and oversees the implementation of the Fund's strategies and investment policies. The Management Company reports to the Board of Directors on a periodic basis and is obligated to inform each Director without delay of any non-compliance by the Fund with the investment restrictions.
The Management Company receives periodic reports from the Investment Adviser and the Fund's other service providers to enable it to perform its monitoring and supervision duties.
Pursuant to Article 111bis of the Law of 2010, the Management Company has established remuneration policies for those categories of staff ("Identified Staff"), including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers and whose professional activities have a material impact on the risk profiles of the Management Company or the Fund, that are:
- consistent with and promote sound and effective risk management and do not encourage risk- taking which is inconsistent with the risk profiles of the Fund or with its Articles of Incorporation and which do not interfere with the obligation of the Management Company to act in the best interests of the Fund;
- in line with the business strategy, objectives, values and interests of the Management Company and the UCITS that it manages and of the investors in such UCITS, and includes measures to avoid conflicts of interest;
- based on the principal that, in respect of Identified Staff, as applicable, the assessment of performance is set in a multi-year framework appropriate to the holding period recommended to the investors of the UCITS managed by the Management Company in order to ensure that the assessment process is based on the longer-term performance of the UCITS and its investment risks and that the actual payment of performance-based components of remuneration is spread over the same; and
- based on the principal that fixed and variable components of total remuneration are periodically reviewed to ensure appropriate balance and the fixed component represents an appropriate proportion of the total remuneration to allow the operation of a fully flexible policy, on variable remuneration components, including the possibility to pay no variable remuneration component. | ## Sociedad Gestora
De conformidad con el contrato, se ha designado a Allspring Global Investments Luxembourg S.A. para que actúe como Sociedad Gestora del Fondo. Bajo la supervisión del Consejo de Administración, la Sociedad Gestora es responsable de la prestación diaria de servicios de administración, comercialización, distribución, gestión de inversiones y asesoramiento de todos los Subfondos y puede delegar una parte o la totalidad de dichas funciones a terceros.
La Sociedad Gestora ha delegado las funciones relativas a la administración al Administrador, las funciones de registro y transmisión de Acciones al Registrador y Agente de Transmisiones y las funciones de gestión de inversiones al Asesor de Inversiones.
La Sociedad Gestora se constituyó como société anonyme el 12 de noviembre de 2014 por tiempo indefinido. La Sociedad Gestora está autorizada como una sociedad de gestión regulada en virtud del capítulo 15 de la Ley de 2010. La Sociedad Gestora es una filial indirecta y de propiedad íntegra de Allspring Global Investments Holdings, LLC (Allspring Holdings), un holding propiedad indirecta de algunas sociedades de cartera de GTCR LLC y de Reverence Capital Partners, L.P. La Sociedad Gestora cuenta con un capital suscrito y desembolsado de 3.745.800 EUR a la fecha del presente Folleto.
Asimismo, la Sociedad Gestora supervisa el cumplimiento del Fondo de los límites de inversión además la aplicación de las estrategias y políticas de inversión del Fondo. La Sociedad Gestora presenta informes al Consejo de Administración periódicamente y está obligada a informar a cada uno de los miembros del Consejo, sin demora alguna, sobre cualquier incumplimiento por parte del Fondo respecto de los límites de inversión.
La Sociedad Gestora recibe informes periódicos del Asesor de Inversiones y de otros proveedores de servicios del Fondo con el fin de que pueda llevar a cabo sus funciones de seguimiento y supervisión.
De conformidad con el artículo 111 bis de la Ley de 2010, la Sociedad Gestora ha establecido políticas de remuneración para esas categorías de personal (“Personal identificado”), incluyendo la administración senior, tomadores de riesgo, funciones de control y cualquier empleado que reciba una remuneración total que lo ubique en una categoría de remuneración equivalente a la administración senior y los tomadores de riesgo, cuyas actividades profesionales tienen un impacto sustancial sobre los perfiles de riesgo de la Sociedad Gestora o el Fondo, que:
- guardan coherencia con y promueven la gestión de riesgo responsable y eficaz, sin alentar la toma de riesgos que no concuerde con los perfiles de riesgo del Fondo o sus Estatutos y que no interfieran con la obligación de la Sociedad Gestora de actuar en beneficio del Fondo;
- estén en línea con la estrategia, objetivos, valores e intereses comerciales de la Sociedad Gestora y el OICVM que administra y de los inversores de dichos OICVM, e implementen medidas para evitar conflictos de interés;
- se basen en el principio que, en relación con el Personal identificado, según proceda, la evaluación del rendimiento se establezca en un marco plurianual apropiado para el periodo de tenencia recomendado a los inversores del OICVM administrado por la Sociedad Gestora a fin de garantizar que el proceso de evaluación se base en el desempeño a largo plazo del OICVM y sus riesgos de inversión, y que el pago efectivo de los componentes basados en el rendimiento que integran la remuneración se distribuyan a través del mismo; y
- estén basados en el principio que establece que los componentes fijos y variables de la remuneración total se analicen periódicamente para garantizar un equilibrio adecuado, que el componente fijo represente una proporción adecuada de la remuneración total para facilitar el funcionamiento de una política plenamente flexible, respecto de componentes variables de la remuneración, incluida la posibilidad de no pagar un componente variable. | ## Management Company
Pursuant to an agreement, Allspring Global Investments Luxembourg S.A. has been appointed to act as management company of the Fund. The Management Company is responsible on a day-to-day basis under the supervision of the Board of Directors, for providing administration, marketing, distribution, investment management and advisory services in respect of all the Sub-Funds and may delegate part or all of such functions to third parties.
The Management Company has delegated the administration functions to the Administrator, the Share registrar and transfer functions to the Registrar and Transfer Agent, and the investment management function to the Investment Adviser.
The Management Company was incorporated in the form of a société anonyme on 12 November 2014 for an unlimited duration. The Management Company is approved as a management company regulated by chapter 15 of the Law of 2010. The Management Company is a direct, wholly-owned subsidiary of Allspring Global Investments Holdings, LLC (Allspring Holdings), a holding company indirectly owned by certain portfolio companies of GTCR LLC and Reverence Capital Partners, L.P. The Management Company has a subscribed and paid up capital of 3,745,800 EUR at the date of this Prospectus.
The Management Company oversees compliance by the Fund with the investment restrictions and oversees the implementation of the Fund's strategies and investment policies. The Management Company reports to the Board of Directors on a periodic basis and is obligated to inform each Director without delay of any non-compliance by the Fund with the investment restrictions.
The Management Company receives periodic reports from the Investment Adviser and the Fund's other service providers to enable it to perform its monitoring and supervision duties.
Pursuant to Article 111bis of the Law of 2010, the Management Company has established remuneration policies for those categories of staff ("Identified Staff"), including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers and whose professional activities have a material impact on the risk profiles of the Management Company or the Fund, that are:
- consistent with and promote sound and effective risk management and do not encourage risk- taking which is inconsistent with the risk profiles of the Fund or with its Articles of Incorporation and which do not interfere with the obligation of the Management Company to act in the best interests of the Fund;
- in line with the business strategy, objectives, values and interests of the Management Company and the UCITS that it manages and of the investors in such UCITS, and includes measures to avoid conflicts of interest;
- based on the principal that, in respect of Identified Staff, as applicable, the assessment of performance is set in a multi-year framework appropriate to the holding period recommended to the investors of the UCITS managed by the Management Company in order to ensure that the assessment process is based on the longer-term performance of the UCITS and its investment risks and that the actual payment of performance-based components of remuneration is spread over the same; and
- based on the principal that fixed and variable components of total remuneration are periodically reviewed to ensure appropriate balance and the fixed component represents an appropriate proportion of the total remuneration to allow the operation of a fully flexible policy, on variable remuneration components, including the possibility to pay no variable remuneration component. | en | es |
DOLFIN8814 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The initial issue price for Shares of each Fund shall be the amount(s) set out in the relevant Supplement.
## Issue and Repurchase Prices
The price at which Shares of each class of any Fund will be issued on a Dealing Day, after the initial issue, is calculated by ascertaining the Net Asset Value of the relevant Fund (i.e. the value of the assets of the Fund having deducted the liabilities of the Fund therefrom) as at the Valuation Point for that Fund for the relevant Dealing Day. The Net Asset Value per Share of the relevant Fund is calculated by dividing the Net Asset Value of the relevant Fund, by the total number of Shares in issue in the Fund at the relevant Valuation Point and rounding the result to four decimal places. Where applicable, the Net Asset Value per Share of each class in a Fund is calculated by determining that portion of the Net Asset Value of the Fund which is attributable to the relevant class and by dividing this sum by the total number of Shares of the relevant class in issue at the relevant Valuation Point and rounding the resulting amount to four decimal places. If a Fund has more than one class of Share, additional fees may be charged against certain classes, and details of such fees will be set forth in the relevant Supplement for the Fund. This may result in the Net Asset Value per Share of each class being different. | # El precio de emisión inicial de las Acciones de cada Subfondo será el o los importes que se indiquen en el Suplemento correspondiente.
## Precios de suscripción y reembolso
Tras la emisión inicial, el precio al que se suscribirán las Acciones de cada clase de un Subfondo en un Día de negociación se calculará estableciendo el Patrimonio neto del Subfondo pertinente (es decir, el valor de los activos del Subfondo una vez deducidos los pasivos del mismo) en el Momento de valoración de dicho Subfondo del Día de negociación en cuestión. El Valor liquidativo por Acción del Subfondo pertinente se calcula dividiendo el Patrimonio neto del Subfondo por el número total de Acciones en circulación del mismo en el Momento de valoración oportuno y redondeando el resultado a cuatro cifras decimales. Cuando corresponda, el Valor liquidativo por Acción de cada Clase de un Subfondo se determinará calculando la parte del Patrimonio neto del Subfondo atribuible a dicha Clase y dividendo dicho importe por el número total de Acciones de la Clase pertinente en circulación en el Momento de valoración oportuno y redondeando el resultado a cuatro cifras decimales. En el caso de que un Subfondo tenga más de una Clase de Acciones, se podrán cobrar comisiones adicionales a determinadas Clases, detallándose las mismas en el Suplemento del Subfondo pertinente. De ser así, es posible que el Valor liquidativo por Acción de cada Clase sea diferente. | # The initial issue price for Shares of each Fund shall be the amount(s) set out in the relevant Supplement.
## Issue and Repurchase Prices
The price at which Shares of each class of any Fund will be issued on a Dealing Day, after the initial issue, is calculated by ascertaining the Net Asset Value of the relevant Fund (i.e. the value of the assets of the Fund having deducted the liabilities of the Fund therefrom) as at the Valuation Point for that Fund for the relevant Dealing Day. The Net Asset Value per Share of the relevant Fund is calculated by dividing the Net Asset Value of the relevant Fund, by the total number of Shares in issue in the Fund at the relevant Valuation Point and rounding the result to four decimal places. Where applicable, the Net Asset Value per Share of each class in a Fund is calculated by determining that portion of the Net Asset Value of the Fund which is attributable to the relevant class and by dividing this sum by the total number of Shares of the relevant class in issue at the relevant Valuation Point and rounding the resulting amount to four decimal places. If a Fund has more than one class of Share, additional fees may be charged against certain classes, and details of such fees will be set forth in the relevant Supplement for the Fund. This may result in the Net Asset Value per Share of each class being different. | en | es |
DOLFIN8825 | 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 excess of corporate bond markets of emerging market countries by investing primarily in emerging market corporate debt securities, using derivatives where appropriate.
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Combines top-down decision making – including country and sector allocation – with bottom-up security selection.
Share Class Benchmark J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (Total Return Gross) Hedged to EUR
Benchmark uses and resemblance
- Performance comparison.
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, either directly or through derivatives, in corporate debt securities issued by companies that are | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Conseguir una rentabilidad superior a la del mercado de renta fija corporativa de mercados emergentes invirtiendo principalmente en títulos de deuda corporativa de mercados emergentes, y utilizando derivados cuando proceda.
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.
- Combina una toma de decisiones descendente (lo que incluye la asignación a países y sectores) con una selección de valores ascendente.
Índice de referencia de la Clase de Acciones J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (Total Return Gross) Hedged to EUR
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
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, bien directamente, bien a través de derivados, en títulos de deuda | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of corporate bond markets of emerging market countries by investing primarily in emerging market corporate debt securities, using derivatives where appropriate.
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Combines top-down decision making – including country and sector allocation – with bottom-up security selection.
Share Class Benchmark J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (Total Return Gross) Hedged to EUR
Benchmark uses and resemblance
- Performance comparison.
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, either directly or through derivatives, in corporate debt securities issued by companies that are | en | es |
DOLFIN8829 | 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 historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, becomes insolvent) this may result in your
securities and enter into financial contracts (derivatives) with one or more counterparties relating to the transferable securities and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
investment suffering a loss. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to reduce movements in currency exchange rates between the currency of the fund’s assets and the currency of the fund’s shares. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The derivative used to gain exposure to the swap index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
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 históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los derivados utilizados. El fondo puede participar en uno o varios derivados con una o varias contrapartes. Si alguna de las contrapartes no efectúa los pagos (por ejemplo, si deviene insolvente), esto podría provocar que su inversión sufriera
lograr el objetivo, el fondo invertirá en valores mobiliarios y suscribirá contratos financieros (derivados) con una o varias contrapartes en relación con los valores mobiliarios y con la versión de rentabilidad total bruta o neta del índice (índice de swaps) con el fin de conseguir reflejar la evolución del índice de swaps. La versión de rentabilidad total bruta del índice calcula la evolución del valor de los títulos suponiendo que todos los dividendos y repartos se reinvierten en su forma bruta. El gestor de inversiones podrá seleccionar el índice de swaps a su entera discreción. La moneda del subfondo es USD. 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.
pérdidas. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El fondo podría emplear derivados para tratar de reducir las fluctuaciones en los tipos de cambio entre la moneda de los activos del fondo y la moneda de las acciones del fondo. 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. Los derivados empleados para tener más exposición al índice de swaps pueden ajustarse para reflejar determinados gastos relacionados con impuestos o costes de compraventa, préstamo, financiación o custodia. Estos costes de réplica podrían provocar que tanto el fondo como su inversión sufran pérdidas.
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 historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, becomes insolvent) this may result in your
securities and enter into financial contracts (derivatives) with one or more counterparties relating to the transferable securities and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
investment suffering a loss. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to reduce movements in currency exchange rates between the currency of the fund’s assets and the currency of the fund’s shares. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The derivative used to gain exposure to the swap index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN8831 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Allocation of distributable income:
- Allocation of net income: Accumulation and/or Distribution and/or Retention
- Allocation of net realised capital gains: Accumulation and/or Distribution and/or RetentionRight of redemption: Orders are executed as indicated in the table below | ## Asignación de las sumas distribuibles:
- Asignación del resultado neto: Capitalización y/o Distribución y/o Traslado a cuenta nueva
- Asignación de los rendimientos netos obtenidos: Capitalización y/o Distribución y/o Traslado a cuenta nuevaFacultad de reembolso: Las órdenes se cursarán según el cuadro que figura a continuación | ## Allocation of distributable income:
- Allocation of net income: Accumulation and/or Distribution and/or Retention
- Allocation of net realised capital gains: Accumulation and/or Distribution and/or RetentionRight of redemption: Orders are executed as indicated in the table below | en | es |
DOLFIN8832 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: | 6 years |
| --- | --- |
| Example Investment: | £10,000 |
| | If you exit after 1 year | If you exit after 6 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 6 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | £2,640 | £1,810 |
| Average return each year | -73.6% | -24.8% |
| Unfavourable | What you might get back after costs | £6,060 | £5,590 |
| Average return each year | -39.4% | -9.2% |
| Moderate | What you might get back after costs | £10,740 | £16,920 |
| Average return each year | 7.4% | 9.2% |
| Favourable | What you might get back after costs | £15,830 | £23,740 |
| Average return each year | 58.3% | 15.5% | | | Periodo de mantenimiento recomendado: | 6 años |
| --- | --- |
| Ejemplo de inversión: | £10,000 |
| | En caso de salida después de 1 año | En caso de salida después de 6 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 6 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | £2,640 | £1,810 |
| Rendimiento medio cada año | -73.6% | -24.8% |
| Desfavorable | Lo que podría recibir tras deducir los costes | £6,060 | £5,590 |
| Rendimiento medio cada año | -39.4% | -9.2% |
| Moderado | Lo que podría recibir tras deducir los costes | £10,740 | £16,920 |
| Rendimiento medio cada año | 7.4% | 9.2% |
| Favorable | Lo que podría recibir tras deducir los costes | £15,830 | £23,740 |
| Rendimiento medio cada año | 58.3% | 15.5% | | | Recommended holding period: | 6 years |
| --- | --- |
| Example Investment: | £10,000 |
| | If you exit after 1 year | If you exit after 6 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 6 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | £2,640 | £1,810 |
| Average return each year | -73.6% | -24.8% |
| Unfavourable | What you might get back after costs | £6,060 | £5,590 |
| Average return each year | -39.4% | -9.2% |
| Moderate | What you might get back after costs | £10,740 | £16,920 |
| Average return each year | 7.4% | 9.2% |
| Favourable | What you might get back after costs | £15,830 | £23,740 |
| Average return each year | 58.3% | 15.5% | | en | es |
DOLFIN8838 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund’s investment objective is to seek total return over the long term.
Under normal market conditions, the Sub-Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its net assets) in income-producing securities including, but not limited to, debt and debt-related instruments and derivative instruments with fixed income characteristics, issued by governments, quasi-governmental entities, supra-national institutions and companies Located in or with Substantial Ties to Asia. On an ancillary basis the Sub-Fund may invest in dividend paying equity securities of the foregoing issuers. Investments may be denominated in any currency, and may represent any part of a company’s capital structure from debt to equity or with features of both. Debt and debt-related instruments typically include, but are not limited to, bonds, debentures, bills, notes, certificates of deposit and other bank obligations, senior secured bank debt, convertible debt securities, credit-linked notes, inflation- linked instruments and/or repurchase agreements. Investments in contingent convertible bonds (“CoCos”) are allowed up to 20% of the Sub-Fund’s net assets.
For the purpose of this Sub-Fund:
- Asia consists of all countries and markets in Asia and includes developed, emerging, and frontier countries and markets in Asia.
- Instruments will be deemed to be Asian securities if the issuer is headquartered in an Asian country, the instrument is denominated in the currency of an Asian country, or the instrument is issued with respect to a project located in, or secured or backed by assets located in Asia, or is otherwise linked to Asia. On an ancillary basis, the Sub-Fund may invest in other permitted assets on a worldwide basis. | El Subfondo tiene por objetivo de inversión la rentabilidad total a largo plazo.
