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DOLFIN9059 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The ESG approach implemented is detailed in the UCITS 'Transparency Code. Unitholders are informed that they can refer to the Transparency Code on the Management Company's website.
- /Basicresearchvaluebyvalue:The financial analysis is carried out according to the micro- and macroeconomic forecasts of the management company (growth level, deficit level, inflation level, etc.) and to credit research recommendations on issuers (analysis using quantitative data (sales, debt, etc.) or qualitative data (rating, quality of issuer management), with the aim of building a portfolio of debt securities and money market instruments. The UCITS may invest directly and up to 100% in this type of asset.
In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics.
The ESG data used in the investment process is based partly on data provided by third parties and, in some cases, on an internal basis. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. Thus, the various investment strategies that use ESG criteria and ESG reporting are difficult to comparable between them. Strategies which integrate ESG criteria and those which integrate sustainable development criteria may use ESG data which appear similar but which should be distinguished because their calculation method may be different.
AXA IM's various ESG methodologies described above may evolve in the future to take into account any improvement in data availability and reliability, or any changes in regulations or other external frameworks or initiatives, among others.
- /Portfolioconstruction:Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance.
In choosing the security's weighting in the portfolio, the manager may also take into account the measures taken by the company to reduce existing ESG risks, the company's ability to focus its growth on environmental opportunities and also the quality of the company's communication on ESG issues.
This process is designed to take into account the factor exposure of each security in addition to ESG scoring. He naturally orients the portfolio of these UCIs to securities with higher ESG scores while maintaining exposure to the desired factors.
Financial and extra financial analysis is therefore systematically taken into account by the Fund Manager when determining the weighting of a security in the portfolio. However, the decision to hold, buy or sell a security does not automatically and exclusively rely on its ESG rating criteria and is based on the manager's internal analysis.
Furthermore, the investment manager may use techniques and instruments relating to transferable securities that it believes will contribute economically to the optimal management of the portfolio (purchases/sales of financial instruments, subscriptions/redemptions of units or shares in French or foreign UCIs, AXA Group investment funds or not, and use of forward financial instruments to hedge and/or expose the portfolio to/against interest rate, currency, credit and currency risks).
Given the maturity of the financial instruments and the duration sought by the management team, the portfolio is actively managed and regularly reviewed the selected debt securities. Depending on market conditions, arbitrage transactions may be more frequent (for example, when interest rates rise or credit spreads widen). | # El enfoque ESG aplicado se detalla en el Código de Transparencia del OICVM. Se informa a los partícipes de que pueden remitirse al Código de transparencia en la página web de la sociedad gestora.
- /Investigación fundamental valor por valor:El análisis financiero se efectúa en función de las previsiones micro y macroeconómicas de la Sociedad gestora (nivel de crecimiento, nivel de déficit, nivel de inflación, etc.) y de las recomendaciones a partir de los análisis del crédito de los emisores (análisis a partir de los datos cuantitativos -cifra de negocios,endeudamiento, etc.- o cualitativos -calificación, calidad de la gestión de los emisores), con el objetivo de elaborar una cartera de instrumentos de deuda e instrumentos del mercado monetario. El OICVM puede invertir directamente y hasta un 100% en este tipo de activos.
Además, el Gestor de inversiones utiliza los datos ESG como parte de la construcción del universo de selección. Las notas ESG permiten también orientar la construcción de la cartera hacia valores que demuestren características ESG superiores.
Los datos ASG utilizados en el proceso de inversión se basan en metodologías ASG que se basan parcialmente en datos proporcionados por terceros, y en algunos casos se desarrollan internamente. Son subjetivas y pueden cambiar con el tiempo. A pesar de varias iniciativas, la falta de definiciones armonizadas puede hacer que los criterios ESG sean heterogéneos. Por lo tanto, las diferentes estrategias de inversión que utilizan los criterios ESG y los informes ESG son difícilmente comparables entre sí. Las estrategias que integran los criterios ASG y las que integran los criterios de desarrollo sostenible pueden utilizar datos ASG que parecen similares pero que conviene distinguir porque su método de cálculo puede ser diferente.
Las diferentes metodologías ASG de AXA IM descritas anteriormente pueden evolucionar en el futuro para tener en cuenta cualquier mejora en la disponibilidad y la fiabilidad de los datos, o cualquier evolución en la normativa o en otros marcos o iniciativas externos, entre otros.
- /Construcción de carteras:El análisis cuantitativo y cualitativo de los factores ESG contribuye a los criterios que tiene en cuenta el gestor para determinar la ponderación de un valor en la cartera. Dicha ponderación dependerá de las cualidades de la sociedad en lo que respecta a la gestión, la estrategia de crecimiento de la empresa y su gobernanza.
Al elegir la ponderación del título en la cartera, el gestor también podrá tener en cuenta las medidas adoptadas por la sociedad para reducir los riesgos ESG existentes, la capacidad de la sociedad para orientar su crecimiento hacia oportunidades medioambientales y también la calidad de la comunicación de la sociedad sobre las cuestiones ESG.
Este proceso está diseñado para tener en cuenta la exposición a los factores de cada título como complemento a la calificación ESG. Naturalmente, orienta la cartera de estos OIC hacia títulos con mejores puntuaciones ESG al tiempo que mantiene la exposición a los factores deseada.
De este modo, el Gestor financiero tiene en cuenta sistemáticamente el análisis financiero y extrafinanciero a la hora de determinar la ponderación de un título en la cartera. Sin embargo, la decisión de mantener, comprar o vender un valor no se basa automática y exclusivamente en sus criterios de calificación ESG y se basa en un análisis interno del gestor.
Además, el gestor financiero podrá utilizar técnicas e instrumentos relacionados con los valores mobiliarios que considere que contribuirán económicamente a la gestión óptima de la cartera (compras/ventas de instrumentos financieros, suscripciones/reembolsos de participaciones o acciones de OIC franceses o extranjeros, fondos de inversión del Grupo AXA o no, utilización de instrumentos financieros a plazo destinados a cubrir y/o exponer la cartera a/contra los riesgos vinculados a los tipos, cambio, crédito y divisas).
Habida cuenta del vencimiento de los instrumentos financieros y de la duración pretendida por el equipo de gestión, la cartera se gestiona activamente y se revisa periódicamente los instrumentos de deuda seleccionados. En función de las condiciones de mercado, las operaciones de arbitraje podrán ser más frecuentes (por ejemplo, en caso de subida del nivel de los tipos de interés o de ampliación de los spreads de crédito). | # The ESG approach implemented is detailed in the UCITS 'Transparency Code. Unitholders are informed that they can refer to the Transparency Code on the Management Company's website.
- /Basicresearchvaluebyvalue:The financial analysis is carried out according to the micro- and macroeconomic forecasts of the management company (growth level, deficit level, inflation level, etc.) and to credit research recommendations on issuers (analysis using quantitative data (sales, debt, etc.) or qualitative data (rating, quality of issuer management), with the aim of building a portfolio of debt securities and money market instruments. The UCITS may invest directly and up to 100% in this type of asset.
In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics.
The ESG data used in the investment process is based partly on data provided by third parties and, in some cases, on an internal basis. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. Thus, the various investment strategies that use ESG criteria and ESG reporting are difficult to comparable between them. Strategies which integrate ESG criteria and those which integrate sustainable development criteria may use ESG data which appear similar but which should be distinguished because their calculation method may be different.
AXA IM's various ESG methodologies described above may evolve in the future to take into account any improvement in data availability and reliability, or any changes in regulations or other external frameworks or initiatives, among others.
- /Portfolioconstruction:Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance.
In choosing the security's weighting in the portfolio, the manager may also take into account the measures taken by the company to reduce existing ESG risks, the company's ability to focus its growth on environmental opportunities and also the quality of the company's communication on ESG issues.
This process is designed to take into account the factor exposure of each security in addition to ESG scoring. He naturally orients the portfolio of these UCIs to securities with higher ESG scores while maintaining exposure to the desired factors.
Financial and extra financial analysis is therefore systematically taken into account by the Fund Manager when determining the weighting of a security in the portfolio. However, the decision to hold, buy or sell a security does not automatically and exclusively rely on its ESG rating criteria and is based on the manager's internal analysis.
Furthermore, the investment manager may use techniques and instruments relating to transferable securities that it believes will contribute economically to the optimal management of the portfolio (purchases/sales of financial instruments, subscriptions/redemptions of units or shares in French or foreign UCIs, AXA Group investment funds or not, and use of forward financial instruments to hedge and/or expose the portfolio to/against interest rate, currency, credit and currency risks).
Given the maturity of the financial instruments and the duration sought by the management team, the portfolio is actively managed and regularly reviewed the selected debt securities. Depending on market conditions, arbitrage transactions may be more frequent (for example, when interest rates rise or credit spreads widen). | en | es |
DOLFIN9060 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- Aims to provide long-term capital growth.
- At least 70% invested in shares and related instruments that provide exposure to companies that have their head office or main part of their activity in Europe.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. May also make extensive use of derivatives including more complex instruments or strategies to achieve the investment objective and these may result in leverage. In such situations performance may rise or fall more than it would have done otherwise, reflecting such additional exposure.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund is actively managed. The Investment Manager will reference MSCI Europe Index (Net) (the ‘‘Index’’) by seeking to outperform it. The fund’s performance should 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 also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in 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
- Tiene como objetivo obtener un crecimiento del capital a largo plazo.
- Como mínimo un 70% se invierte en acciones e instrumentos relacionados que proporcionen exposición a empresas cuya sede se encuentre en Europa, o que lleven a cabo una parte fundamental de su actividad en dicho continente.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- Puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales de acuerdo con el perfil de riesgo del Subfondo. También podrá hacer un amplio uso de los derivados (incluidos instrumentos o estrategias de mayor complejidad) para cumplir el objetivo de inversión, lo que puede generar apalancamiento. En tal caso, la rentabilidad puede experimentar un incremento o disminución mayor del que hubiera obtenido de otro modo, con lo que reflejará dicha exposición adicional.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo se gestiona de manera activa. El Gestor de Inversiones tomará como referencia el MSCI Europe Index (Net) (en adelante, el«Índice») e intentará superarlo. La rentabilidad del Subfondo debe 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 empresas, países, sectores y 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
- Aims to provide long-term capital growth.
- At least 70% invested in shares and related instruments that provide exposure to companies that have their head office or main part of their activity in Europe.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. May also make extensive use of derivatives including more complex instruments or strategies to achieve the investment objective and these may result in leverage. In such situations performance may rise or fall more than it would have done otherwise, reflecting such additional exposure.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund is actively managed. The Investment Manager will reference MSCI Europe Index (Net) (the ‘‘Index’’) by seeking to outperform it. The fund’s performance should 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 also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in 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 |
DOLFIN9065 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Sub-Fund will invest not more than 10% of its net assets in units of UCITS and/or other UCIs.
Within the limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives, especially by entering into Credit Default Swaps. Derivatives may also be used for hedging purposes.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy described above. | ## El Subfondo no invertirá más del 10% de su activo neto en participaciones de OICVM y/u otros OIC.
Dentro del límite del 200% de los activos netos del Subfondo, la estrategia de inversión puede llevarse a cabo con inversiones directas y/o por medio de derivados, especialmente formalizando contratos de permuta financiera de incumplimiento crediticio (Credit Default Swaps o CDS). También pueden utilizarse derivados con fines de cobertura.
El objetivo de la clase de acción es proporcionar cobertura sobre el riesgo de tipo de cambio procedente de la divergencia entre la divisa de referencia del Subfondo y la divisa de la clase de acción, a través de la utilización de instrumentos derivados mientras se mantiene la exposición a la Política de Inversión descrita más arriba. | ## The Sub-Fund will invest not more than 10% of its net assets in units of UCITS and/or other UCIs.
Within the limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives, especially by entering into Credit Default Swaps. Derivatives may also be used for hedging purposes.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy described above. | en | es |
DOLFIN9068 | 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 |
| --- | --- | --- | --- | --- | --- | --- |
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.
The average portfolio duration of this fund varies based on the investment advisor's forecast for interest rates and, under normal market conditions, is not expected to exceed two years. Duration measures the sensitivity of the assets to interest rate risk. The longer the duration the higher the sensitivity to changes in interest rates.
The securities will be both “investment grade” and “non-investment grade”. Non-investment grade securities are generally considered to be more risky, but typically produce a higher level of income.
The fund is considered to be actively managed in reference to the J.P. Morgan Emerging Local Markets Index Plus (ELMI+) (the "Index") by virtue of the fact that the Index is used for calculating the global exposure of the fund using the relative VaR methodology and for performance comparison purposes. Certain of the fund’s securities may be components of and may have similar weightings to the Index. 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. The fund may invest in derivative instruments (such as futures, options and swaps) rather than directly in the underlying securities themselves. The derivatives return is linked to movements in the underlying assets.
Dealing Day Shares in the fund can normally be redeemed on a daily basis. Please refer to the section entitled "How to Redeem Shares" in the prospectus.
Distribution Policy This share class does not pay out a distribution. Any investment income generated will be reinvested.
Intended retail investor
Typical investors in the Fund will be investors who are looking to maximise total return through a combination of both income and capital growth and are looking for a diversified exposure to fixed income markets that are economically tied to emerging market countries and are willing to accept the risks and volatility associated with investing in such markets and who have an investment horizon over the medium to long term.
This classification is subject to change over time.
We have classified this product as 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level and poor market conditions are unlikely to impact the value of your investment.
Be aware of currency risk. In some circumstances, you may receive payments in a different 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.
Other risks not covered by the risk indicator include Emerging Markets Risk, Interest Rate Risk and Currency Risk. For a full list of risks, please refer to the fund’s prospectus.
This product does not include any protection from future market performance so you could lose some or all of your investment. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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.
asesor de inversiones para los tipos de interés y no se espera que, en condiciones normales, supere los dos años. La duración mide la sensibilidad de los activos al riesgo de tipos de interés. Cuanto mayor es la duración, mayor es la sensibilidad a las variaciones de los tipos de interés.
Los valores podrán ser títulos tanto con «grado de inversión» como «sin grado de inversión». Se suele considerar que los valores sin grado de inversión son inversiones más arriesgadas, pero habitualmente generan ingresos más elevados.
Se considera que el fondo se gestiona de forma activa por referencia al J.P. Morgan Emerging Local Markets Index Plus (ELMI+) (el «Índice») por el hecho de que se utiliza para calcular la exposición global del fondo aplicando la metodología del valor en riesgo (VaR) relativo y para realizar comparaciones de rentabilidad. Determinados valores en cartera del fondo pueden ser componentes del Índice o tener ponderaciones similares. Sin embargo, el Índice no se utiliza para definir la composición de la cartera del fondo ni un objetivo de rentabilidad, y el fondo podrá estar totalmente invertido en valores que no forman parte del Índice. El fondo puede invertir en instrumentos derivados (tales como futuros, opciones y permutas financieras), en vez de hacerlo directamente en los valores subyacentes. El rendimiento de los derivados está ligado a los movimientos de los activos subyacentes.
Día de negociación Las acciones del fondo pueden reembolsarse normalmente a diario. Remítase a la sección del folleto titulada «How to Redeem Shares» (Cómo reembolsar las acciones).
Política de distribución Esta clase de acciones no hace distribuciones. Las rentas generadas por la inversión se reinvertirán.
Inversor minorista al que va dirigido
El inversor tipo del Fondo será aquel que trate de maximizar la rentabilidad total mediante una combinación de ingresos y crecimiento del capital, que busca una exposición diversificada a los mercados de renta fija que están vinculados económicamente con países de mercados emergentes y está dispuesto a aceptar los riesgos y la volatilidad asociados con la inversión en este tipo de mercados, con un horizonte de inversión de medio a largo plazo.
Esta clasificación está sujeta a cambios con el tiempo.
Hemos clasificado este producto en la clase de riesgo 3 en una escala de 7, en la que 3 significa un riesgo medio bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media-baja y es poco probable que una mala coyuntura de mercado influya en el valor de su inversión.
Tenga presente el riesgo de cambio. En algunas circunstancias usted puede recibir pagos en una moneda diferente, por lo que su rentabilidad final podrá depender del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Otros riesgos no reflejados en el indicador de riesgo son, por ejemplo, el riesgo de mercados emergentes, el riesgo de tipos de interés y el riesgo de cambio. Si desea obtener una lista completa de los riesgos, consulte el folleto del fondo.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # What are the risks and what could I get in return?
Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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.
The average portfolio duration of this fund varies based on the investment advisor's forecast for interest rates and, under normal market conditions, is not expected to exceed two years. Duration measures the sensitivity of the assets to interest rate risk. The longer the duration the higher the sensitivity to changes in interest rates.
The securities will be both “investment grade” and “non-investment grade”. Non-investment grade securities are generally considered to be more risky, but typically produce a higher level of income.
The fund is considered to be actively managed in reference to the J.P. Morgan Emerging Local Markets Index Plus (ELMI+) (the "Index") by virtue of the fact that the Index is used for calculating the global exposure of the fund using the relative VaR methodology and for performance comparison purposes. Certain of the fund’s securities may be components of and may have similar weightings to the Index. 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. The fund may invest in derivative instruments (such as futures, options and swaps) rather than directly in the underlying securities themselves. The derivatives return is linked to movements in the underlying assets.
Dealing Day Shares in the fund can normally be redeemed on a daily basis. Please refer to the section entitled "How to Redeem Shares" in the prospectus.
Distribution Policy This share class does not pay out a distribution. Any investment income generated will be reinvested.
Intended retail investor
Typical investors in the Fund will be investors who are looking to maximise total return through a combination of both income and capital growth and are looking for a diversified exposure to fixed income markets that are economically tied to emerging market countries and are willing to accept the risks and volatility associated with investing in such markets and who have an investment horizon over the medium to long term.
This classification is subject to change over time.
We have classified this product as 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level and poor market conditions are unlikely to impact the value of your investment.
Be aware of currency risk. In some circumstances, you may receive payments in a different 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.
Other risks not covered by the risk indicator include Emerging Markets Risk, Interest Rate Risk and Currency Risk. For a full list of risks, please refer to the fund’s prospectus.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN9070 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy:
The Fund will make significant use of derivative instruments (financial contracts that derive their values from those of other investment instruments) for investment purposes to gain exposure globally across the full range of permitted assets including equity (e.g. shares) and fixed income securities (securities that are intended to provide fixed periodic interest payments and the eventual return of the principal at a future date) and currencies. The Fund may also invest in eligible exchange traded notes (non-interest bearing debt securities that are designed to track the return of an underlying index or asset) that qualify as transferable securities within the meaning of article 41(1) of the 2010 Law as amended, to gain indirect exposure to commodities.
The Fund has a flexible approach towards asset allocation which means that the Fund’s allocation to any given asset class is expected to vary over time. The Fund may gain exposure to the equity securities and currencies of emerging market countries. The Fund’s exposure to fixed income securities will be investment grade at the time that the exposure is taken. Investment grade fixed income securities are securities rated at least BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Services, Inc.), an equivalent rating by Fitch ratings or if unrated, determined by the Investment Manager to be of equivalent quality.
To support the Fund’s use of derivative instruments and to provide the Fund with liquidity, the Fund invests primarily in money market instruments, short-term debt securities and cash and cash equivalents. This may include, among others, certificates of deposit, commercial paper, U.S. treasury bills, corporate debt securities and short-term | # Política de inversión:
El fondo utilizará los instrumentos derivados de manera significativa (contratos financieros que obtienen su valor de aquellos de otros instrumentos de inversión) para fines de inversión para lograr una exposición globalmente en todo el rango de activos permitidos, incluida la renta variable (acciones) y los valores de renta fija (valores que tienen el propósito de proporcionar pagos de intereses periódicos fijos y la eventual rentabilidad del capital en el futuro) y las divisas. El fondo también puede invertir en pagarés negociados en bolsa admisibles (valores de deuda que no devengan intereses diseñados para darle seguimiento a la rentabilidad de un activo o índice subyacente) que califican como valores transferibles dentro del significado del artículo 41(1) de la ley de 2010, y sus enmiendas, para obtener una exposición indirecta a materias primas.
El fondo tiene un enfoque flexible hacia la asignación de activos, esto significa que se prevé que la asignación del fondo a una clase de activos determinada varíe con el tiempo. El fondo puede lograr exposición a los valores de renta variable y las divisas de los países de mercados emergentes. La exposición del fondo a los valores de renta fija tendrá grado de inversión en el momento en que se efectúa la exposición. Los títulos de renta fija con grado de inversión son valores cuya calificación es al menos de BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Service, Inc.), una calificación equivalente de Fitch Ratings o, de no recibir calificación, que el gestor de inversiones considere que son de calidad equivalente.
Para respaldar el uso del fondo de instrumentos derivados y para proporcionar liquidez al fondo, el fondo invierte principalmente en instrumentos del mercado monetario, valores de deuda a corto plazo y efectivo y equivalentes en efectivo. Esto puede incluir, entre otros, certificados de depósito, papel comercial, letras del tesoro de los EE. UU., valores de deuda corporativa y bonos a corto plazo emitidos o garantizados por gobiernos soberanos, organismos públicos | # Investment policy:
The Fund will make significant use of derivative instruments (financial contracts that derive their values from those of other investment instruments) for investment purposes to gain exposure globally across the full range of permitted assets including equity (e.g. shares) and fixed income securities (securities that are intended to provide fixed periodic interest payments and the eventual return of the principal at a future date) and currencies. The Fund may also invest in eligible exchange traded notes (non-interest bearing debt securities that are designed to track the return of an underlying index or asset) that qualify as transferable securities within the meaning of article 41(1) of the 2010 Law as amended, to gain indirect exposure to commodities.
The Fund has a flexible approach towards asset allocation which means that the Fund’s allocation to any given asset class is expected to vary over time. The Fund may gain exposure to the equity securities and currencies of emerging market countries. The Fund’s exposure to fixed income securities will be investment grade at the time that the exposure is taken. Investment grade fixed income securities are securities rated at least BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Services, Inc.), an equivalent rating by Fitch ratings or if unrated, determined by the Investment Manager to be of equivalent quality.
To support the Fund’s use of derivative instruments and to provide the Fund with liquidity, the Fund invests primarily in money market instruments, short-term debt securities and cash and cash equivalents. This may include, among others, certificates of deposit, commercial paper, U.S. treasury bills, corporate debt securities and short-term | en | es |
DOLFIN9072 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If redemption requests on any dealing day exceed 10% of the shares in issue in respect of any Fund, the Company may defer the excess redemption requests to subsequent dealing days and shall redeem such shares rateably and the redemption requests shall be treated as if they were received on each subsequent dealing day until all the shares to which the original redemption requests related have been redeemed.
The Company may temporarily suspend the determination of the net asset value and the sale or redemption of shares in any Fund 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 Fund’s investments, or when trading thereon is restricted or suspended;
- any period when any emergency exists as a result of which disposal by the Company of investments which constitute a substantial portion of the assets of the Fund is not practically feasible or if feasible would be possible only on terms materially disadvantageous to shareholders;
- any period when for any reason the prices of any investments of the Fund cannot be reasonably, promptly or accurately ascertained by the Company;
- any period when remittance of monies which will, or may be, involved in the realisation of, or in the payment for, investments of the Fund cannot, in the opinion of the Directors, be carried out at normal rates of exchange; or
- any period when the proceeds of the sale or redemption of the shares cannot be transmitted to or from the Fund’s account. | Si las solicitudes de rescate en cualquier día de negociación superan el 10 % de las acciones emitidas con respecto a cualquier Fondo, la Sociedad podrá aplazar las solicitudes de rescate en exceso a días de negociación posteriores y amortizará dichas acciones de forma proporcional y las solicitudes de rescate se tratarán como si se hubieran recibido en cada día de negociación posterior hasta que todas las acciones a las que se hayan reembolsado las solicitudes de rescate originales relacionadas.
La Sociedad podrá suspender temporalmente la determinación del valor liquidativo y la venta o rescate de acciones de cualquier Fondo durante:
- cualquier periodo (excepto vacaciones ordinarias o cierres de fin de semana habituales) en el que se cierre cualquier mercado que sea el mercado principal para una parte significativa de las inversiones del Fondo, o cuando se restrinja o suspenda la negociación con el mismo;
- cualquier periodo en el que exista una emergencia como resultado de la cual la enajenación por parte de la Sociedad de inversiones que constituyan una parte sustancial de los activos del Fondo no sea prácticamente factible o, de ser factible, solo sea posible en términos sustancialmente desfavorables para los accionistas;
- cualquier periodo en el que, por cualquier motivo, la Sociedad no pueda determinar de forma razonable, inmediata o precisa los precios de cualquier inversión del Fondo;
- cualquier periodo en el que la remesa de dinero que participe, o pueda participar, en la realización o en el pago de inversiones del Fondo no pueda, en opinión de los Consejeros, llevarse a cabo a los tipos de cambio normales; o
- cualquier periodo en el que el producto de la venta o rescate de las acciones no pueda transmitirse a o desde la cuenta del Fondo. | If redemption requests on any dealing day exceed 10% of the shares in issue in respect of any Fund, the Company may defer the excess redemption requests to subsequent dealing days and shall redeem such shares rateably and the redemption requests shall be treated as if they were received on each subsequent dealing day until all the shares to which the original redemption requests related have been redeemed.
The Company may temporarily suspend the determination of the net asset value and the sale or redemption of shares in any Fund 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 Fund’s investments, or when trading thereon is restricted or suspended;
- any period when any emergency exists as a result of which disposal by the Company of investments which constitute a substantial portion of the assets of the Fund is not practically feasible or if feasible would be possible only on terms materially disadvantageous to shareholders;
- any period when for any reason the prices of any investments of the Fund cannot be reasonably, promptly or accurately ascertained by the Company;
- any period when remittance of monies which will, or may be, involved in the realisation of, or in the payment for, investments of the Fund cannot, in the opinion of the Directors, be carried out at normal rates of exchange; or
- any period when the proceeds of the sale or redemption of the shares cannot be transmitted to or from the Fund’s account. | en | es |
DOLFIN9080 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: April 6, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
15%
10%
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 6 de abril de 2020. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
15%
10%
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: April 6, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
15%
10%
5%
0% | en | es |
DOLFIN9081 | 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 Stoxx ex-UK Small Return 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 invests mainly in equity securities issued by small and mid cap companies, incorporated or exercising a prominent part of their business activity in countries whose currency is the EUR. Hence it excludes UK investments.In selecting the individual stocks, the Investment Manager is guided by its own fundamental analysis of companies. Company visits and top management assessments are critical to the Investment Manager, that firmly believes in companies with a strong competitive position (product or market leaders) and consistent growth. The
Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy. 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 Stoxx ex-UK Small Return 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. Este subfondo invierte principalmente en títulos de renta variable emitidos por empresas de pequeña y mediana capitalización constituidas o que ejercen una parte predominante de su actividad comercial en países cuya moneda es el EUR. Por ello, no incluye inversiones en el Reino Unido.Al seleccionar los títulos individuales, el gestor de inversiones se guía por su propio análisis fundamental de empresas. Las visitas a empresas y las evaluaciones de la alta dirección son cruciales para el gestor de inversiones, que cree firmemente en empresas que muestran una posición competitiva fuerte (líderes de productos o mercados) y crecimiento constante. El gestor de inversiones está autorizado a utilizar
instrumentos financieros derivados a efectos de cobertura y gestión eficiente de la cartera, pero no como parte de la estrategia de inversión. 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 Stoxx ex-UK Small Return 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 invests mainly in equity securities issued by small and mid cap companies, incorporated or exercising a prominent part of their business activity in countries whose currency is the EUR. Hence it excludes UK investments.In selecting the individual stocks, the Investment Manager is guided by its own fundamental analysis of companies. Company visits and top management assessments are critical to the Investment Manager, that firmly believes in companies with a strong competitive position (product or market leaders) and consistent growth. The
Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy. 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 |
DOLFIN9084 | 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: June 25, 2018.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in GBP.
Because the Class has been launched for less than one calendar year, there is insufficient data to provide a useful indication of past performance.
The performance prior to 25 June 2018 is derived from the historical performance of Credit Suisse (Lux) Global Prestige Equity Fund, a UCITS, authorised by the Commission de Surveillance du Secteur Financier (CSSF), which has been merged into the Sub-Fund as of 25 June 2018 (the “Merger”). The investment policy has not undergone any material change as a result of the Merger. | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 25 de junio de 2018. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en GBP.
Como la Clase de acciones no ha completado un año completo, los datos de rentabilidad no están disponibles.
El rendimiento anterior al 25 de junio de 2018 se ha obtenido del rendimiento histórico de Credit Suisse (Lux) Global Prestige Equity Fund, un OICVM, autorizado por la Commission de Surveillance du Secteur Financier (CSSF), el cual se fusionó con el subfondo el 25 de junio de 2018 (la «Fusión»). La política de inversión no ha registrado variaciones sustanciales como resultado de la Fusión. | ### Launch Date and Currency
Sub-Fund's launch date: June 25, 2018.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in GBP.
Because the Class has been launched for less than one calendar year, there is insufficient data to provide a useful indication of past performance.