En condiciones de mercado normales, el Subfondo trata de alcanzar su objetivo mediante la inversión, directa o indirecta, de al menos el 65% de su patrimonio neto, en valores generadores de rendimientos entre los que se incluyen instrumentos de deuda y relacionados con esta e instrumentos derivados con características de renta fija, emitidos por Estados, entidades cuasi estatales, instituciones supranacionales y sociedades Situadas o que mantienen importantes vínculos con Asia. De forma accesoria, el Subfondo puede invertir en valores de renta variable de los anteriores emisores que reparten dividendos. Las inversiones podrán estar denominadas en cualquier divisa y podrán representar cualquier parte de la estructura de capital de una sociedad, desde la renta fija hasta la renta variable, o con características de ambas. Los instrumentos de deuda y relacionados con esta habitualmente incluyen, sin intención limitativa, bonos, pagarés, letras, obligaciones, certificados de depósito y demás obligaciones bancarias, deuda bancaria preferente garantizada, títulos de deuda convertibles, obligaciones vinculadas a crédito, instrumentos vinculados a la inflación y/o acuerdos de recompra. Se permiten las inversiones en bonos convertibles contingentes («CoCos») hasta un máximo del 20% del patrimonio neto del Subfondo.
A los efectos de este Subfondo:
- Asia está formada por todos los países y mercados de Asia, e incluye todos los países y mercados desarrollados, emergentes y fronterizos del continente.
- Los instrumentos se considerarán valores asiáticos si el emisor tiene su sede en un país de Asia, el instrumento está denominado en la moneda de un país asiático o el instrumento se emite con respecto a un proyecto situado en Asia, o garantizados o respaldados por activos localizados en Asia, o vinculados de cualquier otra forma con este continente. De forma accesoria, el Subfondo puede invertir en otros activos permitidos en todo el mundo. | The Sub-Fund’s investment objective is to seek total return over the long term.
Under normal market conditions, the Sub-Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its net assets) in income-producing securities including, but not limited to, debt and debt-related instruments and derivative instruments with fixed income characteristics, issued by governments, quasi-governmental entities, supra-national institutions and companies Located in or with Substantial Ties to Asia. On an ancillary basis the Sub-Fund may invest in dividend paying equity securities of the foregoing issuers. Investments may be denominated in any currency, and may represent any part of a company’s capital structure from debt to equity or with features of both. Debt and debt-related instruments typically include, but are not limited to, bonds, debentures, bills, notes, certificates of deposit and other bank obligations, senior secured bank debt, convertible debt securities, credit-linked notes, inflation- linked instruments and/or repurchase agreements. Investments in contingent convertible bonds (“CoCos”) are allowed up to 20% of the Sub-Fund’s net assets.
For the purpose of this Sub-Fund:
- Asia consists of all countries and markets in Asia and includes developed, emerging, and frontier countries and markets in Asia.
- Instruments will be deemed to be Asian securities if the issuer is headquartered in an Asian country, the instrument is denominated in the currency of an Asian country, or the instrument is issued with respect to a project located in, or secured or backed by assets located in Asia, or is otherwise linked to Asia. On an ancillary basis, the Sub-Fund may invest in other permitted assets on a worldwide basis. | en | es |
DOLFIN8856 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
To achieve that objective, the Sub-Fund selects debt instruments paying lower yields but being relatively safe (“Investment Grade” debt instruments, i.e. with a minimum rating of BBB- by Standard & Poor’s).
The Sub-Fund may invest in financial derivative instruments for hedging purpose and for the purpose of efficient portfolio management. The Sub-Fund does not aim to replicate the reference indicator and may therefore significantly deviate from it.
The accumulation share automatically retains, and re-invests, all attributable income within the Sub-Fund; thereby accumulating value in the price of the accumulation shares.
The minimum recommended holding term is 3 years.
Shares may be sold or redeemed (and/or converted) on any dealing day (except otherwise stated in the prospectus) at the respective dealing price (net asset value) in accordance with the articles of incorporation. Further details are provided in the prospectus of the UCITS.
Risk and Reward Profile
Lower risk, Higher risk,
Typically lower reward Typically higher reward | Para lograr dicho objetivo, el Compartimento selecciona instrumentos de deuda que pagan rendimientos más bajos, pero que son relativamente seguros (instrumentos de deuda de "grado de inversión", esto es, con una calificación mínima de BBB- otorgada por Standard & Poor's).
El Compartimento podrá invertir en instrumentos derivados como cobertura y para lograr una gestión eficiente de la cartera.
El Compartimento no tiene como objetivo replicar el índice de referencia y, por lo tanto, puede desviarse en gran medida del mismo.
La acción de acumulación retiene y reinvierte automáticamente todos los ingresos atribuibles dentro del Subfondo, acumulando de este modo el valor en el precio de las acciones de acumulación.
El periodo de inversión mínimo recomendado es de 3 años.
Las acciones se pueden vender o reembolsar (y/o convertir) cualquier día de negociación (a no ser que se indique algo distinto en el folleto) al precio de negociación respectivo (valor liquidativo) de conformidad con los estatutos. Se proporcionan más detalles en el folleto de la IIC.
Perfil de riesgo y de rentabilidad
Riesgo más bajo, Riesgo más alto,
Rentabilidad habitualmente más baja Rentabilidad habitualmente más alta | To achieve that objective, the Sub-Fund selects debt instruments paying lower yields but being relatively safe (“Investment Grade” debt instruments, i.e. with a minimum rating of BBB- by Standard & Poor’s).
The Sub-Fund may invest in financial derivative instruments for hedging purpose and for the purpose of efficient portfolio management. The Sub-Fund does not aim to replicate the reference indicator and may therefore significantly deviate from it.
The accumulation share automatically retains, and re-invests, all attributable income within the Sub-Fund; thereby accumulating value in the price of the accumulation shares.
The minimum recommended holding term is 3 years.
Shares may be sold or redeemed (and/or converted) on any dealing day (except otherwise stated in the prospectus) at the respective dealing price (net asset value) in accordance with the articles of incorporation. Further details are provided in the prospectus of the UCITS.
Risk and Reward Profile
Lower risk, Higher risk,
Typically lower reward Typically higher reward | en | es |
DOLFIN8857 | 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 Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index. The Sub-Fund’s objective is to generate returns by implementing an event driven strategy. Such strategy seeks to benefit from corporate events such as, but not limited to, reorganization, restructuring, merger, acquisition, spin-off and other corporate changes that offer capital structure arbitrage opportunities: depending on the regulatory environment and possible synergies from the corporate events mentioned above, the company’s stock price may deviate from the consensus price established before the event takes place. The Investment Manager combines securities across the capital structure of issuers to create asymmetric opportunities around events. The investment approach enhances traditional fundamental event driven analysis with the convexity available from the combination of equities, credit and related financial derivatives. The Sub-Fund may invest in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non-sovereign issuers, convertible bonds, equities and equity related securities, commodities,
currencies and/or Cash and Cash Equivalents, denominated in OECD currencies. The instruments described above may be of any credit quality (including below investment-grade and Distressed Securities (up to 10% of its net assets). The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for efficient portfolio management as well as part of the investment strategy. | ### Objetivos y política de inversión
El subfondo se gestiona activamente. El subfondo no se gestiona por referencia a un índice. El objetivo del subfondo es generar rentabilidades implementando una estrategia basada en acontecimientos. Dicha estrategia trata de aprovechar eventos corporativos como, por ejemplo, reorganizaciones, reestructuraciones, fusiones, adquisiciones, segregaciones y otros cambios empresariales que ofrezcan oportunidades de arbitraje en la estructura del capital: según el entorno de regulación y las posibles sinergias derivadas de esos eventos corporativos, la cotización de la compañía puede desviarse del precio de consenso establecido antes de ocurrir el acontecimiento. El gestor de inversiones combina títulos de toda la estructura de capital de emisores para crear oportunidades asimétricas en torno a los acontecimientos. El enfoque de inversión mejora el análisis fundamental tradicional basado en acontecimientos con la convexidad disponible a partir de la combinación de acciones, crédito y derivados financieros relacionados. El subfondo podrá invertir en bonos, otros títulos de deuda a tipo variable o fijo e instrumentos de deuda a corto plazo emitidos o garantizados por emisores soberanos o no soberanos, bonos convertibles, acciones y títulos relacionados con acciones, materias
primas, divisas y/o efectivo y equivalentes de efectivo, denominados en monedas de países de la OCDE. Los instrumentos arriba descritos pueden ser de cualquier calificación crediticia, incluidos valores sin grado de inversión y deuda de emisores en dificultades (hasta un 10% del patrimonio neto). El gestor de inversiones está autorizado a utilizar instrumentos financieros derivados a efectos de cobertura o gestión eficiente de la cartera, y también como parte de la estrategia de inversión. | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index. The Sub-Fund’s objective is to generate returns by implementing an event driven strategy. Such strategy seeks to benefit from corporate events such as, but not limited to, reorganization, restructuring, merger, acquisition, spin-off and other corporate changes that offer capital structure arbitrage opportunities: depending on the regulatory environment and possible synergies from the corporate events mentioned above, the company’s stock price may deviate from the consensus price established before the event takes place. The Investment Manager combines securities across the capital structure of issuers to create asymmetric opportunities around events. The investment approach enhances traditional fundamental event driven analysis with the convexity available from the combination of equities, credit and related financial derivatives. The Sub-Fund may invest in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non-sovereign issuers, convertible bonds, equities and equity related securities, commodities,
currencies and/or Cash and Cash Equivalents, denominated in OECD currencies. The instruments described above may be of any credit quality (including below investment-grade and Distressed Securities (up to 10% of its net assets). The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for efficient portfolio management as well as part of the investment strategy. | en | es |
DOLFIN8860 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Article 3 – Subscription and redemption of units
Units are issued at any time at the request of the unitholders based on their net asset value, plus any subscription fees. Redemptions and subscriptions shall be carried out under the terms and procedures set out in the prospectus.
The Fund’s units may be admitted for trading in accordance with the regulations in force.
Subscriptions must be fully paid up on the day the net asset value is calculated. They may be paid in cash and/or through the contribution of financial instruments. The Management Company is entitled to refuse any securities offered and, to this end, must announce its decision within seven days of the date on which the securities were tendered. If they are accepted, the securities contributed in kind shall be valued according to the rules laid down in Article 4 and the subscription are made based on the first net asset value following the acceptance of the securities concerned.
Redemptions may also be made in kind. If the redemption in kind corresponds to a representative portion of the assets in the portfolio, then only the signed written consent of the outgoing unitholder needs be obtained by the UCITS or the Management Company. When the redemption in kind does not correspond to a representative portion of the assets in the portfolio, then all unitholders must give their written consent authorising the outgoing unitholder to redeem their units in return for certain specific assets, as explicitly set out in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the consent of the portfolio Management Company and in compliance with the interests of the unitholders, be made in kind under the conditions set out in the Fund’s prospectus or regulations. The assets are then delivered by the issuing account holder according to the conditions set out in the Fund’s prospectus.
In general, the assets redeemed are valued according to the rules laid down in Article 4 and in-kind redemptions are made based on the first net asset value following the acceptance of the securities concerned.
The redemption price shall be paid by the issuing account holder within five days of the unit valuation date.
However, if, in exceptional circumstances, the redemption requires the prior sale of assets held in the Fund, this deadline may be extended to a maximum of 30 days.
With the exception of inheritance or an inter vivos gift, the sale or transfer of units between unitholders or unitholders and third parties is considered a redemption followed by a subscription; if this involves a third party, the sale or transfer amount must, where applicable, be supplemented by the beneficiary in order to reach at least the minimum subscription amount stipulated by the prospectus.
Pursuant to Article L.214-8-7 of the French Monetary and Financial Code, the redemption by the Fund of its units, as with the issue of new units, may be suspended on a temporary basis by the Management Company in exceptional circumstances and when the interests of the unitholders so require.
If the net assets of the Fund (or the Sub-fund, if applicable) fall below the minimum threshold set by the regulations, no redemptions may be carried out (from the Sub-fund concerned, if applicable).
Possibility of establishing minimum subscription conditions, in accordance with the procedures set out in the prospectus.
The UCITS may cease to issue units pursuant to paragraph three of Article L.214-8-7 of the French Monetary and Financial Code provisionally, definitively, partially or totally, in situations that objectively require the closure of subscriptions, such as a maximum number of units issued, a maximum amount of assets reached or the expiry of a specified subscription period. Existing unitholders will be notified by any means that this tool has been triggered and activated, and will be informed of the threshold and the objective situation that led to the decision on partial or total closure. In the event of partial closure, this notification by any means will explicitly set out the terms under which existing unitholders may continue to subscribe for the duration of this partial closure. Unitholders are also notified by any means of the decision by the UCITS or the Management Company either to terminate the total or partial closure of subscriptions (when the triggering threshold ceases to be met), or not to terminate it (in the event of a change in the threshold or objective situation that led to the implementation of this tool). A change in the objective situation indicated or the triggering threshold of the tool must always be made in the interests of unitholders. The notification made by any means will specify the exact grounds for these changes. | #### Artículo 3 – Emisión y reembolso de participaciones
Las participaciones se emiten en todo momento a petición de los partícipes basándose en su valor liquidativo incrementado, si procede, por las comisiones de suscripción.
Los reembolsos y las suscripciones se llevan a cabo en las condiciones y de acuerdo con las modalidades establecidas en el folleto.
Las participaciones del fondo de inversión pueden ser objeto de admisión a cotización según la normativa en vigor.
Las suscripciones deben ser íntegramente desembolsadas el día de cálculo del valor liquidativo. Pueden realizarse en metálico y/o mediante la aportación de instrumentos financieros. La Sociedad gestora tiene derecho a rechazar los valores ofrecidos y, para este fin, tiene un plazo de siete días a partir de su presentación para dar a conocer su decisión. En caso de aceptación, los valores aportados se valorarán siguiendo las normas establecidas en el artículo 4 y la suscripción se realizará tomando como referencia el primer valor liquidativo tras la aceptación de los valores en cuestión.
Asimismo, los reembolsos podrán llevarse a cabo en especie. Si el reembolso en especie corresponde a una cuota representativa de los activos de la cartera, solo será necesario que el OICVM o la Sociedad gestora obtengan el acuerdo escrito firmado por el partícipe saliente. Cuando el reembolso en especie no corresponda a una cuota representativa de los activos de la cartera, todos los partícipes deben comunicar el acuerdo por escrito que autoriza al partícipe saliente a obtener el reembolso de sus participaciones por determinados activos particulares, tal como se define explícitamente en el acuerdo.
Pese a lo dispuesto anteriormente, cuando el fondo sea un ETF, los reembolsos en el mercado primario podrán, con el acuerdo de la Sociedad gestora de la cartera y en el respeto de los intereses de los partícipes, efectuarse en las condiciones establecidas en el folleto o el reglamento del fondo. El titular de la cuenta del emisor debe entregar los activos en las condiciones establecidas en el folleto del fondo.
En general, los activos reembolsados se valoran según las reglas establecidas en el artículo 4 y el reembolso en especie se realiza en función del primer valor liquidativo una vez aceptados los valores pertinentes.
Los reembolsos son liquidados por el titular de la cuenta emisora en un plazo máximo de cinco días después de la evaluación de la participación.
Sin embargo, si, en circunstancias excepcionales, el reembolso requiere la materialización previa de activos presentes en el fondo, este plazo podría prolongarse, sin exceder los 30 días.
Excepto en el caso de sucesión o de transmisión inter vivos, la cesión o la transmisión de participaciones entre partícipes o de un partícipe a un tercero se equipara a un reembolso seguido de una suscripción; si se trata de un tercero, el importe de la cesión o la transmisión deberá, según el caso, ser satisfecho por el beneficiario hasta alcanzar como mínimo el importe de suscripción mínimo exigido en el folleto.
En aplicación del artículo L.214-8-7 del Code monétaire et financier, el código monetario y financiero francés, la Sociedad gestora podrá interrumpir provisionalmente el reembolso de las participaciones del FI, así como la emisión de participaciones nuevas, cuando así lo exijan circunstancias excepcionales y siempre que redunde en beneficio de los partícipes.
Si bien el patrimonio neto del FI (o, en su caso, el subfondo) es inferior al importe fijado por la normativa, no se podrá efectuar ningún reembolso de participaciones (sobre el subfondo correspondiente, en su caso).
Posibilidad de condiciones de suscripción mínima, según las modalidades previstas en el folleto.
El OICVM podrá dejar de emitir participaciones en aplicación del tercer apartado del artículo L. 214-8-7 del Code monétaire et financier, el código monetario y financiero francés, de manera provisional o definitiva, parcial o totalmente, en las situaciones objetivas que conlleven el cierre de las suscripciones, como son los supuestos de un número máximo de participaciones emitidas, un importe máximo del activo alcanzado o el vencimiento de un periodo de suscripción determinado. En caso de que se ponga en práctica esta herramienta, debe informarse por todos los medios a los partícipes existentes acerca de su activación, así como del umbral y la situación objetiva que llevaron a la decisión de cierre parcial o total. En el caso de un cierre parcial, la necesidad de informar por todos los medios a los partícipes implica la obligación de especificar explícitamente las modalidades al alcance de los partícipes existentes para continuar suscribiéndose mientras dure dicho cierre parcial. Los partícipes también deben recibir información por cualquier medio acerca de la decisión del OICVM o de la Sociedad gestora de poner fin al cierre total o parcial de las suscripciones (cuando pasan por debajo del umbral de activación) o de no ponerle fin (en el caso de un cambio de umbral o modificación de la situación objetiva que lleva a la implementación de esta herramienta). Un cambio en la situación objetiva invocada o el punto de activación de la herramienta siempre debe realizarse en interés de los partícipes. La información, cualquiera que sea el medio utilizado, debe exponer los motivos exactos de estos cambios. | #### Article 3 – Subscription and redemption of units
Units are issued at any time at the request of the unitholders based on their net asset value, plus any subscription fees. Redemptions and subscriptions shall be carried out under the terms and procedures set out in the prospectus.
The Fund’s units may be admitted for trading in accordance with the regulations in force.
Subscriptions must be fully paid up on the day the net asset value is calculated. They may be paid in cash and/or through the contribution of financial instruments. The Management Company is entitled to refuse any securities offered and, to this end, must announce its decision within seven days of the date on which the securities were tendered. If they are accepted, the securities contributed in kind shall be valued according to the rules laid down in Article 4 and the subscription are made based on the first net asset value following the acceptance of the securities concerned.
Redemptions may also be made in kind. If the redemption in kind corresponds to a representative portion of the assets in the portfolio, then only the signed written consent of the outgoing unitholder needs be obtained by the UCITS or the Management Company. When the redemption in kind does not correspond to a representative portion of the assets in the portfolio, then all unitholders must give their written consent authorising the outgoing unitholder to redeem their units in return for certain specific assets, as explicitly set out in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the consent of the portfolio Management Company and in compliance with the interests of the unitholders, be made in kind under the conditions set out in the Fund’s prospectus or regulations. The assets are then delivered by the issuing account holder according to the conditions set out in the Fund’s prospectus.