The performance prior to 25 June 2018 is derived from the historical performance of Credit Suisse (Lux) Global Prestige Equity Fund, a UCITS, authorised by the Commission de Surveillance du Secteur Financier (CSSF), which has been merged into the Sub-Fund as of 25 June 2018 (the “Merger”). The investment policy has not undergone any material change as a result of the Merger. | en | es |
DOLFIN9088 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| COMPOSITION OF COSTS | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year | If you exit after 5 years |
| Entry costs | This is the amount you pay in when entering this investment. | CHF 0 | CHF 0 |
| Exit costs | This is the amount of your investment that is taken before it is paid out to you. | CHF 0 | CHF 0 |
| Ongoing costs taken each year | | | |
| Management fees and other administrative or operating costs | This is the amount you will pay based on an estimate of all the management and operational costs (besides transaction cost). | CHF 7 271 | CHF 40 769 |
| Transaction costs | This is the amount you will pay based on an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. Additional fees linked to investment into underlying funds may also be charged. | CHF 1 453 | CHF 8 149 |
| Incidental costs | | | |
| Performance fees | The actual amount charged will vary depending on how well your investment performs. | CHF 0 | CHF 0 | | | COMPOSICIÓN DE LOS COSTES | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Costes de entrada | Este es el importe que pagará usted al realizar esta inversión. | CHF 0 | CHF 0 |
| Costes de salida | Este es el importe de su inversión que se deduce antes de que se le pague. | CHF 0 | CHF 0 |
| Costes corrientes detraídos cada año | | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | Este es el importe que pagará con base en una estimación de todas las comisiones de gestión y costes de funcionamiento (aparte de los costes de operación). | CHF 7 271 | CHF 40 769 |
| Costes de operación | Este es el importe que pagará con base en una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. También se podrán cargar comisiones adicionales vinculadas a la inversión en fondos subyacentes. | CHF 1 453 | CHF 8 149 |
| Costes accesorios | | | |
| Comisiones de rendimiento | El importe real variará en función de lo buenos que sean los resultados de su inversión. | CHF 0 | CHF 0 | | | COMPOSITION OF COSTS | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year | If you exit after 5 years |
| Entry costs | This is the amount you pay in when entering this investment. | CHF 0 | CHF 0 |
| Exit costs | This is the amount of your investment that is taken before it is paid out to you. | CHF 0 | CHF 0 |
| Ongoing costs taken each year | | | |
| Management fees and other administrative or operating costs | This is the amount you will pay based on an estimate of all the management and operational costs (besides transaction cost). | CHF 7 271 | CHF 40 769 |
| Transaction costs | This is the amount you will pay based on an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. Additional fees linked to investment into underlying funds may also be charged. | CHF 1 453 | CHF 8 149 |
| Incidental costs | | | |
| Performance fees | The actual amount charged will vary depending on how well your investment performs. | CHF 0 | CHF 0 | | en | es |
DOLFIN9092 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Global Climate Change Equity
Schroder ISF Global Climate Change 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 level of avoided emissions than the MSCI World (Net TR) index, based on the investment manager’s rating system.
Avoided emissions are measured by Schroders’ proprietary tool that provides an estimate of the future emissions saved indirectly by companies’ products and services through the substitution of high carbon activities with low carbon alternatives. It does this by identifying certain carbon-avoiding activities and industries that if adopted would contribute to reducing economy-wide emissions.
The investment manager monitors compliance with this characteristic by reference to the weighted average avoided emissions of the Fund compared against the weighted average avoided emissions of the named benchmark over the previous six month period.
The Fund has maintained a higher overall level of avoided emissions than the MSCI World (Net TR) index based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
The proprietary tool used to measure avoided emissions 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 Global Climate Change Equity
Schroder ISF Global Climate Change 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 un nivel global de emisiones evitadas superior al del MSCI World (Net TR) Index, según el sistema de calificación de la Gestora de inversiones.
Las emisiones evitadas se miden mediante la herramienta propia de Schroders que proporciona una estimación de las emisiones futuras ahorradas indirectamente por los productos y servicios de las empresas mediante la sustitución de actividades con alto contenido de carbono por alternativas con bajo contenido de carbono. Lo hace identificando ciertas actividades e industrias que evitan el carbono y que si se adoptan contribuirían a reducir las emisiones en toda la economía.
La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la media ponderada de las emisiones evitadas del Fondo en comparación con la media ponderada de las emisiones evitadas del valor de referencia mencionado durante el período de seis meses anterior.
El Fondo ha mantenido un nivel general de emisiones evitadas más alto que el MSCI World (Net TR) Index, según la metodología explicada anteriormente, desde la fecha de entrada en vigor de los requisitos reglamentarios el 10 de marzo de 2021.
Ocasionalmente, la herramienta propia utilizada para medir las emisiones evitadas puede no cubrir todas las tenencias del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las tenencias pertinentes del 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 Global Climate Change Equity
Schroder ISF Global Climate Change 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 level of avoided emissions than the MSCI World (Net TR) index, based on the investment manager’s rating system.
Avoided emissions are measured by Schroders’ proprietary tool that provides an estimate of the future emissions saved indirectly by companies’ products and services through the substitution of high carbon activities with low carbon alternatives. It does this by identifying certain carbon-avoiding activities and industries that if adopted would contribute to reducing economy-wide emissions.
The investment manager monitors compliance with this characteristic by reference to the weighted average avoided emissions of the Fund compared against the weighted average avoided emissions of the named benchmark over the previous six month period.
The Fund has maintained a higher overall level of avoided emissions than the MSCI World (Net TR) index based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
The proprietary tool used to measure avoided emissions 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 |
DOLFIN9097 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition, the Management Company will, in principle, not accept any direct subscription from or direct holding by any individual who is a US citizen or a US tax resident or any non-US partnership, non-US trust or similar tax transparent non-US entity that has any partner, beneficiary or owner that is a US Person, US citizen or US tax resident.
Should a Shareholder become a (i) US Person, (ii) US citizen, (iii) US tax resident or (iv) specified US person for purposes of the US Foreign Account Tax Compliance Act (FATCA), he may be subject to US withholding taxes and tax reporting to any relevant tax authority, including the US Internal Revenue Service and he is required to notify the Management Company immediately.
Shares may not be acquired or owned by, or acquired with assets of, (i) any retirement plan subject to Title I of the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"); (ii) any individual retirement account or plan subject to Section 4975 of the United States Internal Revenue Code of 1986; and/or (iii) a person or entity the underlying assets of which include the assets of any employee benefit plan or plan by reason of Department of Labour Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA. The Management Company reserves the right to request a written representation from investors stating their compliance with the above restrictions prior to accepting subscription orders.
The Management Company may also limit the distribution of Shares of a given Class or Sub-Fund to specific countries. The issue of Shares of a given Class shall be suspended whenever the determination of the Net Asset Value per Share of such Class is suspended by the Management Company (see "General Information - Temporary Suspension of Issues, Redemptions and Switches").
The Luxembourg law of 19 February 1973 (as amended), the law of 5 April 1993 (as amended), the law of 12 November 2004 (as amended), and associated Grand Ducal and Ministerial Regulations and circulars of the Luxembourg supervisory authority, outline obligations to prevent the use of undertakings for collective investment such as the Fund for money laundering purposes. Within this context, the Management Company has a procedure in place for identification of investors which requires that the application form for investment in the Fund must be accompanied by such documents set out in the current version of the application form.
Such information provided to the Management Company will be held and used in accordance with Luxembourg Privacy laws. In all cases the Management Company reserves the right to request additional information and documentation including translations, certifications and updated versions of such documents to satisfy itself that the identification requirements under Luxembourg law have been fulfilled.
The Management Company may enter into agreements with certain Distributors (as defined hereafter) pursuant to which they agree to act as or appoint nominees for investors subscribing for Shares through their facilities. In such capacity the Distributor may effect subscriptions, switches and redemptions of Shares in a nominee name on behalf of individual investors and request the registration of such operations on the Register of Shareholders of the Fund in such nominee name. The nominee/Distributor maintains its own records and provides the investor with individualised information as to its holdings of Shares in the Fund. Except where local law or custom proscribes the practice, investors may invest directly in the Fund and not avail themselves of a nominee service. Unless otherwise provided by local law, any Shareholder holding Shares in a nominee account with a Distributor has the right to claim, at any time, direct title to such Shares.
The Directors draw the investors’ attention to the fact that any investor will only be able to fully exercise his investor rights directly against the Fund, notably the right to participate in general shareholders’ meetings, if the investor is registered himself and in his own name in the Register of Shareholders for the Fund. In cases where an investor invests in the Fund through an intermediary investing into the Fund in his own name but on behalf of the investor, it may not always be possible for the investor to exercise certain shareholder rights directly against the Fund. Investors are advised to take advice on their rights.
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### Minimum Subscription Amounts and Eligibility for Shares | Asimismo, la Sociedad gestora rechazará en principio cualquier suscripción o posición directa de una persona física que sea ciudadana o residente fiscal en Estados Unidos o cualquier consorcio o fideicomiso no estadounidenses, o cualquier otra persona jurídica no estadounidense similar transparente a efectos fiscales que cuente con un socio, beneficiario o titular que sea una Persona estadounidense, o un ciudadano o residente fiscal de ese país.
En el supuesto de que un Accionista pase a ser (i) Persona estadounidense, (ii) ciudadano estadounidense, (iii) residente fiscal en Estados Unidos o (iv) persona estadounidense a los efectos de la Ley de Cumplimiento fiscal de cuentas extranjeras (FATCA) estadounidense, este Accionista quedará sometido a una retención fiscal en Estados Unidos y contraerá obligaciones declarativas con la autoridad fiscal pertinente, incluida la agencia tributaria estadounidense (Internal Revenue Service o IRS), además de estar obligado a notificar su situación a la Sociedad gestora con carácter inmediato.
Las Acciones no podrán ser adquiridas ni poseídas por, o adquiridas con los activos de, (i) ningún plan de pensiones sujeto al Título I de la Ley estadounidense de Garantía de ingresos por jubilación de los empleados (Employee Retirement Income Security Act) de 1974, en su versión modificada («ERISA»); (ii) ningún plan o cuenta de pensiones concreto sujeto a la Sección 4975 del Código Tributario estadounidense (Internal Revenue Code) de 1986; y/o (iii) ninguna persona o entidad cuyos activos subyacentes incluyan los activos de cualquier plan de prestaciones a los empleados o plan en virtud de la Sección 2510.3-101 del Reglamento del Departamento de Trabajo, en su versión modificada por la Sección 3(42) de ERISA. La Sociedad gestora se reserva el derecho de solicitar una declaración escrita por parte de los inversores en la que se exprese el cumplimiento de las anteriores restricciones antes de aceptar sus solicitudes de suscripción.
Asimismo, la Sociedad gestora también podrá limitar la distribución de Acciones de una determinada Clase de Acciones o Subfondo a países específicos. La emisión de Acciones de una Clase determinada quedará suspendida siempre que la Sociedad gestora suspenda el cálculo del Valor Liquidativo por Acción de dicha Clase (véase el epígrafe «Suspensión temporal de emisiones, reembolsos y canjes» del apartado «Información general»).
La Ley de Luxemburgo de 19 de febrero de 1973 (en su versión modificada), la Ley de 5 de abril de 1993 (en su versión modificada), la Ley de 12 de noviembre de 2004 (en su versión modificada), las circulares de la autoridad supervisora de Luxemburgo y los Reglamentos Ministeriales y del Gran Ducado conexos establecen las obligaciones para prevenir el uso de organismos de inversión colectiva, como el Fondo, con fines de blanqueo de capitales. En este contexto, la Sociedad gestora ha puesto en práctica un procedimiento para la identificación de inversores que exige que el formulario de solicitud para la inversión en el Fondo vaya acompañado de los documentos que se hacen constar en la versión vigente del formulario de solicitud.
Dicha información facilitada a la Sociedad gestora se conservará y utilizará de conformidad con las leyes de protección de datos luxemburguesas. En todos los casos, la Sociedad gestora se reserva el derecho a solicitar información y documentación adicional, incluidos certificados, traducciones y versiones actualizadas de dichos documentos, con el fin de comprobar que se han cumplido los requisitos de identificación previstos por la legislación luxemburguesa.
La Sociedad gestora podrá celebrar contratos con determinados Distribuidores (que se definen más adelante), en virtud de los cuales estos se comprometan a actuar como personas interpuestas, o a nombrar personas interpuestas, para los inversores que suscriban Acciones a través de sus establecimientos. En dicha calidad, el Distribuidor podrá realizar suscripciones, canjes y reembolsos de Acciones a nombre de una persona interpuesta en representación de inversores individuales, y podrá requerir la anotación de dichas operaciones en el Registro de Accionistas del Fondo a nombre de dicha persona interpuesta. La persona interpuesta/el Distribuidor llevará sus propios registros y proporcionará al inversor información personalizada sobre sus posiciones en Acciones del Fondo. Excepto cuando las leyes o costumbres locales lo prohíban, los inversores podrán invertir directamente en el Fondo sin tener que hacer uso de los servicios de una persona interpuesta. Salvo que la legislación local disponga lo contrario, cualquier Accionista que posea Acciones en una cuenta de persona interpuesta con un Distribuidor tiene derecho a reclamar, en cualquier momento, la propiedad directa sobre sus Acciones.
Los Consejeros informan a los inversores de que solo podrán ejercer plenamente sus derechos como inversores directamente frente al Fondo, en particular el derecho a participar en las juntas generales de Accionistas, si se encuentran registrados, en su propio nombre, en el registro de Accionistas del Fondo. Es posible que un inversor no siempre pueda ejercer algunos de sus derechos como Accionista directamente frente al Fondo si invierte a través de un intermediario que invierte en el Fondo en su propio nombre, aunque en representación del inversor. Se recomienda a los inversores que se asesoren sobre sus derechos.
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### Requisitos de admisibilidad e importes mínimos de suscripción de Acciones | In addition, the Management Company will, in principle, not accept any direct subscription from or direct holding by any individual who is a US citizen or a US tax resident or any non-US partnership, non-US trust or similar tax transparent non-US entity that has any partner, beneficiary or owner that is a US Person, US citizen or US tax resident.
Should a Shareholder become a (i) US Person, (ii) US citizen, (iii) US tax resident or (iv) specified US person for purposes of the US Foreign Account Tax Compliance Act (FATCA), he may be subject to US withholding taxes and tax reporting to any relevant tax authority, including the US Internal Revenue Service and he is required to notify the Management Company immediately.
Shares may not be acquired or owned by, or acquired with assets of, (i) any retirement plan subject to Title I of the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"); (ii) any individual retirement account or plan subject to Section 4975 of the United States Internal Revenue Code of 1986; and/or (iii) a person or entity the underlying assets of which include the assets of any employee benefit plan or plan by reason of Department of Labour Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA. The Management Company reserves the right to request a written representation from investors stating their compliance with the above restrictions prior to accepting subscription orders.
The Management Company may also limit the distribution of Shares of a given Class or Sub-Fund to specific countries. The issue of Shares of a given Class shall be suspended whenever the determination of the Net Asset Value per Share of such Class is suspended by the Management Company (see "General Information - Temporary Suspension of Issues, Redemptions and Switches").
The Luxembourg law of 19 February 1973 (as amended), the law of 5 April 1993 (as amended), the law of 12 November 2004 (as amended), and associated Grand Ducal and Ministerial Regulations and circulars of the Luxembourg supervisory authority, outline obligations to prevent the use of undertakings for collective investment such as the Fund for money laundering purposes. Within this context, the Management Company has a procedure in place for identification of investors which requires that the application form for investment in the Fund must be accompanied by such documents set out in the current version of the application form.
Such information provided to the Management Company will be held and used in accordance with Luxembourg Privacy laws. In all cases the Management Company reserves the right to request additional information and documentation including translations, certifications and updated versions of such documents to satisfy itself that the identification requirements under Luxembourg law have been fulfilled.
The Management Company may enter into agreements with certain Distributors (as defined hereafter) pursuant to which they agree to act as or appoint nominees for investors subscribing for Shares through their facilities. In such capacity the Distributor may effect subscriptions, switches and redemptions of Shares in a nominee name on behalf of individual investors and request the registration of such operations on the Register of Shareholders of the Fund in such nominee name. The nominee/Distributor maintains its own records and provides the investor with individualised information as to its holdings of Shares in the Fund. Except where local law or custom proscribes the practice, investors may invest directly in the Fund and not avail themselves of a nominee service. Unless otherwise provided by local law, any Shareholder holding Shares in a nominee account with a Distributor has the right to claim, at any time, direct title to such Shares.
The Directors draw the investors’ attention to the fact that any investor will only be able to fully exercise his investor rights directly against the Fund, notably the right to participate in general shareholders’ meetings, if the investor is registered himself and in his own name in the Register of Shareholders for the Fund. In cases where an investor invests in the Fund through an intermediary investing into the Fund in his own name but on behalf of the investor, it may not always be possible for the investor to exercise certain shareholder rights directly against the Fund. Investors are advised to take advice on their rights.
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### Minimum Subscription Amounts and Eligibility for Shares | en | es |
DOLFIN9104 | 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 | None |
| Exit charge | None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0.41 % of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | A 30% annual share of any gain above that of the benchmark index + 0.80% |
| Κατά το κλείσιμο της προηγούμενης χρήσης, αυτή η προμήθεια αντιπροσώπευε ποσοστό 0,19 % του μέσου καθαρού ενεργητικού | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | Cero |
| Gastos de salida | Cero |
| Estos tipos corresponden al porcentaje máximo que puede detraerse de su capital antes de proceder a la inversión (entrada) o antes de abonar el producto de la inversión (salida). |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0,41 % del activo neto medio |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 30% anual del rendimiento a partir del registrado por el índice de referencia + 0,80% |
| Al cierre del ejercicio anterior, esta comisión representaba el 0,19% del activo neto medio. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0.41 % of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | A 30% annual share of any gain above that of the benchmark index + 0.80% |
| Κατά το κλείσιμο της προηγούμενης χρήσης, αυτή η προμήθεια αντιπροσώπευε ποσοστό 0,19 % του μέσου καθαρού ενεργητικού | | en | es |
DOLFIN9107 | 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 achieve long-term capital growth measured in USD by investing in equities and equity-related instruments issued by companies linked to the ageing of the population and increasing life expectancy worldwide.
## Investment Policy
The Sub-Fund invests at least two thirds of its total assets in equities and equity-related instruments issued by companies that focus on aged care, wellness and medical treatments. The Sub-Fund also aims at benefiting from the increasing silver spending (including leisure activities, financial planning and aesthetics). The Sub-Fund may invest in equity securities of any market capitalisation.
Investment decisions are based on a combination of macroeconomic, sector and company specific analysis. The securities selection process relies on a rigorous analysis of the companies’ business model, management quality, growth prospects and overall risk return profile with a focus on medium to long-term benefits from the expanding long-term demographic trend of the ageing of the population. | # Objetivos y política de inversión
## Objetivo de Inversión
El Subfondo busca lograr la apreciación del capital a largo plazo, en USD, invirtiendo en renta variable e instrumentos relacionados con la renta variable emitidos por empresas vinculadas al envejecimiento de la población y al aumento de la esperanza de vida en todo el mundo.
## Política de inversión
El Subfondo invierte, como mínimo, dos tercios de sus activos totales en renta variable e instrumentos relacionados con la renta variable, emitidos por empresas centradas en el cuidado de personas mayores, el bienestar y los tratamientos médicos. El Subfondo también busca sacar partido del creciente gasto de la tercera edad (incluidas actividades de ocio, planificación financiera y estética). El Subfondo podrá invertir en acciones con cualquier nivel de capitalización.
Las decisiones de inversión se basan en una combinación de análisis específicos macroeconómicos, sectoriales y empresariales. El proceso de selección de títulos está basado en un análisis riguroso del modelo de negocio de las empresas, la calidad de su gestión, las perspectivas de crecimiento, y el perfil general de riesgo y remuneración, con especial atención a las ventajas a medio y largo plazo de la creciente tendencia demográfica a largo plazo del envejecimiento de la población. | # Objective and Investment Policy
## Investment Objective
The Sub-Fund seeks to achieve long-term capital growth measured in USD by investing in equities and equity-related instruments issued by companies linked to the ageing of the population and increasing life expectancy worldwide.
## Investment Policy
The Sub-Fund invests at least two thirds of its total assets in equities and equity-related instruments issued by companies that focus on aged care, wellness and medical treatments. The Sub-Fund also aims at benefiting from the increasing silver spending (including leisure activities, financial planning and aesthetics). The Sub-Fund may invest in equity securities of any market capitalisation.
Investment decisions are based on a combination of macroeconomic, sector and company specific analysis. The securities selection process relies on a rigorous analysis of the companies’ business model, management quality, growth prospects and overall risk return profile with a focus on medium to long-term benefits from the expanding long-term demographic trend of the ageing of the population. | en | es |
DOLFIN9118 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- transferable securities and money market instruments issued or guaranteed by a non-Member State;
- transferable securities and money market instruments issued by public international bodies of which one or more Member States are members;
- shares held by a UCITS in the capital of a company incorporated in a non-member State which invests its assets mainly in the securities of issuing bodies having their registered offices in that State, where under the legislation of that State such a holding represents the only way in which the UCITS can invest in the securities of issuing bodies of that State. This waiver is applicable only if in its investment policies the company from the non-Member State complies with the limits laid down in 2.3 to 2.11, 3.1, 3.2, 5.1, 5.2, 5.4,5.5 and 5.6, and provided that where these limits are exceeded, paragraphs 5.5 and 5.6 below are observed.
- Shares held by an investment company or investment companies in the capital of subsidiary companies carrying on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the repurchase of units at unit-holders' request exclusively on their behalf.
| | - los valores mobiliarios e instrumentos del mercado monetario emitidos o garantizados por un Estado no miembro;
- los valores mobiliarios e instrumentos del mercado monetario emitidos por organismos internacionales públicos en los que participen uno o varios Estados miembro;
- las acciones de un OICVM en el capital de una empresa constituida en un Estado no miembro que invierte sus activos principalmente en los valores de organismos emisores con sucursales con domicilio social en ese Estado, y cuando, conforme a la legislación de ese Estado, esta participación represente el único medio que el OICVM tiene para invertir en los valores de los organismos emisores de ese Estado. Esta renuncia solo será aplicable si en sus políticas de inversión la empresa del Estado no miembro cumple con los límites establecidos en los párrafos del 2.3 al 2.11, 3.1, 3.2, 5.1, 5.2, 5.4, 5.5 y 5.6, y si cuando se superen estos límites, se cumplen los párrafos 5.5 y 5.6 detallados a continuación.
- Las acciones de una sociedad de inversión o empresas de inversión en el capital de empresas filiales a cargo de la gestión, consultoría o marketing en el país en el que la filial tenga el domicilio social, respecto a la recompra de participaciones a petición del titular de las participaciones y exclusivamente en su nombre.
| | - transferable securities and money market instruments issued or guaranteed by a non-Member State;
- transferable securities and money market instruments issued by public international bodies of which one or more Member States are members;
- shares held by a UCITS in the capital of a company incorporated in a non-member State which invests its assets mainly in the securities of issuing bodies having their registered offices in that State, where under the legislation of that State such a holding represents the only way in which the UCITS can invest in the securities of issuing bodies of that State. This waiver is applicable only if in its investment policies the company from the non-Member State complies with the limits laid down in 2.3 to 2.11, 3.1, 3.2, 5.1, 5.2, 5.4,5.5 and 5.6, and provided that where these limits are exceeded, paragraphs 5.5 and 5.6 below are observed.
- Shares held by an investment company or investment companies in the capital of subsidiary companies carrying on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the repurchase of units at unit-holders' request exclusively on their behalf.
| | en | es |
DOLFIN9124 | 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: December 19, 1997. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
20%
10%
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-10% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 19 de diciembre de 1997. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en EUR.
20%
10%
0%
-10% | ### Launch Date and Currency
Sub-Fund's launch date: December 19, 1997. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
20%
10%
0%
-10% | en | es |
DOLFIN9133 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For the purpose of generating additional capital or income for reducing its costs or risks, the Company may, with respect to the assets of each Sub-Fund, engage in SFTs provided that these transactions comply with applicable laws and regulations, including CSSF Circular 08/356 and CSSF Circular 14/592, as they may be amended or supplemented from time to time.
In case a Sub-Fund enters into SFTs, it has to be ensured that at any time the full amount of cash or any security that has been lent or sold can be recalled and any securities lending and/or repurchase agreement entered into can be terminated.
It shall also be ensured that the amount of transactions is kept at a level such that the Sub-Fund is able, at all times, to meet its redemption obligations towards its shareholders. Furthermore, the use of SFTs should not result in a change of the investment objective of the Sub-Fund nor add substantial supplementary risks in comparison to the risk profile as stated in the Sub-Fund factsheet.
All the revenues arising from SFTs are returned to the participating Sub-Fund. The Management Company performs the oversight of the program and Goldman Sachs International Bank and Goldman Sachs Bank USA are appointed as the Company’s securities lending agent. Goldman Sachs International Bank and Goldman Sachs Bank USA are neither related to the Management Company nor related to the Depositary.
Each Sub-Fund may lend/sell the securities included in its portfolio to a borrower/buyer (the “counterparty”) either directly or through a standardised lending system organised by a recognised clearing institution or through a lending system organised by a financial institution subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by European Community Law and specialised in this type of transactions. The counterparty must be of high quality and meet the requirements of a “financial counterparty” pursuant to article 3 of Regulation (EU) 2015/2365 (i.e. the counterparty must at least have an investment grade rating by Fitch, Moody-s and/or Standard & Poor’s, be structured as a public limited liability company and have its parent company registered office located in OECD countries) and be subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by European Community Law. In case the aforementioned financial institution acts on its own account, it is to be considered as counterparty in the securities lending/repurchase agreement. Further information on the counterparty(ies) is made available in the Annual Report which can be obtained free of charges from the registered office of the Company.
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### Management of collateral for OTC Derivative Transactions (including Total Return Swaps) and SFTs (including Securities Lending Transactions, Repurchase Transactions and Reverse Repurchase Transactions) | Con el fin de generar capital o ingresos adicionales para reducir sus costes o riesgos, la Sociedad puede llevar a cabo SFT con respecto a los activos de cada Subfondo siempre que estas operaciones cumplan con los reglamentos y normas aplicables, incluidas la Circular 08/356 de la CSSF y la Circular 14/592 de la CSSF, con las modificaciones o adiciones a las que se sometan ocasionalmente.
Si el Subfondo celebra operaciones de financiación de valores, deberá quedar garantizado en todo momento que los importes o valores prestados o vendidos puedan recuperarse inmediatamente a petición de estas y que todo contrato de préstamo o recompra de valores que se celebre pueda resolverse.
Asimismo, se garantizará que la cantidad de transacciones se mantiene en un nivel en el que el Subfondo pueda cumplir sus obligaciones de reembolso con sus accionistas en todo momento. Además, el uso de operaciones de financiación de valores no debe dar lugar a un cambio del objetivo de inversión del Subfondo ni añadir riesgos complementarios significativos en comparación con el perfil de riesgo, según se indica en la ficha descriptiva del Subfondo.
Todos los ingresos obtenidos de operaciones de financiación de valores (SFT) se devuelven al Subfondo que las aplica. La Sociedad gestora supervisa el programa y se designa a Goldman Sachs International Bank y Goldman Sachs Bank USA como agentes de préstamo de valores de la Sociedad. Goldman Sachs International Bank y Goldman Sachs Bank USA no están relacionados ni con la Sociedad gestora ni con el Depositario.
Cada Subfondo podrá ceder en préstamo/comprar los valores incluidos en su cartera a un prestatario/comprador (la «contraparte»), ya sea directamente, a través de un sistema estandarizado de préstamo organizado por una institución de compensación o a través de un sistema de préstamo organizado por una institución financiera sujeta a unas normas de supervisión cautelar que la CSSF considere equivalentes a las prescritas por el Derecho comunitario europeo y especializada en este tipo de operaciones. La contraparte debe ser de alta calidad y debe cumplir con todos los requisitos de una «contraparte financiera» con arreglo al artículo 3 del Reglamento (UE) 2015/2365 (es decir, la contraparte debe tener como mínimo una calificación de grado de inversión según Fitch, Moody’s y/o Standard Poor’s, debe estar estructurada como una sociedad pública de responsabilidad limitada y el domicilio social de su sociedad matriz debe estar ubicado en países de la OCDE) y deberá cumplir con las normas de supervisión cautelar que la CSSF considere equivalentes a las prescritas por el Derecho comunitario europeo. En caso de que dicha institución financiera actúe por cuenta propia, debe ser considerada como contraparte en el contrato de préstamo/recompra. En el Informe anual se ofrece más información acerca de la(s) contraparte(s), que puede obtenerse gratuitamente en el domicilio social de la Sociedad.
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### Gestión de garantía para operaciones con derivados extrabursátiles (incluidos los swaps de rentabilidad total) y SFT (incluidas las operaciones de préstamo de valores, las operaciones de recompra y las operaciones de recompra inversa) | For the purpose of generating additional capital or income for reducing its costs or risks, the Company may, with respect to the assets of each Sub-Fund, engage in SFTs provided that these transactions comply with applicable laws and regulations, including CSSF Circular 08/356 and CSSF Circular 14/592, as they may be amended or supplemented from time to time.
In case a Sub-Fund enters into SFTs, it has to be ensured that at any time the full amount of cash or any security that has been lent or sold can be recalled and any securities lending and/or repurchase agreement entered into can be terminated.
It shall also be ensured that the amount of transactions is kept at a level such that the Sub-Fund is able, at all times, to meet its redemption obligations towards its shareholders. Furthermore, the use of SFTs should not result in a change of the investment objective of the Sub-Fund nor add substantial supplementary risks in comparison to the risk profile as stated in the Sub-Fund factsheet.
All the revenues arising from SFTs are returned to the participating Sub-Fund. The Management Company performs the oversight of the program and Goldman Sachs International Bank and Goldman Sachs Bank USA are appointed as the Company’s securities lending agent. Goldman Sachs International Bank and Goldman Sachs Bank USA are neither related to the Management Company nor related to the Depositary.
Each Sub-Fund may lend/sell the securities included in its portfolio to a borrower/buyer (the “counterparty”) either directly or through a standardised lending system organised by a recognised clearing institution or through a lending system organised by a financial institution subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by European Community Law and specialised in this type of transactions. The counterparty must be of high quality and meet the requirements of a “financial counterparty” pursuant to article 3 of Regulation (EU) 2015/2365 (i.e. the counterparty must at least have an investment grade rating by Fitch, Moody-s and/or Standard & Poor’s, be structured as a public limited liability company and have its parent company registered office located in OECD countries) and be subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by European Community Law. In case the aforementioned financial institution acts on its own account, it is to be considered as counterparty in the securities lending/repurchase agreement. Further information on the counterparty(ies) is made available in the Annual Report which can be obtained free of charges from the registered office of the Company.
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### Management of collateral for OTC Derivative Transactions (including Total Return Swaps) and SFTs (including Securities Lending Transactions, Repurchase Transactions and Reverse Repurchase Transactions) | en | es |
DOLFIN9140 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Fund was launched on 21 January 2010 and its I class on 21 January 2010. The reference currency is the euro (EUR).
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2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
A: From 01 June 2021, a new benchmark index is used.
Practical information | # El Fondo se creó el 21 de enero de 2010 y su clase I el 21 de enero de 2010. La divisa de referencia es el euro (EUR).
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2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
A: A partir del 01 de junio de 2021, se utiliza un nuevo índice de referencia.
Información práctica | # The Fund was launched on 21 January 2010 and its I class on 21 January 2010. The reference currency is the euro (EUR).
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2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
A: From 01 June 2021, a new benchmark index is used.
Practical information | en | es |
DOLFIN9141 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Alger SICAV – Alger Mid Cap Focus Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. A significant portion of assets may be | # Alger SICAV – Alger Mid Cap Focus Fund
La inversión en el mercado bursátil conlleva riesgos, incluida la posibilidad de perder el principal. Las acciones de crecimiento pueden ser más volátiles que otras, ya que su precio suele ser más elevado en relación con los beneficios de su emisor y puede ser más sensible a acontecimientos económicos, políticos y del mercado. Sucesos de ámbito local, regional o mundial, como catástrofes medioambientales o naturales, guerra, atentados terroristas, pandemias, brotes de enfermedades infecciosas y amenazas similares para la salud pública, recesiones u otros acontecimientos, podrían incidir de forma significativa en las inversiones. La inversión en empresas de mediana capitalización conlleva el riesgo de que sus emisores cuenten con recursos económicos o líneas de productos limitados, carezcan de capacidad de gestión o tengan una escasa liquidez. Los activos pueden concentrarse en un pequeño número de posiciones, lo que los hace más vulnerables a los riesgos asociados a un único acontecimiento económico, político o normativo que una cartera más diversificada. Podría invertirse una parte significativa de | # Alger SICAV – Alger Mid Cap Focus Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. A significant portion of assets may be | en | es |
DOLFIN9152 | 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 3,220 | EUR 3,280 |
| | Average return each year % | -67.80% | -19.98% |
| Unfavourable scenario | What you might get back after costs | EUR 8,350 | EUR 7,990 |
| | Average return each year % | -16.50% | -4.39% |
| Moderate scenario | What you might get back after costs | EUR 10,640 | EUR 13,710 |
| | Average return each year % | 6.40% | 6.51% |
| Favourable scenario | What you might get back after costs | EUR 14,300 | EUR 16,690 |
| | Average return each year % | 43.00% | 10.79% | | | | 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 3.220 | EUR 3.280 |
| | Rendimiento medio cada año | -67,80% | -19,98% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 8.350 | EUR 7.990 |
| | Rendimiento medio cada año | -16,50% | -4,39% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.640 | EUR 13.710 |
| | Rendimiento medio cada año | 6,40% | 6,51% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 14.300 | EUR 16.690 |
| | Rendimiento medio cada año | 43,00% | 10,79% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 3,220 | EUR 3,280 |
| | Average return each year % | -67.80% | -19.98% |
| Unfavourable scenario | What you might get back after costs | EUR 8,350 | EUR 7,990 |
| | Average return each year % | -16.50% | -4.39% |
| Moderate scenario | What you might get back after costs | EUR 10,640 | EUR 13,710 |
| | Average return each year % | 6.40% | 6.51% |
| Favourable scenario | What you might get back after costs | EUR 14,300 | EUR 16,690 |
| | Average return each year % | 43.00% | 10.79% | | en | es |
DOLFIN9153 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to provide a return on your investment, in a sustainable way, through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in the equity securities (i.e. shares) of companies domiciled in, or whose main business is in, global developed markets in a manner consistent with the principles of sustainable investing.
The Fund adopts a holistic approach to sustainable investing and in normal market conditions the Fund will invest in a relatively concentrated portfolio of equity securities of companies with large, medium and small market capitalisation (i.e. the share price of the company multiplied by the number of shares readily available in the market). The Investment Adviser (IA) engages with companies to support improvement in their environmental, social and governance (“ESG”) credentials and the Fund will invest in companies with sustainable business models which have a strong consideration for ESG risks and opportunities. Investment decisions are based on the IA’s fundamental research focusing on bottom up (i.e. company-specific) analysis that seeks to identify and select equity and equity-related securities that can, as a portfolio, deliver the Fund’s investment objective.
The IA will create a portfolio that seeks to deliver a superior ESG outcome versus the Fund’s benchmark. At least 90% of the issuers of securities in the Fund are ESG rated and have been analysed for ESG purposes in line with the ESG Policy described in the prospectus.
The Fund will not invest in companies that are the highest carbon emitters as measured by emission intensity and the IA intends the Fund to have a lower carbon emissions intensity score than its benchmark.
The IA will take into account certain ESG characteristics when selecting the securities to be held directly by the Fund. In doing so, the IA will apply BlackRock EMEA Baseline Screens, whereby the IA will seek to limit and/or exclude direct investment (as applicable) in issuers which, in the opinion of the IA, have exposure to, or ties with, certain sectors. For further details please refer to the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock- baselinescreens- in-europe-middleeast-and-africa.pdf
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The MSCI World Index (Index) should be used by investors to compare the performance of the Fund. The weighted average ESG rating of the Fund will be higher than the ESG rating of the Index after eliminating at least 20% of the lowest rated securities from the Index.
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, de un modo sostenible, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo.
El Fondo invierte a escala mundial al menos el 70 % de sus activos totales en valores de renta variable (es decir, acciones) de empresas domiciliadas o cuya actividad principal se desarrolle en mercados desarrollados de todo el mundo, de forma coherente con los principios de inversión sostenible.
El Fondo adopta un enfoque integral en relación con la inversión sostenible y, en condiciones normales de mercado, el Fondo invertirá en una cartera relativamente concentrada de valores de renta variable de empresas de elevada, mediana y pequeña capitalización bursátil (es decir, el precio de las acciones de la empresa multiplicado por el número de acciones inmediatamente disponibles en el mercado). El Asesor de Inversiones (AI) colabora con las empresas para fomentar la mejora de sus credenciales medioambientales, sociales y de gobierno corporativo («ESG»), y el Fondo invertirá en empresas con modelos de negocio sostenibles que tengan muy en cuenta los riesgos y las oportunidades ESG. Las decisiones de inversión se basan en la investigación de los aspectos fundamentales por parte del AI centrada en un análisis ascendente (es decir, específico para cada empresa) que pretende identificar y seleccionar valores de renta variable y relacionados con ella que puedan, como cartera, alcanzar el objetivo de inversión del Fondo.
El AI creará una cartera que buscará ofrecer un resultado ESG superior en comparación con el índice de referencia del Fondo. Al menos el 90 % de los emisores de valores del Fondo tienen una calificación ESG y sus criterios ESG se han analizado de acuerdo con lo establecido en la Política ESG.
El Fondo no invertirá en empresas consideradas como los máximos emisores de carbono en términos de intensidad de las emisiones y el AI pretende que el Fondo tenga una puntuación de intensidad de emisiones de carbono inferior a la de su índice de referencia.
El AI tendrá en cuenta determinadas características ESG a la hora de seleccionar los valores que el Fondo mantendrá de forma directa en su cartera. Al hacerlo, el AI aplicará los filtros de referencia de BlackRock EMEA, con los que el AI tratará de limitar o excluir las inversiones directas (según corresponda) en emisores que, en opinión del AI, mantengan una exposición a determinados sectores o vínculos con ellos. Para obtener más información, consulte el sitio web de BlackRock: https:// www.blackrock.com/corporate/literature/publication/blackrock-baselinescreens- in-europe-middleeast-and-africa.pdf
El AI podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión con el fin de alcanzar el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo, a través de los IFD, podrá generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa. El AI tiene potestad para seleccionar las inversiones del Fondo y no está limitado por ningún parámetro de referencia para llevar a cabo este proceso. Los inversores deberían utilizar el MSCI World Index (el Índice) para comparar la rentabilidad del Fondo. La clasificación ESG media ponderada del Fondo será superior a la clasificación ESG del Índice después de eliminar al menos el 20 % de los valores con la peor clasificación del Índice.
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 provide a return on your investment, in a sustainable way, through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in the equity securities (i.e. shares) of companies domiciled in, or whose main business is in, global developed markets in a manner consistent with the principles of sustainable investing.
The Fund adopts a holistic approach to sustainable investing and in normal market conditions the Fund will invest in a relatively concentrated portfolio of equity securities of companies with large, medium and small market capitalisation (i.e. the share price of the company multiplied by the number of shares readily available in the market). The Investment Adviser (IA) engages with companies to support improvement in their environmental, social and governance (“ESG”) credentials and the Fund will invest in companies with sustainable business models which have a strong consideration for ESG risks and opportunities. Investment decisions are based on the IA’s fundamental research focusing on bottom up (i.e. company-specific) analysis that seeks to identify and select equity and equity-related securities that can, as a portfolio, deliver the Fund’s investment objective.
The IA will create a portfolio that seeks to deliver a superior ESG outcome versus the Fund’s benchmark. At least 90% of the issuers of securities in the Fund are ESG rated and have been analysed for ESG purposes in line with the ESG Policy described in the prospectus.
The Fund will not invest in companies that are the highest carbon emitters as measured by emission intensity and the IA intends the Fund to have a lower carbon emissions intensity score than its benchmark.
The IA will take into account certain ESG characteristics when selecting the securities to be held directly by the Fund. In doing so, the IA will apply BlackRock EMEA Baseline Screens, whereby the IA will seek to limit and/or exclude direct investment (as applicable) in issuers which, in the opinion of the IA, have exposure to, or ties with, certain sectors. For further details please refer to the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock- baselinescreens- in-europe-middleeast-and-africa.pdf
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The MSCI World Index (Index) should be used by investors to compare the performance of the Fund. The weighted average ESG rating of the Fund will be higher than the ESG rating of the Index after eliminating at least 20% of the lowest rated securities from the Index.
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 |
DOLFIN9161 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Share Class Benchmark J.P. Morgan EMU Government Investment Grade Bond Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations. | Índice de referencia de la Clase de Acciones J.P. Morgan EMU Government Investment Grade Bond Index (Total Return Gross)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Base para los cálculos de VaR relativo. | Share Class Benchmark J.P. Morgan EMU Government Investment Grade Bond Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations. | en | es |
DOLFIN9175 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment EUR 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 440.1 EUR | 3 304.8 EUR |
| Annual costs impact (*) | 4.40% | 4.79% each year | | | Inversión EUR 10.000 Scenarios | En caso de salida después de 1 Año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 440.1 EUR | 3 304.8 EUR |
| Incidencia anual de los costes(*) | 4.40% | 4.79% cada año | | | Investment EUR 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 440.1 EUR | 3 304.8 EUR |
| Annual costs impact (*) | 4.40% | 4.79% each year | | en | es |
DOLFIN9176 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Global Credit Income Short Duration
Schroder ISF Global Credit Income Short Duration (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 Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR hedged 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 the Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR hedged index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR hedged index based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF Global Credit Income Short Duration
Schroder ISF Global Credit Income Short Duration (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 Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR Hedged 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 Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR Hedged Index en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el Bloomberg Barclays Multiverse 1-5 year TR ex- Treasury A+ to B- EUR Hedged Index, según la metodología explicada anteriormente, desde la fecha de entrada en vigor de los requisitos reglamentarios el 10 de marzo de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF Global Credit Income Short Duration
Schroder ISF Global Credit Income Short Duration (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 Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR hedged 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 the Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR hedged index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR hedged index based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN9181 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The reference currency is the euro (EUR).
0.7%
1.2%
0.9%
0.9%
2.3%
0.6%
0.6%
-0.1%
-0.3%
-0.1%
-0.4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # La divisa de referencia es el euro (EUR).
0,7%
1,2%
0,9%
0,9%
2,3%
0,6%
0,6%
-0,1%
-0,3%
-0,1%
-0,4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # The reference currency is the euro (EUR).
0.7%
1.2%
0.9%
0.9%
2.3%
0.6%
0.6%
-0.1%
-0.3%
-0.1%
-0.4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | en | es |
DOLFIN9188 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Company has appointed Allianz Global Investors GmbH to act as its management company within the meaning of the Law.
The Management Company is responsible, subject to the supervision of the Directors, for the provision of investment management services, administrative services and marketing services to the Company.
The Management Company is an investment management company within the meaning of the German Investment Code and was incorporated as a limited liability company (Gesellschaft mit beschränkter Haftung) under the laws of the Federal Republic of Germany in 1955. As at 31 December 2021, its subscribed and paid up capital amounted to EUR 49,900,900.00.
From time to time, the Management Company may carry on its activities through one or more of its branches located in jurisdictions across Europe.
The Management Company may delegate certain services in connection with currency and duration monitoring as well as trading to third parties.
At its own expense, the Management Company has delegated the preparation of risk figures, performance figures and Sub-Fund structural data to IDS GmbH – Analysis and Reporting Services, Munich, Germany, who may in turn be assisted by third parties.
Sales commissions and trail commissions may be paid to sales partners and, in compliance with Luxembourg law, reimbursements may be granted to investors from the All-in-Fee as well as the performance fee of the Management Company.
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## Central Administration | La Sociedad ha designado a Allianz Global Investors GmbH para que actúe en calidad de su sociedad gestora en el sentido de la Ley.
La Sociedad Gestora es responsable de la prestación de servicios de gestión de inversiones, servicios administrativos y servicios de comercialización a la Sociedad, sujeta a la supervisión de los Consejeros.
La Sociedad Gestora es una sociedad de gestión de inversiones a los efectos del Código sobre Inversiones Alemán y se constituyó como una sociedad de responsabilidad limitada (Gesellschaft mit beschränkter Haftung) en virtud de las leyes de la República Federal de Alemania en 1955. A 31 de diciembre de 2021, su capital suscrito y desembolsado ascendió a 49.900.900,00 EUR.
Periódicamente, la Sociedad Gestora puede llevar a cabo sus actividades a través de una o más de sus sucursales ubicadas en distintas jurisdicciones en Europa.
La Sociedad Gestora puede delegar a terceros determinados servicios en relación con las divisas y la supervisión de la duración, así como la negociación.
La Sociedad Gestora ha delegado, asumiendo el coste, la preparación de las cifras de riesgo, las cifras de rentabilidad y los datos estructurales de los Compartimentos a IDS GmbH – Analysis and Reporting Services, Múnich (Alemania), la cual podrá, por su parte, servirse de la ayuda de terceros.
Con cargo a la Comisión única y la comisión de rentabilidad de la Sociedad Gestora pueden desembolsarse comisiones de ventas y de seguimiento a los socios de ventas y, con arreglo a la legislación de Luxemburgo, otorgar devoluciones a los inversores.
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## Administración central | The Company has appointed Allianz Global Investors GmbH to act as its management company within the meaning of the Law.
The Management Company is responsible, subject to the supervision of the Directors, for the provision of investment management services, administrative services and marketing services to the Company.
The Management Company is an investment management company within the meaning of the German Investment Code and was incorporated as a limited liability company (Gesellschaft mit beschränkter Haftung) under the laws of the Federal Republic of Germany in 1955. As at 31 December 2021, its subscribed and paid up capital amounted to EUR 49,900,900.00.
From time to time, the Management Company may carry on its activities through one or more of its branches located in jurisdictions across Europe.
The Management Company may delegate certain services in connection with currency and duration monitoring as well as trading to third parties.
At its own expense, the Management Company has delegated the preparation of risk figures, performance figures and Sub-Fund structural data to IDS GmbH – Analysis and Reporting Services, Munich, Germany, who may in turn be assisted by third parties.
Sales commissions and trail commissions may be paid to sales partners and, in compliance with Luxembourg law, reimbursements may be granted to investors from the All-in-Fee as well as the performance fee of the Management Company.
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## Central Administration | en | es |
DOLFIN9200 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders. | ## Plazo
Este producto no tiene fecha de vencimiento.
BNP PARIBAS ASSET MANAGEMENT Luxembourg no tiene derecho a extinguir el producto de forma unilateral. El Consejo de Administración puede decidir sobre las fusiones, las escisiones y la liquidación o el cierre del subfondo. Además, se podrá liquidar la SICAV si se decide en una junta general extraordinaria de accionistas. | ## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders. | en | es |
DOLFIN9202 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Fund was launched on 7 February 2012, and its class on 7 August 2012. The reference currency is the euro (EUR).
4.0%
6.0%
4.8%
10.4%
4.6%
7.2%
12 % .
10 | # El Fondo se creó el 7 de febrero de 2012 y su clase el 07 de febrero de 2012. La divisa de referencia es el euro (EUR).
4,0%
6,0%
4,8%
10,4%
4,6%
7,2%
12 % .
10 | # The Fund was launched on 7 February 2012, and its class on 7 August 2012. The reference currency is the euro (EUR).
4.0%
6.0%
4.8%
10.4%
4.6%
7.2%
12 % .
10 | en | es |
DOLFIN9205 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the corresponding parts of the UCITS prospectus.
The UCITS and its shares are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status. | ## La legislación fiscal francesa puede afectar a la situación fiscal personal del inversor.
Edmond de Rothschild Asset Management (France) 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 OICVM.
El OICVM y sus acciones no están ni estarán registrados en los Estados Unidos en virtud de la Ley estadounidense de valores de 1933 o de cualquier otra normativa de los Estados Unidos. El subfondo podrá invertir en participaciones o acciones de fondos objetivo que puedan participar en nuevas ofertas de emisión de títulos estadounidenses (oferta pública inicial estadounidense, en inglés “US IPO”) o participar directamente en las entradas en bolsa estadounidenses (“US IPO”). La Financial Industry Regulatory Authority (FINRA), de conformidad con las normas 5130 y 5131 de FINRA (las Normas), ha anunciado prohibiciones sobre la elegibilidad de ciertas personas para participar en la adjudicación de oferta pública inicial estadounidense cuando los beneficiarios efectivos de dichas cuentas sean profesionales del sector de los servicios financieros (incluyendo, entre otros, propietario o empleado de una sociedad miembro de FINRA o un gestor de fondos) (Personas restringidas) o ejecutivos de alto rango o administradores de una sociedad estadounidense o no estadounidense cuya actividad pueda estar relacionada con una sociedad miembro de FINRA (Personas afectadas). El subfondo no puede ser propuesto ni vendido en beneficio o por cuenta de una “Persona estadounidense”, según lo definido por la “Regulación S”, ni a los inversores considerados Personas restringidas o Personas afectadas por las Normas FINRA. En caso de duda sobre su situación, el inversor debe consultar a su asesor jurídico. | ## French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the corresponding parts of the UCITS prospectus.
The UCITS and its shares are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status. | en | es |
DOLFIN9208 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction (whether in the State or elsewhere) in matters concerning mental disorder, may vote, whether on a show of hands or on a poll, by his committee, receiver, guardian or other person appointed by that court and any such committee, receiver, guardian or other person may vote by proxy, on a show of hands or on a poll. Evidence to the satisfaction of the Directors of the authority of the person claiming to exercise the right to vote shall be deposited at the Office or at such other place as is specified in accordance with these Articles for the deposit of instruments of proxy, not less than forty-eight hours before the time appointed for holding the meeting or adjourned meeting at which the right to vote is to be exercised and in default the right to vote shall not be exercisable.
-
## Time for Objection to Voting. | Un Socio aquejado de enfermedad mental o respecto al cual se haya pronunciado cualquier tribunal con jurisdicción competente (en el Estado o en cualquier otro lugar) en materia de trastornos mentales podrá votar, tanto a mano alzada como en una votación formal, a través de su curador, administrador, tutor o toda otra persona nombrada por dicho tribunal, y dicho curador, administrador, tutor u otra persona podrá votar por delegación en una votación a mano alzada o formal. La persona que vaya a ejercer el derecho de voto en su lugar deberá depositar el documento que acredite su autoridad de forma satisfactoria para los Consejeros en la Sede Social o en cualquier otro lugar especificado conforme a los presentes Estatutos para el depósito de los documentos de delegación, con una antelación mínima de cuarenta y ocho horas con respecto a la hora de celebración de la junta en primera o segunda convocatoria en la que se vaya a ejercer el derecho de voto, y, si no se cumpliera esta condición, no se podrá ejercer el derecho de voto.
-
## Momento de objeción al voto. | A Member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction (whether in the State or elsewhere) in matters concerning mental disorder, may vote, whether on a show of hands or on a poll, by his committee, receiver, guardian or other person appointed by that court and any such committee, receiver, guardian or other person may vote by proxy, on a show of hands or on a poll. Evidence to the satisfaction of the Directors of the authority of the person claiming to exercise the right to vote shall be deposited at the Office or at such other place as is specified in accordance with these Articles for the deposit of instruments of proxy, not less than forty-eight hours before the time appointed for holding the meeting or adjourned meeting at which the right to vote is to be exercised and in default the right to vote shall not be exercisable.
-
## Time for Objection to Voting. | en | es |
DOLFIN9211 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/07/2014-31/07/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,524
5.2%
USD 12,577
4.7% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/07/2014-31/07/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 524 USD
5,2%
12 577 USD
4,7% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/07/2014-31/07/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,524
5.2%
USD 12,577
4.7% | en | es |
DOLFIN9213 | 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: December 8, 2014. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 8 de diciembre de 2014. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en EUR.
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: December 8, 2014. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
10%
5%
0%
-5% | en | es |
DOLFIN9217 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Global Sustainable Convertible Bond
Schroder ISF Global Sustainable Convertible Bond (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 Thomson Reuters Global 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 Thomson Reuters Global in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Thomson Reuters Global based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF Global Sustainable Convertible Bond
Schroder ISF Global Sustainable Convertible Bond (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 Thomson Reuters Global, 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 de Thomson Reuters Global en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el Thomson Reuters Global, según la metodología explicada anteriormente, desde la fecha de entrada en vigor de los requisitos reglamentarios el 10 de marzo de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF Global Sustainable Convertible Bond
Schroder ISF Global Sustainable Convertible Bond (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 Thomson Reuters Global 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 Thomson Reuters Global in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Thomson Reuters Global based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN9218 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The valuation principles to be used in valuing the assets of each Sub-Fund are as follows:
- the value of an Investment which is quoted, listed or normally dealt in on a Regulated Market, shall (save in the specific cases described in paragraphs (iii), (viii) and (ix)) be the closing mid-market price on such Regulated Market as at the Valuation Point provided that:
- if an Investment is quoted, listed or normally dealt in on more than one Regulated Market, the Manager may, at its discretion (with the approval of the Trustee), select any one of such markets for the foregoing purposes (provided that the Manager has determined that such market constitutes the main market for such Investment or provides the fairest criteria for valuing such securities) and once selected a market shall be used for future calculations of the Net Asset Value with respect to that Investment unless the Manager otherwise determines; and
- in the case of any Investment which is quoted, listed or normally dealt in on a Regulated Market but in respect of which for any reason, prices on that market may not be available at any relevant time, or in the opinion of the Manager, may not be representative, the value therefor shall be the probable realisation value thereof estimated with care and in good faith by a competent person, firm or association making a market in such Investment (approved for the purpose by the Trustee) and/or any other competent person, in the opinion of the Manager (and approved for the purpose by the Trustee); | Los principios de valoración que se aplicarán para valorar los activos de cada Subfondo son los siguientes:
- el valor de una inversión cotizada, admitida a cotización o negociada habitualmente en un Mercado Regulado será [salvo en los casos descritos en los párrafos (iii), (viii) y (ix)] el precio de cierre de mercado intermedio en dicho Mercado Regulado en el Momento de Valoración, siempre y cuando:
- si una inversión cotiza, está admitida a cotización o se negocia habitualmente en más de un Mercado Regulado, la Sociedad Gestora puede, a su juicio (previa autorización de la Fiduciaria), seleccionar cualquiera de dichos mercados a los efectos indicados anteriormente (siempre y cuando la Sociedad Gestora haya determinado que dicho mercado constituye el mercado principal de dicha inversión o presenta los criterios más justos para valorar dichos valores); una vez seleccionado un mercado, será el que se utilice para los cálculos del Valor Liquidativo que se realicen más adelante con respecto a esa inversión, salvo que la Sociedad Gestora determine lo contrario; y
- en el caso de cualquier inversión cotizada, admitida a cotización o negociada en un Mercado Regulado pero respecto a la cual, por el motivo que fuera, los precios en dicho mercado nopuedan obtenerse en un momento determinado, o en la opinión de la Sociedad Gestora, no sean representativos, el valor de la misma equivaldrá al valor de liquidación probable de esta, estimado con la debida diligencia y buena fe, por una persona, sociedad o asociación competente que cree mercado para dicha inversión (aprobada a tales efectos por la Fiduciaria) o cualquier otra persona competente, en opinión de la Sociedad Gestora (y aprobada a tales efectos por la Fiduciaria); | The valuation principles to be used in valuing the assets of each Sub-Fund are as follows:
- the value of an Investment which is quoted, listed or normally dealt in on a Regulated Market, shall (save in the specific cases described in paragraphs (iii), (viii) and (ix)) be the closing mid-market price on such Regulated Market as at the Valuation Point provided that:
- if an Investment is quoted, listed or normally dealt in on more than one Regulated Market, the Manager may, at its discretion (with the approval of the Trustee), select any one of such markets for the foregoing purposes (provided that the Manager has determined that such market constitutes the main market for such Investment or provides the fairest criteria for valuing such securities) and once selected a market shall be used for future calculations of the Net Asset Value with respect to that Investment unless the Manager otherwise determines; and
- in the case of any Investment which is quoted, listed or normally dealt in on a Regulated Market but in respect of which for any reason, prices on that market may not be available at any relevant time, or in the opinion of the Manager, may not be representative, the value therefor shall be the probable realisation value thereof estimated with care and in good faith by a competent person, firm or association making a market in such Investment (approved for the purpose by the Trustee) and/or any other competent person, in the opinion of the Manager (and approved for the purpose by the Trustee); | en | es |
DOLFIN9223 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How long should I keep it and can I withdraw money early?
The recommended investment period is at least 5 years due to the nature of the assets underlying this investment. Holding for a period shorter than the recommended period is likely to penalise the investor.
## You can request redemption of your shares on a daily basis. Redemptions are executed on a daily basis. | # ¿Cuánto tiempo debo conservarla y puedo retirar dinero de forma anticipada?
El plazo de inversión recomendado es de 5 años como mínimo debido a la naturaleza del subyacente de esta inversión. Mantener la inversión durante menos tiempo del recomendado puede penalizar al inversor.
## Puede solicitar el reembolso de sus acciones cualquier día; las operaciones de reembolso se ejecutan a diario. | # How long should I keep it and can I withdraw money early?
The recommended investment period is at least 5 years due to the nature of the assets underlying this investment. Holding for a period shorter than the recommended period is likely to penalise the investor.