In general, the assets redeemed are valued according to the rules laid down in Article 4 and in-kind redemptions are made based on the first net asset value following the acceptance of the securities concerned.
The redemption price shall be paid by the issuing account holder within five days of the unit valuation date.
However, if, in exceptional circumstances, the redemption requires the prior sale of assets held in the Fund, this deadline may be extended to a maximum of 30 days.
With the exception of inheritance or an inter vivos gift, the sale or transfer of units between unitholders or unitholders and third parties is considered a redemption followed by a subscription; if this involves a third party, the sale or transfer amount must, where applicable, be supplemented by the beneficiary in order to reach at least the minimum subscription amount stipulated by the prospectus.
Pursuant to Article L.214-8-7 of the French Monetary and Financial Code, the redemption by the Fund of its units, as with the issue of new units, may be suspended on a temporary basis by the Management Company in exceptional circumstances and when the interests of the unitholders so require.
If the net assets of the Fund (or the Sub-fund, if applicable) fall below the minimum threshold set by the regulations, no redemptions may be carried out (from the Sub-fund concerned, if applicable).
Possibility of establishing minimum subscription conditions, in accordance with the procedures set out in the prospectus.
The UCITS may cease to issue units pursuant to paragraph three of Article L.214-8-7 of the French Monetary and Financial Code provisionally, definitively, partially or totally, in situations that objectively require the closure of subscriptions, such as a maximum number of units issued, a maximum amount of assets reached or the expiry of a specified subscription period. Existing unitholders will be notified by any means that this tool has been triggered and activated, and will be informed of the threshold and the objective situation that led to the decision on partial or total closure. In the event of partial closure, this notification by any means will explicitly set out the terms under which existing unitholders may continue to subscribe for the duration of this partial closure. Unitholders are also notified by any means of the decision by the UCITS or the Management Company either to terminate the total or partial closure of subscriptions (when the triggering threshold ceases to be met), or not to terminate it (in the event of a change in the threshold or objective situation that led to the implementation of this tool). A change in the objective situation indicated or the triggering threshold of the tool must always be made in the interests of unitholders. The notification made by any means will specify the exact grounds for these changes. | en | es |
DOLFIN8866 | 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 Credit Suisse European Dividend Value Fund FA EUR between 13/01/2022-20/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,391
-16.1%
EUR 10,121
0.2% | # Este tipo de escenario se produjo para una inversión Credit Suisse European Dividend Value Fund FA EUR entre 13/01/2022-20/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 391 EUR
-16,1%
10 121 EUR
0,2% | # This type of scenario occurred for an investment Credit Suisse European Dividend Value Fund FA EUR between 13/01/2022-20/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,391
-16.1%
EUR 10,121
0.2% | en | es |
DOLFIN8868 | 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 provide long-term capital growth by investing primarily in companies of countries which are members of the Association of South East Asian Nations (ASEAN).
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process.
- Uses a high conviction approach to finding the best investment ideas.
Share Class Benchmark MSCI AC ASEAN 10/40 Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested in equities of companies that are domiciled, or carrying out the main part of their economic activity, in an ASEAN country, including emerging markets. The Sub-Fund may invest in small capitalisation companies and have significant positions in specific sectors or markets from time to time. The Sub-Fund may invest in companies listed in ASEAN countries that may have exposure to other countries, in particular China.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Proporcionar un crecimiento del capital a largo plazo invirtiendo principalmente en compañías de países miembros de la Asociación de Naciones del Sureste Asiático (ASEAN).
PROCESO DE INVERSIÓN
Enfoque de inversión
- Emplea un proceso de selección de valores ascendente y de carácter fundamental.
- Aplica un enfoque de alta convicción para identificar las mejores ideas de inversión.
Índice de referencia de la Clase de Acciones MSCI AC ASEAN 10/40 Index (Total Return Net)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa. Aunque la mayor parte de sus posiciones (excluidos los derivados) son probablemente componentes del índice de referencia, el Gestor de inversiones dispone de un amplio margen discrecional para desviarse de los valores, las ponderaciones y las características de riesgo de dicho índice de referencia.
El grado de semejanza entre el Subfondo y el índice de referencia en términos de composición y características de riesgo variará con el paso del tiempo y sus rentabilidades podrían ser considerablemente diferentes.
POLÍTICAS
Exposición de inversión principal Como mínimo el 67% del patrimonio se invierte en renta variable de compañías domiciliadas o que desarrollen la mayor parte de su actividad económica en un país de la ASEAN, incluidos los mercados emergentes. El Subfondo podrá invertir en compañías de pequeña capitalización y mantener posiciones considerables en sectores o mercados específicos de forma ocasional. El Subfondo podrá invertir en compañías cotizadas en países de la ASEAN que podrán estar expuestas a otros países, en concreto a China. | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies of countries which are members of the Association of South East Asian Nations (ASEAN).
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process.
- Uses a high conviction approach to finding the best investment ideas.
Share Class Benchmark MSCI AC ASEAN 10/40 Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested in equities of companies that are domiciled, or carrying out the main part of their economic activity, in an ASEAN country, including emerging markets. The Sub-Fund may invest in small capitalisation companies and have significant positions in specific sectors or markets from time to time. The Sub-Fund may invest in companies listed in ASEAN countries that may have exposure to other countries, in particular China.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good | en | es |
DOLFIN8869 | 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 actively managed. The Fund's investment objective is to achieve the highest possible rate of growth, taking into account the investment risk as well as socially and ecologically responsible investment criteria. In order to achieve this aim, at least 51% of the fund’s assets is invested in exchange-traded shares of European issuers. European issuers are those whose registered offices, main stock exchange or business operations are in Europe, i.e. the country of risk is Europe. The fund will invest primarily in standard stocks and in high-growth small and medium-sized companies. The fund endeavours to outperform its benchmark MSCI® Europe. In the investment decision process for the Fund, a large number of ecological and social characteristics are taken into account. No more than 10% of net fund assets may be invested in subordinated bonds (contingent convertibles bonds only). A maximum of 20% of the net fund assets may be invested in interest-bearing securities. No more than 5% of the net fund assets may be invested in real estate investment trusts (REITs) qualifying as securities. In accordance with Article 41(1)(e) of the Law of 17 December 2010, a maximum of 10% of net fund assets may be invested in target funds (UCITS and other UCIs). Financial derivative instruments (FDIs) traded on a regulated market or over the counter (OTC) may be used for investment and hedging purposes. This Fund promotes environmental and/or social characteristics under Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). The benchmark for the fund is: 100% MSCI Europe NR (EUR). This benchmark is determined for the fund by the investment management company and may be changed. The fund does not aim to reproduce the benchmark. The portfolio manager may invest at their own discretion in securities or industries not included in the benchmark in order to capitalise on specific investment opportunities. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the benchmark. This deviation may be material. Within this scope, the choice of the individual assets is performed by the fund manager. Income shall remain in the fund (or: in this unit class) and shall increase the value of the units. Investors may, in general, redeem their units with the management company on each trading day, i.e. each entire bank working day in Luxembourg and Frankfurt am Main. The fund may, however, suspend redemptions when extraordinary circumstances exist which, taking into consideration the interests of the unitholders, make a suspension appear necessary. Recommendation: This fund may not be suitable for investors that are planning to withdraw their monies from the fund within a period of less than 5 years. |
| --- | --- |
| |
| Risk and reward profile | ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The fund has been placed in category 6 because its unit value fluctuates strongly and therefore the chance of profit but also the risk of loss can be high. It may be that due to the calculation model not all risks are accounted for when placing the fund in a risk category. An extensive description of the risks is included in the section “Notes on Risks” in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the fund: − Credit risks: The fund may invest a part of its assets in debt securities issued by governments or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Risks from the use of derivatives: The fund may use derivatives for the purposes described above under “Objectives and Investment Policy”. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the fund. − Custody risks: The custody of assets, particularly abroad, may involve a risk of loss arising from the possibility that the custodian or sub-custodian becomes insolvent, breach duties of due care or engages in abusive conduct. − Operational risks: The fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the investment management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
| | | | Objetivos y política de inversión | El fondo se gestiona activamente. El fondo tiene como objetivo lograr el mayor crecimiento de valor posible respetando criterios de inversión social y sostenibilidad medioambiental. Para lograrlo, se invierte al menos un 51 % del capital del fondo en acciones cotizadas emitidas por entidades europeas. Los emisores europeos son aquellos que tienen su domicilio social, su principal bolsa de valores o su actividad empresarial (país de riesgo = Europa) en Europa. Por ello, debe invertirse obligatoriamente en títulos estándar, así como en valores pequeños y medianos con un fuerte crecimiento. El fondo pretende superar la rentabilidad de su índice de referencia, el MSCI® Europe. En las decisiones de inversión del fondo se tienen en cuenta un gran número de características medioambientales y sociales. Un máximo del 10 % del capital neto del fondo puede invertirse en obligaciones subordinadas (exclusivamente bonos contingentes convertibles). Un máximo del 20 % del capital neto del fondo puede invertirse en valores que devengan intereses. Un máximo del 5 % del capital neto del fondo puede invertirse en fideicomisos de inversión inmobiliaria (REIT), que se califican como valores. Un máximo del 10 % del capital neto del fondo puede invertirse en fondos objetivo (OICVM y otros OIC), de conformidad con el artículo 41 (1) e) de la Ley del 17 de diciembre de 2010. Los instrumentos financieros derivados (IFD), negociados en un mercado regulado o extrabursátil (OTC), pueden utilizarse con fines de inversión y cobertura. Este fondo promueve características medioambientales o sociales según el artículo 8 del Reglamento sobre divulgación (Reglamento [UE] 2019/2088). El fondo utilizará como valor de referencia: 100% MSCI Europe NR (EUR). El valor de referencia del fondo será fijado por la sociedad y, en su caso, podrá ser cambiado. Sin embargo, el fondo no persigue reflejar el valor de referencia. El gestor de la cartera puede invertir, a su elección, en títulos o en sectores que no estén incluidos en el índice de referencia para aprovechar oportunidades específicas de inversión. La estrategia de inversión reduce la medida en la que los activos de cartera pueden diferir del referente. Esta diferencia puede ser notable. En este contexto, la selección de activos a título individual compete a la gestión del fondo. Los beneficios se mantienen en el fondo (dado el caso: en esta clase de participaciones) y aumentan el valor de las participaciones. Los inversores podrán, en general, obtener, previa solicitud, a la sociedad gestora el reembolso de sus participaciones cada día de negociación, es decir todo día hábil completo en Luxemburgo y en Fráncfort del Meno. El Fondo podrá, sin embargo, suspender los reembolsos cuando concurran circunstancias extraordinarias que, teniendo en cuenta los intereses de los partícipes, determinaran que fuera necesario. Recomendación: este fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de menos de 5 años. |
| --- | --- |
| |
| Perfil de riesgo y remuneración | ◄ Remuneración potencialmente más baja Remuneración potencialmente más elevada ► Menor riesgo Mayor riesgo 1 2 3 4 5 6 7 Este indicador se basa en datos históricos y por tanto no se puede prever la rentabilidad futura. La clasificación del fondo podrá variar en el futuro y no constituye ninguna garantía. Incluso la asignación de un fondo a la categoría 1 no supone que la inversión esté completamente libre de riesgo. El fondo se clasifica en la categoría 6 porque el precio de sus participaciones fluctúa mucho y, por lo tanto, la posibilidad de obtener ganancias, pero también el riesgo de pérdida, tienden a ser altos. Al clasificar el fondo en una categoría de riesgo, puede suceder que debido al modelo de cálculo no se consideren todos los riesgos. En el apartado del folleto "Advertencias sobre riesgos" encontrará información detallada. Los siguientes riesgos no influyen directamente en esta clasificación, aunque pueden ser de importancia para el fondo: − Riesgos de crédito: el fondo puede invertir una parte de su patrimonio en bonos del Estado y de empresa. En determinados casos, los emisores de dichos bonos podrían perder la capacidad de pago, por lo que los bonos podrían perder su la totalidad o parte de su valor. − Riesgos del empleo de derivados: el fondo podrá emplear operaciones de derivados con los fines citados en el anterior apartado "Objetivos y política de inversión". Las mayores oportunidades obtenidas de este modo vienen acompañadas de mayores riesgos de pérdidas. Mediante la cobertura mediante derivados para evitar pérdidas también pueden reducirse las posibilidades de ganancias del fondo. − Riesgos de custodia: la custodia de los activos, especialmente en el extranjero, podría implicar un riesgo de pérdida derivado de la posibilidad de insolvencia del depositario o del subdepositario, o del incumplimiento de sus obligaciones de diligencia debida o por incurrir en conductas abusivas. − Riesgos operativos: el fondo puede ser víctima de fraude o de actos criminales. Puede sufrir pérdidas debidas a malentendidos o errores de colaboradores de la sociedad de o de terceros externos, o puede verse perjudicado por acontecimientos externos como, por ejemplo, catástrofes naturales. |
| | | | Objectives and investment policy | The fund is actively managed. The Fund's investment objective is to achieve the highest possible rate of growth, taking into account the investment risk as well as socially and ecologically responsible investment criteria. In order to achieve this aim, at least 51% of the fund’s assets is invested in exchange-traded shares of European issuers. European issuers are those whose registered offices, main stock exchange or business operations are in Europe, i.e. the country of risk is Europe. The fund will invest primarily in standard stocks and in high-growth small and medium-sized companies. The fund endeavours to outperform its benchmark MSCI® Europe. In the investment decision process for the Fund, a large number of ecological and social characteristics are taken into account. No more than 10% of net fund assets may be invested in subordinated bonds (contingent convertibles bonds only). A maximum of 20% of the net fund assets may be invested in interest-bearing securities. No more than 5% of the net fund assets may be invested in real estate investment trusts (REITs) qualifying as securities. In accordance with Article 41(1)(e) of the Law of 17 December 2010, a maximum of 10% of net fund assets may be invested in target funds (UCITS and other UCIs). Financial derivative instruments (FDIs) traded on a regulated market or over the counter (OTC) may be used for investment and hedging purposes. This Fund promotes environmental and/or social characteristics under Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). The benchmark for the fund is: 100% MSCI Europe NR (EUR). This benchmark is determined for the fund by the investment management company and may be changed. The fund does not aim to reproduce the benchmark. The portfolio manager may invest at their own discretion in securities or industries not included in the benchmark in order to capitalise on specific investment opportunities. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the benchmark. This deviation may be material. Within this scope, the choice of the individual assets is performed by the fund manager. Income shall remain in the fund (or: in this unit class) and shall increase the value of the units. Investors may, in general, redeem their units with the management company on each trading day, i.e. each entire bank working day in Luxembourg and Frankfurt am Main. The fund may, however, suspend redemptions when extraordinary circumstances exist which, taking into consideration the interests of the unitholders, make a suspension appear necessary. Recommendation: This fund may not be suitable for investors that are planning to withdraw their monies from the fund within a period of less than 5 years. |
| --- | --- |
| |
| Risk and reward profile | ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The fund has been placed in category 6 because its unit value fluctuates strongly and therefore the chance of profit but also the risk of loss can be high. It may be that due to the calculation model not all risks are accounted for when placing the fund in a risk category. An extensive description of the risks is included in the section “Notes on Risks” in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the fund: − Credit risks: The fund may invest a part of its assets in debt securities issued by governments or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Risks from the use of derivatives: The fund may use derivatives for the purposes described above under “Objectives and Investment Policy”. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the fund. − Custody risks: The custody of assets, particularly abroad, may involve a risk of loss arising from the possibility that the custodian or sub-custodian becomes insolvent, breach duties of due care or engages in abusive conduct. − Operational risks: The fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the investment management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