## You can request redemption of your shares on a daily basis. Redemptions are executed on a daily basis. | en | es |
DOLFIN9225 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| MSCI World ESG Filtered Min TE, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Capitalisation'' - ISIN code LU2446380235 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the MSCI World ESG Filtered Min TE (NTR) index (Bloomberg: MXWOEMNU index) (“the Index”) by investing in shares issued by companies included in the Index, respecting the Index's weightings (full replication), or in a sample of shares issued by companies included in the Index (optimised replication). When investing in a sample of shares, the Fund's tracking error may be higher. The Index is composed of equities issued by global large and mid-cap companies selected on the basis of Environmental, Social and Corporate Governance (ESG) criteria (such as environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels, while minimizing the tracking error compared to the parent index, the MSCI World index. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index. The type of approach used here is Best-in-universe (type of ESG selection consisting in giving priority to the issuers best rated from a non-financial viewpoint irrespective of their sector of activity, and accepting sector biases, because the sectors which are considered more virtuous on the whole will be more heavily represented). The extra-financial strategy of the Index, carried out at each step of the investment process, may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the MSCI indices can be found on www.msci.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. | | MSCI World ESG Filtered Min TE, un subfondo de la SICAV BNP PARIBAS EASY Clase «UCITS ETF Capitalisation» - Código ISIN LU2446380235 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
| --- |
| Objetivos y política de inversión |
| El Fondo es un fondo indexado que se gestiona de forma pasiva. El Fondo pretende reproducir (con un error de seguimiento* máximo del 1 %) el rendimiento del MSCI World ESG Filtered Min TE (NTR) Index (Bloomberg: MXWOEMNU Index) (el «Índice») mediante la inversión en acciones emitidas por sociedades incluidas en el Índice, respetando las ponderaciones del mismo (reproducción total), o en una muestra de acciones emitidas por sociedades incluidas en el Índice (reproducción optimizada). Cuando se invierte en una muestra de acciones, el error de seguimiento del Fondo puede ser mayor. El Índice se compone de valores de renta variable emitidos por empresas de mediana y gran capitalización seleccionadas en función de una calificación mínima ambiental, social y de gobernanza (ESG) (como oportunidades medioambientales, contaminación y residuos, capital humano o gobernanza empresarial, entre otros) y en función de las medidas que se adoptan para reducir la exposición al carbón y los combustibles fósiles no convencionales, al tiempo que se minimiza el error de seguimiento con respecto al índice principal, el MSCI World Index. En consecuencia, quedan excluidas del Índice las empresas que participan en sectores cuyas actividades tienen un impacto negativo y potencialmente alto en términos ESG, aquellas que cometen graves infracciones de los principios del Pacto Mundial de las Naciones Unidas y aquellas involucradas en controversias graves relacionadas con los factores ESG. Se ha usado el enfoque «Mejor de su universo» (es decir, se aplica un filtro ESG que consiste en privilegiar a los emisores con mejor calificación no financiera dentro del universo de inversión, independientemente de su sector de actividad, y en aceptar sesgos sectoriales, ya que los sectores que se considera que poseen una mejor calificación en su conjunto ostentarán mayor representación). La estrategia extrafinanciera del Índice que se lleva a cabo en cada fase del proceso de inversión puede incluir limitaciones metodológicas, como el riesgo relacionado con la inversión ESG o el reequilibrio del Índice. Encontrará más información acerca del Índice, su composición, cálculo y las normas para la supervisión y el reequilibrio periódicos, así como sobre la metodología general que sustenta los índices MSCI en www.msci.com. * El error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice de referencia. Los ingresos se reinvierten sistemáticamente. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Otros riesgos que revisten una importancia significativa para el Fondo y que el indicador no capta de manera adecuada: Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - Algunos mercados están menos regulados que la mayoría de los mercados internacionales; por lo tanto, los servicios relacionados con la custodia y la liquidación del subfondo en dichos mercados podrían entrañar un mayor riesgo. | | MSCI World ESG Filtered Min TE, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Capitalisation'' - ISIN code LU2446380235 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the MSCI World ESG Filtered Min TE (NTR) index (Bloomberg: MXWOEMNU index) (“the Index”) by investing in shares issued by companies included in the Index, respecting the Index's weightings (full replication), or in a sample of shares issued by companies included in the Index (optimised replication). When investing in a sample of shares, the Fund's tracking error may be higher. The Index is composed of equities issued by global large and mid-cap companies selected on the basis of Environmental, Social and Corporate Governance (ESG) criteria (such as environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels, while minimizing the tracking error compared to the parent index, the MSCI World index. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index. The type of approach used here is Best-in-universe (type of ESG selection consisting in giving priority to the issuers best rated from a non-financial viewpoint irrespective of their sector of activity, and accepting sector biases, because the sectors which are considered more virtuous on the whole will be more heavily represented). The extra-financial strategy of the Index, carried out at each step of the investment process, may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the MSCI indices can be found on www.msci.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. | en | es |
DOLFIN9227 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## XTRACKERS MSCI WORLD HIGH DIVIDEND YIELD UCITS ETF ISIN: IE00BCHWNQ94 (the “Fund”)
Dear Shareholder,
We are writing to inform you as a Shareholder that the directors of the Company (the “Directors”) have resolved to convene an Extraordinary General Meeting of the Shareholders of the Fund on 6 October 2021 at 10:00 a.m. (Dublin time) at 25/28 North Wall Quay, Dublin 1, Ireland (the “Meeting” or the “EGM”). Defined terms used which are not otherwise defined herein shall have the same meaning as in the Company’s prospectus (the “Prospectus”) and the supplement in respect of the Fund (the “Supplement”). | ## XTRACKERS MSCI WORLD HIGH DIVIDEND YIELD UCITS ETF ISIN: IE00BCHWNQ94 (el “Fondo”)
Estimado/a Accionista:
Nos ponemos en contacto con usted en su condición de Accionista para informarle de que los consejeros de la Sociedad (los “Consejeros”) han decidido convocar una Junta General Extraordinaria de Accionistas del Fondo el 6 de octubre de 2021 a las 10:00 horas (hora de Dublín) en 25/28 North Wall Quay, Dublín 1, Irlanda (la “Junta” o la “JGE”). Los términos definidos que se utilicen en el presente documento pero que no se definan de otra forma en el mismo tendrán el significado adscrito a ellos en el folleto de la Sociedad (el “Folleto”) y el suplemento del Fondo (el “Suplemento”). | ## XTRACKERS MSCI WORLD HIGH DIVIDEND YIELD UCITS ETF ISIN: IE00BCHWNQ94 (the “Fund”)
Dear Shareholder,
We are writing to inform you as a Shareholder that the directors of the Company (the “Directors”) have resolved to convene an Extraordinary General Meeting of the Shareholders of the Fund on 6 October 2021 at 10:00 a.m. (Dublin time) at 25/28 North Wall Quay, Dublin 1, Ireland (the “Meeting” or the “EGM”). Defined terms used which are not otherwise defined herein shall have the same meaning as in the Company’s prospectus (the “Prospectus”) and the supplement in respect of the Fund (the “Supplement”). | en | es |
DOLFIN9232 | 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-JSS Acc USD between 28/02/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,676
-3.2%
USD 9,942
-0.1% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I-JSS Acc USD entre 28/02/2022-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 676 USD
-3,2%
9 942 USD
-0,1% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I-JSS Acc USD between 28/02/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,676
-3.2%
USD 9,942
-0.1% | en | es |
DOLFIN9234 | 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 Product is a sub-fund of EDMOND DE ROTHSCHILD FUND, a public limited liability company (société anonyme), incorporated as a "société d’investissement à capital variable" under Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment and qualifying as an undertaking for collective investment in transferable securities (UCITS).
## Term
The lifespan of this Product is not limited.
## Objectives
Objective: The Product's objective is to offer an annualised performance exceeding its reference index.
Benchmark index: The benchmark will be expressed in the Class currency.
The benchmark of the Product is composed of 50% of the Bloomberg Barclays Euro Aggregate Corporate Total Return Index and 50% of the Bloomberg Barclays Euro Aggregate Treasury Total Return Index.
The benchmark index serves only for comparison purposes. The Product is actively managed.
Investment policy: The Investment Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the portfolio’s securities.
At least 90% of debt securities and money market instruments or those issued by “emerging” countries will have an ESG rating within the portfolio. At the end of this process, the Product will have an ESG rating that is greater than that of its investment universe.
Furthermore, the security selection process also includes a negative filter to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Group, which is available on its website: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Product Classifies as Article 8(1) SFDR as it promotes a combination of ESG characteristics, although no reference benchmark has been designated for the purpose of attaining the environmental or social characteristics.
In view of its ESG strategy, the Product promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities, in the context of the Taxonomy Regulation.
The investment approach of the Product combines both top-down and bottom-up factors. As such the Product benefits from the complementary skills of the Investment Manager, combining relevant macroeconomic analysis with specific bond picking skills in each fixed income market segment.
The Product may hold up to 100% of its net assets in securities issued in currencies other than the euro. The currency risk resulting from these investments will be systematically hedged.
The Product may invest up to 20% of its net assets in onshore RMB (CNY) denominated debt securities. Onshore RMB denominated debt securities (CNY) may include securities traded both directly on the Chinese interbank bond market (CIBM) and PRC Stock Exchanges. These investments will be made through the Bond Connect program.
The Product’s Modified Duration may vary from -2 to 8.
The Product may use financial derivative instruments to achieve its investment objective.
These strategies, due to the use of derivatives, may potentially induce a relatively high leverage.
Up to the limit of 10% of its net assets, the Product may invest in units or shares of UCITS or other Investment Funds.
Income allocation: Accumulation
## Intended retail investor
This Product is suitable for all institutional investors, for companies and individuals capable of understanding the inherent risks of an investment in this Product, and who wish to increase the value of their savings due to a vehicle which aims in particular at investments in bonds and other debt instruments denominated in euro. This share is intented for institutional investors.
## Practical information
Custodian: Edmond de Rothschild (Europe)
More detailed information on Edmond de Rothschild Fund, the available sub-funds and share classes, such as the prospectus and the annual and semi-annual reports, may be obtained free of charge, in English, from the registered office of Edmond de Rothschild Asset Management (Luxembourg) at: 4 Rue Robert Stumper, L-2557 Luxembourg. | # ¿Qué es este producto?
## Tipo
El producto es un subfondo de EDMOND DE ROTHSCHILD FUND, una sociedad anónima constituida como «société d'investissement à capital variable» de conformidad con la Parte I de la Ley luxemburguesa de 17 de diciembre de 2010 relativa a organismos de inversión colectiva y por la que se modifica la Ley sobre organismos de inversión colectiva en valores mobiliarios (OICVM).
## Plazo
La duración de este producto es ilimitada.
## Objetivos
Objetivo: El objetivo del producto es ofrecer una rentabilidad anualizada superior a la de su valor de referencia.
Valor de referencia: El valor de referencia se expresará en la divisa de la Clase.
El valor de referencia del producto está compuesto en un 50% por el Bloomberg Barclays Euro Aggregate Corporate Total Return Index y en un 50% por el Bloomberg Barclays Euro Aggregate Treasury Total Return Index.
El valor de referencia se utiliza únicamente a efectos comparativos. El producto se gestiona de forma activa.
Política de inversión: El Gestor de inversiones incluirá sistemáticamente factores medioambientales, sociales y de gobernanza (ESG) en su análisis financiero con el fin de seleccionar los valores de las carteras.
Al menos el 90% de los títulos de deuda e instrumentos del mercado monetario o emitidos por países «emergentes» en cartera tendrán una calificación ESG. Al final de este proceso, el producto tendrá una calificación ESG superior a la de su universo de inversión.
Además, el proceso de selección de valores incluye un filtro negativo para excluir aquellas empresas que contribuyen a la producción de armas controvertidas, de conformidad con los convenios internacionales en la materia, así como las empresas expuestas a actividades relacionadas con el carbón térmico o el tabaco, de conformidad con la política de exclusión del Grupo Edmond de Rothschild, disponible en su sitio web: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
El producto cumple los requisitos del apartado 1 del artículo 8 del SFDR, en la medida en que promueve una combinación de características ESG, si bien no se ha designado ningún valor de referencia a efectos de alcanzar dichas características medioambientales o sociales.
Teniendo en cuenta su estrategia ESG, el producto promueve características medioambientales pero no invierte en actividades económicas sostenibles desde el punto de vista medioambiental. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas sostenibles desde el punto de vista medioambiental, en el contexto del Reglamento de Taxonomía.
El enfoque de inversión del producto combina factores descendentes y ascendentes. De este modo, el producto se beneficia de las competencias complementarias del Gestor de inversiones, que combina un análisis macroeconómico pertinente con competencias específicas de selección de bonos en cada segmento del mercado de renta fija.
El producto podrá mantener hasta el 100% de su patrimonio neto en valores emitidos en divisas distintas del euro. El riesgo de cambio resultante de estas inversiones se cubrirá sistemáticamente.
El producto podrá invertir hasta el 20% de su patrimonio neto en títulos de deuda denominados en RMB (CNY). Los valores de deuda denominados en RMB (CNY) pueden incluir valores negociados directamente en el mercado interbancario de bonos chino (CIBM) y en las bolsas de la RPC. Estas inversiones se realizarán a través del programa Bond Connect. La duración modificada del producto puede variar de -2 a 8.
El producto podrá utilizar instrumentos financieros derivados para alcanzar su objetivo de inversión.
Estas estrategias, como consecuencia del uso de derivados, podrían generar un apalancamiento relativamente elevado.
Dentro del límite del 10% de su patrimonio neto, el producto podrá invertir en participaciones o acciones de OICVM u otros fondos de inversión.
Asignación de ingresos: Acumulación
## Inversor minorista al que va dirigido
El producto es adecuado para inversores institucionales, para empresas y personas físicas capaces de comprender los riesgos inherentes a una inversión en este producto y que deseen aumentar el valor de sus ahorros gracias a un vehículo que tiene por objeto, en particular, las inversiones en obligaciones y otros instrumentos de deuda denominados en euros. Esta acción está destinada a inversores institucionales.
## Información práctica
Depositario: Edmond de Rothschild (Europe)
Si desea obtener información más detallada sobre Edmond de Rothschild Fund, los subfondos y las clases de acciones disponibles, así como el folleto y los informes anuales y semestrales, puede solicitarla gratuitamente, en inglés, en el domicilio social de Edmond de Rothschild Asset Management (Luxembourg) en: 4 Rue Robert Stumper, L-2557 Luxemburgo. | # What is this Product ?
## Type
The Product is a sub-fund of EDMOND DE ROTHSCHILD FUND, a public limited liability company (société anonyme), incorporated as a "société d’investissement à capital variable" under Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment and qualifying as an undertaking for collective investment in transferable securities (UCITS).
## Term
The lifespan of this Product is not limited.
## Objectives
Objective: The Product's objective is to offer an annualised performance exceeding its reference index.
Benchmark index: The benchmark will be expressed in the Class currency.
The benchmark of the Product is composed of 50% of the Bloomberg Barclays Euro Aggregate Corporate Total Return Index and 50% of the Bloomberg Barclays Euro Aggregate Treasury Total Return Index.
The benchmark index serves only for comparison purposes. The Product is actively managed.
Investment policy: The Investment Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the portfolio’s securities.
At least 90% of debt securities and money market instruments or those issued by “emerging” countries will have an ESG rating within the portfolio. At the end of this process, the Product will have an ESG rating that is greater than that of its investment universe.
Furthermore, the security selection process also includes a negative filter to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Group, which is available on its website: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Product Classifies as Article 8(1) SFDR as it promotes a combination of ESG characteristics, although no reference benchmark has been designated for the purpose of attaining the environmental or social characteristics.
In view of its ESG strategy, the Product promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities, in the context of the Taxonomy Regulation.
The investment approach of the Product combines both top-down and bottom-up factors. As such the Product benefits from the complementary skills of the Investment Manager, combining relevant macroeconomic analysis with specific bond picking skills in each fixed income market segment.
The Product may hold up to 100% of its net assets in securities issued in currencies other than the euro. The currency risk resulting from these investments will be systematically hedged.
The Product may invest up to 20% of its net assets in onshore RMB (CNY) denominated debt securities. Onshore RMB denominated debt securities (CNY) may include securities traded both directly on the Chinese interbank bond market (CIBM) and PRC Stock Exchanges. These investments will be made through the Bond Connect program.
The Product’s Modified Duration may vary from -2 to 8.
The Product may use financial derivative instruments to achieve its investment objective.
These strategies, due to the use of derivatives, may potentially induce a relatively high leverage.
Up to the limit of 10% of its net assets, the Product may invest in units or shares of UCITS or other Investment Funds.
Income allocation: Accumulation
## Intended retail investor
This Product is suitable for all institutional investors, for companies and individuals capable of understanding the inherent risks of an investment in this Product, and who wish to increase the value of their savings due to a vehicle which aims in particular at investments in bonds and other debt instruments denominated in euro. This share is intented for institutional investors.
## Practical information
Custodian: Edmond de Rothschild (Europe)
More detailed information on Edmond de Rothschild Fund, the available sub-funds and share classes, such as the prospectus and the annual and semi-annual reports, may be obtained free of charge, in English, from the registered office of Edmond de Rothschild Asset Management (Luxembourg) at: 4 Rue Robert Stumper, L-2557 Luxembourg. | en | es |
DOLFIN9235 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Where specified in the Relevant Supplement an Anti-Dilution Levy or Duties and Charges may be levied on subscriptions for Shares.
Prior to any subscription for Shares, an investor must provide a signed Application Form and supporting anti-money laundering documentation by fax or electronically (with original to follow by post) to the Administrator in accordance with the details set out in the Application Form. Thereafter, Shareholders may submit applications for Shares to the Administrator by providing a signed Subscription Form either by fax, through a trading platform (e.g. Euroclear) or electronically (e.g. Swift) in such format or method as shall be agreed in advance in writing with the Administrator in accordance with the requirements of the Central Bank, without a requirement to submit original documentation. Amendments to a Shareholder's registration details and payment instructions will only be effected upon receipt of original documentation.
Investors may subscribe for Shares on each Dealing Day by making an application before the Dealing Deadline specified for each Sub-Fund in the Relevant Supplement. Subscription monies in the currency in which the relevant Shares are denominated should be sent by wire transfer to the relevant account specified in the Subscription Form no later than the day and time specified as the applicable settlement deadline in the Relevant Supplement. If cleared funds representing the subscription monies (including any applicable Anti-Dilution Levy or Duties and Charges) are not received by the ICAV by the time and date specified in the Relevant Supplement, the Directors reserve the right to temporarily borrow an amount equal to the subscription monies and invest such monies in accordance with the investment objectives and policies of the relevant Sub-Fund. Once the subscription monies are received the Sub-Fund will use such subscription monies to repay the relevant borrowings and reserves the right to charge that investor interest on such outstanding subscription monies at normal commercial rates. If cleared funds representing the subscription monies in respect of the Shares are not received by the ICAV by the time and date specified in the Relevant Supplement or such later period as the Directors may determine, the Directors may cancel any provisional allotment of Shares in respect thereof. The investor shall indemnify the ICAV for any loss, cost, expense or fees suffered by the ICAV as a result of the non-receipt of cleared funds within such time limits as may be specified by the Directors and if the applicant is a Shareholder, the Directors may redeem all or part of his holding of Shares and use the proceeds thereof to satisfy and make good any such loss, cost, expense or fees.
Investors must subscribe for an amount that is at least equal to the Minimum Subscription Amount. Where specified in the Relevant Supplement, the Minimum Subscription Amount may differ for initial subscriptions and subsequent subscriptions. These amounts may be waived by the Directors in their absolute discretion.
Any properly made application received by the Administrator on a given Dealing Day after the time specified in the Relevant Supplement will not be deemed to have been accepted until the following Dealing Day, provided always that the Directors may decide, in exceptional circumstances, to accept subscriptions after the relevant Dealing Deadline provided that they are received before the relevant Valuation Point. | ## Cuando se especifique en el Suplemento correspondiente, podrá aplicarse una Comisión antidilución o Impuestos y comisiones a las suscripciones de Acciones.
Antes de una suscripción de Acciones, el inversor debe proporcionar un Formulario de solicitud firmado y la documentación complementaria relativa a la prevención del blanqueo de capitales por fax o por vía electrónica (el original se enviará por correo) al Administrador, de acuerdo con los detalles establecidos en el Formulario de solicitud. A partir de entonces, los Accionistas podrán presentar solicitudes de Acciones al Administrador proporcionando un Formulario de suscripción firmado, ya sea por fax, a través de una plataforma de negociación (por ejemplo, Euroclear) o por vía electrónica (por ejemplo, Swift) en el formato o método que se acuerde previamente por escrito con el Administrador de conformidad con los requisitos del Banco Central, sin necesidad de presentar la documentación original. Las modificaciones de los datos de registro de un Accionista y de las instrucciones de pago solo se efectuarán tras la recepción de la documentación original.
Los inversores pueden suscribir Acciones en cada Día de negociaciones presentando una solicitud antes de la Hora límite de negociaciones especificada para cada Subfondo en el Suplemento correspondiente. El importe de la suscripción en la divisa en la que están denominadas las Acciones correspondientes debe enviarse por transferencia bancaria a la cuenta correspondiente especificada en el Formulario de suscripción a más tardar el día y la hora especificados como plazo de liquidación aplicable en el Suplemento correspondiente. Si el ICAV no recibe los fondos liberados que representan el importe de la suscripción (incluyendo cualquier Comisión antidilución o Impuestos y comisiones aplicables) en la fecha y hora especificadas en el Suplemento correspondiente, los Consejeros se reservan el derecho de tomar temporalmente en préstamo un importe equivalente al valor de la suscripción e invertir dicho importe de acuerdo con los objetivos y políticas de inversión del Subfondo correspondiente. Una vez que se reciba el importe de la suscripción, el Subfondo utilizará dicho importe para reembolsar los préstamos correspondientes y se reserva el derecho de cobrar a dicho inversor un interés por el importe de la suscripción pendiente a tipos comerciales normales. Si el ICAV no recibe los fondos liberados que representan el importe de la suscripción de las Acciones en la fecha y hora especificadas en el Suplemento correspondiente o en un plazo posterior que los Consejeros puedan determinar, los Consejeros podrán cancelar cualquier asignación provisional de Acciones por ese concepto. El inversor indemnizará al ICAV por cualquier pérdida, coste, gasto o comisión que sufra el ICAV como consecuencia de la no recepción de los fondos liberados dentro de los plazos que especifiquen los Consejeros y, si el solicitante es un Accionista, los Consejeros podrán reembolsar la totalidad o parte de su participación en Acciones y utilizar su importe para satisfacer y compensar dicha pérdida, coste, gasto o comisión.
Los inversores deben suscribir una cantidad que sea al menos igual a la Cantidad de suscripción mínima. Cuando se especifique en el Suplemento correspondiente, la Cantidad de suscripción mínima puede ser diferente para las suscripciones iniciales y las posteriores. Los Consejeros pueden renunciar a esas cantidades a su entera discreción.
Cualquier solicitud debidamente realizada que reciba el Administrador en un determinado Día de negociaciones después de la hora especificada en el Suplemento correspondiente no se considerará aceptada hasta el siguiente Día de negociaciones, siempre que los Consejeros puedan decidir, en circunstancias excepcionales, aceptar suscripciones después de la Hora límite de negociaciones correspondiente siempre que se reciban antes del Punto de valoración pertinente. | ## Where specified in the Relevant Supplement an Anti-Dilution Levy or Duties and Charges may be levied on subscriptions for Shares.
Prior to any subscription for Shares, an investor must provide a signed Application Form and supporting anti-money laundering documentation by fax or electronically (with original to follow by post) to the Administrator in accordance with the details set out in the Application Form. Thereafter, Shareholders may submit applications for Shares to the Administrator by providing a signed Subscription Form either by fax, through a trading platform (e.g. Euroclear) or electronically (e.g. Swift) in such format or method as shall be agreed in advance in writing with the Administrator in accordance with the requirements of the Central Bank, without a requirement to submit original documentation. Amendments to a Shareholder's registration details and payment instructions will only be effected upon receipt of original documentation.
Investors may subscribe for Shares on each Dealing Day by making an application before the Dealing Deadline specified for each Sub-Fund in the Relevant Supplement. Subscription monies in the currency in which the relevant Shares are denominated should be sent by wire transfer to the relevant account specified in the Subscription Form no later than the day and time specified as the applicable settlement deadline in the Relevant Supplement. If cleared funds representing the subscription monies (including any applicable Anti-Dilution Levy or Duties and Charges) are not received by the ICAV by the time and date specified in the Relevant Supplement, the Directors reserve the right to temporarily borrow an amount equal to the subscription monies and invest such monies in accordance with the investment objectives and policies of the relevant Sub-Fund. Once the subscription monies are received the Sub-Fund will use such subscription monies to repay the relevant borrowings and reserves the right to charge that investor interest on such outstanding subscription monies at normal commercial rates. If cleared funds representing the subscription monies in respect of the Shares are not received by the ICAV by the time and date specified in the Relevant Supplement or such later period as the Directors may determine, the Directors may cancel any provisional allotment of Shares in respect thereof. The investor shall indemnify the ICAV for any loss, cost, expense or fees suffered by the ICAV as a result of the non-receipt of cleared funds within such time limits as may be specified by the Directors and if the applicant is a Shareholder, the Directors may redeem all or part of his holding of Shares and use the proceeds thereof to satisfy and make good any such loss, cost, expense or fees.
Investors must subscribe for an amount that is at least equal to the Minimum Subscription Amount. Where specified in the Relevant Supplement, the Minimum Subscription Amount may differ for initial subscriptions and subsequent subscriptions. These amounts may be waived by the Directors in their absolute discretion.
Any properly made application received by the Administrator on a given Dealing Day after the time specified in the Relevant Supplement will not be deemed to have been accepted until the following Dealing Day, provided always that the Directors may decide, in exceptional circumstances, to accept subscriptions after the relevant Dealing Deadline provided that they are received before the relevant Valuation Point. | en | es |
DOLFIN9242 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the corresponding parts of the UCITS prospectus.
The UCITS and its units are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status
This UCITS is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (Paris Trade and Companies Register No. 332 652 536) is authorised in France under the number GP-04000015 and regulated by the AMF.
This key investor information is accurate and up to date as at 04.02.22. | ## La legislación fiscal francesa puede afectar a la situación fiscal personal del inversor.
Edmond de Rothschild Asset Management (France) 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 OICVM.
El OICVM y sus participaciones no están ni estarán registrados en los Estados Unidos en virtud de la Ley estadounidense de valores de 1933 o de cualquier otra normativa de los Estados Unidos. El Subfondo podrá invertir en participaciones o acciones de fondos objetivo que puedan participar en nuevas ofertas de emisión de títulos estadounidenses (oferta pública inicial estadounidense, en inglés “US IPO”) o participar directamente en las entradas en bolsa estadounidenses (“US IPO”). La Financial Industry Regulatory Authority (FINRA), de conformidad con las normas 5130 y 5131 de FINRA (las Normas), ha anunciado prohibiciones sobre la elegibilidad de ciertas personas para participar en la adjudicación de oferta pública inicial estadounidense cuando los beneficiarios efectivos de dichas cuentas sean profesionales del sector de los servicios financieros (incluyendo, entre otros, propietario o empleado de una sociedad miembro de FINRA o un gestor de fondos) (Personas restringidas) o ejecutivos de alto rango o administradores de una sociedad estadounidense o no estadounidense cuya actividad pueda estar relacionada con una sociedad miembro de FINRA (Personas afectadas). El Subfondo no puede ser propuesto ni vendido en beneficio o por cuenta de una “Persona estadounidense”, según lo definido por la “Regulación S”, ni a los inversores considerados Personas restringidas o Personas afectadas por las Normas FINRA. En caso de duda sobre su situación, el inversor debe consultar a su asesor jurídico
Este OICVM está autorizado en Francia y regulado por la Autoridad de los Mercados Financieros (AMF).
Edmond de Rothschild Asset Management (France) (332 652 536 Registro Mercantil de París) está autorizada en Francia con el número GP-04000015 y está regulada por la AMF. Los presentes datos fundamentales para el inversor son exactos a 04.02.2022. | ## French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the corresponding parts of the UCITS prospectus.
The UCITS and its units are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status
This UCITS is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (Paris Trade and Companies Register No. 332 652 536) is authorised in France under the number GP-04000015 and regulated by the AMF.
This key investor information is accurate and up to date as at 04.02.22. | en | es |
DOLFIN9268 | 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 P Acc USD between 12/2018-12/2023.
Favourable scenario
What you might get back after costs
Average return each year
USD 11,610
16.1%
USD 13,238
5.8% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P Acc USD entre 12/2018-12/2023.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 610 USD
16,1%
13 238 USD
5,8% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P Acc USD between 12/2018-12/2023.
Favourable scenario
What you might get back after costs
Average return each year
USD 11,610
16.1%
USD 13,238
5.8% | en | es |
DOLFIN9270 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## Objective
The objective of this Compartment is to outperform the benchmark index over a full market cycle by investing in an actively managed portfolio of securities of large-cap companies. The compartment will invest mainly in companies that aim to generate growth in their turnover. Environmental, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each one of these criteria in the final decision is not defined in advance.
## Benchmark index
The performance of the Compartment may be compared to the Russell 1000 Growth Index denominated in EUR, calculated with net dividends reinvested. The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment invests at least 70% of its net assets in equities of companies, without any restriction as to the sector, whose registered office is located in the United States or who carry out most of their business activities in the United States, and whose market capitalisation at the time of purchase is within the range of the benchmark index capitalisation.
The Compartment may invest up to 10% of its net assets in shares and equivalent equities issued by companies that do not have their registered office in the United States or that carry out most of their business activities in a country other than the United States. All securities must be listed on a US market.
## Up to 100% of the Compartment’s net assets may be exposed to currency risk.
In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets. For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments.
## The Compartment will mainly target public or private issuers.
## Up to 100% of the Compartment’s net assets may be exposed to currency risk.
At least 90% of the companies in the portfolio have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://www.peregrine.com/) or a rating provided by an external non-financial rating agency.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation.
## Minimum recommended holding period: 5 years
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and the United States, with the exception of Good Friday and 24 December (Christmas Eve). Redemption requests must be received no later than 12:30 p.m. (Luxembourg time) on the applicable valuation day. Any day on which banks are normally open in Luxembourg and New York is a valuation day.
## Income allocation: Accumulation | # Objetivos y política de inversión
## Objetivo
El objetivo de este Subfondo es obtener una rentabilidad superior a la de su índice de referencia, en un ciclo de mercado completo, invirtiendo en una cartera gestionada de forma activa de títulos de sociedades de gran capitalización. El Subfondo invertirá principalmente en sociedades que pretendan generar un crecimiento de su volumen de negocios. Los criterios medioambientales, sociales y de gobierno corporativo (ESG) son uno de los componentes de la gestión. No obstante, el grado de importancia de cada uno de estos criterios en la decisión final no está definido de antemano.
## Índice de referencia
La rentabilidad del Subfondo puede compararse con el índice Russell 1000 Growth, denominado en EUR, calculado con dividendos netos reinvertidos. El Subfondo se gestiona de forma activa. El índice de referencia se utiliza únicamente con fines de comparación de la rentabilidad.
## Política de inversión
El Subfondo invierte al menos el 70% de su patrimonio neto en acciones de sociedades, sin limitaciones sectoriales de ningún tipo, que tienen su domicilio social o realizan gran parte de sus actividades en Estados Unidos y cuya capitalización bursátil, en el momento de la compra, se incluya en el rango de capitalización del índice de referencia.
El Subfondo puede invertir hasta el 10% de su patrimonio neto en acciones y acciones asimiladas emitidas por sociedades cuyo domicilio social no se encuentre en Estados Unidos y que realicen gran parte de sus actividades en un país distinto de Estados Unidos. Todos los títulos deben estar cotizados en un mercado estadounidense.
## El Subfondo podrá estar expuesto al riesgo de cambio hasta el 100% del patrimonio neto.
Con el fin de proteger sus activos y/o de lograr su objetivo de gestión, el Subfondo puede recurrir a instrumentos financieros derivados negociados en Mercados regulados o extrabursátiles. A efectos de gestión de la tesorería, el Subfondo podrá invertir hasta el 25% del patrimonio neto en títulos de deuda transferibles e Instrumentos del mercado monetario.
## El Subfondo se centrará principalmente en emisiones de emisores públicos o privados.
## El Subfondo podrá estar expuesto al riesgo de cambio hasta el 100% del patrimonio neto.
Al menos el 90% de las empresas de la cartera tendrán una calificación ESG. Se tratará de una calificación interna en materia de ESG, tal y como se define en la política de integración e inversión responsable en materia de ESG del gestor (disponible en su sitio web en el siguiente enlace: https://www.peregrine.com/), o de una calificación otorgada por una agencia de calificación extrafinanciera externa.
Además, el proceso de selección de valores incluye un cribado negativo para excluir aquellas empresas que contribuyen a la producción de armas controvertidas, con arreglo a los convenios internacionales en la materia, así como las empresas expuestas a actividades relacionadas con el carbón térmico o el tabaco, de acuerdo con la política de exclusión del Grupo Edmond de Rothschild, que está disponible en su sitio web https://www.edmond-de-rothschild.com/fr/asset-management/investissement-responsable.
El Subfondo tiene la clasificación de “artículo 8(1) del Reglamento de sostenibilidad” porque promueve un conjunto de características ESG, aunque no se ha designado ningún índice de referencia a efectos de lograr dichas características medioambientales o sociales.
El Subfondo, en virtud de su estrategia ESG, promueve las características medioambientales, pero no invierte en actividades económicas medioambientalmente sostenibles, tal y como se definen en el Reglamento de taxonomía. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles, en el marco del Reglamento de taxonomía.
## La duración mínima de la participación recomendada es de 5 años.
Frecuencia de compra o venta de acciones: Los inversores pueden obtener el reembolso de sus acciones cualquier día hábil bancario en Luxemburgo y Estados Unidos, con excepción del Viernes Santo y el 24 de diciembre (Nochebuena). Las órdenes de reembolso se deben recibir a más tardar a las 12:30 horas (hora de Luxemburgo) el Día de valoración aplicable. Los días en los que los bancos se encuentran normalmente operativos en Luxemburgo y Nueva York son días de valoración.
## Asignación de los ingresos:Capitalización | # Objectives and investment policy
## Objective
The objective of this Compartment is to outperform the benchmark index over a full market cycle by investing in an actively managed portfolio of securities of large-cap companies. The compartment will invest mainly in companies that aim to generate growth in their turnover. Environmental, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each one of these criteria in the final decision is not defined in advance.
## Benchmark index
The performance of the Compartment may be compared to the Russell 1000 Growth Index denominated in EUR, calculated with net dividends reinvested. The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment invests at least 70% of its net assets in equities of companies, without any restriction as to the sector, whose registered office is located in the United States or who carry out most of their business activities in the United States, and whose market capitalisation at the time of purchase is within the range of the benchmark index capitalisation.
The Compartment may invest up to 10% of its net assets in shares and equivalent equities issued by companies that do not have their registered office in the United States or that carry out most of their business activities in a country other than the United States. All securities must be listed on a US market.
## Up to 100% of the Compartment’s net assets may be exposed to currency risk.
In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets. For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments.
## The Compartment will mainly target public or private issuers.
## Up to 100% of the Compartment’s net assets may be exposed to currency risk.
At least 90% of the companies in the portfolio have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://www.peregrine.com/) or a rating provided by an external non-financial rating agency.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation.
## Minimum recommended holding period: 5 years
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and the United States, with the exception of Good Friday and 24 December (Christmas Eve). Redemption requests must be received no later than 12:30 p.m. (Luxembourg time) on the applicable valuation day. Any day on which banks are normally open in Luxembourg and New York is a valuation day.
## Income allocation: Accumulation | en | es |
DOLFIN9273 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment objective
Through its flexible multi-asset allocation approach, the Ethna-AKTIV aims to achieve an attractive, positive return over a medium-term investment horizon (3-5 years). The goal of capital preservation is taken into account at all times. The fund is therefore suitable as a base investment for investors seeking risk-controlled access to macroeconomic developments on global fixed income, equity, currency and commodity markets.
Performance, 10 years
(gross, in %) 1,2,3
Yearly performance
(gross, in %) 1,2,3
30 20
25 15
20 10
15 5
10 0
5 -5
10.0
7.7
5.4
- 0.1
- 4.7
6.0
10.4
1.1
5.1 | ## Objetivo de inversión
Con su enfoque flexible de asignación de multiactivos, Ethna-AKTIV busca una rentabilidad positiva atractiva en un horizonte a medio plazo (3-5 años). El objetivo de conservación del capital se tiene en cuenta siempre. El fondo es adecuado como inversión fundamental para inversores que deseen acceder con riesgo controlado a la evolución macroeconómica de los mercados globales de renta fija, renta variable, divisas y materias primas.
Rendimiento, 10 años
(bruto, en %) 1,2,3
Rendimiento anual
(bruto, en %) 1,2,3
30 20
25 15
20 10
15 5
10 0
5 -5
10,0
7,7
5,4
- 0,1
- 4,7
6,0
10,4
1,1
5,1 | ## Investment objective
Through its flexible multi-asset allocation approach, the Ethna-AKTIV aims to achieve an attractive, positive return over a medium-term investment horizon (3-5 years). The goal of capital preservation is taken into account at all times. The fund is therefore suitable as a base investment for investors seeking risk-controlled access to macroeconomic developments on global fixed income, equity, currency and commodity markets.
Performance, 10 years
(gross, in %) 1,2,3
Yearly performance
(gross, in %) 1,2,3
30 20
25 15
20 10
15 5
10 0
5 -5
10.0
7.7
5.4
- 0.1
- 4.7
6.0
10.4
1.1
5.1 | en | es |
DOLFIN9288 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| This table shows the impact on return per year |
| --- |
| One-off costs | Entry costs | 0.00% | The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. |
| Exit costs | 0.00% | The impact of the costs when exiting your investment. A redemption fee of up to 5%, payable to the Fund, may be applicable at the discretion of the Directors from time to time, in the event that the Fund would need to make asset sales in the secondary market at a spread to meet redemption requests, to the detriment of the remaining Shareholders. Such redemption fee will be set in consideration of such spread and Shareholders who have submitted a request for redemption of Shares will be informed in a timely manner of the applicable redemption fee. |
| Ongoing costs | Portfolio transaction costs | 0.15% | The impact of the costs of us buying and selling underlying investments for the product. |
| Other ongoing costs | 3.54% | The impact of the costs that we take each year for managing your investments. |
| Incidental costs | Performance fees | 0.00% | The impact of the performance fee. This is taken from your investment if the performance is positive and is subject to the high water mark principle. | | | Esta tabla muestra el impacto sobre la rentabilidad al año |
| --- |
| Costes únicos | Costes de entrada | 0.00% | El impacto de los costes que usted paga al realizar una inversión. Esta es la mayor cantidad que pagará, y podría pagar menos. |
| Costes de salida | 0.00% | El impacto de los costes al salir de su inversión. Una comisión de reembolso de hasta el 5 %, que se pagará al Fondo, podrá aplicarse a discreción de los Consejeros de vez en cuando en el caso de que el Fondo tenga que realizar ventas de activos en el mercado secundario con un diferencial para satisfacer las solicitudes de reembolso, en detrimento de los Accionistas restantes. Esta comisión de reembolso se fijará teniendo en cuenta dicho diferencial y los Accionistas que hayan presentado una solicitud de reembolso de Acciones serán informados oportunamente de la comisión de reembolso aplicable. |
| Costes corrientes | Costes operativos de la cartera | 0.15% | El impacto de los costes que se deriven de la compra y venta de inversiones subyacentes para el producto. |
| Otros costes corrientes | 3.54% | El impacto de los costes en los que incurrimos cada año para gestionar sus inversiones. |
| Costes adicionales | Comisiones de rentabilidad | 0.00% | El impacto de la comisión de rentabilidad. Se deduce de su inversión si la rentabilidad es positiva, con sujeción al principio de la cota máxima. | | | This table shows the impact on return per year |
| --- |
| One-off costs | Entry costs | 0.00% | The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. |
| Exit costs | 0.00% | The impact of the costs when exiting your investment. A redemption fee of up to 5%, payable to the Fund, may be applicable at the discretion of the Directors from time to time, in the event that the Fund would need to make asset sales in the secondary market at a spread to meet redemption requests, to the detriment of the remaining Shareholders. Such redemption fee will be set in consideration of such spread and Shareholders who have submitted a request for redemption of Shares will be informed in a timely manner of the applicable redemption fee. |
| Ongoing costs | Portfolio transaction costs | 0.15% | The impact of the costs of us buying and selling underlying investments for the product. |
| Other ongoing costs | 3.54% | The impact of the costs that we take each year for managing your investments. |
| Incidental costs | Performance fees | 0.00% | The impact of the performance fee. This is taken from your investment if the performance is positive and is subject to the high water mark principle. | | en | es |
DOLFIN9289 | 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 income with the opportunity for long-term capital growth (i.e. to grow the value of your investment).
The Fund seeks to limit volatility (the pace or amount of change in its value) to be lower than 50% of the volatility of global equities. While the Fund aims to limit its volatility to be lower than 50% of global equities there is no
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
guarantee that this will be achieved over the long-term or over any period of time.
The Fund invests in a broad range of assets around the world including: bonds (contracts to repay borrowed money which typically pay interest at fixed times), equities (e.g. the shares of companies), money market instruments (tradable securities where money can be invested for short periods), cash or near cash, deposits, alternative assets (such as property and infrastructure), other transferable securities, derivatives, and units or shares in other funds.
Investments may be held directly in the asset itself, other than in property, or indirectly (e.g. using derivatives). Normally, exposure to shares of companies will be no more than 40% of the value of the Fund.
The Fund focuses on investing in assets expected to provide a reliable level of income and opportunities for capital growth in many market conditions. Investment opportunities are identified using in-depth analysis and research on individual companies and countries.
Bonds may be issued by any issuer (e.g. governments or companies), including emerging and frontier type markets. The Fund may invest up to 25% of its value in emerging and frontier markets.
The Fund may invest up to 20% of its value in mainland China, including bonds traded on the China Interbank Bond Market and companies traded on Stock Connect (a share trading link between the Hong Kong Stock Exchange and China's mainland markets).
The Investment Manager may at times utilise global equities (proxied by the MSCI All Country World Total Return Net Index) and bonds (proxied by the Bloomberg Barclays Global-Aggregate Total Return Index or representative components) to measure the risk and return characteristics of the Fund.
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 objective and policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used in order to achieve the Fund's investment objectives or with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Investment Manager uses a currency hedging strategy (an investment technique which aims to protect the value of an investment against currency movements) that aims to align returns in this currency share class with those achieved in the currency that the Fund’s investments are valued in.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
Any income due from your investment is paid out to you.
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 middle of the Risk and Reward Indicator scale. This is because the mix of assets the Fund invests in, tends to produce returns which fluctuate more than those of cash funds but less than those of funds which solely invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator:
Commodity-related investment: Commodity prices can be extremely volatile and losses may be made.
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging and Frontier market (inc. China): 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.
Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
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 ingresos con la posibilidad de lograr un crecimiento del capital a largo plazo (esto es, incrementar el valor de su inversión).
El Fondo trata de limitar la volatilidad (el ritmo o la amplitud de los cambios de su valor) a un porcentaje inferior al 50% de la volatilidad asociada a la renta variable global. Aunque el Fondo se propone limitar su volatilidad a un porcentaje inferior al 50% de la registrada por la renta variable global, no
Menor riesgo Potencialmente menor remuneración
1
2
3
Mayor riesgo Potencialmente mayor
remuneración
5
6
7
4
hay garantía de que esto vaya a lograrse a largo plazo o en cualquier periodo de tiempo.
El Fondo invierte en una amplia variedad de activos a escala mundial, entre ellos: bonos (contratos para reembolsar dinero tomado en préstamo que suelen pagar intereses en momentos predeterminados), renta variable (p. ej. acciones de empresas), instrumentos del mercado monetario (valores mobiliarios en los que se puede invertir dinero durante periodos breves), efectivo o cuasi efectivo, depósitos, activos alternativos (como activos inmobiliarios y de infraestructuras), otros valores mobiliarios, derivados y participaciones o acciones en otros fondos.
Las inversiones pueden mantenerse directamente en los propios activos, excepto en activos inmobiliarios, o indirectamente (p. ej. mediante el uso de derivados). En condiciones normales, la exposición a acciones de empresas no superará el 40% del valor del Fondo.
El Fondo se centra en invertir en activos que se espera que proporcionen un nivel fiable de ingresos y oportunidades de crecimiento del capital en muchas condiciones de mercado. Las oportunidades de inversión se detectan por medio de un análisis exhaustivo de las distintas empresas y de los distintos países.
Los bonos pueden estar emitidos por cualquier emisor (por ejemplo, gobiernos o empresas), incluyendo mercados emergentes y de tipo frontera. El Fondo puede invertir hasta el 25% de su valor en mercados emergentes y frontera.
El Fondo puede invertir hasta el 20% de su valor en China continental, incluidos bonos negociados en el Mercado interbancario de bonos de China y empresas que se negocian en Stock Connect (enlace para la negociación de acciones entre la Bolsa de Hong Kong y los mercados de China continental).
En ocasiones, el Gestor de inversiones puede utilizar la renta variable global (representada por el MSCI All Country World Total Return Net Index) y la renta fija global (representada por el Bloomberg Barclays Global-Aggregate Total Return Index o componentes representativos) para medir las características de riesgo y rentabilidad del Fondo.
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 el objetivo y la política de inversión del Fondo, podrá aplicar exclusiones adicionales que se publicarán en el sitio web a medida que se implementen.
Se pueden utilizar derivados (contratos financieros cuyo valor está vinculado al precio de un activo subyacente) para lograr los objetivos de inversión del Fondo o con el fin de gestionar los riesgos del Fondo o de reducir los costes de su gestión.
El Gestor de inversiones utiliza una estrategia de cobertura de divisas (una técnica de inversión destinada a proteger el valor de una inversión frente a fluctuaciones cambiarias) cuyo objetivo es que la rentabilidad en la moneda de esta clase de acciones sea similar a la rentabilidad obtenida en la moneda en que están valoradas las inversiones del Fondo.
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.
Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en el plazo de cinco años.Los ingresos generados por la inversión se distribuyen a los inversores.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
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 media de la escala del indicador de riesgo y remuneración. Esto se debe a que la combinación de activos en la que el Fondo invierte suele producir una rentabilidad que fluctúa más que la rentabilidad de los fondos que invierten en el mercado monetario, pero menos que la de los fondos que invierten exclusivamente en acciones de empresas.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Inversión relacionada con materias primas: Los precios de las materias primas pueden ser extremadamente volátiles y pueden producirse pérdidas.
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.
Impagos: Existe el riesgo de que los emisores de inversiones de renta fija (como, por ejemplo, bonos) no puedan hacer frente al pago de intereses ni reembolsar el dinero que han tomado en préstamo. Cuanto peor sea la calidad crediticia del emisor, mayor será el riesgo de impago y, por consiguiente, de pérdida de la inversión.
Derivados: El uso de derivados puede incrementar el riesgo total al magnificar el efecto tanto de las ganancias como de las pérdidas, lo que puede traducirse en cambios del valor y puede llegar a causar grandes pérdidas financieras. Una contraparte de una operación de derivados puede incumplir sus obligaciones, lo que también podría ocasionar una pérdida financiera.
Mercados emergentes y frontera (incluida China): 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.
Exposición a valores de emisores públicos: El Fondo puede invertir más del 35% de sus activos en valores emitidos o garantizados por una entidad soberana autorizada, según la definición recogida en el apartado de definiciones del folleto del Fondo.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
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 income with the opportunity for long-term capital growth (i.e. to grow the value of your investment).
The Fund seeks to limit volatility (the pace or amount of change in its value) to be lower than 50% of the volatility of global equities. While the Fund aims to limit its volatility to be lower than 50% of global equities there is no
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
guarantee that this will be achieved over the long-term or over any period of time.
The Fund invests in a broad range of assets around the world including: bonds (contracts to repay borrowed money which typically pay interest at fixed times), equities (e.g. the shares of companies), money market instruments (tradable securities where money can be invested for short periods), cash or near cash, deposits, alternative assets (such as property and infrastructure), other transferable securities, derivatives, and units or shares in other funds.
Investments may be held directly in the asset itself, other than in property, or indirectly (e.g. using derivatives). Normally, exposure to shares of companies will be no more than 40% of the value of the Fund.
The Fund focuses on investing in assets expected to provide a reliable level of income and opportunities for capital growth in many market conditions. Investment opportunities are identified using in-depth analysis and research on individual companies and countries.
Bonds may be issued by any issuer (e.g. governments or companies), including emerging and frontier type markets. The Fund may invest up to 25% of its value in emerging and frontier markets.
The Fund may invest up to 20% of its value in mainland China, including bonds traded on the China Interbank Bond Market and companies traded on Stock Connect (a share trading link between the Hong Kong Stock Exchange and China's mainland markets).
The Investment Manager may at times utilise global equities (proxied by the MSCI All Country World Total Return Net Index) and bonds (proxied by the Bloomberg Barclays Global-Aggregate Total Return Index or representative components) to measure the risk and return characteristics of the Fund.
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 objective and policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used in order to achieve the Fund's investment objectives or with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Investment Manager uses a currency hedging strategy (an investment technique which aims to protect the value of an investment against currency movements) that aims to align returns in this currency share class with those achieved in the currency that the Fund’s investments are valued in.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
Any income due from your investment is paid out to you.
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 middle of the Risk and Reward Indicator scale. This is because the mix of assets the Fund invests in, tends to produce returns which fluctuate more than those of cash funds but less than those of funds which solely invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator:
Commodity-related investment: Commodity prices can be extremely volatile and losses may be made.
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging and Frontier market (inc. China): 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.
Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
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 |
DOLFIN9292 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The fund is considered to be actively managed in reference to the below benchmark as further outlined in the prospectus and key investor information document.
The PIMCO Global Advantage Bond Index (GLADI) (EUR, Partially Hedged) (London Close) is a diversified global index that covers a wide spectrum of global fixed income opportunities and sectors, from developed to emerging markets, nominal to real asset, and cash to derivative instruments. Unlike traditional indices, which are frequently comprised of bonds weighted according to their market capitalization, GLADI uses GDP-weighting which puts an emphasis on faster-growing areas of the world and thus makes the index forward-looking in nature. PIMCO's GLADI methodology is intellectual property covered by U.S. Patent No. 8,306,892. GLOBAL ADVANTAGE and GLADI are trademarks of Pacific Investment Management Company LLC. It is not possible to invest directly in an unmanaged index.
Unless otherwise stated in the prospectus or in the relevant key investor information document, the Fund is not managed against a particular benchmark or index, and any reference to a particular benchmark or index in this factsheet is made solely for risk or performance comparison purposes. | #### El fondo se gestiona de forma activa con respecto al índice de referencia mencionado, según se indica en el folleto y en el documento de datos fundamentales para el inversor.
El índice PIMCO Global Advantage Bond (GLADI) (parcialmente cubierto en euros; determinado al cierre de las operaciones en la Bolsa de Londres) es un índice mundial diversificado que abarca una amplia gama de oportunidades y sectores de renta fija, de mercados desarrollados y emergentes, de activos reales y nominales, así como de activos monetarios e instrumentos derivados. A diferencia de los índices tradicionales que, por lo general, se componen de bonos cuya ponderación responde a su capitalización de mercado, el índice GLADI emplea una ponderación basada en el PIB que prioriza las áreas de crecimiento más acelerado del mundo y que, por ende, confiere al índice un perfil de proyección a futuro. La metodología GLADI de PIMCO es propiedad intelectual protegida por la Patente de número 8.306.892 de EE. UU. GLOBAL ADVANTAGE y GLADI son marcas comerciales propiedad de Pacific Investment Management Company LLC. No es posible invertir directamente en un índice no gestionado.
A menos que se indique lo contrario en el folleto o en el pertinente documento de datos fundamentales para el inversor, el Fondo no se gestiona con respecto a ningún índice ni ninguna referencia concretos, y toda mención de un índice o una referencia particulares en la presente ficha descriptiva tiene como única finalidad establecer una comparación de riesgos o rentabilidad. | #### The fund is considered to be actively managed in reference to the below benchmark as further outlined in the prospectus and key investor information document.
The PIMCO Global Advantage Bond Index (GLADI) (EUR, Partially Hedged) (London Close) is a diversified global index that covers a wide spectrum of global fixed income opportunities and sectors, from developed to emerging markets, nominal to real asset, and cash to derivative instruments. Unlike traditional indices, which are frequently comprised of bonds weighted according to their market capitalization, GLADI uses GDP-weighting which puts an emphasis on faster-growing areas of the world and thus makes the index forward-looking in nature. PIMCO's GLADI methodology is intellectual property covered by U.S. Patent No. 8,306,892. GLOBAL ADVANTAGE and GLADI are trademarks of Pacific Investment Management Company LLC. It is not possible to invest directly in an unmanaged index.
Unless otherwise stated in the prospectus or in the relevant key investor information document, the Fund is not managed against a particular benchmark or index, and any reference to a particular benchmark or index in this factsheet is made solely for risk or performance comparison purposes. | en | es |
DOLFIN9296 | 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 in the Asia Pacific Basin (excluding Japan).
INVESTMENT PROCESS
Investment approach
- Uses fundamental and systematic research inputs to identify stocks with specific style characteristics, such as value and momentum in price and earnings trends.
- Uses a high conviction approach to finding the best investment ideas.
Share Class Benchmark MSCI All Country Asia Pacific ex Japan 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 Asia Pacific Basin country (excluding Japan), 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 up to 20% of its assets in China A-Shares through the China-Hong Kong Stock Connect Programmes.
The Sub-Fund may invest in securities that rely on VIE structures to gain indirect exposure to underlying Chinese companies.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Proporcionar un crecimiento del capital a largo plazo mediante invirtiendo principalmente en compañías de la cuenca Asia-Pacífico (excluido Japón).
PROCESO DE INVERSIÓN
Enfoque de inversión
- Usa datos de análisis fundamentales y sistemáticos para identificar valores con características de un estilo específico, como valor y momentum en el precio o las tendencias de los beneficios
- Aplica un enfoque de alta convicción para identificar las mejores ideas de inversión.
Índice de referencia de la Clase de Acciones MSCI All Country Asia Pacific ex Japan 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 cuenca Asia- Pacífico (excepto Japón), 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 hasta un 20% de su patrimonio en Acciones A de China por medio de los Programas «China-Hong Kong Stock Connect».
El Subfondo podrá invertir en valores que dependen de estructuras VIE (siglas en inglés de «entidad de interés variable») con el fin de obtener exposición indirecta a las compañías chinas subyacentes.
Como mínimo el 51% del patrimonio se invertirá en compañías con características medioambientales y/o sociales positivas que observan buenas prácticas de gobernanza, con arreglo a la metodología de puntuación ESG interna del Gestor de inversiones y/o datos de terceros. | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies in the Asia Pacific Basin (excluding Japan).
INVESTMENT PROCESS
Investment approach
- Uses fundamental and systematic research inputs to identify stocks with specific style characteristics, such as value and momentum in price and earnings trends.
- Uses a high conviction approach to finding the best investment ideas.
Share Class Benchmark MSCI All Country Asia Pacific ex Japan 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 Asia Pacific Basin country (excluding Japan), 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 up to 20% of its assets in China A-Shares through the China-Hong Kong Stock Connect Programmes.
The Sub-Fund may invest in securities that rely on VIE structures to gain indirect exposure to underlying Chinese companies.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance | en | es |
DOLFIN9299 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Vontobel Global Equity Emerging, a subfund of the SICAV AMSelect Class ''I Distribution'' - ISIN code LU2441570509 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed. The benchmark MSCI Emerging Markets is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark. The Fund seeks to increase the value of its assets over the medium term by investing mainly in shares of socially responsible companies in emerging markets, taking into account ESG criteria. The Fund may also invest a minor part of its assets in other shares, bonds, securities via the Stock Connect program and money market instruments. The Fund can use derivatives for hedging or efficient portfolio management. The Fund uses a combination of market and fundamental company analysis to select companies that appear to be undervalued or to have an above-average potential for earnings growth (bottom-up approach). The investment team applies also BNP PARIBAS ASSET MANAGEMENT Responsible Business Conduct Policy, including norm-based screens, exclusion lists and stewardship activities when taking into account Environmental, Social and Governance (ESG) criteria in the investments of the Fund. In addition, the investment teams applies its own ESG integration methodologies, which takes into account extra-financial criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights at each step of the investment process of the Fund. This fund has a binding and significant ESG integration approach. An extra-financial strategy may comprise methodological limitations such as the environmental, social and governance (ESG) investing risk as defined by the asset manager. A dividend may be distributed. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. | | Vontobel Global Equity Emerging, un subfondo de la SICAV AMSelect Clase «I Distribution» - Código ISIN LU2441570509 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
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| Objetivos y política de inversión |
| El Fondo se gestiona de manera activa. El índice de referencia MSCI Emerging Markets se utiliza únicamente para comparar la rentabilidad. El Fondo no está limitado por el índice de referencia y su rentabilidad puede diferir considerablemente de la de dicho índice. El Fondo trata de incrementar el valor de sus activos a medio plazo invirtiendo, principalmente, en acciones emitidas por empresas socialmente responsables de mercados emergentes, de acuerdo con los criterios ESG. El Fondo también puede invertir una pequeña parte de sus activos en otras acciones, bonos, valores (a través del programa de Stock Connect) e instrumentos del mercado monetario. El Fondo puede utilizar derivados con fines de cobertura o de gestión eficiente de la cartera. El Fondo utiliza una combinación de análisis fundamental de las empresas y de mercado para seleccionar sociedades que parezcan estar infravaloradas o que presenten un potencial de crecimiento de los beneficios superior a la media (enfoque ascendente). El equipo de inversiones aplica asimismo la Política de conducta empresarial responsable de BNP PARIBAS ASSET MANAGEMENT, así como evaluaciones basadas en normas, listas de exclusión y actividades de gestión responsable, de acuerdo con los criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) que se tienen en cuenta en las inversiones del Fondo. Asimismo, el equipo de inversiones aplica su propia metodología a la hora de integrar los criterios ESG: tiene en cuenta criterios extrafinancieros en cada etapa del proceso de inversión del Fondo, como la reducción de las emisiones de gases de efecto invernadero, el respeto de los derechos humanos o el respeto de los derechos de los accionistas minoritarios. Este fondo aplica un enfoque de integración de los criterios ESG vinculante y significativo. Una estrategia extrafinanciera puede incluir limitaciones metodológicas, como el riesgo de inversión ambiental, social y de gobernanza (ESG) definido por el gestor de activos. Se puede distribuir un dividendo. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Otros riesgos que revisten una importancia significativa para el Fondo y que el indicador no capta de manera adecuada: Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - Algunos mercados están menos regulados que la mayoría de los mercados internacionales; por lo tanto, los servicios relacionados con la custodia y la liquidación del subfondo en dichos mercados podrían entrañar un mayor riesgo. | | Vontobel Global Equity Emerging, a subfund of the SICAV AMSelect Class ''I Distribution'' - ISIN code LU2441570509 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed. The benchmark MSCI Emerging Markets is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark. The Fund seeks to increase the value of its assets over the medium term by investing mainly in shares of socially responsible companies in emerging markets, taking into account ESG criteria. The Fund may also invest a minor part of its assets in other shares, bonds, securities via the Stock Connect program and money market instruments. The Fund can use derivatives for hedging or efficient portfolio management. The Fund uses a combination of market and fundamental company analysis to select companies that appear to be undervalued or to have an above-average potential for earnings growth (bottom-up approach). The investment team applies also BNP PARIBAS ASSET MANAGEMENT Responsible Business Conduct Policy, including norm-based screens, exclusion lists and stewardship activities when taking into account Environmental, Social and Governance (ESG) criteria in the investments of the Fund. In addition, the investment teams applies its own ESG integration methodologies, which takes into account extra-financial criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights at each step of the investment process of the Fund. This fund has a binding and significant ESG integration approach. An extra-financial strategy may comprise methodological limitations such as the environmental, social and governance (ESG) investing risk as defined by the asset manager. A dividend may be distributed. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. | en | es |
DOLFIN9304 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Share Class Benchmark Bloomberg Euro Aggregate Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations. | Índice de referencia de la Clase de Acciones Bloomberg Euro Aggregate Index (Total Return Gross)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Base para los cálculos de VaR relativo. | Share Class Benchmark Bloomberg Euro Aggregate Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations. | en | es |
DOLFIN9311 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Other relevant information
The prospectus, the articles of incorporation as well as the annual report of the Fund may be obtained free of charge from the Fund's registered office, the Management Company, the Fund's representatives and distributors in countries where the Fund is authorized for public distribution, or under www.mirabaud-am.com . These documents are available in English and French.
The complete response to the SRI Transparency Policy can be viewed on the Mirabaud Asset Management website https://www.mirabaud-am.com/ en/responsibly-sustainable.