| | | en | es |
DOLFIN8885 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Global Investment Grade Credit – Schedule of Investments
### Financial Assets at Fair Value through Profit or Loss
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| | Corporate Bonds 97.61% | | | | |
| | Euro | | | | |
| 100,000 | ABN AMRO Bank NV* | 0.60% | 15/01/2027 | 114,882 | 0.12 |
| 150,000 | American Tower Corp* | 0.95% | 05/10/2030 | 168,338 | 0.17 |
| 713,000 | AT&T Inc* | 0.25% | 04/03/2026 | 808,989 | 0.82 |
| 500,000 | AT&T Inc* | 1.60% | 19/05/2028 | 601,224 | 0.61 |
| 367,000 | Bank of America Corp* | 1.66% | 25/04/2028 | 440,925 | 0.45 |
| 289,000 | Barclays Plc* | 0.58% | 09/08/2029 | 321,269 | 0.32 |
| 100,000 | BP Capital Markets Plc* | 1.10% | 15/11/2034 | 111,758 | 0.11 |
| 662,000 | BP Capital Markets Plc* | 3.63% | 29/12/2049 | 810,711 | 0.82 |
| 100,000 | Celanese US Holdings LLC* | 0.63% | 10/09/2028 | 112,091 | 0.11 |
| 109,000 | Citigroup Inc* | 0.50% | 08/10/2027 | 124,019 | 0.13 |
| 270,000 | Computershare US Inc* | 1.13% | 07/10/2031 | 297,726 | 0.30 |
| 439,000 | Credit Suisse Group AG* | 0.65% | 14/01/2028 | 494,930 | 0.50 |
| 445,000 | Credit Suisse Group AG* | 1.00% | 24/06/2027 | 512,840 | 0.52 |
| 436,000 | Digital Dutch Finco BV* | 1.00% | 15/01/2032 | 481,220 | 0.49 |
| 322,000 | Discovery Communications LLC* | 1.90% | 19/03/2027 | 384,656 | 0.39 |
| 942,000 | Dow Chemical Co* | 1.13% | 15/03/2032 | 1,071,961 | 1.08 |
| 416,000 | E.ON SE* | 0.63% | 07/11/2031 | 474,646 | 0.48 |
| 100,000 | Elia Transmission Belgium SA* | 0.88% | 28/04/2030 | 116,095 | 0.12 |
| 271,000 | Enel Finance International NV* | 0.38% | 28/05/2029 | 302,489 | 0.31 |
| 550,000 | Fidelity National Information Services Inc* | 1.00% | 03/12/2028 | 636,610 | 0.64 |
| 203,000 | Fidelity National Information Services Inc* | 2.00% | 21/05/2030 | 250,521 | 0.25 |
| 453,000 | General Motors Financial Co Inc* | 0.85% | 26/02/2026 | 520,896 | 0.53 |
| 1,001,000 | Glencore Finance Europe Ltd** | 3.75% | 01/04/2026 | 1,283,885 | 1.30 |
| 118,000 | Heimstaden Bostad Treasury BV* | 0.25% | 13/10/2024 | 134,420 | 0.14 |
| 100,000 | Infineon Technologies AG* | 1.63% | 24/06/2029 | 121,109 | 0.12 |
| 100,000 | LANXESS AG* | 0.63% | 01/12/2029 | 113,157 | 0.11 |
| 559,000 | Lloyds Banking Group Plc* | 0.63% | 15/01/2024 | 640,749 | 0.65 |
| 300,000 | MMS USA Holdings Inc* | 1.75% | 13/06/2031 | 365,359 | 0.37 |
| 73,000 | Nasdaq Inc* | 0.90% | 30/07/2033 | 80,960 | 0.08 |
| 1,300,000 | National Grid North America Inc* | 1.00% | 12/07/2024 | 1,510,960 | 1.53 |
| 483,000 | Nationwide Building Society* | 2.00% | 25/07/2029 | 569,756 | 0.58 |
| 445,000 | New York Life Global Funding* | 0.25% | 04/10/2028 | 501,155 | 0.51 |
| 800,000 | Orange SA* | 0.50% | 04/09/2032 | 889,055 | 0.90 |
| 100,000 | Orange SA* | 0.63% | 16/12/2033 | 110,761 | 0.11 |
| 189,000 | PepsiCo Inc* | 0.75% | 14/10/2033 | 213,929 | 0.22 |
| 571,000 | RWE AG* | 0.50% | 26/11/2028 | 649,521 | 0.66 |
| 428,000 | Simon International Finance SCA* | 1.13% | 19/03/2033 | 479,122 | 0.48 |
| 200,000 | Simon International Finance SCA* | 1.25% | 13/05/2025 | 234,436 | 0.24 |
| 235,000 | Smurfit Kappa Treasury ULC* | 0.50% | 22/09/2029 | 263,739 | 0.27 |
300 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | # Global Investment Grade Credit – Cartera de inversiones
### Activos financieros al valor razonable con cambios en resultados
| Importe principal | Descripción de los valores | Cupón | Fecha de vencimiento | Valor razonable USD | % del Patri- monio neto |
| --- | --- | --- | --- | --- | --- |
| | Bonos corporativos 97,61% | | | | |
| | Euro | | | | |
| 100.000 | ABN AMRO Bank NV* | 0,60% | 15/01/2027 | 114.882 | 0,12 |
| 150.000 | American Tower Corp* | 0,95% | 05/10/2030 | 168.338 | 0,17 |
| 713.000 | AT&T Inc* | 0,25% | 04/03/2026 | 808.989 | 0,82 |
| 500.000 | AT&T Inc* | 1,60% | 19/05/2028 | 601.224 | 0,61 |
| 367.000 | Bank of America Corp* | 1,66% | 25/04/2028 | 440.925 | 0,45 |
| 289.000 | Barclays Plc* | 0,58% | 09/08/2029 | 321.269 | 0,32 |
| 100.000 | BP Capital Markets Plc* | 1,10% | 15/11/2034 | 111.758 | 0,11 |
| 662.000 | BP Capital Markets Plc* | 3,63% | 29/12/2049 | 810.711 | 0,82 |
| 100.000 | Celanese US Holdings LLC* | 0,63% | 10/09/2028 | 112.091 | 0,11 |
| 109.000 | Citigroup Inc* | 0,50% | 08/10/2027 | 124.019 | 0,13 |
| 270.000 | Computershare US Inc* | 1,13% | 07/10/2031 | 297.726 | 0,30 |
| 439.000 | Credit Suisse Group AG* | 0,65% | 14/01/2028 | 494.930 | 0,50 |
| 445.000 | Credit Suisse Group AG* | 1,00% | 24/06/2027 | 512.840 | 0,52 |
| 436.000 | Digital Dutch Finco BV* | 1,00% | 15/01/2032 | 481.220 | 0,49 |
| 322.000 | Discovery Communications LLC* | 1,90% | 19/03/2027 | 384.656 | 0,39 |
| 942.000 | Dow Chemical Co* | 1,13% | 15/03/2032 | 1.071.961 | 1,08 |
| 416.000 | E.ON SE* | 0,63% | 07/11/2031 | 474.646 | 0,48 |
| 100.000 | Elia Transmission Belgium SA* | 0,88% | 28/04/2030 | 116.095 | 0,12 |
| 271.000 | Enel Finance International NV* | 0,38% | 28/05/2029 | 302.489 | 0,31 |
| 550.000 | Fidelity National Information Services Inc* | 1,00% | 03/12/2028 | 636.610 | 0,64 |
| 203.000 | Fidelity National Information Services Inc* | 2,00% | 21/05/2030 | 250.521 | 0,25 |
| 453.000 | General Motors Financial Co Inc* | 0,85% | 26/02/2026 | 520.896 | 0,53 |
| 1.001.000 | Glencore Finance Europe Ltd** | 3,75% | 01/04/2026 | 1.283.885 | 1,30 |
| 118.000 | Heimstaden Bostad Treasury BV* | 0,25% | 13/10/2024 | 134.420 | 0,14 |
| 100.000 | Infineon Technologies AG* | 1,63% | 24/06/2029 | 121.109 | 0,12 |
| 100.000 | LANXESS AG* | 0,63% | 01/12/2029 | 113.157 | 0,11 |
| 559.000 | Lloyds Banking Group Plc* | 0,63% | 15/01/2024 | 640.749 | 0,65 |
| 300.000 | MMS USA Holdings Inc* | 1,75% | 13/06/2031 | 365.359 | 0,37 |
| 73.000 | Nasdaq Inc* | 0,90% | 30/07/2033 | 80.960 | 0,08 |
| 1.300.000 | National Grid North America Inc* | 1,00% | 12/07/2024 | 1.510.960 | 1,53 |
| 483.000 | Nationwide Building Society* | 2,00% | 25/07/2029 | 569.756 | 0,58 |
| 445.000 | New York Life Global Funding* | 0,25% | 04/10/2028 | 501.155 | 0,51 |
| 800.000 | Orange SA* | 0,50% | 04/09/2032 | 889.055 | 0,90 |
| 100.000 | Orange SA* | 0,63% | 16/12/2033 | 110.761 | 0,11 |
| 189.000 | PepsiCo Inc* | 0,75% | 14/10/2033 | 213.929 | 0,22 |
| 571.000 | RWE AG* | 0,50% | 26/11/2028 | 649.521 | 0,66 |
| 428.000 | Simon International Finance SCA* | 1,13% | 19/03/2033 | 479.122 | 0,48 |
| 200.000 | Simon International Finance SCA* | 1,25% | 13/05/2025 | 234.436 | 0,24 |
| 235.000 | Smurfit Kappa Treasury ULC* | 0,50% | 22/09/2029 | 263.739 | 0,27 |
300 NEUBERGER BERMAN INVESTMENT FUNDS PLC
CARTERA DE INVERSIONES CUENTAS | # Global Investment Grade Credit – Schedule of Investments
### Financial Assets at Fair Value through Profit or Loss
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| | Corporate Bonds 97.61% | | | | |
| | Euro | | | | |
| 100,000 | ABN AMRO Bank NV* | 0.60% | 15/01/2027 | 114,882 | 0.12 |
| 150,000 | American Tower Corp* | 0.95% | 05/10/2030 | 168,338 | 0.17 |
| 713,000 | AT&T Inc* | 0.25% | 04/03/2026 | 808,989 | 0.82 |
| 500,000 | AT&T Inc* | 1.60% | 19/05/2028 | 601,224 | 0.61 |
| 367,000 | Bank of America Corp* | 1.66% | 25/04/2028 | 440,925 | 0.45 |
| 289,000 | Barclays Plc* | 0.58% | 09/08/2029 | 321,269 | 0.32 |
| 100,000 | BP Capital Markets Plc* | 1.10% | 15/11/2034 | 111,758 | 0.11 |
| 662,000 | BP Capital Markets Plc* | 3.63% | 29/12/2049 | 810,711 | 0.82 |
| 100,000 | Celanese US Holdings LLC* | 0.63% | 10/09/2028 | 112,091 | 0.11 |
| 109,000 | Citigroup Inc* | 0.50% | 08/10/2027 | 124,019 | 0.13 |
| 270,000 | Computershare US Inc* | 1.13% | 07/10/2031 | 297,726 | 0.30 |
| 439,000 | Credit Suisse Group AG* | 0.65% | 14/01/2028 | 494,930 | 0.50 |
| 445,000 | Credit Suisse Group AG* | 1.00% | 24/06/2027 | 512,840 | 0.52 |
| 436,000 | Digital Dutch Finco BV* | 1.00% | 15/01/2032 | 481,220 | 0.49 |
| 322,000 | Discovery Communications LLC* | 1.90% | 19/03/2027 | 384,656 | 0.39 |
| 942,000 | Dow Chemical Co* | 1.13% | 15/03/2032 | 1,071,961 | 1.08 |
| 416,000 | E.ON SE* | 0.63% | 07/11/2031 | 474,646 | 0.48 |
| 100,000 | Elia Transmission Belgium SA* | 0.88% | 28/04/2030 | 116,095 | 0.12 |
| 271,000 | Enel Finance International NV* | 0.38% | 28/05/2029 | 302,489 | 0.31 |
| 550,000 | Fidelity National Information Services Inc* | 1.00% | 03/12/2028 | 636,610 | 0.64 |
| 203,000 | Fidelity National Information Services Inc* | 2.00% | 21/05/2030 | 250,521 | 0.25 |
| 453,000 | General Motors Financial Co Inc* | 0.85% | 26/02/2026 | 520,896 | 0.53 |
| 1,001,000 | Glencore Finance Europe Ltd** | 3.75% | 01/04/2026 | 1,283,885 | 1.30 |
| 118,000 | Heimstaden Bostad Treasury BV* | 0.25% | 13/10/2024 | 134,420 | 0.14 |
| 100,000 | Infineon Technologies AG* | 1.63% | 24/06/2029 | 121,109 | 0.12 |
| 100,000 | LANXESS AG* | 0.63% | 01/12/2029 | 113,157 | 0.11 |
| 559,000 | Lloyds Banking Group Plc* | 0.63% | 15/01/2024 | 640,749 | 0.65 |
| 300,000 | MMS USA Holdings Inc* | 1.75% | 13/06/2031 | 365,359 | 0.37 |
| 73,000 | Nasdaq Inc* | 0.90% | 30/07/2033 | 80,960 | 0.08 |
| 1,300,000 | National Grid North America Inc* | 1.00% | 12/07/2024 | 1,510,960 | 1.53 |
| 483,000 | Nationwide Building Society* | 2.00% | 25/07/2029 | 569,756 | 0.58 |
| 445,000 | New York Life Global Funding* | 0.25% | 04/10/2028 | 501,155 | 0.51 |
| 800,000 | Orange SA* | 0.50% | 04/09/2032 | 889,055 | 0.90 |
| 100,000 | Orange SA* | 0.63% | 16/12/2033 | 110,761 | 0.11 |
| 189,000 | PepsiCo Inc* | 0.75% | 14/10/2033 | 213,929 | 0.22 |
| 571,000 | RWE AG* | 0.50% | 26/11/2028 | 649,521 | 0.66 |
| 428,000 | Simon International Finance SCA* | 1.13% | 19/03/2033 | 479,122 | 0.48 |
| 200,000 | Simon International Finance SCA* | 1.25% | 13/05/2025 | 234,436 | 0.24 |
| 235,000 | Smurfit Kappa Treasury ULC* | 0.50% | 22/09/2029 | 263,739 | 0.27 |
300 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | en | es |
DOLFIN8894 | 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 investors with a total return, taking into account both capital and income returns, which reflects, before fees and expenses, the return of the Fidelity Europe Quality Income Index (the ‘‘Index’’).
- The Index is designed to reflect the performance of stocks of large and mid-capitalisation dividend paying companies fromEuropean countries that exhibit quality fundamental characteristics.
- The investment policy of the fund is 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 fund’s performance and that of the Index.
- The Index comprises the equity securities of the relevant companies. The Index constituents are also screened according to fundamental measures as well as certain environmental, social and governance (‘‘ESG’’) exclusionary criteria based on norm-based screening and negative screening of certain sectors, companies or practices. For more information on the Index, please refer to the publicly available index methodology at www.spdji.com.
- The fund will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index.
- The securities in which the fund invests will be primarily listed or traded on recognised markets globally in accordance with the limits set out in the UCITS Regulations.
- The fund may use derivatives for efficient portfolio management and for currency hedging purposes.
- The fund uses a benchmark ‘‘index tracking’’ (also known as ‘‘passive’’) investment management approach by tracking the Index.
- Income will be distributed in accordance with the terms of the supplement.
- You can buy and sell shares in the fund on any day the banks in London are open. | # Objetivos y política de inversión
- El Subfondo tiene como objetivo proporcionar a los inversores un rendimiento total, teniendo en cuenta los rendimientos de capital e ingresos que refleje, antes de comisiones y gastos, el rendimiento del Fidelity Europe Quality Income Index (el «Índice»).
- El Índice se ha diseñado para reflejar la rentabilidad de los valores de aquellas empresas de alta y media capitalización de países europeos que pagan dividendos y muestran datos fundamentales de calidad.
- La política de inversión de este Subfondo trata de seguir la evolución del Índice lo más de cerca posible, independientemente de si su nivel sube o baja, a la vez que intenta minimizar lo máximo posible el error de seguimiento entre la rentabilidad del Subfondo y la del Índice.
- El Índice incluye los valores de renta variable de las correspondientes empresas. Los componentes del Índice también se filtran utilizando datos fundamentales, además de criterios de exclusión medioambientales, sociales y de gobernanza («ESG») sobre la base del filtrado de acuerdo con la normativa y el filtrado negativo de ciertos sectores, empresas o prácticas. Para saber más sobre el Índice, consulte la información sobre su metodología, disponible en abierto en www.spdji.com.
- El Subfondo intentará replicar el Índice manteniendo posiciones en todos sus valores en proporciones similares a su ponderación en el mismo.
- Los valores en los que invierte el Subfondo cotizarán o se negociarán fundamentalmente en mercados reconocidos de todo el mundo, de conformidad con las limitaciones establecidas en los Reglamentos sobre OICVM.
- El Subfondo puede usar derivados para lograr una gestión eficiente de la cartera y con fines de cobertura cambiaria.
- El Subfondo utiliza un enfoque de inversión basado en la replicación de un índice de referencia (también conocido como «gestión pasiva») en virtud del cual trata de replicar el Índice.
- Los ingresos se distribuirán de conformidad con lo dispuesto en el suplemento.
- Puede comprar y vender Acciones del Subfondo cualquier día de apertura de los bancos en Londres. | # Objectives and Investment Policy
- The fund aims to provide investors with a total return, taking into account both capital and income returns, which reflects, before fees and expenses, the return of the Fidelity Europe Quality Income Index (the ‘‘Index’’).
- The Index is designed to reflect the performance of stocks of large and mid-capitalisation dividend paying companies fromEuropean countries that exhibit quality fundamental characteristics.
- The investment policy of the fund is 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 fund’s performance and that of the Index.
- The Index comprises the equity securities of the relevant companies. The Index constituents are also screened according to fundamental measures as well as certain environmental, social and governance (‘‘ESG’’) exclusionary criteria based on norm-based screening and negative screening of certain sectors, companies or practices. For more information on the Index, please refer to the publicly available index methodology at www.spdji.com.
- The fund will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index.
- The securities in which the fund invests will be primarily listed or traded on recognised markets globally in accordance with the limits set out in the UCITS Regulations.
- The fund may use derivatives for efficient portfolio management and for currency hedging purposes.
- The fund uses a benchmark ‘‘index tracking’’ (also known as ‘‘passive’’) investment management approach by tracking the Index.
- Income will be distributed in accordance with the terms of the supplement.
- You can buy and sell shares in the fund on any day the banks in London are open. | en | es |
DOLFIN8897 | 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 | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.54% |
| Charges taken from the fund under certain specific conditions |
| Performance fee 20.00% of the outperformance if the performance is positive and exceeds that of the reference indicator (MSCI AC WORLD NR) since the beginning of the year. Performance fee invoiced for the last financial year: 4.17% | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0.00% |
| Gastos de salida | 0.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 2.54% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad 20.00% del excedente de rentabilidad, siempre y cuando la rentabilidad sea positiva y superior a la del indicador de referencia (MSCI AC WORLD NR) desde el inicio del año. Importe de la comisión de rentabilidad percibida en el último ejercicio: 4.17% | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.54% |
| Charges taken from the fund under certain specific conditions |
| Performance fee 20.00% of the outperformance if the performance is positive and exceeds that of the reference indicator (MSCI AC WORLD NR) since the beginning of the year. Performance fee invoiced for the last financial year: 4.17% | | en | es |
DOLFIN8902 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Net Asset Value Publication: The Net Asset Value per share is available at www.axa-im.com, and at the registered office of the Management Company.
Tax Legislation: The Fund is subject to the tax laws and regulations of Ireland. Depending on your own country of residence this might have an impact on your investments. For further details, you should consult a tax adviser.
Liability Statement: AXA Investment Managers Paris may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
Switching between Funds: Shareholders may apply for any share classes of any Funds to be converted into share classes of another Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request. | ## Publicación del valor liquidativo: El valor liquidativo por acción está disponible en www.axa-im.com y en el domicilio social de la empresa.
Legislación fiscal: El Fondo está sometido a las leyes y normas fiscales de Irelanda. En función del país en el que usted resida, sus inversiones podrían verse afectadas. Si desea conocer más detalles, le recomendamos que consulte a un asesor fiscal.
Declaración de responsabilidad: AXA Investment Managers Paris responderá únicamente sobre la base de cualquier declaración incluida en este documento que sea errónea, inexacta o incoherente con la información correspondiente del folleto del Fondo.
Cambiar entre Fondos: Los accionistas pueden solicitar que cualquiera de las clases de acciones de cualquier Fondo sea convertida en clases de acciones de otro Fondo, siempre y cuando se cumplan las condiciones para acceder a la clase, tipo o subtipo de acciones objetivo en relación a este Fondo, sobre la base de sus valores liquidativos respectivos calculados el día de valoración siguiente a la recepción de la solicitud de conversión. | ## Net Asset Value Publication: The Net Asset Value per share is available at www.axa-im.com, and at the registered office of the Management Company.
Tax Legislation: The Fund is subject to the tax laws and regulations of Ireland. Depending on your own country of residence this might have an impact on your investments. For further details, you should consult a tax adviser.
Liability Statement: AXA Investment Managers Paris may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
Switching between Funds: Shareholders may apply for any share classes of any Funds to be converted into share classes of another Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request. | en | es |
DOLFIN8903 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The investment objective of the sub-fund is to outperform the benchmark MSCI World Net Total Return EUR Index (MSDEWIN Index). These investments in equities and other equity securities are made worldwide. The sub-fund is actively managed. The sub-fund is an equity fund.