The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its Third Party Suppliers and has been licensed for use by Mirabaud Asset Management (Suisse) SA. ICE Data and its Third Party Suppliers accept noliability in connection with its use.
You can find information related to the Product past performance on the last 9 years at https://www.mirabaud-am.com/uploads/tx_mirabaudmam/ funds/legal/PRIIP-PP/KID_annex_PP_LU0862027355_en.pdf and to previous performance scenario calculations at https://www.mirabaud-am.com/ uploads/tx_mirabaudmam/funds/legal/PRIIP-PS/KID_annex_PS_LU0862027355_en.pdf. | ## Otros datos de interés
El folleto, los estatutos sociales y el informe anual del Fondo pueden obtenerse gratuitamente en el domicilio social del Fondo, en la Sociedad de Gestión, en los representantes y los distribuidores del Fondo en países en donde está autorizada la distribución pública del Fondo, o en www.mirabaud-am.com. Estos documentos están disponibles en inglés y en francés.
La respuesta completa a la política de transparencia de SRI se puede consultar en el sitio web de Mirabaud Asset Management: https:// www.mirabaud-am.com/en/responsibly-sustainable.
Los datos del índice mencionados en el presente documento son propiedad de ICE Data Indices, LLC, sus empresas asociadas («ICE Data») o proveedores de terceros, y han sido autorizados para que Mirabaud Asset Management (Suisse) SA haga uso de ellos. ICE Data y sus proveedores de terceros no aceptan responsabilidad alguna en relación con su uso.
Puede encontrar información sobre la rentabilidad histórica del Producto en los últimos 9 años en https://www.mirabaud-am.com/uploads/ tx_mirabaudmam/funds/legal/PRIIP-PP/KID_annex_PP_LU0862027355_en.pdf y sobre los cálculos de los escenarios de rentabilidad anterior en https://www.mirabaud-am.com/uploads/tx_mirabaudmam/funds/legal/PRIIP-PS/KID_annex_PS_LU0862027355_en.pdf. | ## Other relevant information
The prospectus, the articles of incorporation as well as the annual report of the Fund may be obtained free of charge from the Fund's registered office, the Management Company, the Fund's representatives and distributors in countries where the Fund is authorized for public distribution, or under www.mirabaud-am.com . These documents are available in English and French.
The complete response to the SRI Transparency Policy can be viewed on the Mirabaud Asset Management website https://www.mirabaud-am.com/ en/responsibly-sustainable.
The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its Third Party Suppliers and has been licensed for use by Mirabaud Asset Management (Suisse) SA. ICE Data and its Third Party Suppliers accept noliability in connection with its use.
You can find information related to the Product past performance on the last 9 years at https://www.mirabaud-am.com/uploads/tx_mirabaudmam/ funds/legal/PRIIP-PP/KID_annex_PP_LU0862027355_en.pdf and to previous performance scenario calculations at https://www.mirabaud-am.com/ uploads/tx_mirabaudmam/funds/legal/PRIIP-PS/KID_annex_PS_LU0862027355_en.pdf. | en | es |
DOLFIN9327 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The risks associated with this type of instrument are:
- Risk related to the trigger threshold: each instrument has its own characteristics. The level of conversion risk may vary, for example depending on the distance between the issuer's Tier 1 ratio and a threshold defined in the terms of issue. The occurrence of the contingent event may result in a conversion into Shares or even a temporary or definitive writing off of all or part of the debt.
- Conversion risk: the behaviour of this instrument in the event of conversion may be unpredictable. The manager may be required to sell its securities in the event of a conversion into Shares in order to comply with the Sub-Fund's investment policy.
- Impairment risk: the conversion mechanism of certain contingent convertible bonds may result in a total or partial loss of the initial investment.
- Risk of loss of coupon: with certain types of CoCo Bonds, the payment of coupons is discretionary and may be cancelled by the issuer at any time and for an indeterminate period.
- Risk of inversion of the capital structure: unlike the conventional capital hierarchy, under certain circumstances investors in CoCo Bonds may bear a loss greater than that of the Shareholders. This is particularly the case when the trigger threshold is set at a high level.
- Risk of non-exercise of the repayment option by the issuer: as CoCo Bonds can be issued as perpetual instruments, investors may not be able to recover their capital on the optional reimbursement dates provided for in the terms of issue.
- Risk of concentration in a single industry: to the extent that CoCo Bonds are issued by a single category of issuer, adverse events in the industry could affect investments in this type of instrument in a global manner.
- Risk linked to the complexity of the instrument: as these instruments are relatively recent, their behaviour during a period of stress and testing of conversion levels may be highly unpredictable.
- Liquidity risk: as with the high-yield bond market, the liquidity of CoCo Bonds may be affected significantly in the event of a period of turmoil in the markets.
- Valuation risk: the attractive return on this type of instrument may not be the only criterion guiding the valuation and the investment decision. It should be viewed as a complexity and risk premium. | #### Los riesgos vinculados a este tipo de instrumentos son los siguientes:
- Riesgo vinculado al factor desencadenante: cada instrumento presenta rasgos característicos propios. El nivel del riesgo de conversión puede variar en función de, por ejemplo, la distancia entre el ratio Tier 1 del emisor y un nivel específico previamente definido en las condiciones de la emisión. El acaecimiento de la contingencia puede traer consigo la conversión en acciones o incluso la cancelación temporal o definitiva de la totalidad o parte de la deuda.
- Riesgo de conversión: el comportamiento de este instrumento en caso de conversión puede ser impredecible. Con el fin de respetar la política de inversión del Subfondo, el Gestor de inversiones podrá verse en la tesitura de tener que vender los títulos en caso de conversión en acciones.
- Riesgo de depreciación: el mecanismo de conversión de determinados CoCo puede acarrear la pérdida total o parcial de la inversión inicial.
- Riesgo de pérdida del cupón: en el caso de determinados tipos de CoCo, el pago del cupón es discrecional y puede ser cancelado por el emisor en cualquier momento y durante un periodo de tiempo indefinido.
- Riesgo de inversión de la estructura de capital: a diferencia de la típica estructura jerárquica del capital, en determinadas circunstancias los inversores en CoCo pueden experimentar pérdidas superiores a las de los Accionistas. Esto suele suceder, sobre todo, cuando el nivel del factor desencadenante se establece en cotas elevadas.
- Riesgo de que la entidad emisora no ejerza la opción de recompra: los CoCo pueden emitirse en forma de instrumentos perpetuos, por lo que los inversores podrían hallarse en la situación de no poder recuperar su capital en las fechas de recompra opcionales previstas en las condiciones de la emisión.
- Riesgo de concentración en un solo sector: cuando los CoCo pertenecen a una misma categoría de emisores, los acontecimientos desfavorables que afectan al sector podrán tener un efecto combinado en la inversión en este tipo de instrumentos.
- Riesgo vinculado a la complejidad del instrumento: puesto que se trata de un instrumento relativamente nuevo, su comportamiento en periodos de tensión y de prueba de los niveles de conversión puede ser sumamente imprevisible.
- Riesgo de liquidez: al igual que en el mercado de deuda de alto rendimiento, la liquidez de los CoCo podrá verse notablemente afectada en el supuesto de inestabilidad de los mercados.
- Riesgo de valoración: la atractiva rentabilidad que ofrece este tipo de instrumentos no debe representar el único criterio para determinar su valoración ni para fundamentar la decisión de invertir. Debe entenderse como una prima de complejidad y de riesgo. | #### The risks associated with this type of instrument are:
- Risk related to the trigger threshold: each instrument has its own characteristics. The level of conversion risk may vary, for example depending on the distance between the issuer's Tier 1 ratio and a threshold defined in the terms of issue. The occurrence of the contingent event may result in a conversion into Shares or even a temporary or definitive writing off of all or part of the debt.
- Conversion risk: the behaviour of this instrument in the event of conversion may be unpredictable. The manager may be required to sell its securities in the event of a conversion into Shares in order to comply with the Sub-Fund's investment policy.
- Impairment risk: the conversion mechanism of certain contingent convertible bonds may result in a total or partial loss of the initial investment.
- Risk of loss of coupon: with certain types of CoCo Bonds, the payment of coupons is discretionary and may be cancelled by the issuer at any time and for an indeterminate period.
- Risk of inversion of the capital structure: unlike the conventional capital hierarchy, under certain circumstances investors in CoCo Bonds may bear a loss greater than that of the Shareholders. This is particularly the case when the trigger threshold is set at a high level.
- Risk of non-exercise of the repayment option by the issuer: as CoCo Bonds can be issued as perpetual instruments, investors may not be able to recover their capital on the optional reimbursement dates provided for in the terms of issue.
- Risk of concentration in a single industry: to the extent that CoCo Bonds are issued by a single category of issuer, adverse events in the industry could affect investments in this type of instrument in a global manner.
- Risk linked to the complexity of the instrument: as these instruments are relatively recent, their behaviour during a period of stress and testing of conversion levels may be highly unpredictable.
- Liquidity risk: as with the high-yield bond market, the liquidity of CoCo Bonds may be affected significantly in the event of a period of turmoil in the markets.
- Valuation risk: the attractive return on this type of instrument may not be the only criterion guiding the valuation and the investment decision. It should be viewed as a complexity and risk premium. | en | es |
DOLFIN9329 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs at entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 4.0% of the amount invested. This is the maximum amount you could be required to pay. The person selling you the product will inform you of the actual costs. | Up to 400 CHF |
| Exit costs | We do not charge exit costs. | 0 CHF |
| Recurring costs incurred each year | |
| Management fees and other administrative and operating costs | 1.1% of the value of your investment per year. This estimate is based on actual costs over the past year. | 109 CHF |
| Transaction costs | 0.2% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on how much we buy and sell. | 18 CHF |
| Incidental costs incurred under specific conditions | |
| Performance-related fees | There are no performance fees for this product. | 0 CHF | | | Costes únicos de entrada o salida | Si sale después de 1 año |
| --- | --- |
| Costes de entrada | 4,0% del importe invertido. Se trata de la cantidad máxima que se le podría cobrar. La persona que le venda el producto le comunicará cuánto se le cobrará realmente. | Hasta 400 CHF |
| Costes de salida | No cargamos costes de salida. | 0 CHF |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,1% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 109 CHF |
| Costes de operación | 0,2% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 18 CHF |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | 0 CHF | | | One-off costs at entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 4.0% of the amount invested. This is the maximum amount you could be required to pay. The person selling you the product will inform you of the actual costs. | Up to 400 CHF |
| Exit costs | We do not charge exit costs. | 0 CHF |
| Recurring costs incurred each year | |
| Management fees and other administrative and operating costs | 1.1% of the value of your investment per year. This estimate is based on actual costs over the past year. | 109 CHF |
| Transaction costs | 0.2% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on how much we buy and sell. | 18 CHF |
| Incidental costs incurred under specific conditions | |
| Performance-related fees | There are no performance fees for this product. | 0 CHF | | en | es |
DOLFIN9334 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Global High Yield Bond – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was 3.73%. Over the same period, the ICE BofA Global High Yield Constrained Index (Total Return, Hedged, USD) (the “Index”) returned 3.04%. (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 reflect the reinvestment of income dividends and other distributions, if any).
The global high yield bond market finished 2021 with solid returns driven by improving economic activity, better-than-expected earnings, and accommodative central bankers who more recently have focused on plans to remove the massive monetary stimulus as a result of much higher inflation.
The economic recovery was strong in 2021 even as a new COVID-19 variant (“Omicron”) caused a resurgence in the number of COVID-19 cases globally. Despite the rising threat of Omicron later in the year, the global economy is estimated to have grown at well above 5% in real terms for 2021. Along with the strong growth came higher inflation. Headline and core inflation rates have increased rapidly, but in many cases, rising inflation reflects pandemic- related supply-demand imbalances and higher commodity prices. Rising inflation expectations have prompted a faster than-anticipated trajectory for monetary normalisation in advanced economies with the Bank of England already hiking rates by 15 basis points in December 2021 and the US Federal Reserve admittedly behind the curve on fighting inflation with multiple rate hikes expected in 2022. US 10-Year Treasury yields, and other bellwether longer-dated government bonds, moved higher in 2021 as economies continued to expand and inflation reached multi-year highs. This type of environment did not derail the improvement in credit fundamentals for high yield issuers as many were able to pass on price increases given strong end demand.
Moreover, with high yield corporate fundamentals markedly improving—evidenced by default rates declining to all-time lows—high yield spreads tightened over the period. Additionally, attractive yields and lower relative duration fueled investor demand for the asset class.
In global high yield, lower quality securities, such as those rated CCC and below in the ICE BofA Global High Yield Index (Total Return, Hedged, USD) saw much better performance with returns of 8.75%, whereas BB and B securities returned 2.97% and 1.22%, respectively for the full year. This compares to the Index overall return of 3.04%.
The trailing 12-month default rate as of December reached a new all-time low of 0.27% which compares to the prior low of 0.38% in December 2007. The default outlook continues to remain benign as evidenced by the rate of upgrades relative to downgrades and the very low share of distressed issuers. In December, the number of issuers upgraded exceeded the number downgraded for the twelfth consecutive month. The share of US High Yield bonds trading at distressed levels (+1,000 basis points or wider) was just 2.0% at year-end which also bodes well for the default outlook. For context, the long-term average default rate is 3.50% (based on annual default rates back to 1980 according to JP Morgan). While global high yield spreads remain in a relatively narrow range—which is not uncommon for this point in the credit cycle with such low defaults—we continue to find attractive investment opportunities across credit ratings and regions from an individual security selection perspective. While defaults and the share of distressed issuers remain low, we continue to be vigilant in avoiding credit deterioration and issuers that do not meet our disciplined credit underwriting standards.
During the year, security selection within Real Estate & Homebuilders, security selection within and an overweight to Diversified Financial Services and security selection within Healthcare were the most beneficial to performance. In contrast, security selection within and an underweight to Energy and security selection within Theaters & Entertainment and Steel were the largest detractors. Within the Portfolio’s ratings positioning, security selection within B, an overweight to CCC and below, and security selection within BB and Not Rated issuers were the most beneficial to performance. In contrast, security selection within CCC and below, an overweight to B and Not Rated, an underweight to BB and security selection within BBB and above rated issuers were the detractors from a ratings perspective.
Global high yield spreads tightened in 2021 from 2020’s elevated levels, but we believe valuations are more than compensating investors for the increasingly benign default outlook. While the persistence of inflation in many countries has been acknowledged by central banks, the trajectory of real GDP growth and improved pricing power should remain supportive of issuer fundamentals. Healthy consumer balance sheets, growing wages, businesses working to rebuild inventories and rehire plus more clarity on monetary policy normalisation should support economic activity and financial conditions. Even with the uncertainty of the pandemic, higher inflation and potential political risk which could result in pockets of short-term volatility, we believe our bottom-up, fundamental credit research process focused on security selection while seeking to avoid credit deterioration and putting only our “best ideas” into portfolios, position us well to take advantage of any volatility.
ANNUAL REPORT 2021 81
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # Global High Yield Bond – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I USD en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al 3,73%. En el mismo período, el índice ICE BofA Global High Yield Constrained (rentabilidad total en USD con cobertura) (el “Índice”) registró un 3,04%. (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. La rentabilidad total que se indica refleja la reinversión de los ingresos por dividendos y otras distribuciones, en su caso).
El mercado de bonos de alta rentabilidad global cerró 2021 con excelentes resultados, gracias a la mejora de la actividad económica, a unos beneficios mejores de los esperado y a la política acomodaticia de los bancos centrales, que más recientemente se han centrado en sus planes de retirada de los estímulos monetarios masivos como resultado del fuerte aumento de la inflación.
La recuperación económica fue sólida en 2021, a pesar de que una nueva variante de la COVID-19 ("ómicron") provocó un repunte del número de casos en todo el mundo. A pesar de la creciente amenaza de ómicron más avanzado el año, se estima que la economía mundial creció muy por encima del 5% en términos reales en 2021. El fuerte crecimiento trajo asociado un aumento de la inflación. Las tasas de inflación general y subyacente han aumentado rápidamente, pero en muchos casos este incremento refleja desequilibrios entre oferta y demanda relacionados con la pandemia y el aumento de precios de las materias primas. El aumento de las expectativas de inflación ha dado lugar a una evolución de la normalización monetaria en las economías avanzadas más rápida de lo previsto: el Banco de Inglaterra ya subió los tipos en 15 puntos básicos en diciembre de 2021 y se prevé que la Reserva Federal estadounidense, claramente "detrás de la curva" en la lucha contra la inflación, aplicará múltiples subidas en 2022. Las rentabilidades de los bonos del Tesoro estadounidense a 10 años, así como las de otros bonos de deuda pública a largo plazo de referencia, subieron en 2021 debido a que las economías continuaron creciendo y la inflación alcanzó máximos en varios años. Este tipo de entorno no deterioró la mejora de los fundamentales del crédito en el caso de los emisores de deuda de alta rentabilidad, dado que muchos de ellos pudieron repercutir los aumentos de precios gracias a la fuerte demanda final. Sin embargo, tras la marcada mejora de los fundamentales de la deuda corporativa de alta rentabilidad ——reflejada por el descenso hasta mínimos históricos de las tasas de impago—, los diferenciales del segmento de alta rentabilidad se contrajeron durante el periodo. Por otra parte, las rentabilidades atractivas y una menor duración relativa impulsaron la demanda de esta clase de activos por parte de los inversores.
Por lo que respecta a la deuda de alta rentabilidad global, los valores de calidad inferior, como aquellos con una calificación CCC e inferior del ICE BofA Global High Yield Index (rentabilidad total en USD, con cobertura) obtuvieron resultados muy superiores, con rentabilidades del 8,75%, mientras que sus homólogos con calificación BB y B rindieron un 2,97% y 1,22%, respectivamente, en el conjunto del año. Esto contrasta con la rentabilidad general del Índice del 3,04%.
La tasa de impago de los últimos 12 meses alcanzó un nuevo mínimo histórico del 0,27% en diciembre, que contrasta con el anterior mínimo del 0,38% de diciembre de 2007. Las perspectivas para la tasa de impago siguen siendo favorables, habida cuenta de la proporción de mejoras/rebajas de las calificaciones y del bajo número de emisores en dificultades. En diciembre, el número de emisores que se beneficiaron de una mejora de calificación superó al de emisores que sufrieron una rebaja de calificación por duodécimo mes consecutivo. La proporción de bonos de alta rentabilidad de EE. UU. que cotizaban en niveles de dificultad (+1.000 puntos básicos o más) era solo del 2,0% al cierre del ejercicio, lo que supone un buen augurio para las perspectivas de impagos. Por ponerlo en contexto, cabe señalar que la tasa de morosidad media a largo plazo se sitúa en el 3,50% (basada en las tasas de morosidad anuales desde 1980, según JP Morgan). A pesar de que los diferenciales de la deuda de alta rentabilidad global se mantienen en un intervalo relativamente estrecho —lo que no resulta poco habitual en esta fase del ciclo del crédito con unas tasas de impago tan bajas—, seguimos encontrando oportunidades de inversión atractivas entre las diferentes calificaciones crediticias y regiones desde la perspectiva de la selección de títulos individuales. A pesar de que las tasas de impagos y emisores en dificultades se mantienen en niveles bajos, seguimos alerta para evitar el deterioro del crédito y a aquellos emisores que no satisfacen nuestros estrictos estándares de suscripción de crédito.
Durante el año, lo que más benefició a la rentabilidad fueron la selección de valores en el sector inmobiliario y de construcción de viviendas, la selección de valores y una sobreponderación en servicios financieros diversificados y la selección de valores en atención sanitaria. Por contra, los mayores lastres para la rentabilidad fueron la selección de valores y una infraponderación en energía, así como la selección de valores en salas de exhibición y ocio. Por lo que respecta al posicionamiento de la Cartera por calificaciones, la selección de valores en calificaciones B, una sobreponderación en calificaciones CCC e inferiores, y la selección de valores en BB y emisores sin calificación fueron las que más beneficiaron a la rentabilidad. Por contra, la selección de valores en calificaciones CCC e inferiores, una sobreponderación en calificaciones B y emisores sin calificación, una infraponderación en calificaciones BB y la selección de valores en calificaciones BBB y emisores con calificaciones superiores lastraron los resultados.
Los diferenciales del mercado de alta rentabilidad global se estrecharon en 2021 respecto de los elevados niveles de 2020, pero creemos que las valoraciones compensan sobradamente a los inversores por unas perspectivas de impago cada vez más benignas. A pesar de que los bancos centrales han reconocido la persistencia de la inflación en muchos países, cabe esperar que la trayectoria de crecimiento del PIB real y la mejora de la capacidad de fijación de precios sigan favoreciendo a los fundamentales de los emisores. Los saneados balances de los consumidores, los crecientes salarios, el trabajo de las empresas para restablecer inventarios y volver a contratar, además de una mayor claridad con respecto a la normalización de la política monetaria deberían favorecer la actividad económica y las condiciones financieras. A pesar de la incertidumbre de la pandemia, del aumento de la inflación y del potencial riesgo político que podrían dar lugar a episodios de volatilidad a corto plazo, creemos que nuestro proceso de análisis fundamental del crédito, con un enfoque ascendente y centrado en la selección de títulos, al tiempo que trata de evitar el deterioro del crédito y de incluir solo nuestras "mejores ideas” en las carteras, nos permite estar bien posicionados para aprovechar cualquier volatilidad.
INFORME ANUAL 2021 81
CUENTAS INFORME DEL GESTOR DE INVERSIONES | # Global High Yield Bond – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was 3.73%. Over the same period, the ICE BofA Global High Yield Constrained Index (Total Return, Hedged, USD) (the “Index”) returned 3.04%. (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 reflect the reinvestment of income dividends and other distributions, if any).
The global high yield bond market finished 2021 with solid returns driven by improving economic activity, better-than-expected earnings, and accommodative central bankers who more recently have focused on plans to remove the massive monetary stimulus as a result of much higher inflation.
The economic recovery was strong in 2021 even as a new COVID-19 variant (“Omicron”) caused a resurgence in the number of COVID-19 cases globally. Despite the rising threat of Omicron later in the year, the global economy is estimated to have grown at well above 5% in real terms for 2021. Along with the strong growth came higher inflation. Headline and core inflation rates have increased rapidly, but in many cases, rising inflation reflects pandemic- related supply-demand imbalances and higher commodity prices. Rising inflation expectations have prompted a faster than-anticipated trajectory for monetary normalisation in advanced economies with the Bank of England already hiking rates by 15 basis points in December 2021 and the US Federal Reserve admittedly behind the curve on fighting inflation with multiple rate hikes expected in 2022. US 10-Year Treasury yields, and other bellwether longer-dated government bonds, moved higher in 2021 as economies continued to expand and inflation reached multi-year highs. This type of environment did not derail the improvement in credit fundamentals for high yield issuers as many were able to pass on price increases given strong end demand.
Moreover, with high yield corporate fundamentals markedly improving—evidenced by default rates declining to all-time lows—high yield spreads tightened over the period. Additionally, attractive yields and lower relative duration fueled investor demand for the asset class.
In global high yield, lower quality securities, such as those rated CCC and below in the ICE BofA Global High Yield Index (Total Return, Hedged, USD) saw much better performance with returns of 8.75%, whereas BB and B securities returned 2.97% and 1.22%, respectively for the full year. This compares to the Index overall return of 3.04%.
The trailing 12-month default rate as of December reached a new all-time low of 0.27% which compares to the prior low of 0.38% in December 2007. The default outlook continues to remain benign as evidenced by the rate of upgrades relative to downgrades and the very low share of distressed issuers. In December, the number of issuers upgraded exceeded the number downgraded for the twelfth consecutive month. The share of US High Yield bonds trading at distressed levels (+1,000 basis points or wider) was just 2.0% at year-end which also bodes well for the default outlook. For context, the long-term average default rate is 3.50% (based on annual default rates back to 1980 according to JP Morgan). While global high yield spreads remain in a relatively narrow range—which is not uncommon for this point in the credit cycle with such low defaults—we continue to find attractive investment opportunities across credit ratings and regions from an individual security selection perspective. While defaults and the share of distressed issuers remain low, we continue to be vigilant in avoiding credit deterioration and issuers that do not meet our disciplined credit underwriting standards.
During the year, security selection within Real Estate & Homebuilders, security selection within and an overweight to Diversified Financial Services and security selection within Healthcare were the most beneficial to performance. In contrast, security selection within and an underweight to Energy and security selection within Theaters & Entertainment and Steel were the largest detractors. Within the Portfolio’s ratings positioning, security selection within B, an overweight to CCC and below, and security selection within BB and Not Rated issuers were the most beneficial to performance. In contrast, security selection within CCC and below, an overweight to B and Not Rated, an underweight to BB and security selection within BBB and above rated issuers were the detractors from a ratings perspective.
Global high yield spreads tightened in 2021 from 2020’s elevated levels, but we believe valuations are more than compensating investors for the increasingly benign default outlook. While the persistence of inflation in many countries has been acknowledged by central banks, the trajectory of real GDP growth and improved pricing power should remain supportive of issuer fundamentals. Healthy consumer balance sheets, growing wages, businesses working to rebuild inventories and rehire plus more clarity on monetary policy normalisation should support economic activity and financial conditions. Even with the uncertainty of the pandemic, higher inflation and potential political risk which could result in pockets of short-term volatility, we believe our bottom-up, fundamental credit research process focused on security selection while seeking to avoid credit deterioration and putting only our “best ideas” into portfolios, position us well to take advantage of any volatility.
ANNUAL REPORT 2021 81
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | es |
DOLFIN9343 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Redex (Reduction of Duration Exposure) Classes of Shares
The underlying investment objective of the redex share classes is, as for the other share classes of the Sub- Funds, to achieve the investment objective of the Sub-Fund, while, only in the case of the relevant share class to mitigate the Fund's exposure to an increase or decrease of interest rates curves. Such an overlay strategy will be managed through the tracking of listed derivatives.
To the extent applicable, the Company is allowed, for the purposes of the Redex Classes of Shares to invest in the following financial instruments traded on regulated or OTC markets:
- Listed or OTC futures,
- Repurchase agreements, and
- Securities lending. | ### Clases de acciones Redex (reducción de la exposición a la duración)
El objetivo de inversión subyacente de las clases de acciones redex consiste, al igual que en el caso de demás clases de acciones del Subfondo, en alcanzar el objetivo de inversión del Subfondo, reduciendo al mismo tiempo -únicamente en el caso de las clases de acciones pertinentes- el impacto de la exposición del Fondo al alza o a la baja de las curvas de tipos de interés. Esta estrategia de overlay se gestionará mediante el seguimiento de derivados cotizados.
En la medida aplicable, a los efectos de las clases de acciones REDEX, la Sociedad puede invertir en los siguientes instrumentos financieros que se negocian en mercados regulados o extrabursátiles (OTC):
- Futuros cotizados o extrabursátiles (OTC),
- Pactos de recompra, y
- Préstamos de valores. | ### Redex (Reduction of Duration Exposure) Classes of Shares
The underlying investment objective of the redex share classes is, as for the other share classes of the Sub- Funds, to achieve the investment objective of the Sub-Fund, while, only in the case of the relevant share class to mitigate the Fund's exposure to an increase or decrease of interest rates curves. Such an overlay strategy will be managed through the tracking of listed derivatives.
To the extent applicable, the Company is allowed, for the purposes of the Redex Classes of Shares to invest in the following financial instruments traded on regulated or OTC markets:
- Listed or OTC futures,
- Repurchase agreements, and
- Securities lending. | en | es |
DOLFIN9346 | 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 | 2.9 | -2.6 | 5.1 | -0.1 | 0.5 | 1.1 | -1.3 | 5.9 | 4.6 | -2.3 |
| Constraint †¹ | 2.6 | -1.5 | 6.1 | 1.6 | 1.6 | 2.5 | 1.0 | 6.7 | 4.0 | -1.2 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). 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 BGF, 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.
BGF 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, BGF 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 BGF). 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 BGF, 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 09 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 2,9 | -2,6 | 5,1 | -0,1 | 0,5 | 1,1 | -1,3 | 5,9 | 4,6 | -2,3 |
| Limitación †¹ | 2,6 | -1,5 | 6,1 | 1,6 | 1,6 | 2,5 | 1,0 | 6,7 | 4,0 | -1,2 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). 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 BGF, 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.
BGF 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, BGF 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 BGF). 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 BGF, 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 09 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 2.9 | -2.6 | 5.1 | -0.1 | 0.5 | 1.1 | -1.3 | 5.9 | 4.6 | -2.3 |
| Constraint †¹ | 2.6 | -1.5 | 6.1 | 1.6 | 1.6 | 2.5 | 1.0 | 6.7 | 4.0 | -1.2 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). 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 BGF, 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.
BGF 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, BGF 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 BGF). 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 BGF, 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 09 February 2022 | en | es |
DOLFIN9357 | 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 the return on your investment through a combination of capital growth and income on the Fund’s assets and invest in a manner consistent with the principles of environmental, social and governance (ESG) investing.
The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, Europe excluding the United Kingdom.
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details, please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens.
The term Europe refers to European countries including, Eastern Europe and the former Soviet Union countries but excludes the United Kingdom.
Depending on market conditions, the Fund will aim to invest in equity securities of companies that are, in the investment adviser’s (IA)opinion, undervalued (i.e. their share price does not reflect their underlying worth) or have good growth potential.
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so the IA will refer to the FTSE World Europe ex UK 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. However, the geographical scope of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid annually on the shares). Your shares will be denominated in Euro, the Fund's base currency.
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
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, e invirtiendo de forma coherente con los principios medioambientales, sociales y de gobierno corporativo (ESG) aplicados a la inversión.