The equity portion of the sub-fund assets will always be at least 51% (gross). When acquiring equities, the Fund may acquire certain permissible Chinese A- shares under the Shanghai and Shenzhen Hong Kong Stock Connect ("SHSC") Programme. The use of the SHSC programme serves as an additional investment opportunity for the Fund.
The sub-fund does not acquire units in funds (UCITS and/or UCIs), regardless of their legal form. The sub-fund is therefore eligible as a target fund as specified in Article 41(1)(e) of the Law of 2010.
Article 8 of Regulation (EU) 2019/2088 and Article 6 of Regulation (EU) 2020/852 (EU taxonomy) apply to this sub-fund. MainFirst Holding AG, to which the sub-fund investment manager belongs, has signed the UN PRI (UN-supported Principles for Responsible Investment). The sub-fund's sustainability strategy aims to demonstrate a better ESG risk profile than the benchmark on average. The benchmark used to guide the sub-fund's investment strategy does not focus on the fund's environmental and social characteristics. A description of the method of calculating the benchmark market can be found at www.msci.com. Detailed information on the Management Company's responsible investment principles and the naming of sustainability rating agencies used can be found at www.mainfirst.com.
In principle, investors may redeem their shares on any banking day in Luxembourg, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors. | # Objetivos y política de inversión
El objetivo de inversión del subfondo es superar la rentabilidad del índice de referencia MSCI World Net Total Return EUR Index (índice MSDEWIN). Estas inversiones en acciones y otros valores de participación se realizan en todo el mundo. Es un subfondo de gestión activa. Este subfondo es un fondo de acciones.
El porcentaje de acciones del patrimonio del subfondo será siempre de al menos el 51 % (bruto). A la hora de adquirir acciones, el fondo tiene la opción de adquirir acciones A chinas elegibles a través del programa Shanghai and Shenzhen Hong Kong Stock Connect («SHSC»). El uso del programa SHSC sirve como una oportunidad de inversión adicional para el fondo.
El subfondo no adquiere participaciones en fondos (OICVM u OIC), independientemente de su forma jurídica. Por lo tanto, el subfondo puede concebirse como fondo objetivo de conformidad con el artículo 41 (1) e) de la Ley de 2010.
El artículo 8 del Reglamento (UE) 2019/2088 y el artículo 6 del Reglamento (UE) 2020/852 (Taxonomía de la UE) se aplican a este subfondo. La MainFirst Holding AG, a la que pertenece el gestor de inversiones del subfondo, ha firmado los Principios para la Inversión Responsable promovidos por las Naciones Unidas (UN PRI, United Nations-supported Principles for Responsible Investment). La estrategia de sostenibilidad del subfondo tiene como objetivo presentar, de media, un perfil de riesgo ASG mejor que el del índice de referencia. El índice de referencia en el que se orienta la estrategia de inversión del subfondo no está orientado a las características medioambientales y sociales del fondo. Se puede consultar una descripción del método de cálculo del índice de referencia en www.msci.com. Puede encontrar información detallada sobre los principios de inversión responsable de la sociedad gestora y el nombre de las agencias de calificación de la sostenibilidad consultadas en www.mainfirst.com.
Por regla general, los inversores podrán reembolsar sus participaciones en cualquier día hábil a efectos bancarios en Luxemburgo, a excepción del 24 y el 31 de diciembre. Se podrá suspender el reembolso de las participaciones si esta medida resulta necesaria a la luz de circunstancias extraordinarias y teniendo en cuenta los intereses de los inversores. | # Objectives and investment policy
The investment objective of the sub-fund is to outperform the benchmark MSCI World Net Total Return EUR Index (MSDEWIN Index). These investments in equities and other equity securities are made worldwide. The sub-fund is actively managed. The sub-fund is an equity fund.
The equity portion of the sub-fund assets will always be at least 51% (gross). When acquiring equities, the Fund may acquire certain permissible Chinese A- shares under the Shanghai and Shenzhen Hong Kong Stock Connect ("SHSC") Programme. The use of the SHSC programme serves as an additional investment opportunity for the Fund.
The sub-fund does not acquire units in funds (UCITS and/or UCIs), regardless of their legal form. The sub-fund is therefore eligible as a target fund as specified in Article 41(1)(e) of the Law of 2010.
Article 8 of Regulation (EU) 2019/2088 and Article 6 of Regulation (EU) 2020/852 (EU taxonomy) apply to this sub-fund. MainFirst Holding AG, to which the sub-fund investment manager belongs, has signed the UN PRI (UN-supported Principles for Responsible Investment). The sub-fund's sustainability strategy aims to demonstrate a better ESG risk profile than the benchmark on average. The benchmark used to guide the sub-fund's investment strategy does not focus on the fund's environmental and social characteristics. A description of the method of calculating the benchmark market can be found at www.msci.com. Detailed information on the Management Company's responsible investment principles and the naming of sustainability rating agencies used can be found at www.mainfirst.com.
In principle, investors may redeem their shares on any banking day in Luxembourg, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors. | en | es |
DOLFIN8908 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objective and Investment Policy
## Investment Objective
The Sub-Fund investment objective is to seek performance by investing in corporate and government bonds and money market instruments issued worldwide over a medium term period.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in global corporate and government bonds issued worldwide. The following investment decisions are undertaken after comprehensive macro and microeconomic analysis of the market:
- asset allocation across different types of bonds
- duration positioning (duration measures, in number of years, the portfolio's sensitivity to interest rate variations)
- geographical allocation
- issuer selectionThe Sub-Fund invests in debt securities (investment grade and/or high yield), including inflation-linked bonds, and money market instruments issued by governments and corporations located anywhere in the world, including emerging markets.
The Investment Manager may invest less than 20% of its assets in assets issued by securitization vehicles or equivalent (such as assets backed securities (ABS), Collateralised Debt Obligations (CDO), Collateralized Loan Obligations (CLO) or any similar assets).
Within the limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or | # Objetivos y política de inversión
## Objetivo de Inversión
El objetivo de inversión del Subfondo es obtener rentabilidad a medio plazo invirtiendo en bonos corporativos y de gobierno, e instrumentos del mercado monetarios emitidos por todo el mundo.
## Política de inversión
El Subfondo está gestionado activamente con el fin de captar oportunidades en bonos públicos y corporativos internacionales emitidos por todo el mundo. Las siguientes decisiones de inversión se toman tras un análisis microeconómico y macroeconómico exhaustivo del mercado:
- distribución de activos en diferentes tipos de bonos
- posicionamiento en duración (la duración mide, en años, la sensibilidad de la cartera a las variaciones de tipos de interés)
- distribución geográfica
- selección de emisoresEl Subfondo invierte en títulos de deuda (de primera calidad crediticia - investment grade - y/o alto rendimiento -high yield-), incluidos valores de renta fija vinculados a la inflación, e instrumentos del mercado monetario emitidos por gobiernos y grandes empresas ubicadas en cualquier parte del mundo, incluso en los mercados emergentes.
El gestor de inversiones podrá invertir menos del 20% de sus activos en activos emitidos por instrumentos de titulización o equivalentes (como títulos respaldados por activos [ABS], títulos con garantía de deuda [CDO], títulos con garantía de préstamos [CLO] o activos similares). | # Objective and Investment Policy
## Investment Objective
The Sub-Fund investment objective is to seek performance by investing in corporate and government bonds and money market instruments issued worldwide over a medium term period.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in global corporate and government bonds issued worldwide. The following investment decisions are undertaken after comprehensive macro and microeconomic analysis of the market:
- asset allocation across different types of bonds
- duration positioning (duration measures, in number of years, the portfolio's sensitivity to interest rate variations)
- geographical allocation
- issuer selectionThe Sub-Fund invests in debt securities (investment grade and/or high yield), including inflation-linked bonds, and money market instruments issued by governments and corporations located anywhere in the world, including emerging markets.
The Investment Manager may invest less than 20% of its assets in assets issued by securitization vehicles or equivalent (such as assets backed securities (ABS), Collateralised Debt Obligations (CDO), Collateralized Loan Obligations (CLO) or any similar assets).
Within the limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or | en | es |
DOLFIN8909 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
After giving prior notice to the relevant Shareholders, the Board may redeem all of the Shares in question on the first Valuation Day after the end of the notice period, at an NAV that reflects the anticipated liquidation costs but with no other redemption charge.
Should the SICAV need to liquidate, one or more liquidators appointed by the Shareholders’ meeting will liquidate the SICAV’s assets in the best interest of the Shareholders and will distribute the net proceeds (after deduction of any costs relating to the liquidation) to Shareholders in proportion to the Shares they are holding.
Amounts from any liquidations that are not claimed promptly by Shareholders will be deposited in escrow with the Caisse de Consignation. Amounts still unclaimed when the statute of limitations runs out will be forfeited according to Luxembourg law. | Después de enviar una notificación previa a los accionistas afectados, el Consejo podrá reembolsar la totalidad de las acciones en cuestión el día de valoración subsiguiente al término del período de preaviso, a un valor liquidativo que refleje los costes de liquidación anticipada pero sin ningún otro cargo de reembolso.
En el supuesto de que sea necesario liquidar la SICAV, uno o más liquidadores nombrados por la junta de accionistas liquidarán los activos de la SICAV, en el interés superior de los accionistas, y distribuirán a estos los ingresos netos (tras deducir los costes de liquidación) a prorrata del número de acciones de las que sean titulares.
Los importes resultantes de la liquidación que no sean reclamados de manera puntual por los accionistas se depositarán en una cuenta de plica en la Caisse de Consignation. Los importes que aún no hayan sido reclamados al agotarse el plazo de prescripción se perderán, de acuerdo con la legislación luxemburguesa. | After giving prior notice to the relevant Shareholders, the Board may redeem all of the Shares in question on the first Valuation Day after the end of the notice period, at an NAV that reflects the anticipated liquidation costs but with no other redemption charge.
Should the SICAV need to liquidate, one or more liquidators appointed by the Shareholders’ meeting will liquidate the SICAV’s assets in the best interest of the Shareholders and will distribute the net proceeds (after deduction of any costs relating to the liquidation) to Shareholders in proportion to the Shares they are holding.
Amounts from any liquidations that are not claimed promptly by Shareholders will be deposited in escrow with the Caisse de Consignation. Amounts still unclaimed when the statute of limitations runs out will be forfeited according to Luxembourg law. | en | es |
DOLFIN8912 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Global Aggregate Bond Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of global investment-grade debt (i.e. bond) markets and currently is made up of four regional indices (i.e. the Bloomberg Barclays US Aggregate Index, the Bloomberg Barclays Pan-European Aggregate Index, the Bloomberg Barclays Asian-Pacific Aggregate Index and the Bloomberg Barclays Canadian Aggregate Index) as well as other Bloomberg Barclays index-eligible securities not already included in these four indices. The FI securities that make up the Index may be issued or guaranteed by governments, public international bodies or companies and will pay income according to a fixed and/or floating rate of interest. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness).
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Bloomberg Barclays Global Aggregate Bond Index, el índice de referencia del Fondo (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y realizable, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible venderlos.
El Índice mide la rentabilidad de los mercados mundiales de deuda (es decir, bonos) con categoría de inversión y actualmente está compuesto por cuatro índices de ámbito regional (el Bloomberg Barclays US Aggregate Index, el Bloomberg Barclays Pan-European Aggregate Index, el Bloomberg Barclays Asian-Pacific Aggregate Index y el Bloomberg Barclays Canadian Aggregate Index), además de otros valores que cumplen los criterios de los índices de Bloomberg Barclays y que no están incluidos en estos cuatro índices. Los valores que RF que componen el Índice pueden ser emitidos o garantizados por gobiernos, organismos públicos internacionales o empresas, y pagarán rendimientos con arreglo a un tipo de interés fijo o variable. En el momento de su inclusión en el Índice, los valores de RF tendrán un nivel de grado de inversión (es decir, cumplirán un nivel específico de solvencia).
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Está previsto que la utilización de IFD esté limitada.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos sobre las acciones).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Global Aggregate Bond Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of global investment-grade debt (i.e. bond) markets and currently is made up of four regional indices (i.e. the Bloomberg Barclays US Aggregate Index, the Bloomberg Barclays Pan-European Aggregate Index, the Bloomberg Barclays Asian-Pacific Aggregate Index and the Bloomberg Barclays Canadian Aggregate Index) as well as other Bloomberg Barclays index-eligible securities not already included in these four indices. The FI securities that make up the Index may be issued or guaranteed by governments, public international bodies or companies and will pay income according to a fixed and/or floating rate of interest. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness).
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8913 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: MSCI Europe Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE SYNERGY R EUR
Benchmark
A : The Sub-Fund and the Class were created on 22/01/2016 following the merger by absorption of Class E of the French Edmond de Rothschild EUROPE SYNERGY (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class E of the Absorbed Sub-Fund. | ## Índice de referencia: MSCI Europe Index, calculado con los dividendos netos reinvertidos.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE SYNERGY R EUR
Índice de referencia
A: El Subfondo y la Clase se crearon el 22 de enero de 2016 tras la fusión por absorción de la Clase E del fondo francés Edmond de Rothschild EUROPE SYNERGY (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase E del Subfondo absorbido. | ## Benchmark: MSCI Europe Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE SYNERGY R EUR
Benchmark
A : The Sub-Fund and the Class were created on 22/01/2016 following the merger by absorption of Class E of the French Edmond de Rothschild EUROPE SYNERGY (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class E of the Absorbed Sub-Fund. | en | es |
DOLFIN8914 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
All of the fund’s current accounts (including those in different currencies) that actually and legally form only part of a single current account are designated as a single current account in connection with net fund assets. Current accounts in foreign currencies, if applicable, are converted into the currency of the fund.
Interest is calculated on the basis of the terms of the relevant individual account.
-
## Information for Swiss investors
- Securities numbers:Ethna-DEFENSIV unit class (A): Securities no. 3058302Ethna-DEFENSIV unit class (T): Securities no. 3087284 Ethna-DEFENSIV unit class (SIA-A): Securities no. 20364140 Ethna-DEFENSIV unit class (SIA-T): Securities no. 20364332 Ethna-DEFENSIV unit class (R-A): Securities no. 26479972 Ethna-DEFENSIV unit class (R-T): Securities no. 26480219Ethna-DEFENSIV unit class (SIA CHF-T): Securities no. 26480260
- Total expense ratio (TER) in accordance with the guidelines issued by the Swiss Funds & Asset Management Association (SFAMA) on 16 May 2008:Commissions and costs incurred in the management of the collective investment scheme must be disclosed using the internationally recognised measure known as the "Total Expense Ratio (TER)". This figure expresses the total of those commissions and costs which are incurred by the assets of the collective investment scheme on an ongoing basis (operating expense) retrospectively as a percentage of net assets and is to be calculated using the following formula:Total operating expense in UA*TER % = x 100Average net assets in UA** UA = Units in the currency of account of the collective investment schemeFor newly established funds, the TER is to be calculated for the first time using the statement of operations published in the first annual or semi-annual report. Operating expense may be converted to a 12-month period. The median of month-end values over the period under review is used to calculate the average value for fund assets. | Todas las cuentas corrientes del fondo (incluidas las denominadas en diferentes monedas), que desde el punto de vista fáctico y jurídico solo son parte de una cuenta bancaria unitaria, se presentan como una única cuenta corriente en la composición del patrimonio neto del Fondo. Las cuentas corrientes en moneda extranjera, en su caso, se convierten en la divisa del Fondo.
Como base para el cálculo de los intereses se aplican las condiciones de cada cuenta.
-
## Información para los inversores suizos
- Números de los valores:Ethna-DEFENSIV Clase de participaciones (A): Núm. de valor 3058302Ethna-DEFENSIV Clase de participaciones (T): Núm. de valor 3087284 Ethna-DEFENSIV Clase de participaciones (SIA-A): Núm. de valor 20364140 Ethna-DEFENSIV Clase de participaciones (SIA-T): Núm. de valor 20364332 Ethna-DEFENSIV Clase de participaciones (R-A): Núm. de valor 26479972 Ethna-DEFENSIV Clase de participaciones (R-T): Núm. de valor 26480219Ethna-DEFENSIV Clase de participaciones (SIA CHF-T): Núm. de valor 26480260
- Ratio de gastos totales (TER) conforme a la directriz de la Swiss Funds & Asset Management Association (SFAMA) de 16 de mayo de 2008:Las comisiones y los gastos devengados por la gestión de la inversión colectiva deben revelarse mediante el índice conocido internacionalmente como ratio de gastos totales («Total Expense Ratio», TER). Este ratio expresa de forma retrospectiva como28 porcentaje del patrimonio neto la totalidad de aquellas comisiones y gastos que se cargan sucesivamente al patrimonio de lainversión colectiva (gastos operativos), y debe calcularse en principio según la siguiente fórmula:Gastos operativos totales en RE*TER % = x 100Patrimonio neto medio en RE** RE = unidades en la moneda base de la institución de inversión colectivaEn el caso de los fondos recién constituidos, el TER debe calcularse la primera vez tomando como referencia la cuenta de resultados publicada en el primer Informe anual o semestral. En su caso, los gastos operativos deben convertirse a un periodo de 12 meses. Como promedio del patrimonio del fondo se toma la media de los valores de fin de mes del periodo analizado. | All of the fund’s current accounts (including those in different currencies) that actually and legally form only part of a single current account are designated as a single current account in connection with net fund assets. Current accounts in foreign currencies, if applicable, are converted into the currency of the fund.
Interest is calculated on the basis of the terms of the relevant individual account.