El Fondo invierte al menos el 70% de su activo total en valores de renta variable (como acciones) de empresas domiciliadas o que desarrollen una parte predominante de su actividad económica en Europa, excluido el Reino Unido.
Los activos totales del Fondo se invertirán de acuerdo con lo establecido en su Política ESG, tal como se indica en el folleto. Para obtener más información, consulte el folleto y el sitio web de BlackRock: https://www.blackrock.com/baselinescreens.
El término «Europa» hace referencia a los países europeos, incluidos los países de Europa del Este y los países de la extinta Unión Soviética, aunque no se incluye el Reino Unido.
En función de las condiciones del mercado, el Fondo tratará de invertir en valores de renta variable de empresas que, en opinión del asesor de inversiones (AI), estén infravaloradas (es decir, que el precio de sus acciones no refleje su valor intrínseco como inversión) o tengan un buen potencial de crecimiento.
El AI podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo y/o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo, a través de los IFD, podrá generar distintos niveles de apalancamiento del mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al FTSE World Europe ex UK Index 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 potestad para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, el ámbito geográfico del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores 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 distributivas (anualmente se pagarán ingresos por dividendo sobre las acciones). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
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 maximise the return on your investment through a combination of capital growth and income on the Fund’s assets and invest in a manner consistent with the principles of environmental, social and governance (ESG) investing.
The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, Europe excluding the United Kingdom.
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details, please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens.
The term Europe refers to European countries including, Eastern Europe and the former Soviet Union countries but excludes the United Kingdom.
Depending on market conditions, the Fund will aim to invest in equity securities of companies that are, in the investment adviser’s (IA)opinion, undervalued (i.e. their share price does not reflect their underlying worth) or have good growth potential.
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so the IA will refer to the FTSE World Europe ex UK 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. However, the geographical scope of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid annually on the shares). Your shares will be denominated in Euro, the Fund's base currency.
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 |
DOLFIN9360 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Investment Company may engage in foreign exchange, spot or swap transactions on behalf of the Investment Company through an affiliated company of the Depositary. In such cases, the affiliated company acts as the principal and not as a broker, contractor or trustee of the Investment Company. The affiliated company will seek to generate profits through these transactions and is entitled to retain profits and not notify the Invest- ment Company. The affiliated company shall enter into such transactions under the terms and condi- tions agreed with the Investment Company.
If the cash of the Investment Company is depos- ited with an affiliated company which is a bank, a potential conflict arises with respect to the interest (if any) credited or charged by the affiliat- ed company to this account and the fees or other benefits it could derive from holding such cash as a bank rather than as a trustee.
The Management Company may also be a client or counterparty of the Depositary or its affiliated companies.
Conflicts arising from the use of sub-depositaries by the Depositary may be assigned to four general categories:
- conflicts arising from the choice of sub-de- positaries and the allocation of assets among multiple sub-depositaries which, in addition to objective evaluation criteria, are influenced by (a) cost factors such as the lowest fees charged, discounts and similar incentives, and (b) the broad mutual business relation- ships in which the Depositary may operate on the basis of the economic value of the broader business relationship;
- affiliated or non-affiliated sub-depositaries acting on behalf of other clients and in their own interest, which may lead to conflicts of interest with the interests of the client;
- affiliated or non-affiliated sub-depositaries maintaining only indirect relationships with clients, and considering the Depositary to be their counterparty, which may encourage the Depositary to act in its own interest or in the interest of other clients to the detriment of clients; and
- sub-depositaries potentially having market- based creditor rights with respect to clients’ assets, which they may be interested in enforcing if they do not receive payment for securities transactions. | La sociedad de inversión puede efectuar a través de una empresa asociada de la entidad depositaria operaciones de divisas, al contado o de swaps por cuenta de la sociedad de inversión. En tales casos, la empresa asociada actúa como mandante y no como intermediaria, mandataria o fiduciaria de la sociedad de inversión. La empresa asociada intentará obtener un beneficio con estas operacio- nes y tiene derecho a conservar los beneficios y a no informar de ellos a la sociedad de inversión. La empresa asociada celebra estas operaciones en las condiciones y según las normas acordadas con la sociedad de inversión.
Si se depositan recursos en efectivo de la socie- dad de inversión en una empresa asociada que sea un banco, se genera un conflicto potencial en relación con los (posibles) intereses que la empresa asociada abone o cargue en esa cuenta, así como con las comisiones u otras ven- tajas que pudiera obtener por el hecho de mante- ner esos recursos como banco y no como fidu- ciaria.
La sociedad gestora también puede actuar como cliente o contraparte de la entidad depositaria o sus empresas asociadas.
Los conflictos que pueden originarse por la utili- zación de subcustodios por parte de la entidad depositaria pueden clasificarse en cuatro catego- rías generales:
- conflictos como consecuencia de la elección de los subcustodios y la distribución de los activos entre varios de ellos; estas acciones se ven influidas, además de por criterios objetivos de valoración, por (a) factores de coste, tales como comisiones más bajas, descuentos sobre las comisiones y otros incentivos similares, y (b) la relación comer- cial recíproca global, en la cual la entidad depositaria puede actuar basándose en el valor económico de la relación comercial más amplia;
- los subcustodios asociados o no asociados actúan por cuenta de otros clientes, así como en su propio interés, a raíz de lo cual pueden originarse conflictos con respecto a los intere- ses de los clientes;
- los subcustodios asociados o no asociados mantienen únicamente relaciones indirectas con los clientes y consideran a la entidad depositaria su contraparte, por lo cual esta última puede tener el incentivo de actuar en su propio interés o en interés de unos clien- tes y en perjuicio de otros clientes, y
- los subcustodios pueden disponer de dere chos acreedores con respecto a los activos de los clientes que pueden estar interesados en ejercer en caso de no recibir ningún pago por las operaciones con valores. | The Investment Company may engage in foreign exchange, spot or swap transactions on behalf of the Investment Company through an affiliated company of the Depositary. In such cases, the affiliated company acts as the principal and not as a broker, contractor or trustee of the Investment Company. The affiliated company will seek to generate profits through these transactions and is entitled to retain profits and not notify the Invest- ment Company. The affiliated company shall enter into such transactions under the terms and condi- tions agreed with the Investment Company.
If the cash of the Investment Company is depos- ited with an affiliated company which is a bank, a potential conflict arises with respect to the interest (if any) credited or charged by the affiliat- ed company to this account and the fees or other benefits it could derive from holding such cash as a bank rather than as a trustee.
The Management Company may also be a client or counterparty of the Depositary or its affiliated companies.
Conflicts arising from the use of sub-depositaries by the Depositary may be assigned to four general categories:
- conflicts arising from the choice of sub-de- positaries and the allocation of assets among multiple sub-depositaries which, in addition to objective evaluation criteria, are influenced by (a) cost factors such as the lowest fees charged, discounts and similar incentives, and (b) the broad mutual business relation- ships in which the Depositary may operate on the basis of the economic value of the broader business relationship;
- affiliated or non-affiliated sub-depositaries acting on behalf of other clients and in their own interest, which may lead to conflicts of interest with the interests of the client;
- affiliated or non-affiliated sub-depositaries maintaining only indirect relationships with clients, and considering the Depositary to be their counterparty, which may encourage the Depositary to act in its own interest or in the interest of other clients to the detriment of clients; and
- sub-depositaries potentially having market- based creditor rights with respect to clients’ assets, which they may be interested in enforcing if they do not receive payment for securities transactions. | en | es |
DOLFIN9362 | 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 the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in equity securities (e.g. shares) and fixed income (FI) securities in normal market conditions. FI securities include bonds and money market instruments (i.e. debt securities with short term maturities). It may also hold deposits and cash.
Subject to the above, the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions.
The FI securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may include securities with a relatively low credit rating or which are unrated.
The Fund may also invest in companies that are small in size and are at a relatively early stage in their development.
The Fund will generally aim to invest in securities of undervalued companies (i.e. their market price does not reflect their underlying worth).
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid quarterly on the shares). The dividend payable will be determined with reference to a minimum percentage set on an annual basis by a dedicated committee. The total annual payment is intended to be greater than the minimum percentage but this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Australian Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo.
El Fondo invierte a escala mundial, en condiciones normales del mercado, al menos el 70% de sus activos totales en valores de renta variable (como acciones) y de renta fija (RF). Los valores de RF abarcan los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo). También podrá mantener depósitos y efectivo.
Teniendo en cuenta lo anterior, las clases de activos, y la medida en que el Fondo invierta en ellas, podrán variar sin límites, dependiendo de las condiciones del mercado.
Los valores de RF podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Desarrollo) y entre ellos podría haber valores con una calificación de solvencia relativamente baja, o que carecen de calificación.
El Fondo podrá también invertir en empresas que son de pequeña dimensión y se encuentran en una fase relativamente temprana de desarrollo.
El Fondo tratará generalmente de invertir en valores de empresas infravaloradas (es decir, cuyo precio de mercado no refleja su valor intrínseco como inversión).
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas (trimestralmente se pagarán ingresos por dividendo sobre las acciones). El dividendo a pagar será calculado por un comité designado a tal efecto que establecerá anualmente un porcentaje mínimo. El objetivo es que el pago anual total sea superior al porcentaje mínimo, aunque esto no se puede garantizar. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en dólares australianos. 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.
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 maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in equity securities (e.g. shares) and fixed income (FI) securities in normal market conditions. FI securities include bonds and money market instruments (i.e. debt securities with short term maturities). It may also hold deposits and cash.
Subject to the above, the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions.
The FI securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may include securities with a relatively low credit rating or which are unrated.
The Fund may also invest in companies that are small in size and are at a relatively early stage in their development.
The Fund will generally aim to invest in securities of undervalued companies (i.e. their market price does not reflect their underlying worth).
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid quarterly on the shares). The dividend payable will be determined with reference to a minimum percentage set on an annual basis by a dedicated committee. The total annual payment is intended to be greater than the minimum percentage but this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Australian Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN9374 | 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 an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the FTSE EPRA Nareit Eurozone Capped (NTR) index (Bloomberg: NR0EUE index) ( the Index ) by investing in shares issued by companies included in the Index, respecting the Index's weightings (full replication).
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # ¿QUÉ ES ESTE PRODUCTO?
## Tipo
Este producto es un organismo de inversión colectiva en valores mobiliarios (UCITS) calificado como fondo indexado cotizado (ETF). Es un subfondo de BNP PARIBAS EASY, una sociedad de inversión de capital variable (société d’investissement à capital variable o SICAV) regida por lo dispuesto en la partede la Ley de 17 de diciembre de 2010 relativa a los organismos de inversión colectiva, así como por la Directiva 2009/65 sobre OICVM.
## Plazo
Este producto no tiene fecha de vencimiento.
BNP PARIBAS ASSET MANAGEMENT Luxembourg no tiene derecho a extinguir el producto de forma unilateral. El Consejo de Administración puede decidir sobre las fusiones, las escisiones y la liquidación o el cierre del subfondo. Además, se podrá liquidar la SICAV si se decide en una junta general extraordinaria de accionistas.
## Objetivos
El Fondo es un fondo indexado que se gestiona de forma pasiva.
El Fondo pretende reproducir (con un error de seguimiento* máximo del 1el rendimiento del FTSE EPRA Nareit Eurozone Capped (NTR) Index (Bloomberg: NR0EUE Index) (el «Índice»), mediante la inversión en acciones emitidas por sociedades incluidas en el Índice, respetando las ponderaciones del mismo (reproducción total).
*error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice de referencia. Los ingresos se reinvierten sistemáticamente.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto.
## Inversor minorista al que va dirigido
Este producto está diseñado para inversores minoristas que no tengan experiencia financiera ni conocimientos específicos para comprender el producto, pero que, no obstante, puedan soportar una pérdida total del capital. Es adecuado para clientes que quieran revalorizar su capital mediante la inversión. Los inversores potenciales deben tener un horizonte de inversión de al menos 5ños.
## Información práctica
Depositario: BNP PARIBAS, Luxembourg Branch
Este documento de datos fundamentales se ha elaborado para la clase de acciones o participaciones susodicha y proporciona información sobre un subfondo de BNP PARIBAS EASY Funds. El folleto y los informes periódicos que se emiten a nivel de la SICAV incluyen más información sobre el producto. Según la legislación luxemburguesa, el pasivo está segregado entre los subfondos, lo que significa que los activos del subfondo no estarán disponibles para atender una reclamación de un acreedor u otro tercero contra otro subfondo.
Si desea obtener más información sobre el producto, puede consultar en inglés y de forma gratuita las versiones más actualizadas del folleto, el documento de datos fundamentales, los valores liquidativos, los precios publicados de las acciones o participaciones, el informe anual y la descripción de la inversión. Para ello, puede solicitar estos documentos a BNP PARIBAS ASSET MANAGEMENT Luxembourg o visitar la páginahttps://www.bnpparibas-am.com. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the FTSE EPRA Nareit Eurozone Capped (NTR) index (Bloomberg: NR0EUE index) ( the Index ) by investing in shares issued by companies included in the Index, respecting the Index's weightings (full replication).
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | es |
DOLFIN9377 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
The synthetic risk reward indicator (the SRRI) rating shows what risk and reward characteristics the Fund has, based on the Fund's historical performance over the last 5 years. Where a 5-year performance history is not available, the history has been simulated on the basis of representative data.
| Lower Risk | Higher Risk |
| --- | --- |
| Typically Lower Rewards | Typically Higher Rewards |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
On a scale of 1 (less risky) to 7 (more risky), this Share Class has a rating of 6 due to its past performance (or representative data) and the nature of its investments. Shares with a rating of 6 are subject to high price fluctuations.
Risk is taken in order to make a higher potential return; the more risk a fund takes, the higher the potential return but the greater the risk of loss. This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
The Fund does not offer the investor a guaranteed return. Nor does it guarantee the fixed repayment of the money invested in the Fund by the investor.
The Fund may further hold cash (including in currencies other than the Base Currency) or ancillary liquid assets of up to 20% of the NAV. Benchmark: MSCI ACWI Information Technology NR USD Index Benchmark purpose: The Benchmark is used for performance comparison purposes only. The Fund is actively managed, and the Investment Manager has broad discretion to deviate from the Benchmark’s constituents, weightings and risk characteristics within the Fund’s objective and investment policy.
Investors may buy and sell shares of the Fund on any business day.
You will not receive any income from your investment. Any income will be rolled up into the value of shares in the Fund.
Recommendation: The Fund should be held for a long-term investment horizon and it may not be appropriate for investors who plan to withdraw their money within five years.
For further information, please see the “Investment Objective” and “Investment Policy” sections of the Fund's Supplement.
The indicator takes account of those risks which are entailed in the Fund's net asset value. These mainly involve fluctuations in the value of investments. In addition to the risks expressed through the indicator, the Fund's net asset value may also be significantly affected by the following factors:
Concentration Risk: Investment risk within the Fund is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events.
Derivatives: The Fund may invest in financial derivative instruments which can result in greater fluctuations of the Fund's value and may cause the Fund to lose as much as or more than the amount invested.
Emerging Markets: The Fund may be invested in emerging market assets. Emerging markets generally carry greater political, legal, counterparty and operational risk. In exceptional circumstances the Fund may encounter difficulties when buying and selling these investments.
Intellectual Property: Investments in technology securities are subject to risk due to the absence or loss of intellectual property protections, rapid changes in technology, government regulation and competition.
For further information on risks, please refer to the Risk Factors section in the Funds prospectus and supplement. | # Perfil de riesgo y remuneración
La calificación en el indicador sintético de riesgo y rentabilidad (SRRI) muestra las características de riesgo y rentabilidad del fondo con arreglo a su rentabilidad histórica en los últimos 5 años. En los casos en que no se dispone de un historial de rentabilidad para un período de 5 años, este se ha simulado con arreglo a datos representativos.
| Menor riesgo | Mayor riesgo |
| --- | --- |
| Remuneración normalmente menor | Remuneración normalmente |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Esta clase de acciones tiene una calificación de 6 en una escala del 1 (menor riesgo) al 7 (mayor riesgo) debido a su rentabilidad histórica (o datos representativos) y la naturaleza de sus inversiones. Las acciones con una calificación de 6 se ven sometidas a elevadas fluctuaciones de precios. El riesgo se asume a fin de obtener una mayor rentabilidad potencial: cuanto más riesgo asume un fondo, mayor será su potencial rentabilidad, pero también el riesgo de sufrir pérdidas. Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del fondo. La categoría de riesgo indicada no está garantizada y puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
El fondo no ofrece una rentabilidad garantizada al inversor. Tampoco garantiza la devolución de la suma invertida por el inversor en el fondo.
Además, el fondo podrá mantener hasta el 20% del valor de inventario neto en efectivo (incluso en divisas distintas a la moneda de cuenta) o activos líquidos accesorios.
Referencia: Índice MSCI ACWI Information Technology NR USD Objeto de la referencia: La referencia únicamente se emplea a efectos de comparar la rentabilidad. El fondo se gestiona de forma activa, y el Gestor de inversiones posee amplias facultades para distanciarse de la composición de la referencia, sus ponderaciones y sus características de riesgo con arreglo al objetivo y la política de inversión del fondo.
Los inversores pueden comprar y vender acciones del fondo en cualquier día hábil.
No percibirá ningún ingreso de su inversión. Cualquier ingreso obtenido se acumulará en el valor de las acciones del fondo.
Recomendación: El fondo debe mantenerse con un horizonte de inversión a largo plazo y puede no ser adecuado para los inversores que prevean retirar su dinero en un plazo de cinco años.
Para obtener más información, consulte las secciones “Objetivo de inversión” y “Política de inversión” del suplemento del fondo.
Este indicador tiene en cuenta los riesgos implicados en el valor de inventario neto del fondo. Estos implican principalmente fluctuaciones del valor de las inversiones. Además de los riesgos que se expresan por medio del indicador, el valor liquidativo del fondo puede verse afectado de forma significativa por los factores siguientes:
Riesgo de concentración: El riesgo de inversión dentro del fondo se concentra en sectores, países, divisas o empresas concretos. Esto significa que el fondo es más sensible a cualquier suceso económico, de mercado, político o normativo localizado.
Derivados: El fondo puede invertir en instrumentos derivados financieros, que pueden dar lugar a mayores fluctuaciones del valor del fondo y provocar que este pierda la totalidad de lo invertido o un importe incluso mayor.
Mercados emergentes: El fondo puede invertir en activos de mercados emergentes. Por lo general los mercados emergentes conllevan un mayor riesgo político, jurídico, de contraparte y operativo. En circunstancias excepcionales el fondo puede tener dificultades para comprar y vender estas inversiones.
Propiedad intelectual: Las inversiones en valores tecnológicos están expuestas a riesgos debido a la ausencia o la pérdida de protecciones de la propiedad intelectual, los rápidos cambios que experimenta la tecnología, la normativa estatal y la competencia.
Para obtener más información sobre los riesgos, remítase a la sección “Risk Factors” (Factores de riesgo) del folleto y el suplemento de los fondos. | # Risk and Reward Profile
The synthetic risk reward indicator (the SRRI) rating shows what risk and reward characteristics the Fund has, based on the Fund's historical performance over the last 5 years. Where a 5-year performance history is not available, the history has been simulated on the basis of representative data.
| Lower Risk | Higher Risk |
| --- | --- |
| Typically Lower Rewards | Typically Higher Rewards |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
On a scale of 1 (less risky) to 7 (more risky), this Share Class has a rating of 6 due to its past performance (or representative data) and the nature of its investments. Shares with a rating of 6 are subject to high price fluctuations.
Risk is taken in order to make a higher potential return; the more risk a fund takes, the higher the potential return but the greater the risk of loss. This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
The Fund does not offer the investor a guaranteed return. Nor does it guarantee the fixed repayment of the money invested in the Fund by the investor.
The Fund may further hold cash (including in currencies other than the Base Currency) or ancillary liquid assets of up to 20% of the NAV. Benchmark: MSCI ACWI Information Technology NR USD Index Benchmark purpose: The Benchmark is used for performance comparison purposes only. The Fund is actively managed, and the Investment Manager has broad discretion to deviate from the Benchmark’s constituents, weightings and risk characteristics within the Fund’s objective and investment policy.
Investors may buy and sell shares of the Fund on any business day.
You will not receive any income from your investment. Any income will be rolled up into the value of shares in the Fund.
Recommendation: The Fund should be held for a long-term investment horizon and it may not be appropriate for investors who plan to withdraw their money within five years.
For further information, please see the “Investment Objective” and “Investment Policy” sections of the Fund's Supplement.
The indicator takes account of those risks which are entailed in the Fund's net asset value. These mainly involve fluctuations in the value of investments. In addition to the risks expressed through the indicator, the Fund's net asset value may also be significantly affected by the following factors:
Concentration Risk: Investment risk within the Fund is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events.
Derivatives: The Fund may invest in financial derivative instruments which can result in greater fluctuations of the Fund's value and may cause the Fund to lose as much as or more than the amount invested.
Emerging Markets: The Fund may be invested in emerging market assets. Emerging markets generally carry greater political, legal, counterparty and operational risk. In exceptional circumstances the Fund may encounter difficulties when buying and selling these investments.
Intellectual Property: Investments in technology securities are subject to risk due to the absence or loss of intellectual property protections, rapid changes in technology, government regulation and competition.
For further information on risks, please refer to the Risk Factors section in the Funds prospectus and supplement. | en | es |
DOLFIN9379 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# For each Share Class, the Fund is authorised to hedge exchange rate risk as part of its asset management approach.
The Fund aims to outperform its benchmark index, i.e. the MSCI Europe Net Return EUR Index (M7EU). The Fund is actively managed, meaning that it may significantly differ from the benchmark index in terms of its composition and that there is no restriction regarding the extent to which the Fund’s portfolio may deviate from the index. The investment scope is not limited to the benchmark index; the manager may purchase securities or invest in sectors which are not cited, for example in order to benefit from specific circumstances or to adapt to market conditions.
The Fund promotes, among other characteristics, environmental and/or social characteristics. The analysis of ESG characteristics covers at least 90% of the portfolio. The Manager undertakes to ensure that the portfolio’s average ESG rating is higher than that of its initial investment universe, which is defined by the benchmark index —the MSCI Europe Net Return EUR Index.
Lack of availability of ESG data or potential inconsistencies therein, particularly when provided by an external provider, are methodological limits of the ESG rating process used. These are detailed in the prospectus. | # Para cada Clase de Acciones, el Fondo podrá cubrir los riesgos de cambio en el marco de la gestión de sus activos.
El objetivo del Fondo es obtener una rentabilidad superior a la de su índice de referencia, el MSCI Europe Net Return EUR Index (M7EU). El Fondo está gestionado activamente, lo que significa que su composición puede diferir significativamente del índice de referencia y que no existe ninguna restricción en cuanto a la medida en que la cartera del Fondo puede desviarse del índice. Dado que el universo de inversión no se limita al índice de referencia, el gestor puede comprar títulos o invertir en sectores que no forman parte del índice de referencia, por ejemplo, para aprovechar oportunidades específicas o adaptarse a las condiciones del mercado.
El Fondo fomenta, entre otras, las características medioambientales y/o sociales. Al menos el 90% de la cartera se analiza en función de las características ESG. El Gestor se compromete a garantizar que la calificación ESG media de la cartera sea superior a la de su universo de inversión inicial, que se define por el índice de referencia MSCI Europe Net Return EUR Index.
Las posibles incoherencias o la falta de disponibilidad de los datos ESG, en particular cuando los proporciona un proveedor externo, constituyen limitaciones metodológicas del proceso de calificación ESG utilizado. Dichas limitaciones se detallan en el folleto. | # For each Share Class, the Fund is authorised to hedge exchange rate risk as part of its asset management approach.
The Fund aims to outperform its benchmark index, i.e. the MSCI Europe Net Return EUR Index (M7EU). The Fund is actively managed, meaning that it may significantly differ from the benchmark index in terms of its composition and that there is no restriction regarding the extent to which the Fund’s portfolio may deviate from the index. The investment scope is not limited to the benchmark index; the manager may purchase securities or invest in sectors which are not cited, for example in order to benefit from specific circumstances or to adapt to market conditions.
The Fund promotes, among other characteristics, environmental and/or social characteristics. The analysis of ESG characteristics covers at least 90% of the portfolio. The Manager undertakes to ensure that the portfolio’s average ESG rating is higher than that of its initial investment universe, which is defined by the benchmark index —the MSCI Europe Net Return EUR Index.
Lack of availability of ESG data or potential inconsistencies therein, particularly when provided by an external provider, are methodological limits of the ESG rating process used. These are detailed in the prospectus. | en | es |
DOLFIN9381 | 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 | 32.0 | 20.0 | 3.9 | 10.8 | 2.1 | 12.4 | -11.3 | 35.0 | 5.9 | 27.1 |
| Benchmark † | 31.7 | 20.1 | 3.5 | 10.8 | 2.2 | 12.2 | -11.2 | 35.2 | 6.1 | 27.1 |
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 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 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 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 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 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 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 26 January 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 32,0 | 20,0 | 3,9 | 10,8 | 2,1 | 12,4 | -11,3 | 35,0 | 5,9 | 27,1 |
| Índice † | 31,7 | 20,1 | 3,5 | 10,8 | 2,2 | 12,2 | -11,2 | 35,2 | 6,1 | 27,1 |
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 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 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 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 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 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 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 26 enero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 32.0 | 20.0 | 3.9 | 10.8 | 2.1 | 12.4 | -11.3 | 35.0 | 5.9 | 27.1 |
| Benchmark † | 31.7 | 20.1 | 3.5 | 10.8 | 2.2 | 12.2 | -11.2 | 35.2 | 6.1 | 27.1 |
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 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 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 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 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 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 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 26 January 2022 | en | es |
DOLFIN9384 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a total return on your investment, through a combination of capital growth and income, which reflects the return of the FTSE Government All Stocks Gilt Index, the Fund’s benchmark index. A gilt is a fixed income (FI) security such as a bond issued by the British Government.
The Fund will invest in the FI securities that predominantly make up the benchmark index (which comprises gilts).
At the time of purchase, the FI securities will have a credit rating which is the same as the credit rating for the United Kingdom as assigned by Moody’s, Standard & Poor’s or Fitch Ratings or are deemed, by the investment manager, to be of an equivalent rating.
The benchmark index measures the performance of all conventional (i.e. excluding index-linked) gilts with varying redemption dates (i.e. the date on which some, or all, of the principal amount and interest is repaid during the life of the bond) and maturities (i.e. the time until the bond becomes due for repayment).
The Fund is passively managed and intends to replicate the Index by holding the FI securities in substantially similar proportions to that of the benchmark constituents.
The Fund uses techniques for efficient portfolio management purposes or to protect against exchange rate risk. These techniques may include the strategic selection of certain securities that make up the benchmark index or other FI securities which provide similar performance to certain constituent securities. They may also include the use of financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets).
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be accumulating shares (i.e. dividend income will be included in their value). Your shares will be denominated in Sterling, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is £500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener la rentabilidad total de su inversión, a través de una combinación de revalorización del capital y rendimientos, que refleje la rentabilidad del Índice FTSE Government All Stocks Gilt, el índice de referencia del Fondo. Un Gilt es un valor de renta fija (RF), como un bono, emitido por el Gobierno británico.
El Fondo invertirá en los valores de RF que componen principalmente el índice de referencia (que está integrado por Gilts).
En el momento de la adquisición, los valores de RF tendrán una calificación de solvencia igual a la calificación de solvencia del Reino Unido otorgada por Moody’s, Standard & Poor’s o Fitch Ratings, o que la gestora de inversiones considere que tienen una calificación equivalente.
El índice de referencia mide la rentabilidad de todos los Gilts convencionales (es decir, excluidos los vinculados a índices) con diferentes fechas de reembolso (es decir, la fecha en la que parte o la totalidad del importe principal y los intereses se pagan durante la duración del valor) y vencimientos (es decir, el periodo hasta que la fecha en que el valor se debe reembolsar).
El Fondo se gestiona de forma pasiva y trata de replicar el Índice mediante la inversión en valores de RF en proporciones considerablemente similares a los componentes del índice de referencia.
El Fondo utiliza técnicas con fines de gestión eficiente de la cartera o para protegerse frente al riesgo de los tipos de cambio. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el índice de referencia, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
El Fondo también podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio para generar rendimientos adicionales y compensar los costes del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor). Sus acciones estarán denominadas en libras esterlinas, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión mínima inicial para esta clase de acciones es de 500 000 GBP.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a total return on your investment, through a combination of capital growth and income, which reflects the return of the FTSE Government All Stocks Gilt Index, the Fund’s benchmark index. A gilt is a fixed income (FI) security such as a bond issued by the British Government.
The Fund will invest in the FI securities that predominantly make up the benchmark index (which comprises gilts).
At the time of purchase, the FI securities will have a credit rating which is the same as the credit rating for the United Kingdom as assigned by Moody’s, Standard & Poor’s or Fitch Ratings or are deemed, by the investment manager, to be of an equivalent rating.
The benchmark index measures the performance of all conventional (i.e. excluding index-linked) gilts with varying redemption dates (i.e. the date on which some, or all, of the principal amount and interest is repaid during the life of the bond) and maturities (i.e. the time until the bond becomes due for repayment).
The Fund is passively managed and intends to replicate the Index by holding the FI securities in substantially similar proportions to that of the benchmark constituents.
The Fund uses techniques for efficient portfolio management purposes or to protect against exchange rate risk. These techniques may include the strategic selection of certain securities that make up the benchmark index or other FI securities which provide similar performance to certain constituent securities. They may also include the use of financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets).
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be accumulating shares (i.e. dividend income will be included in their value). Your shares will be denominated in Sterling, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is £500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN9385 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Share Class: SPDR MSCI Europe Climate Paris Aligned UCITS ETF (Acc) (ISIN IE00BYTH5487)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track of European large and mid-sized companies.