-
## Information for Swiss investors
- Securities numbers:Ethna-DEFENSIV unit class (A): Securities no. 3058302Ethna-DEFENSIV unit class (T): Securities no. 3087284 Ethna-DEFENSIV unit class (SIA-A): Securities no. 20364140 Ethna-DEFENSIV unit class (SIA-T): Securities no. 20364332 Ethna-DEFENSIV unit class (R-A): Securities no. 26479972 Ethna-DEFENSIV unit class (R-T): Securities no. 26480219Ethna-DEFENSIV unit class (SIA CHF-T): Securities no. 26480260
- Total expense ratio (TER) in accordance with the guidelines issued by the Swiss Funds & Asset Management Association (SFAMA) on 16 May 2008:Commissions and costs incurred in the management of the collective investment scheme must be disclosed using the internationally recognised measure known as the "Total Expense Ratio (TER)". This figure expresses the total of those commissions and costs which are incurred by the assets of the collective investment scheme on an ongoing basis (operating expense) retrospectively as a percentage of net assets and is to be calculated using the following formula:Total operating expense in UA*TER % = x 100Average net assets in UA** UA = Units in the currency of account of the collective investment schemeFor newly established funds, the TER is to be calculated for the first time using the statement of operations published in the first annual or semi-annual report. Operating expense may be converted to a 12-month period. The median of month-end values over the period under review is used to calculate the average value for fund assets. | en | es |
DOLFIN8915 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,590 EUR -84.12% | 1,920 EUR -28.09% |
| Unfavourable¹ | What you might get back after costs Average return each year | 8,480 EUR -15.25% | 8,850 EUR -2.41% |
| Moderate² | What you might get back after costs Average return each year | 10,600 EUR 5.96% | 13,220 EUR 5.74% |
| Favourable³ | What you might get back after costs Average return each year | 13,250 EUR 32.48% | 15,640 EUR 9.35% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.590 EUR -84,12% | 1.920 EUR -28,09% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.480 EUR -15,25% | 8.850 EUR -2,41% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.600 EUR 5,96% | 13.220 EUR 5,74% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.250 EUR 32,48% | 15.640 EUR 9,35% | | | Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,590 EUR -84.12% | 1,920 EUR -28.09% |
| Unfavourable¹ | What you might get back after costs Average return each year | 8,480 EUR -15.25% | 8,850 EUR -2.41% |
| Moderate² | What you might get back after costs Average return each year | 10,600 EUR 5.96% | 13,220 EUR 5.74% |
| Favourable³ | What you might get back after costs Average return each year | 13,250 EUR 32.48% | 15,640 EUR 9.35% | | en | es |
DOLFIN8919 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment of 10,000 GBP | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 94 GBP | 913 GBP |
| Cost impact* | 0.94% | 1.07% | | | Inversión de 10 000 GBP | Si lo vende después de 1 año | Si lo vende después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 94 GBP | 913 GBP |
| Incidencia de los costes* | 0,94 % | 1,07 % | | | Investment of 10,000 GBP | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 94 GBP | 913 GBP |
| Cost impact* | 0.94% | 1.07% | | en | es |
DOLFIN8921 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
This is an Irish UCITS variable capital umbrella investment company with segregated liability between sub-funds authorised by the Central Bank of Ireland.
## Term
This product has no fixed term. The product may be liquidated under limited circumstances as detailed in the prospectus.
## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve capital growth by investing primarily in shares of a limited number of companies of all sizes traded or listed in Japan.
The fund shall invest primarily in equity and equity-related securities in Japan. The fund may invest 20% of the value of the fund in non-Japanese companies that have business activities in Japan. Due to the highly concentrated nature of the portfolio, the fund is likely to have a higher annualised volatility than a more diversified portfolio.
The fund is considered to be actively managed in reference to the index (Topix Index) by virtue of the fact that it uses the index for performance comparison purposes. However, the index is not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the index.
## Intended retail investor
The fund is intended for retail and institutional investors. The fund may not be appropriate for investors who plan to withdraw their money within 5 years.
The fund is suitable for investors seeking long term capital appreciation and who are prepared to accept a moderate level of volatility.
For full investment objectives and policy details please refer to the prospectus.
## Other Information
Investors may switch their investment into shares of other funds upon request and further details can be found in the prospectus. Investors may redeem their investment on each business day of the fund. | # ¿Qué es este producto?
## Tipo
Se trata de una sociedad de inversión de capital variable OICVM irlandesa, de tipo paraguas y con responsabilidad segregada entre subfondos, autorizada por el Banco Central de Irlanda.
## Plazo
Este producto no tiene plazo fijo. El producto puede liquidarse en determinadas circunstancias, tal como se detalla en el folleto.
## Objetivos
Los ingresos que el Fondo genere se capitalizarán y reinvertirán en nombre de los inversores.
El fondo pretende lograr la revalorización del capital, invirtiendo principalmente en acciones de empresas negociadas o cotizadas en Japón.
El fondo invertirá principalmente en valores japoneses de renta variable y asimilados a renta variable. Hasta el 20 % del patrimonio del fondo podrá ser invertido en empresas no japonesas que tengan actividades empresariales en Japón. Debido al carácter altamente concentrado de la cartera, es probable que el fondo tenga una volatilidad anualizada mayor que una cartera más diversificada.
Se considera que el fondo se gestiona de manera activa, con referencia al índice (Topix) porque emplea este último para comparar las rentabilidades. Sin embargo, el índice no se utiliza para definir la composición de la cartera del fondo ni como objetivo de rentabilidad, y el fondo puede estar invertido en su totalidad en valores que no sean componentes del índice.
## Inversor minorista al que va dirigido
El fondo está destinado a inversores minoristas e institucionales. Este fondo podría no ser adecuado para inversores que tengan previsto retirar su dinero en un plazo de 5 años.
El fondo es adecuado para inversores que busquen la revalorización del capital a largo plazo, y que estén dispuestos a aceptar un nivel moderado de volatilidad.
Para consultar todos los detalles de los objetivos y la política de inversión, consulte el folleto.
## Información adicional
Los inversores podrán canjear su inversión por participaciones de otros fondos si lo solicitan; en el folleto puede encontrarse información más detallada. Los inversores pueden obtener el reembolso de su inversión en cada día hábil del fondo. | # What is this product?
## Type
This is an Irish UCITS variable capital umbrella investment company with segregated liability between sub-funds authorised by the Central Bank of Ireland.
## Term
This product has no fixed term. The product may be liquidated under limited circumstances as detailed in the prospectus.
## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve capital growth by investing primarily in shares of a limited number of companies of all sizes traded or listed in Japan.
The fund shall invest primarily in equity and equity-related securities in Japan. The fund may invest 20% of the value of the fund in non-Japanese companies that have business activities in Japan. Due to the highly concentrated nature of the portfolio, the fund is likely to have a higher annualised volatility than a more diversified portfolio.
The fund is considered to be actively managed in reference to the index (Topix Index) by virtue of the fact that it uses the index for performance comparison purposes. However, the index is not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the index.
## Intended retail investor
The fund is intended for retail and institutional investors. The fund may not be appropriate for investors who plan to withdraw their money within 5 years.
The fund is suitable for investors seeking long term capital appreciation and who are prepared to accept a moderate level of volatility.
For full investment objectives and policy details please refer to the prospectus.
## Other Information
Investors may switch their investment into shares of other funds upon request and further details can be found in the prospectus. Investors may redeem their investment on each business day of the fund. | en | es |
DOLFIN8926 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For directly-managed investments and/or for the underlying funds managed by Candriam, the environmental aspects making up these six environmental objectives are placed at the heart of the ESG analysis of issuers.
For the sub-funds which have sustainable investment as their objective and also for the sub-funds which promote, among other characteristics, environmental and/or social characteristics, this work to evaluate the contribution of issuers to the main environmental objectives, in particular the battle against climate change, requires a sector-based appraisal based on a heterogeneous data set and complex realities with multiple interdependencies. Candriam's ESG analysts have developed their own analysis framework. This enables them to systematically assess the contribution of a company's activities to the achievement of various environmental objectives set by Candriam and in line with the objective of the Taxonomy.
Following the publication of the technical criteria for the Taxonomy's 2 environmental objectives related to climate change by the group of experts created at the European level, Candriam has undertaken to integrate these technical criteria into its pre-existing analysis framework.
Carrying out such an analysis over the entire scope of the issuers concerned relies heavily on the effective publication of certain data by these key issuers, making it possible to assess their contribution in detail. | Al mismo tiempo, en el caso de las inversiones gestionadas de forma directa y/o los fondos subyacentes gestionados por Candriam, los aspectos medioambientales que componen estos seis objetivos medioambientales son uno de los pilares del análisis ESG realizado de los emisores.
Para los subfondos que tengan un objetivo de inversión sostenible, así como para los subfondos que promuevan, entre otras, características medioambientales y/o sociales, este trabajo de evaluación de la contribución de los emisores a los grandes objetivos medioambientales, en particular a la lucha contra el cambio climático, precisa de una apreciación sectorial, basada en un conjunto de datos heterogéneos y de realidades complejas con múltiples interdependencias. Los analistas ESG de Candriam han desarrollado su propio marco de análisis. Les permite evaluar de forma sistemática la contribución de las actividades de una empresa a los diferentes objetivos medioambientales definidos por Candriam y en consonancia con el objetivo de la Taxonomía.
Tras la publicación de los criterios técnicos para los dos objetivos medioambientales vinculados al cambio climático de la Taxonomía por parte del grupo de expertos creado a escala europea, Candriam ha iniciado la integración de tales criterios técnicos en su marco de análisis ya existente.
La realización de este análisis en el conjunto del perímetro de los emisores de interés depende en gran medida de la publicación efectiva de determinados datos por parte de esos emisores clave que permitan evaluar en detalle su contribución. | For directly-managed investments and/or for the underlying funds managed by Candriam, the environmental aspects making up these six environmental objectives are placed at the heart of the ESG analysis of issuers.
For the sub-funds which have sustainable investment as their objective and also for the sub-funds which promote, among other characteristics, environmental and/or social characteristics, this work to evaluate the contribution of issuers to the main environmental objectives, in particular the battle against climate change, requires a sector-based appraisal based on a heterogeneous data set and complex realities with multiple interdependencies. Candriam's ESG analysts have developed their own analysis framework. This enables them to systematically assess the contribution of a company's activities to the achievement of various environmental objectives set by Candriam and in line with the objective of the Taxonomy.
Following the publication of the technical criteria for the Taxonomy's 2 environmental objectives related to climate change by the group of experts created at the European level, Candriam has undertaken to integrate these technical criteria into its pre-existing analysis framework.
Carrying out such an analysis over the entire scope of the issuers concerned relies heavily on the effective publication of certain data by these key issuers, making it possible to assess their contribution in detail. | en | es |
DOLFIN8950 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 2.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 0.86% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above CEMBI Broad Diversified Index. |
| Over the last accounting year, a performance fee of 0.08% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 2,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 0,86% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del índice CEMBI Broad Diversified. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,08%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 2.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 0.86% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above CEMBI Broad Diversified Index. |
| Over the last accounting year, a performance fee of 0.08% was charged. | | en | es |
DOLFIN8953 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide income and capital growth.
- The fund will invest at least 70% in global investment grade corporate bonds.
- The fund focuses on management of climate related risks favouring issuers with the lowest carbon profiles within their sectors, encouraging transition to a greener environment through the selection of issuers on an improving carbon transition path and investing in carefully selected green bond issuers.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund will aim to have a lower carbon footprint compared to that of the broader market.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund will consider a wide range of environmental characteristics and will be proactive in dealing with climate change through continual engagement with global corporate bond issuers and by investing in carefully selected green bond issuers.
- When investing in green, social and sustainability bonds, the Investment Manager employs a selection process mainly based on the International Capital Market Association (‘ICMA’) Green and Social Bond Principles (‘GSBP’) guidelines. Bonds certified as being compliant with Climate Bonds Initiative (‘CBI’) or European Green Bond Standards (‘EUGBS’) will be prioritised but the Investment Manager may use other standards where appropriate.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 10% directly in onshore China bonds listed or traded on any eligible market in China (with aggregate exposure including direct and indirect investments being less than 30%).
- Less than 30% of the fund's assets will be invested in Hybrids or convertible bonds, with less than 20% of the total net assets to be invested in contingent convertible bonds.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg Global Aggregate Corporate Index (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo generar ingresos y crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos corporativos de grado de inversión de todo el mundo.
- El Subfondo se centra en la gestión de los riesgos relacionados con el clima y favorece a aquellos emisores con un perfil de emisiones de carbono más bajo, promoviendo la transición ecológica a través de la selección de aquellos inmersos en una transición hacia la neutralidad de carbono que vaya mejorando, e invirtiendo en emisores de bonos verdes cuidadosamente seleccionados.
- El Subfondo se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones.
- El Subfondo tiene como objetivo contar con una huella de carbono inferior a la del resto del mercado.
- El Subfondo sigue una estrategia de inversión temática en sostenibilidad en virtud de la cual un 70 % de su patrimonio neto se invertirá en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. La calificación media de ESG del Subfondo será superior a la calificación media de ESG del universo de inversión del Subfondo una vez excluido, como mínimo, el 20 % de los activos con calificaciones ESG más bajas.
- El Subfondo tendrá en cuenta una amplia gama de características medioambientales y será proactivo en la lucha contra el cambio climático a través de su compromiso continuo con los emisores de bonos corporativos de todo el mundo y la inversión en emisores de bonos verdes cuidadosamente seleccionados.
- Al invertir en bonos verdes, sociales y de sostenibilidad, el Gestor de Inversiones recurre a un proceso de selección basado principalmente en las directrices de los Principios de los Bonos Verdes y Sociales (GSBP) de la International Capital Market Association (ICMA). Tendrán prioridad los bonos certificados como cumplidores de la Climate Bonds Initiative (CBI) o los European Green Bond Standards (EUGBS), pero el Gestor de Inversiones podrá utilizar otros criterios cuando resulte oportuno.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El fondo podrá invertir hasta un 10 % directamente en bonos del mercado interior chino que coticen o se negocien en cualquier mercado autorizado de China (con una exposición total, inversiones directas e indirectas incluidas, de menos de un 30 %).
- El fondo invertirá menos del 30 % en bonos híbridos y bonos convertibles contingentes, con menos del 20 % invertido en bonos convertibles contingentes.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el Bloomberg Global Aggregate Corporate Index (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en emisores, sectores, países y clases de valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide income and capital growth.
- The fund will invest at least 70% in global investment grade corporate bonds.
- The fund focuses on management of climate related risks favouring issuers with the lowest carbon profiles within their sectors, encouraging transition to a greener environment through the selection of issuers on an improving carbon transition path and investing in carefully selected green bond issuers.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund will aim to have a lower carbon footprint compared to that of the broader market.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund will consider a wide range of environmental characteristics and will be proactive in dealing with climate change through continual engagement with global corporate bond issuers and by investing in carefully selected green bond issuers.
- When investing in green, social and sustainability bonds, the Investment Manager employs a selection process mainly based on the International Capital Market Association (‘ICMA’) Green and Social Bond Principles (‘GSBP’) guidelines. Bonds certified as being compliant with Climate Bonds Initiative (‘CBI’) or European Green Bond Standards (‘EUGBS’) will be prioritised but the Investment Manager may use other standards where appropriate.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 10% directly in onshore China bonds listed or traded on any eligible market in China (with aggregate exposure including direct and indirect investments being less than 30%).
- Less than 30% of the fund's assets will be invested in Hybrids or convertible bonds, with less than 20% of the total net assets to be invested in contingent convertible bonds.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg Global Aggregate Corporate Index (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN8957 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI USA Minimum Volatility ESG Reduced Carbon Target Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of securities within the MSCI USA Index (Parent Index) with a minimum volatility profile, subject to certain risk diversification and carbon reduction exposure constraints, and which comply with the index provider’s environmental, social and governance (ESG) criteria.
The Index excludes companies from the Parent Index based on the index provider’s ESG criteria as outlined in the benchmark index description of the Fund in the Fund's prospectus.
Following the application of the ESG criteria, the constituents of the Index are selected, using a minimum volatility strategy, from the Parent Index based on estimates of the risk profile and expected volatility of each constituent, and the correlation between all constituents in the Parent Index. This selection process is subject to certain risk diversification, carbon reduction exposure and ESG score improvement constraints, relative to the Parent Index.
The Parent Index measures the performance of US equity markets. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund adopts a best-in-class approach to sustainable investing, meaning it is expected to invest in the best issuers from an ESG perspective (based on the ESG criteria of the Index) within each relevant sector of activities covered by the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones pertenece a un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleja la rentabilidad del MSCI USA Minimum Volatility ESG Reduced Carbon Target Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva e invierte en los valores de renta variable (p. ej., acciones) que, en la medida de lo posible y factible, componen el Índice.
El Índice pretende reflejar las características de rentabilidad de un subconjunto de valores de renta variable que forman parte del MSCI USA Index (el Índice Matriz) con un perfil de volatilidad mínimo, cumpliendo con ciertas restricciones de exposición en términos de diversificación del riesgo y reducción del carbono, además de con los criterios medioambientales, sociales y de gobierno corporativo (ESG) del proveedor del índice.
El Índice excluye a empresas del Índice Matriz sobre la base de los criterios ESG del proveedor del índice que se recogen en la descripción del índice de referencia del Fondo, en el folleto del Fondo.
Tras la aplicación de los criterios ESG, los componentes del Índice se seleccionan utilizando una estrategia de volatilidad mínima, por la que se eligen valores del Índice Matriz a partir de estimaciones del perfil de riesgo y la volatilidad esperada de cada componente, y la correlación entre todos los componentes del Índice Matriz. Este proceso de selección está sujeto a ciertas restricciones de exposición en términos de diversificación de riesgos, reducción del carbono y mejora de la puntuación ESG, en relación con el Índice Matriz.
El Índice Matriz mide la rentabilidad de mercados de renta variable estadounidenses. Las empresas se incluyen en el Índice Matriz basándose en la proporción de sus acciones emitidas que están disponibles para su compra por inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de Acciones, está previsto que la utilización de IFD sea limitada.
El Fondo adopta un enfoque de inversión sostenible de máxima calidad, lo que significa que se espera que el Fondo invierta en los mejores emisores desde una perspectiva ESG (basándose en los criterios ESG del Índice) dentro de cada sector relevante de las actividades cubiertas por el Índice.
El Fondo podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI USA Minimum Volatility ESG Reduced Carbon Target Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of securities within the MSCI USA Index (Parent Index) with a minimum volatility profile, subject to certain risk diversification and carbon reduction exposure constraints, and which comply with the index provider’s environmental, social and governance (ESG) criteria.
The Index excludes companies from the Parent Index based on the index provider’s ESG criteria as outlined in the benchmark index description of the Fund in the Fund's prospectus.
Following the application of the ESG criteria, the constituents of the Index are selected, using a minimum volatility strategy, from the Parent Index based on estimates of the risk profile and expected volatility of each constituent, and the correlation between all constituents in the Parent Index. This selection process is subject to certain risk diversification, carbon reduction exposure and ESG score improvement constraints, relative to the Parent Index.
The Parent Index measures the performance of US equity markets. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund adopts a best-in-class approach to sustainable investing, meaning it is expected to invest in the best issuers from an ESG perspective (based on the ESG criteria of the Index) within each relevant sector of activities covered by the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8964 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For Identified Staff, the measure applicable to the variable portion of their remuneration is as follows:
- at least 50% of the variable portion of the remuneration is deferred to the point where the set threshold for maximum payment in cash is exceeded or represents a percentage above that defined in relation to the set remuneration;
- the deferred payment of the variable portion of the remuneration is set to a minimum of three years;
- the deferred portion of the variable portion of the remuneration shall only be definitively acquired by the staff member on the date of their effective payment and may not be received by the staff member prior to said payment; and
- a specific measure based on criteria specific to their position is applied for Identified Staff responsible for risk management and compliance functions. | La medida aplicable a la parte variable de la remuneración de dicho Personal es la siguiente:
- Al menos un 50% de la parte variable de la remuneración se difiere hasta el momento en el que el límite máximo establecido para pagos en efectivo se supere o represente un porcentaje superior al definido en relación con la remuneración establecida.
- El pago diferido de la parte variable de la remuneración se establece en un mínimo de tres años.
- El pago diferido de la parte variable de la remuneración del empleado en cuestión solo se percibirá definitivamente en la fecha del pago efectivo y es posible que no lo reciba con anterioridad a dicho pago.
- En el caso del Personal identificado responsable de las funciones de gestión de riesgo y cumplimiento, se aplica un baremo concreto a partir de criterios específicos relacionados con su puesto. | For Identified Staff, the measure applicable to the variable portion of their remuneration is as follows:
- at least 50% of the variable portion of the remuneration is deferred to the point where the set threshold for maximum payment in cash is exceeded or represents a percentage above that defined in relation to the set remuneration;
- the deferred payment of the variable portion of the remuneration is set to a minimum of three years;
- the deferred portion of the variable portion of the remuneration shall only be definitively acquired by the staff member on the date of their effective payment and may not be received by the staff member prior to said payment; and
- a specific measure based on criteria specific to their position is applied for Identified Staff responsible for risk management and compliance functions. | en | es |
DOLFIN8970 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: November 30, 2016. The reference currency of the Sub-Fund is USD.
8%
6%
4%
2%
0%
-2% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 30 de noviembre de 2016. La moneda de referencia del Subfondo es USD.
8%
6%
4%
2%
0%
-2% | ### Launch Date and Currency
Sub-Fund's launch date: November 30, 2016. The reference currency of the Sub-Fund is USD.
8%
6%
4%
2%
0%
-2% | en | es |
DOLFIN8975 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
Type:
This product is a UCITS Fund.
Term:
Open Ended Fund.
Objectives:
Alger SICAV - Alger Small Cap Focus Fund (the "Fund") is actively managed and seeks long term capital appreciation.
The Fund generally invests at least two-thirds of its net assets in equity securities of companies that, at the time of purchase of the securities, have total market capitalization between:
- The higher of: (a) US$5 billion; or (b) the company with the highest capitalization in the Russell 2000 Growth Index, at any time during the most recent 12- month period as reported by such index; or (c) the company with the highest capitalization in the MSCI USA Small Cap Index, at any time during the most recent 12-month period as reported by such index; and
- The lower of: (a) the company in the Russell 2000 Growth Indexwith the lowest capitalization, at any time during the most recent 12- month period as reported by such index; or (b) the company in the MSCI USA Small Cap Index with the lowest capitalization, at any time during the most recent 12-month period as reported by such index.
The Fund is not managed in reference to those indexes. The Fund can invest in financial derivative instruments for hedging purposes and for efficient portfolio management purposes.
Under normal market conditions, the Fund invests in technology companies focused in the fields of medicine and information.
The Fund intends to invest a substantial portion of its assets in a small number of issuers, and may concentrate its holdings in fewer business sectors or industries. The Fund will hold approximately 50 securities. The number of securities held by the Fund may occasionally exceed this range for a variety of reasons.
Intended retail investor:
This product is intended for investors who are prepared to take on a relatively high level of risk of loss to their original capital in order to get a higher potential return, and who plan to stay invested for at least 5 years. It is designed to form part of a portfolio of investments. | # ¿Qué es este producto?
Tipo:
Este producto es un Fondo OICVM.
Plazo:
Fondo abierto.
Objetivos:
Alger SICAV - Alger Small Cap Focus Fund (el «Fondo») se gestiona de forma activa y trata de obtener la revalorización del capital a largo plazo.
Por lo general, el Fondo invierte al menos dos terceras partes de sus activos netos en valores de renta variable de empresas que, en el momento de adquisición de los valores, poseen una capitalización bursátil total entre:
- la cifra que sea mayor entre: (a) 5.000 millones USD; o (b) la empresa con mayor capitalización del índice Russell 2000 Growth Index, en cualquier momento durante el período de 12 meses más reciente según dicho índice; o (c) la empresa con mayor capitalización del índice MSCI USA Small Cap Index, en cualquier momento durante el período de 12 meses más reciente según dicho índice; y
- la cifra que sea menor entre: (a) la empresa con menor capitalización del índice Russell 2000 Growth Index, en cualquier momento durante el período de 12 mesesmás reciente según dicho índice; o (b) la empresa con menor capitalización del índice MSCI USA Small Cap Index, en cualquier momento durante el período de 12 meses más reciente según dicho índice.
El Fondo no se gestiona en relación con estos índices. El Fondo puede invertir en instrumentos derivados financieros con fines de cobertura y de gestión eficiente de la cartera.
En condiciones de mercado normales, el Fondo invierte en empresas tecnológicas centradas en los campos de la medicina y la información.
El Fondo pretende invertir una parte sustancial de sus activos en un número reducido de emisores, y puede concentrar sus posiciones en un menor número de industrias o sectores empresariales. El Fondo mantendrá aproximadamente 50 valores. En ocasiones, el número de valores que mantiene el Fondo puede superar este rango por diversos motivos.
Inversor minorista al que va dirigido:
Este producto se dirige a inversores que estén dispuestos a asumir un nivel relativamente elevado de riesgo de pérdida del capital inicialmente invertido para obtener una rentabilidad potencial superior, y que tienen previsto mantener su inversión durante al menos 5 años. Está diseñado para formar parte de una cartera de inversiones. | # What is this product?
Type:
This product is a UCITS Fund.
Term:
Open Ended Fund.
Objectives:
Alger SICAV - Alger Small Cap Focus Fund (the "Fund") is actively managed and seeks long term capital appreciation.
The Fund generally invests at least two-thirds of its net assets in equity securities of companies that, at the time of purchase of the securities, have total market capitalization between:
- The higher of: (a) US$5 billion; or (b) the company with the highest capitalization in the Russell 2000 Growth Index, at any time during the most recent 12- month period as reported by such index; or (c) the company with the highest capitalization in the MSCI USA Small Cap Index, at any time during the most recent 12-month period as reported by such index; and
- The lower of: (a) the company in the Russell 2000 Growth Indexwith the lowest capitalization, at any time during the most recent 12- month period as reported by such index; or (b) the company in the MSCI USA Small Cap Index with the lowest capitalization, at any time during the most recent 12-month period as reported by such index.
The Fund is not managed in reference to those indexes. The Fund can invest in financial derivative instruments for hedging purposes and for efficient portfolio management purposes.
Under normal market conditions, the Fund invests in technology companies focused in the fields of medicine and information.
The Fund intends to invest a substantial portion of its assets in a small number of issuers, and may concentrate its holdings in fewer business sectors or industries. The Fund will hold approximately 50 securities. The number of securities held by the Fund may occasionally exceed this range for a variety of reasons.
Intended retail investor:
This product is intended for investors who are prepared to take on a relatively high level of risk of loss to their original capital in order to get a higher potential return, and who plan to stay invested for at least 5 years. It is designed to form part of a portfolio of investments. | en | es |
DOLFIN8978 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of the sub-fund Amundi Funds Target Coupon is to achieve a combination of income and capital growth (total return). Specifically, the sub-fund invests as a feeder fund in Amundi Revenus (Master Fund).
The Master Fund invests mainly in debt instruments (bonds and money market instruments) of all types that are issued by governments or companies around the world and denominated in one of the OECD currencies, with diversification among currencies and equity markets.
Specifically, the sub-fund invests at least 85% of net assets in units of the Master Fund (OR class). The sub-fund may invest up to 15% in deposits and derivatives that are used for hedging only.
Amundi Revenus is an FCP that is constituted under French law and qualifies as a Master Fund under Directive 2009/65/EC. The Master Fund invests at least 70% of net assets in debt instruments. The Master Fund may invest in
- below-investment-grade bonds (high-yield bonds),
- subordinated corporate bonds (including contingent convertible bonds) and
- up to 20% of net assets in mortgage-backed securities (MBS) and asset-backed securities (ABS). | El objetivo del subfondo Amundi Funds Target Coupon es lograr una combinación de crecimiento de los ingresos y del capital (rentabilidad total). El subfondo invierte específicamente como fondo subordinado en Amundi Revenus (Fondo principal).
El Fondo principal invierte fundamentalmente en instrumentos de deuda (bonos e instrumentos del mercado monetario) de todo tipo emitidos por estados o sociedades de todo el mundo y denominados en una de las divisas de la OCDE, con diversificación entre divisas y mercados de renta variable.
En concreto, el subfondo invierte como mínimo el 85% de su patrimonio neto en participaciones del Fondo principal (Clase OR). El subfondo podrá invertir hasta el 15% en depósitos y derivados que se empleen exclusivamente a efectos de cobertura.
Amundi Revenus es un FI constituido en virtud de la legislación francesa y considerado como un Fondo principal en virtud de la Directiva 2009/65/CE. El Fondo principal invierte como mínimo el 70% de su patrimonio neto en instrumentos de deuda. El Fondo principal podrá invertir en:
- bonos no aptos para la inversión (bonos de alta rentabilidad),
- bonos corporativos subordinados (incluidos bonos convertibles contingentes) y
- hasta un 20% de patrimonio neto en títulos con respaldo hipotecario (MBS) y títulos respaldados por activos (ABS). | The objective of the sub-fund Amundi Funds Target Coupon is to achieve a combination of income and capital growth (total return). Specifically, the sub-fund invests as a feeder fund in Amundi Revenus (Master Fund).
The Master Fund invests mainly in debt instruments (bonds and money market instruments) of all types that are issued by governments or companies around the world and denominated in one of the OECD currencies, with diversification among currencies and equity markets.
Specifically, the sub-fund invests at least 85% of net assets in units of the Master Fund (OR class). The sub-fund may invest up to 15% in deposits and derivatives that are used for hedging only.
Amundi Revenus is an FCP that is constituted under French law and qualifies as a Master Fund under Directive 2009/65/EC. The Master Fund invests at least 70% of net assets in debt instruments. The Master Fund may invest in
- below-investment-grade bonds (high-yield bonds),
- subordinated corporate bonds (including contingent convertible bonds) and
- up to 20% of net assets in mortgage-backed securities (MBS) and asset-backed securities (ABS). | en | es |
DOLFIN8980 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Sustainable Asian Equity (formerly Asia Pacific ex-Japan Equity)
Schroder ISF Sustainable Asian Equity (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the MSCI AC Asia Pacific ex Japan (Net TR) index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of MSCI AC Asia Pacific ex Japan (Net TR) index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the MSCI AC Asia Pacific ex Japan (Net TR) index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 21 June 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF Sustainable Asian Equity (anteriormente Asia Pacific ex-Japan Equity)
Schroder ISF Sustainable Asian Equity (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación en materia de sostenibilidad general superior a la del MSCI AC Asia Pacific ex Japan (Net TR) Index, según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del MSCI AC Asia Pacific ex Japan (Net TR) Index en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el MSCI AC Asia Pacific ex Japan (Net TR) Index, según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 21 de junio de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF Sustainable Asian Equity (formerly Asia Pacific ex-Japan Equity)
Schroder ISF Sustainable Asian Equity (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the MSCI AC Asia Pacific ex Japan (Net TR) index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of MSCI AC Asia Pacific ex Japan (Net TR) index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the MSCI AC Asia Pacific ex Japan (Net TR) index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 21 June 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN8982 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy Risk and reward profile
The Fund aims to provide capital growth (i.e. to grow the value of your investment) with the opportunity for income over the long-term.
The Fund invests primarily in the shares of either small Latin American companies, or companies with material links to small companies in Latin America.
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain sectors or investments. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The MSCI Emerging Markets Latin America Small Cap Net Return Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the higher end of the Risk and Reward Indicator scale. This is because the Fund invests in the shares of companies, whose values tend to fluctuate widely.
Risks that may not be fully captured by the Risk and Reward Indicator:
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market: These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company.
Geographic / Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that, in certain market conditions, the value of the portfolio may decrease whilst more broadly-invested portfolios might grow.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | # Objetivos y política de inversión Perfil de riesgo y remuneración
El objetivo del Fondo es generar un crecimiento del capital (esto es, incrementar el valor de su inversión) con la posibilidad de obtener ingresos a largo plazo.
El Fondo invierte principalmente en acciones de pequeñas empresas de América Latina o de empresas que tienen vínculos sustanciales con pequeñas empresas latinoamericanas.
Menor riesgo Potencialmente menor remuneración
1
2
3
Mayor riesgo Potencialmente mayor
remuneración
5
6
7
4
El Fondo promueve características medioambientales y sociales alineadas con el Artículo 8 del Reglamento de Divulgación Financiera Sostenible (SFDR) de la UE.
El Fondo no invertirá en determinados sectores o instrumentos financieros. Con el tiempo, el Gestor de inversiones, de conformidad con la política de inversión del Fondo, podrá aplicar exclusiones adicionales que se publicarán en el sitio web a medida que se implementen.
El Fondo se gestiona de forma activa. Esto significa que el Gestor de inversiones tiene libertad a la hora de seleccionar inversiones con el fin de lograr los objetivos del Fondo.
El índice MSCI Emerging Markets Latin America Small Cap Net Return Index se utiliza a efectos de comparación de la rentabilidad y para la gestión de riesgos. El Fondo no trata de replicar el índice. Por lo general, tendrá en cartera activos que son componentes del índice, pero no en las mismas proporciones, y está autorizado a mantener activos que no forman parte del índice. Por lo general, el Fondo no se asemejará al índice, y el Gestor de inversiones hará un seguimiento de las diferencias de rentabilidad.
Todo ingreso generado por su inversión se refleja en el valor de sus acciones, en lugar de distribuirse.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en el plazo de cinco años.
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y dicha categoría puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
El valor de su inversión y el valor de los ingresos generados por ella pueden tanto subir como bajar y no hay ninguna seguridad de que los inversores vayan a lograr beneficios, pudiendo llegar a sufrir pérdidas.
Los acontecimientos o factores de riesgo relacionados con aspectos medioambientales, sociales o de gobierno corporativo, en caso de suceder, podrían afectar negativamente al valor de las inversiones realizadas por el Fondo.
El Fondo se sitúa en la parte superior de la escala del indicador de riesgo y remuneración. Esto se debe a que el Fondo invierte en acciones de empresas, cuyo valor suele experimentar grandes fluctuaciones.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Cambio de divisas: Las variaciones del valor relativo de las distintas monedas pueden mermar el valor de las inversiones y de los ingresos obtenidos con las mismas.
Derivados: No está previsto que el uso de derivados incremente el nivel de riesgo general del Fondo. Sin embargo, su utilización puede dar lugar a grandes variaciones del valor y puede llegar a causar elevadas pérdidas financieras. Una contraparte de una operación de derivados puede incumplir sus obligaciones, lo que también podría ocasionar una pérdida financiera.
Mercados emergentes: Estos mercados conllevan un riesgo mayor de pérdida financiera que los mercados más desarrollados, ya que pueden tener sistemas jurídicos, políticos, económicos o de otro tipo menos desarrollados.
Inversión en renta variable: El valor de los títulos de renta variable (como las acciones) y las inversiones vinculadas a la renta variable puede variar en función de los beneficios y las perspectivas de futuro de las empresas, así como de factores del mercado más generales. En caso de impago de una empresa (por ejemplo, por insolvencia), los propietarios de sus acciones son los últimos en el orden de preferencia para recibir cualquier importe económico de esa empresa.
Ámbito geográfico / Sector: Las inversiones pueden estar concentradas principalmente en países, regiones o sectores económicos concretos. Esto podría implicar que, en determinadas condiciones del mercado, el valor de la cartera podría bajar, mientras que el de otras carteras que invierten de forma más general podría aumentar.
Liquidez: Es posible que no haya suficientes compradores o vendedores de una inversión concreta, lo que puede causar retrasos en la negociación y la liquidación, así como mayores fluctuaciones del valor. Esto puede causar mayores pérdidas financieras de las previstas.
Cobertura en la moneda de referencia: tiene por objeto proteger a los inversores de un descenso del valor de la moneda de referencia exclusivamente (la moneda en la que se elaboran las cuentas) y no protege de una caída del valor de las monedas de las inversiones subyacentes cuando estas no coinciden con la moneda de referencia. La diferencia entre las monedas de las inversiones subyacentes y la moneda de referencia puede generar pérdidas cuando aumenta el valor de esta última frente a la moneda de la clase de acciones. Esta cobertura no será perfecta y su éxito no está garantizado.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | # Objectives and investment policy Risk and reward profile
The Fund aims to provide capital growth (i.e. to grow the value of your investment) with the opportunity for income over the long-term.
The Fund invests primarily in the shares of either small Latin American companies, or companies with material links to small companies in Latin America.
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain sectors or investments. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The MSCI Emerging Markets Latin America Small Cap Net Return Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the higher end of the Risk and Reward Indicator scale. This is because the Fund invests in the shares of companies, whose values tend to fluctuate widely.
Risks that may not be fully captured by the Risk and Reward Indicator:
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market: These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company.
Geographic / Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that, in certain market conditions, the value of the portfolio may decrease whilst more broadly-invested portfolios might grow.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
DOLFIN8988 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The entry and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the year ending June 30, 2016 . This figure may vary from year to year. It excludes:
Performance fees,
Portfolio transaction costs , except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: www.amundi.com.
Past Performance
3 % .
2.5 | Los gastos de entrada y conversión indicados son gastos máximos. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero.
La cifra de gastos corrientes se basa en los gastos del año finalizado el 30 de junio de 2016. Estos datos pueden variar de un año a otro. No incluyen:
Comisiones de rentabilidad,
Gastos de transacción de la cartera, excepto en caso de un gasto de entrada/salida abonado por el Subfondo al comprar o vender participaciones de otro organismo de inversión colectiva.
Para más información sobre los gastos, consulte el apartado de gastos del folleto de la IIC, que está disponible en: www.amundi.com.
Rentabilidad histórica
3 % .
2.5 | The entry and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the year ending June 30, 2016 . This figure may vary from year to year. It excludes:
Performance fees,
Portfolio transaction costs , except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: www.amundi.com.
Past Performance
3 % .
2.5 | en | es |
DOLFIN8992 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 6 out of 7, which is the second-highest risk class. This rates the potential losses from future performance at a high level, and poor market conditions are very likely to impact our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | #### El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la categoría 6 de 7, es decir, la segunda más clase de riesgo más alta. Esto clasifica las posibles pérdidas de rentabilidad futura a un nivel alto e indica que las malas condiciones del mercado muy probablemente incidan en nuestra capacidad para pagarle.
Tenga presente el riesgo de cambio. Su moneda local puede diferir de la moneda del producto. Usted recibirá los pagos en una moneda diferente de su moneda local, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente. | #### The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 6 out of 7, which is the second-highest risk class. This rates the potential losses from future performance at a high level, and poor market conditions are very likely to impact our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | en | es |
DOLFIN9002 | 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 Private Equity - EUR (I - Acc.) between 18/11/2021-12/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 7,208
-27.9%
EUR 7,371
-4.3% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) entre 18/11/2021-12/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
7 208 EUR
-27,9%
7 371 EUR
-4,3% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) between 18/11/2021-12/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 7,208
-27.9%
EUR 7,371
-4.3% | en | es |
DOLFIN9006 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# ARTICLE 29 - LIQUIDATION
At the end of the term set by the articles of association or in the case of a resolution for early dissolution, the shareholders’ meeting shall decide, on the recommendation of the board of directors, the method of liquidation and shall appoint one or more liquidators.
## Liquidation procedures are established in accordance with Article L. 214‑12 of the French Monetary and Financial Code.
The liquidator shall represent the company. The liquidator is authorised to pay the creditors and divide out the available balance. The appointment of the liquidator shall terminate the powers held by the directors, but not those held by the statutory auditor.
The liquidator may, pursuant to a resolution of the extraordinary shareholders’ meeting, contribute all or part of the assets, rights and obligations of the dissolved company to another company, or transfer such assets, rights and obligations to a company or to any other person.
## The net proceeds from the liquidation, after settlement of liabilities, shall be distributed in cash or securities among the shareholders.
During the liquidation process, the duly constituted shareholders’ meeting shall retain the same authority as during the life of the company, including in particular the power to approve the liquidation accounts and discharge the liquidator.
Title VIII - Disputes | # ARTÍCULO 29 - LIQUIDACIÓN
A la expiración del plazo fijado por los estatutos, o en caso de resolución de disolución anticipada, la Junta General decide el modo de liquidación y designa a uno o varios liquidadores a propuesta del Consejo de Administración.
## Las modalidades de liquidación quedarán establecidas según las disposiciones del artículo L. 214‑12 del código monetario y financiero.
El liquidador representa a la sociedad. Está habilitado para pagar a los acreedores y repartir el saldo disponible. Su nombramiento pone fin a los poderes de los administradores, pero no a los del auditor.
En virtud de una deliberación de la Junta General extraordinaria, el liquidador puede aportar a otra sociedad la totalidad o parte de los bienes, derechos y obligaciones de la sociedad disuelta, ceder dichos bienes, derechos y obligaciones a una sociedad o a cualquier otra persona.
## El producto neto de la liquidación, tras el pago del pasivo, se reparte entre los accionistas en efectivo o en valores.
Durante la liquidación la Junta General, regularmente constituida, conserva las mismas atribuciones que en el transcurso de la vida activa de la sociedad, y, concretamente, tiene el poder de aprobar las cuentas de la liquidación y de descargar de responsabilidad al liquidador.
TÍTULO VIII - DISCREPANCIAS | # ARTICLE 29 - LIQUIDATION
At the end of the term set by the articles of association or in the case of a resolution for early dissolution, the shareholders’ meeting shall decide, on the recommendation of the board of directors, the method of liquidation and shall appoint one or more liquidators.
## Liquidation procedures are established in accordance with Article L. 214‑12 of the French Monetary and Financial Code.
The liquidator shall represent the company. The liquidator is authorised to pay the creditors and divide out the available balance. The appointment of the liquidator shall terminate the powers held by the directors, but not those held by the statutory auditor.
The liquidator may, pursuant to a resolution of the extraordinary shareholders’ meeting, contribute all or part of the assets, rights and obligations of the dissolved company to another company, or transfer such assets, rights and obligations to a company or to any other person.
## The net proceeds from the liquidation, after settlement of liabilities, shall be distributed in cash or securities among the shareholders.
During the liquidation process, the duly constituted shareholders’ meeting shall retain the same authority as during the life of the company, including in particular the power to approve the liquidation accounts and discharge the liquidator.
Title VIII - Disputes | en | es |
DOLFIN9011 | 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 the FTSE World Government Bond Index, the Fund’s benchmark index.
The Fund is passively managed and aims to invest as far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The benchmark index measures the performance of bonds issued by governments globally, including government agencies, and supranationals (e.g. the International Bank for Reconstruction and Development). The bonds will, at the time of inclusion in the benchmark index, be investment grade (i.e. meet a specified level of creditworthiness).
The Fund uses techniques to achieve a similar return to its benchmark index. These techniques may include the strategic selection of certain securities that make up the benchmark index. They 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).
The Fund may 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 non-distributing (i.e. dividend income will be included in their value). 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$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, que refleja la rentabilidad del índice FTSE World Government Bond, el índice de referencia del Fondo.
El Fondo se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y realizable, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible venderlos.
El índice de referencia mide la rentabilidad de los bonos emitidos por gobiernos de todo el mundo, incluidos los organismos estatales, y entidades supranacionales (p. ej., el Banco Internacional de Reconstrucción y Desarrollo). Los bonos tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de su inclusión en el índice de referencia.
El Fondo utiliza técnicas para lograr una rentabilidad similar a su índice de referencia. Estas pueden incluir la selección estratégica de ciertos valores que componen el índice de referencia. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
El Fondo podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio de generar rendimientos adicionales y de compensar los costes 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).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
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 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 FTSE World Government Bond Index, the Fund’s benchmark index.
The Fund is passively managed and aims to invest as far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The benchmark index measures the performance of bonds issued by governments globally, including government agencies, and supranationals (e.g. the International Bank for Reconstruction and Development). The bonds will, at the time of inclusion in the benchmark index, be investment grade (i.e. meet a specified level of creditworthiness).
The Fund uses techniques to achieve a similar return to its benchmark index. These techniques may include the strategic selection of certain securities that make up the benchmark index. They 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).
The Fund may 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 non-distributing (i.e. dividend income will be included in their value). 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$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 |
DOLFIN9014 | 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: October 2, 2017.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 2 de octubre de 2017. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en CHF.
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: October 2, 2017.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
10%
5%
0%
-5% | en | es |
DOLFIN9020 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 9,473
-5.3%
CHF 10,363
0.7% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF entre 01/2018-01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 473 CHF
-5,3%
10 363 CHF
0,7% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 9,473
-5.3%
CHF 10,363
0.7% | en | es |
DOLFIN9030 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Shareholder Approval
Changes to the investment objective of the Fund as described above cannot be made without the approval of an ordinary resolution of the Shareholders of the Fund.
For this purpose, the Meeting is being convened and will take place at 25/28 North Wall Quay, Dublin 1, Ireland on 4 February 2022, at the times set out in the attached notice. Formal notice of the Meeting and Proxy form are attached hereto (as Appendix 2).
The quorum for the Meeting is one Shareholder present (in person or by proxy) entitled to vote upon
the business to be transacted. If a quorum is not present within half an hour of the time appointed for the Meeting, or if during the Meeting a quorum ceases to be present, the Meeting will stand adjourned until 9:00 a.m. (Dublin time) on 11 February 2022 without any further notice to Shareholders. The quorum at the adjourned meeting shall be those Shareholders present at the adjourned meeting in person or by proxy and one person entitled to be counted in a quorum present at any adjourned meeting shall be quorum. The resolution will be proposed at the adjourned meeting in the same manner as described above.
The notice sets out the text of the resolution to be proposed at the Meeting. The resolution will be proposed as an ordinary resolution, meaning more than 50% of the total number of votes cast is required for the resolution to be passed by the Meeting. If the resolutions are passed by the requisite majority, they will be binding on all Shareholders in the Fund irrespective of how (or whether) they voted and the proposed changes would be expected to take effect and reflected in a revised Supplement on or around 23 February 2022. The Supplements will be published on www.Xtrackers.com. | ## Aprobación de los Accionistas
Los cambios en el objetivo de inversión del Fondo, como el descrito anteriormente, no pueden implantarse sin la aprobación de los Accionistas del Fondo en virtud de la correspondiente resolución ordinaria.
A tal efecto, se ha decidido proceder a convocar la mencionada Junta, que se celebrará en el 25/28 North Wall Quay, Dublín 1, Irlanda el 4 de febrero de 2022, a la hora fijada en la notificación anexa. Se adjuntan en el Anexo 2 al presente una notificación formal de la Junta y un Formulario de apoderamiento.
El cuórum para la celebración de la Junta será de un Accionista (presente o representado) con derecho a voto sobre el orden del día. En caso de que no se alcance un cuórum en el plazo de media hora desde la hora fijada para la celebración de la Junta —o, si en el transcurso de la misma, dicho cuórum dejase de estar presente—, esta se aplazará hasta las 09.00 horas (hora de Dublín) del 11 de febrero de 2022 sin que deba practicarse notificación adicional alguna a los Accionistas. El cuórum en la junta aplazada se entenderá alcanzado siempre que comparezcan en ella aquellos Accionistas presentes o representados en la junta celebrada en primera convocatoria. No obstante, se considerará que dicho cuórum ha sido alcanzado cuando comparezca una persona facultada para ser computada a efectos del mismo en cualquier junta aplazada. La propuesta de resolución en la junta aplazada deberá realizarse conforme al mismo procedimiento descrito anteriormente.
La notificación contiene el texto de la resolución que se propondrá en la Junta. Dado que dicha resolución se propondrá como resolución ordinaria, será necesario contar con más del 50% del número total de votos emitidos para su aprobación por parte de la Junta. En caso de que las resoluciones se aprueben por la mayoría exigida, estas serán vinculantes para todos los Accionistas del Fondo con independencia del sentido de su voto y del hecho de si han votado o no, y está previsto que los cambios propuestos entren en vigor y se reflejen en un Suplemento revisado el 23 de febrero de 2022 o en una fecha próxima a esta. Los Suplementos se publicarán en www.Xtrackers.com. | ## Shareholder Approval
Changes to the investment objective of the Fund as described above cannot be made without the approval of an ordinary resolution of the Shareholders of the Fund.
For this purpose, the Meeting is being convened and will take place at 25/28 North Wall Quay, Dublin 1, Ireland on 4 February 2022, at the times set out in the attached notice. Formal notice of the Meeting and Proxy form are attached hereto (as Appendix 2).
The quorum for the Meeting is one Shareholder present (in person or by proxy) entitled to vote upon
the business to be transacted. If a quorum is not present within half an hour of the time appointed for the Meeting, or if during the Meeting a quorum ceases to be present, the Meeting will stand adjourned until 9:00 a.m. (Dublin time) on 11 February 2022 without any further notice to Shareholders. The quorum at the adjourned meeting shall be those Shareholders present at the adjourned meeting in person or by proxy and one person entitled to be counted in a quorum present at any adjourned meeting shall be quorum. The resolution will be proposed at the adjourned meeting in the same manner as described above.
The notice sets out the text of the resolution to be proposed at the Meeting. The resolution will be proposed as an ordinary resolution, meaning more than 50% of the total number of votes cast is required for the resolution to be passed by the Meeting. If the resolutions are passed by the requisite majority, they will be binding on all Shareholders in the Fund irrespective of how (or whether) they voted and the proposed changes would be expected to take effect and reflected in a revised Supplement on or around 23 February 2022. The Supplements will be published on www.Xtrackers.com. | en | es |
DOLFIN9035 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Reference Currency of the Fund is the Euro.
For indicative purposes only, the Fund’s performance may be compared to a composite index of 15% MSCI World Index Net Return, 5% MSCI Europe Index Net Return, 20% FTSE MTS Eurozone Government Bond Index and 60% Bloomberg Barclays Euro Aggregate Corporate Index Net Return. The Fund is unconstrained by the reference index and may therefore significantly deviate from it.
Shareholders may redeem Shares on demand on any business day in Luxembourg. Income derived from the Fund is distributed for distributing Shares and reinvested for accumulating Shares, as further detailed in this document. Please refer to the section entitled “Subscription, Transfer, Conversion and Redemption of Shares” of the Prospectus for additional information. | # La divisa de referencia del fondo es el Euro.
A efectos exclusivamente indicativos, la rentabilidad del fondo se puede comparar con un índice compuesto por un 15% del MSCI World Index Net Return, un 5% del MSCI Europe Index Net Return, un 20% del FTSE MTS Eurozone Government Bond Index y un 60% del Bloomberg Barclays Euro Aggregate Corporate Index Net Return. El Fondo no está sujeto a limitaciones por el índice de referencia y, por consiguiente, puede desviarse sustancialmente de este.
Los accionistas pueden reembolsar acciones previa solicitud en cualquier día hábil en Luxemburgo. Los ingresos derivados del fondo se distribuyen en el caso de las acciones de distribución y se reinvierten en el caso de las acciones de acumulación, como se explica en este documento. Para obtener más información consúltese la sección “Suscripción, transferencia, canje y reembolso de acciones” del folleto. | # The Reference Currency of the Fund is the Euro.
For indicative purposes only, the Fund’s performance may be compared to a composite index of 15% MSCI World Index Net Return, 5% MSCI Europe Index Net Return, 20% FTSE MTS Eurozone Government Bond Index and 60% Bloomberg Barclays Euro Aggregate Corporate Index Net Return. The Fund is unconstrained by the reference index and may therefore significantly deviate from it.
Shareholders may redeem Shares on demand on any business day in Luxembourg. Income derived from the Fund is distributed for distributing Shares and reinvested for accumulating Shares, as further detailed in this document. Please refer to the section entitled “Subscription, Transfer, Conversion and Redemption of Shares” of the Prospectus for additional information. | en | es |
DOLFIN9043 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree.
This fund is in category 6 because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with stocks and/or financial instruments used to reach the investment objective is considered high.
These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. The Sub-Fund’s liquidity risk is set to low. Liquidity risks may arise when a specific underlying investment is difficult to sell. Investments in a specific geographic area are more concentrated than investments in various geographic areas. No guarantee is provided as to the recovery of the initial investment. Hedging share classes, a method to try to manage specific currency risk, may lead to additional credit risk and to residual market risk depending on the effectiveness of the hedging performed. | Puede que los datos históricos, como los empleados para el cálculo de este indicador, no ofrezcan una indicación fiable del perfil de riesgo futuro de este fondo. No existen garantías de que el indicador del riesgo se mantenga sin cambios, ya que puede variar con el tiempo. La categoría de riesgo mínima no implica que la inversión esté exenta de riesgo.
Este fondo es de categoría 6, debido al comportamiento del producto durante el periodo analizado. El riesgo de mercado general, teniendo en cuenta la rentabilidad histórica y la posible evolución de los mercados en el futuro, asociado con los valores y/o instrumentos financieros empleados para alcanzar el objetivo de inversión se considera alto.
Son varios los factores que afectan a estos instrumentos financieros. Entre ellos se incluyen, a título meramente enunciativo, la evolución del mercado financiero, la evolución económica de los emisores de dichos instrumentos financieros, que a su vez se ven afectados por la situación económica mundial en general, y las condiciones políticas y económicas de cada país. El riesgo de liquidez del subfondo se considera bajo.
Pueden surgir riesgos de liquidez en aquellos casos en que una inversión subyacente concreta sea difícil de vender. Las inversiones en una región geográfica específica están más concentradas que las realizadas en varias regiones. No se ofrece ninguna garantía con respecto a la recuperación de la inversión inicial. La cobertura de las clases de acciones, un método para tratar de gestionar el riesgo de divisas específico, puede provocar un riesgo de crédito adicional y un mayor riesgo de mercado, en función de la cobertura constituida. | Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree.
This fund is in category 6 because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with stocks and/or financial instruments used to reach the investment objective is considered high.
These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. The Sub-Fund’s liquidity risk is set to low. Liquidity risks may arise when a specific underlying investment is difficult to sell. Investments in a specific geographic area are more concentrated than investments in various geographic areas. No guarantee is provided as to the recovery of the initial investment. Hedging share classes, a method to try to manage specific currency risk, may lead to additional credit risk and to residual market risk depending on the effectiveness of the hedging performed. | en | es |
DOLFIN9045 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- a credit institution authorised within a signatory state, other than a Member State of the EEA, to the Basel Capital Convergence Agreement of July 1988 (Switzerland, Canada, Japan, United States);
- a credit institution authorised in Jersey, Guernsey, the Isle of Man, Australia or New Zealand;
- an investment firm, authorised in accordance with the Markets in Financial Instruments Directive;
- a group company of an entity issued with a bank holding company licence from the Federal Reserve of the United States of America where that group company is subject to bank holding company consolidated supervision by that Federal Reserve.
| | - una entidad de crédito autorizada en un Estado signatario (distinto de los Estados miembros del EEE) del Acuerdo sobre Convergencia del Capital de Basilea de julio de 1988 (Suiza, Canadá, Japón, Estados Unidos);
- una entidad de crédito autorizada en Jersey, Guernsey, la Isla de Man, Australia o Nueva Zelanda;
- una sociedad de inversión autorizada con arreglo a la Directiva sobre Mercados de Instrumentos Financieros;
- una empresa perteneciente a un grupo de una entidad que cuenta con licencia de holding bancario de la Reserva Federal de Estados Unidos cuando dicha empresa está sujeta a la supervisión consolidada de holdings bancarios por parte de la Reserva Federal.
| | - a credit institution authorised within a signatory state, other than a Member State of the EEA, to the Basel Capital Convergence Agreement of July 1988 (Switzerland, Canada, Japan, United States);
- a credit institution authorised in Jersey, Guernsey, the Isle of Man, Australia or New Zealand;
- an investment firm, authorised in accordance with the Markets in Financial Instruments Directive;
- a group company of an entity issued with a bank holding company licence from the Federal Reserve of the United States of America where that group company is subject to bank holding company consolidated supervision by that Federal Reserve.
| | en | es |
DOLFIN9054 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | Exposure |
| --- | --- |
| Developed Markets | |
| North America | 88.96% |
| Europe | 8.90% |
| Middle East & Africa | 0.59% |
| Net Liquid Assets | |
| Net Liquid Assets | 5.63% |
| Emerging Markets | |
| Asia Pacific | 3.79% |
| Other | -2.92% |
| Other | |
| Other | -64.67% |
| For entire portfolio including derivatives | | | | | Exposición |
| --- | --- |
| Mercados desarrollados | |
| América del Norte | 88,96 % |
| Europa | 8,90 % |
| Middle East & Africa | 0,59 % |
| Activos líquidos netos | |
| Activos líquidos netos | 5,63 % |
| Mercados Emergentes | |
| Asia Pacific | 3,79 % |
| Otros | -2,92 % |
| Otros | |
| Otros | -64,67 % |
| Para toda la cartera, incluidos los derivados | | | | | Exposure |
| --- | --- |
| Developed Markets | |
| North America | 88.96% |
| Europe | 8.90% |
| Middle East & Africa | 0.59% |
| Net Liquid Assets | |
| Net Liquid Assets | 5.63% |
| Emerging Markets | |
| Asia Pacific | 3.79% |
| Other | -2.92% |
| Other | |
| Other | -64.67% |
| For entire portfolio including derivatives | | | 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.