Investment Policy The Fund seeks to track the performance of the MSCI Europe Climate Paris Aligned Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI Europe Index (Parent Index), which are selected and weighted to reduce exposure to transition and physical climate risks, while pursuing opportunities arising from the transition to a lower-carbon economy whilst seeking to align the Fund's portfolio with the Paris Agreement adopted under the United Nations Framework Convention on Climate Change requirements (the "Paris Agreement").
The Parent Index measures the performance of large and mid capitalisation stocks across developed market countries. The Index excludes companies which are identified by the index provider as being involved in controversies that have a negative ESG impact on their operations and/or products and services based on an MSCI ESG controversy score ("MSCI ESG Controversy Score"). The remaining constituents are selected and weighted with the aim of reducing exposure to transition and physical climate risks and taking advantage of opportunities arising from the transition to a lower carbon economy while seeking to align with the objectives of the Paris Agreement and minimising ex-ante tracking error relative to the Parent Index.
The ESG screening applies to at least 90% of the portfolio.
The portfolio of the Fund is predominantly composed of securities that comply with the ESG standards outlined above and in the index methodology (and in ensuring that the portfolio is exempt of issuers having activities that would significantly harm this objective).
There may be potential inconsistencies, inaccuracy or lack of availability of the ESG data, particularly when issued by external data providers. There may also be potential inconsistencies with the ESG screening methodology of the Index (criteria, approaches, constraints). Details about the limits are described in the Supplement.
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions
in individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending. The Fund's shares are issued in Euro.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | # Clase de acción: SPDR MSCI Europe Climate Paris Aligned UCITS ETF (Acc) (ISIN IE00BYTH5487)
Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar a las medianas y grandes empresas europeas.
Política de inversión El Fondo trata de replicar la rentabilidad del MSCI Europe Climate Paris Aligned Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. El Índice pretende reflejar las características de rentabilidad de un subconjunto de valores de renta variable del Índice MSCI Europe (Índice principal), que se seleccionan y ponderan a fin de reducir la exposición a los riesgos climáticos físicos y de transición, al tiempo que persiguen las oportunidades derivadas de la transición a una economía con menos emisiones de carbono mientras tratan de adaptar la cartera del Fondo al Acuerdo de París, adoptado con arreglo a los requisitos de la Convención Marco de las Naciones Unidas sobre el Cambio Climático (el «Acuerdo de París»).
El Índice principal mide la rentabilidad de las acciones de empresas de gran y mediana capitalización de los países de mercados desarrollados. El Índice excluye empresas que el proveedor del índice considera que toman parte en controversias que tienen un efecto ASG negativo en sus operaciones o productos y servicios, según la puntuación de controversia en materia ASG de MSCI (la «Puntuación de controversia ASG de MSCI»). Los restantes componentes se seleccionan y ponderan a fin de reducir la exposición a los riesgos climáticos físicos y de transición, y aprovechando las oportunidades derivadas de la transición a una economía con menos emisiones de carbono para adaptarse a los objetivos del Acuerdo de París y minimizar el traking error ex ante con respecto al Índice principal.
La metodología de cribado ASG se aplica al menos al 90% de la cartera. La cartera del Fondo está formada principalmente por valores que se adaptan a las normas ASG anteriormente descritas y en la metodología del índice (así como a la hora de garantizar que la cartera está exenta de emisores cuyas actividades podrían perjudicar notablemente este objetivo). Es posible que los datos en materia ASG presenten incoherencias, sean inexactos o no estén disponibles, en especial cuando son proveedores de datos externos los que se encargan de publicarlos. También pueden producirse posibles incoherencias con la metodología de cribado ASG del Índice (criterios, planteamientos o limitaciones). Los pormenores de los límites se describen en el Suplemento.
Aunque el índice generalmente está bastante diversificado, para seguirlo de manera precisa, el Fondo hará uso de los límites de diversificación más amplios previstos por el Reglamento de OICVM, que permiten mantener
posiciones en componentes individuales del índice, emitidos por la misma entidad, de hasta el 20% del patrimonio neto del Fondo.
El Fondo pretende tener en cartera todos los valores del Índice con ponderaciones muy similares a las de este. El Fondo utilizará una estrategia de replicación para crear una cartera que refleje el Índice de la forma más fiel posible. En determinadas circunstancias, el Fondo podrá adquirir valores que no formen parte del Índice.
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las acciones del Fondo podrán comprarse o venderse a través de corredores en una o varias bolsas de valores. El Fondo se negocia en estas bolsas a precios de mercado que pueden fluctuar a lo largo del día. Esos precios de mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
En la actualidad, el Fondo no realiza operaciones de préstamo de valores. Las acciones del Fondo se emiten en euros.
Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: MSCI no patrocina, apoya ni promociona los fondos o valores citados en el presente documento, ni acepta responsabilidad alguna con respecto a dichos fondos o valores ni con respecto a ningún índice en los que estos se basen. El folleto y el suplemento incluyen una descripción más exhaustiva de la relación limitada que MSCI tiene con State Street Bank and Trust Company, a través de SSGA, y con algunos fondos relacionados, así como otras cláusulas limitativas de responsabilidad aplicables a los índices MSCI. Los índices MSCI son propiedad exclusiva de MSCI y no pueden reproducirse ni total ni parcialmente, ni utilizarse para ningún otro fin, sin la autorización de MSCI. Los índices MSCI se facilitan sin ningún tipo de garantía. | # Share Class: SPDR MSCI Europe Climate Paris Aligned UCITS ETF (Acc) (ISIN IE00BYTH5487)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track of European large and mid-sized companies.
Investment Policy The Fund seeks to track the performance of the MSCI Europe Climate Paris Aligned Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI Europe Index (Parent Index), which are selected and weighted to reduce exposure to transition and physical climate risks, while pursuing opportunities arising from the transition to a lower-carbon economy whilst seeking to align the Fund's portfolio with the Paris Agreement adopted under the United Nations Framework Convention on Climate Change requirements (the "Paris Agreement").
The Parent Index measures the performance of large and mid capitalisation stocks across developed market countries. The Index excludes companies which are identified by the index provider as being involved in controversies that have a negative ESG impact on their operations and/or products and services based on an MSCI ESG controversy score ("MSCI ESG Controversy Score"). The remaining constituents are selected and weighted with the aim of reducing exposure to transition and physical climate risks and taking advantage of opportunities arising from the transition to a lower carbon economy while seeking to align with the objectives of the Paris Agreement and minimising ex-ante tracking error relative to the Parent Index.
The ESG screening applies to at least 90% of the portfolio.
The portfolio of the Fund is predominantly composed of securities that comply with the ESG standards outlined above and in the index methodology (and in ensuring that the portfolio is exempt of issuers having activities that would significantly harm this objective).
There may be potential inconsistencies, inaccuracy or lack of availability of the ESG data, particularly when issued by external data providers. There may also be potential inconsistencies with the ESG screening methodology of the Index (criteria, approaches, constraints). Details about the limits are described in the Supplement.
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions
in individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending. The Fund's shares are issued in Euro.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | en | es |
DOLFIN9398 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs? (continued)
## Table 2: Composition of costs
| Impact on return if you One-off costs upon entry or exit exit after one year |
| --- |
| Entry costs Exit costs | We do not charge an entry fee for this Product. We do not charge an exit fee for this Product. | USD 0 USD 0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs Transaction costs | 1.70% of the value of your investment per year. This is an estimate based on actual costs over the last year. 0.63% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the Product. The actual amount will vary depending on how much we buy and sell. | USD 170 USD 63 |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | We take performance fees from your investment of 15% of the outperformance against the New Net Appreciation. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | USD 216 |
A conversion charge of up to 1% of the value of the Shares to be converted may apply. This charge only applies if you convert the Shares you hold into other classes of Shares in a Sub-Fund of the Fund. | # ¿Cuáles son los costes? (continuación)
## Tabla 2: Composición de los costes
| Costes únicos de entrada o salida Impacto en el rendimiento si sale después de un año |
| --- |
| Costes de entrada Costes de salida | No cobramos comisión de entrada por este Producto. No cobramos comisión de salida por este Producto. | USD 0 USD 0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento Costes de operación | 1,70% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. 0,63% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del Producto. El importe real variará en función de la cantidad que compremos y vendamos. | USD 170 USD 63 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento (y participaciones en cuenta) | Cargamos comisiones de rendimiento de su inversión del 15% de la rentabilidad superior en comparación con la Nueva Apreciación Neta. La cantidad real variará según el rendimiento de su inversión. La estimación de costes agregados anterior incluye el promedio de los últimos 5 años. | USD 216 |
Puede aplicarse una comisión de canje de hasta el 1 % del valor de las Acciones objeto de canje. Esta comisión solo se aplica si canjea las Acciones que posee por otras clases de Acciones de un Subfondo del Fondo. | # What are the costs? (continued)
## Table 2: Composition of costs
| Impact on return if you One-off costs upon entry or exit exit after one year |
| --- |
| Entry costs Exit costs | We do not charge an entry fee for this Product. We do not charge an exit fee for this Product. | USD 0 USD 0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs Transaction costs | 1.70% of the value of your investment per year. This is an estimate based on actual costs over the last year. 0.63% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the Product. The actual amount will vary depending on how much we buy and sell. | USD 170 USD 63 |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | We take performance fees from your investment of 15% of the outperformance against the New Net Appreciation. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | USD 216 |
A conversion charge of up to 1% of the value of the Shares to be converted may apply. This charge only applies if you convert the Shares you hold into other classes of Shares in a Sub-Fund of the Fund. | en | es |
DOLFIN9406 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In connection with over-the-counter derivative transactions, and in accordance with Position paper 201306 issued by the French financial markets regulator (Autorité des Marchés Financiers - AMF), the sub-fund may receive collateral in the form of securities (such as bonds or other securities issued or guaranteed by a State or issued by international financing agencies and bonds or securities issued by high quality corporate issuers), or cash. Any cash collateral received is reinvested in accordance with the applicable rules. All such assets must be from high-quality issuers that are not an entity of the counterparty or its group, and must be liquid and diversified with low volatility. Discounts may be applied to the collateral received; they take into account the quality of credit and the price volatility of the securities.
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### RISK PROFILE | En el marco de operaciones en instrumentos derivados extrabursátiles, y conforme a la posición de la AMF 2013-06, la IIC podrá recibir valores a título de garantía (tales como, concretamente, bonos o títulos emitidos o garantizados por un Estado o emitidos por instituciones financieras internacionales, y bonos o títulos emitidos por emisores privados de alta calidad), así como efectivo. Las garantías recibidas en efectivo se reinvierten conforme a las reglas aplicables. Todos estos activos deben ser de emisores de alta calidad, líquidos, poco volátiles, diversificados y no ser de una entidad de la contraparte o de su grupo. Podrá aplicarse un descuento a la garantía recibida, teniendo en cuenta en particular la calidad crediticia y la volatilidad del precio de los valores.
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### PERFIL DE RIESGO | In connection with over-the-counter derivative transactions, and in accordance with Position paper 201306 issued by the French financial markets regulator (Autorité des Marchés Financiers - AMF), the sub-fund may receive collateral in the form of securities (such as bonds or other securities issued or guaranteed by a State or issued by international financing agencies and bonds or securities issued by high quality corporate issuers), or cash. Any cash collateral received is reinvested in accordance with the applicable rules. All such assets must be from high-quality issuers that are not an entity of the counterparty or its group, and must be liquid and diversified with low volatility. Discounts may be applied to the collateral received; they take into account the quality of credit and the price volatility of the securities.
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### RISK PROFILE | en | es |
DOLFIN9407 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Type: This Product is an investment company qualifying as UCITS Sub-fund in accordance with the UCITS law.
Term: This Product has no maturity date. The Sub-fund has been established for an indefinite period of time. The Board of Directors of the Investment Company is entitled to liquidate, merge or reposition the Product at any time unilaterally in case the Product can no longer be managed in the interest of the investors. The amount the investor will receive upon early termination may be less than the amount invested.
Objectives: This Equity Sub-fund is actively managed with reference to the Stoxx Europe 50 Net Return Index in EUR Benchmark aiming to achieve the highest possible return with a limited number of holdings and taking into consideration the risk diversification, security of the invested capital, and the liquidity of the assets. The Benchmark is exclusively used for performance and internal risk indicators comparison. The Benchmark is not used for individual stock selection and it does not necessarily reflect the portfolio holdings of the Sub-fund. There are no restrictions on the extent to which the Sub-fund’s portfolio and performance may deviate from the ones of the Benchmark. Such deviation may be material. The Sub-fund promotes environmental, social and governance (ESG) characteristics (within the meaning of Article 8 of Regulation (EU) 2019/2088) through a combination of different portfolio management techniques. Details are available in the prospectus and the ESG website disclosure of the Sub-fund. The Sub-fund will invest at least two thirds of its assets in listed equities and equity-type securities, which are domiciled or operate in Europe, including Eastern European developing markets. This Share class makes regular distributions. The Sub-fund shall bear the costs of standard brokerage charges and bank charges incurred by the Sub-fund through securities transactions in relation to the portfolio.
Intended Retail Investor: This Product is intended for retail investors with sufficient knowledge and experience in collective investment schemes and similar products, an ability to bear an average investment loss, and a long-term investment horizon.
What are the risks and what could I get in return?
- | # Tipo: Este producto es una sociedad de inversión clasificada como subfondo OICVM de conformidad con la legislación sobre los OICVM.
Plazo: Este producto no tiene fecha de vencimiento. El subfondo se ha establecido por un periodo de tiempo indefinido. El Consejo de Administración de la sociedad de inversión tiene derecho a liquidar, fusionar o reposicionar el producto en cualquier momento unilateralmente en caso de que el producto ya no se pueda gestionar en beneficio de los inversores. El importe que el inversor recibirá en caso de terminación anticipada podría ser inferior al importe invertido.
Objetivos: Este subfondo de renta variable se gestiona activamente con referencia al índice de referencia Stoxx Europe 50 Net Return Index en EUR con el objetivo de lograr el mayor rendimiento posible con un número limitado de posiciones y teniendo en cuenta la diversificación del riesgo, la seguridad del capital invertido y la liquidez de los activos. El índice de referencia se utiliza exclusivamente para la comparación de indicadores de rendimiento e indicadores de riesgo internos. El índice de referencia no se utiliza para la selección de títulos concretos y no refleja necesariamente las participaciones de la cartera del subfondo. No hay restricciones en cuanto a la desviación que pueden tener la cartera y la rentabilidad del subfondo con respecto al índice de referencia. Esta desviación puede ser considerable. El subfondo promueve criterios medioambientales, sociales y de gobierno corporativo (ESG) (en el sentido del artículo 8 del Reglamento (UE) 2019/2088) mediante la combinación de diferentes técnicas de gestión de carteras. Más información disponible en el folleto y en los datos del subfondo sobre ESG publicados en el sitio web. El subfondo invertirá al menos dos tercios de sus activos en acciones cotizadas y valores similares de emisores domiciliados o que operen en Europa, incluidos los mercados en desarrollo de Europa del Este. Esta clase de acciones realiza distribuciones regulares. El fondo asumirá los gastos por comisiones bancarias y de corretaje que recaigan sobre las operaciones con valores de la cartera.
Inversor minorista al que va dirigido: Este producto está dirigido a inversores minoristas con suficiente conocimiento y experiencia en instituciones de inversión colectiva y productos similares, una capacidad para asumir una pérdida de inversión media y un horizonte de inversión a largo plazo.
¿Qué riesgos corro y qué podría obtener a cambio?
- | # Type: This Product is an investment company qualifying as UCITS Sub-fund in accordance with the UCITS law.
Term: This Product has no maturity date. The Sub-fund has been established for an indefinite period of time. The Board of Directors of the Investment Company is entitled to liquidate, merge or reposition the Product at any time unilaterally in case the Product can no longer be managed in the interest of the investors. The amount the investor will receive upon early termination may be less than the amount invested.
Objectives: This Equity Sub-fund is actively managed with reference to the Stoxx Europe 50 Net Return Index in EUR Benchmark aiming to achieve the highest possible return with a limited number of holdings and taking into consideration the risk diversification, security of the invested capital, and the liquidity of the assets. The Benchmark is exclusively used for performance and internal risk indicators comparison. The Benchmark is not used for individual stock selection and it does not necessarily reflect the portfolio holdings of the Sub-fund. There are no restrictions on the extent to which the Sub-fund’s portfolio and performance may deviate from the ones of the Benchmark. Such deviation may be material. The Sub-fund promotes environmental, social and governance (ESG) characteristics (within the meaning of Article 8 of Regulation (EU) 2019/2088) through a combination of different portfolio management techniques. Details are available in the prospectus and the ESG website disclosure of the Sub-fund. The Sub-fund will invest at least two thirds of its assets in listed equities and equity-type securities, which are domiciled or operate in Europe, including Eastern European developing markets. This Share class makes regular distributions. The Sub-fund shall bear the costs of standard brokerage charges and bank charges incurred by the Sub-fund through securities transactions in relation to the portfolio.
Intended Retail Investor: This Product is intended for retail investors with sufficient knowledge and experience in collective investment schemes and similar products, an ability to bear an average investment loss, and a long-term investment horizon.
What are the risks and what could I get in return?
- | en | es |
DOLFIN9411 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If any, net realised and unrealised gains or losses on foreign exchange represent: (i) foreign exchange gains and losses from the sale and holding of foreign currencies and foreign cash equivalent; (ii) gains and losses between trade date and settlement date on securities transactions and forward currency exchange contracts; (iii) gains and losses arising from the difference between amounts of interest recorded and the amounts actually received; and (iv) gains and losses arising from the foreign exchange difference between the amounts of expenses accrued and the amounts actually paid. The resulting gains and losses on translation, if any, would be included in “Net realised gain/(loss) on currency exchange” or in the “Net change in unrealised appreciation/(depreciation) on currency exchange” in the Combined Statement of Operations and Changes in Net Assets.
- Forward Currency Exchange ContractsUnrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on forward currency exchange contracts”. When a contract is closed, the realised gain/(loss) is recorded under “Net realised gain/(loss) on forward currency exchange contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Net unrealised appreciation/(depreciation) on forward currency exchange contracts” in the Combined Statement of Net Assets.
- Financial Futures Contracts on Securities and IndicesRegulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation margin payments are made or received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending on where the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract in “Net realised gain/(loss) on financial futures contracts” in the Combined Statement of Operations and Changes in Net Assets. | Si corresponde, las plusvalías o minusvalías netas materializadas y latentes sobre operaciones con divisas representan: (i) las plusvalías o minusvalías por diferencias de cambio resultantes de la venta y tenencia de monedas extranjeras y equivalentes de efectivo en moneda extranjera; (ii) las plusvalías o minusvalías entre la fecha de negociación y la fecha de liquidación de operaciones con valores y contratos de divisas a plazo; (iii) las plusvalías y minusvalías que resulten de la diferencia entre el importe contable de los intereses y dividendos y el importe efectivamente recibido; y (iv) las plusvalías y minusvalías que resulten de la diferencia por cambio de divisa entre los importes de gastos contabilizados y los importes realmente abonados. Las plusvalías o minusvalías resultantes de la conversión, si las hay, se incluyen en la partida “Plusvalías/(minusvalías) netas materializadas sobre cambio de divisas” o “Variación neta sobre la revalorización/(devaluación) latente sobre cambio de divisas” de la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales.
- Contratos de divisas a plazoLas plusvalías o minusvalías no materializadas sobre contratos de cambio de divisas a plazo en curso se valoran conforme a los tipos de cambio vigentes en la Fecha de Valoración pertinente. Las variaciones en dichas cantidades se incluyen en la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales en la partida «Variación neta en la apreciación/(depreciación) no materializada sobre contratos de cambio de divisas a plazo». Al cierre de un contrato, las plusvalías/(minusvalías) materializadas se registran en la partida «Plusvalías/(minusvalías) netas materializadas sobre contratos de cambio de divisas a plazo» en la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales. Las plusvalías o minusvalías no materializadas se registran en la partida«Apreciación/(depreciación) neta no materializada sobre contratos de cambio de divisas a plazo» en la Cuenta consolidada del patrimonio neto
- Contratos de futuros financieros sobre valores e índices bursátilesLos contratos de futuros financieros reglamentados se valoran al precio de liquidación cotizado en bolsa. Los depósitos de margen iniciales se efectúan al celebrarse los contratos y pueden consistir en efectivo o valores. Durante el período en que están abiertos los contratos, los cambios en su valor se reconocen como plusvalías y minusvalías latentes mediante el ajuste al valor de mercado («marking-to-market») efectuado todos los días para reflejar el valor de mercado de los contratos al cierre de cada Día hábil. Se abonan o reciben pagos en concepto de margen de variación en función de si se producen plusvalías o minusvalías. La frecuencia de dichos pagos de margen puede diferir en función de la fecha en que se negoció el contrato. Cuando se cierra un contrato, la SICAV registra una plusvalía o minusvalía materializada equivalente a la diferencia entre el producto o el coste de la operación de cierre y el coste inicial del contrato en la partida«Plusvalías/(minusvalías) netas materializadas sobre contratos de futuros financieros» en la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales. | If any, net realised and unrealised gains or losses on foreign exchange represent: (i) foreign exchange gains and losses from the sale and holding of foreign currencies and foreign cash equivalent; (ii) gains and losses between trade date and settlement date on securities transactions and forward currency exchange contracts; (iii) gains and losses arising from the difference between amounts of interest recorded and the amounts actually received; and (iv) gains and losses arising from the foreign exchange difference between the amounts of expenses accrued and the amounts actually paid. The resulting gains and losses on translation, if any, would be included in “Net realised gain/(loss) on currency exchange” or in the “Net change in unrealised appreciation/(depreciation) on currency exchange” in the Combined Statement of Operations and Changes in Net Assets.
- Forward Currency Exchange ContractsUnrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on forward currency exchange contracts”. When a contract is closed, the realised gain/(loss) is recorded under “Net realised gain/(loss) on forward currency exchange contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Net unrealised appreciation/(depreciation) on forward currency exchange contracts” in the Combined Statement of Net Assets.
- Financial Futures Contracts on Securities and IndicesRegulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation margin payments are made or received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending on where the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract in “Net realised gain/(loss) on financial futures contracts” in the Combined Statement of Operations and Changes in Net Assets. | en | es |
DOLFIN9416 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment Policy
The Sub-Fund will seek to achieve its objectives by investing at least two thirds of its total net assets in equities and equity-related instruments issued by all cap companies worldwide which (i) are leaders in the reduction of gender-gap and foster diversity, (ii) have a high representation of women in management and leadership and/ or (iii) demonstrate a strong commitment to empower women in their board and management according to the "United Nations Women Empowerment Principles" and implement women friendly policies.
Investment decisions are based on a combination of macro- economic, sector and company specific analysis. The securities selection process relies on a rigorous analysis of the companies' business model, management quality, growth prospects and risk/ return profile, with a focus on medium to long-term benefits from the companies which demonstrates a strong commitment to promote women leadership. The process also relies on responsible investments filters and analysis as well as impact appraisal, monitoring and measurement to verify and demonstrate that the desired outcome could be attained.
There is no predetermined geographical asset allocation and the Sub-Fund may invest its nets assets in either developed or emerging markets. | ## Política de inversión
El Subfondo tratará de lograr sus objetivos invirtiendo como mínimo dos tercios de su patrimonio neto total en renta variable y en instrumentos relacionados con la renta variable, emitidos por sociedades internacionales de todo tipo de capitalización que i) lideren la reducción de las disparidades entre hombres y mujeres y fomenten la diversidad, ii) cuenten con una representación elevada de mujeres dentro de su gestión y su liderazgo y/o iii) demuestren un sólido compromiso en potenciar a las mujeres dentro de su consejo y su gestión, según los «Principios para el empoderamiento de las mujeres de las Naciones Unidas» e implanten políticas adaptadas a las mujeres.
Las decisiones de inversión se basan en una combinación de análisis específicos macroeconómicos, sectoriales y empresariales. El proceso de selección de títulos está basado en un análisis riguroso del modelo de negocio de las empresas, la calidad de su gestión, las perspectivas de crecimiento, y el perfil general de riesgo y rendimiento, con especial atención a las ventajas a medio y largo plazo de aquellas empresas que demuestren un compromiso sólido en la promoción del liderazgo de las mujeres. El proceso también se basa en filtros y análisis de las inversiones responsables, así como en la valoración, el seguimiento y la medición del impacto para verificar y demostrar que puede alcanzarse el resultado deseado.
No existe una asignación geográfica de activos predeterminada y el Subfondo puede invertir su patrimonio neto tanto en los mercados desarrollados como en los emergentes. | ## Investment Policy
The Sub-Fund will seek to achieve its objectives by investing at least two thirds of its total net assets in equities and equity-related instruments issued by all cap companies worldwide which (i) are leaders in the reduction of gender-gap and foster diversity, (ii) have a high representation of women in management and leadership and/ or (iii) demonstrate a strong commitment to empower women in their board and management according to the "United Nations Women Empowerment Principles" and implement women friendly policies.
Investment decisions are based on a combination of macro- economic, sector and company specific analysis. The securities selection process relies on a rigorous analysis of the companies' business model, management quality, growth prospects and risk/ return profile, with a focus on medium to long-term benefits from the companies which demonstrates a strong commitment to promote women leadership. The process also relies on responsible investments filters and analysis as well as impact appraisal, monitoring and measurement to verify and demonstrate that the desired outcome could be attained.
There is no predetermined geographical asset allocation and the Sub-Fund may invest its nets assets in either developed or emerging markets. | en | es |
DOLFIN9424 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
An Anti-Dilution Levy of up to 1.5% net redemption proceeds may be applied to redemptions.
The ongoing charges figure is an estimate of the charges. An estimate is used because the Fund (or share class) was recently launched or has been launched within the reported period. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another fund. This includes 1.00% management fees and 0.20% maximum estimated research charge.
The Fund's annual report for each financial year will include details on the exact charges made.
Conversion charge: up to 5.00%
For more information about charges, please see the "Fees and Expenses" section of the prospectus, which is available at www.lumyna.com. | Se puede aplicar a los reembolsos un Recargo Antidilución de hasta el 1,5% de los ingresos netos derivados del reembolso.
La cifra de gastos corrientes es una estimación de los gastos. Se utiliza una estimación porque el Fondo (o el tipo de acciones) fue creado recientemente o su creación tuvo lugar durante el periodo en revisión. Excluye las comisiones de rentabilidad y los costes de transacción de la cartera, salvo en el caso de una comisión de entrada/salida abonada por el Fondo al comprar o vender unidades en otro fondo. Esto incluye las comisiones de gestión de 1,00% y la comisión de investigación máxima estimada del 0,20%.
El informe anual del Fondo correspondiente a cada ejercicio presentará de manera pormenorizada los gastos exactos realizados.
Comisión de canje: hasta el 5,00%
Para obtener más información sobre los gastos, consulte el apartado
«Comisiones y gastos» del folleto, que se encuentra disponible en www.lumyna.com. | An Anti-Dilution Levy of up to 1.5% net redemption proceeds may be applied to redemptions.
The ongoing charges figure is an estimate of the charges. An estimate is used because the Fund (or share class) was recently launched or has been launched within the reported period. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another fund. This includes 1.00% management fees and 0.20% maximum estimated research charge.
The Fund's annual report for each financial year will include details on the exact charges made.
Conversion charge: up to 5.00%
For more information about charges, please see the "Fees and Expenses" section of the prospectus, which is available at www.lumyna.com. | en | es |
DOLFIN9432 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Example Investment 10,000 USD | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 893 USD | 2,590 USD |
| Annual cost impact* | 8.9% | 3.7% | | | Ejemplo de inversión 10.000 USD | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 893 USD | 2.590 USD |
| Incidencia anual de los costes* | 8,9% | 3,7% | | | Example Investment 10,000 USD | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 893 USD | 2,590 USD |
| Annual cost impact* | 8.9% | 3.7% | | en | es |
DOLFIN9434 | 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.
Stocks and/or 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 stocks and/or 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 medium. Liquidity risks may arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. No guarantee is provided as to the recovery of your initial investment. The fund may invest in China A-shares through Stock Connect, a system facilitating equity investment to the Chinese market. Investments through this system are subject to specific risks, including but not limited to, quota limitations, trading restrictions, recalling of eligible stocks, clearing and settlement risk and regulatory risk. Investors are advised to familiarise themselves with the risks of this system as outlined in the prospectus. | 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 los valores y/o instrumentos financieros. Entre ellos se incluyen, a título meramente enunciativo, la evolución del mercado financiero, la evolución económica de los emisores de los valores y/o 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 medio. Pueden surgir riesgos de liquidez en aquellos casos en que una inversión subyacente concreta sea difícil de vender. Por otra parte, la fluctuación de las divisas puede influir en gran medida en la rentabilidad del subfondo. No se garantiza que recupere su inversión inicial. El fondo puede invertir en las acciones A de China a través de Stock Connect, un sistema que facilita la inversión en renta variable en el mercado chino. Las inversiones a través de este sistema están sujetas a riesgos concretos, incluidos, entre otros, las limitaciones de cuotas, las restricciones a la negociación, la retirada de acciones, el riesgo de compensación y liquidación y el riesgo normativo. Los inversores deben familiarizarse con los riesgos de este sistema, tal como se describe en el folleto. | 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.
Stocks and/or 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 stocks and/or 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 medium. Liquidity risks may arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. No guarantee is provided as to the recovery of your initial investment. The fund may invest in China A-shares through Stock Connect, a system facilitating equity investment to the Chinese market. Investments through this system are subject to specific risks, including but not limited to, quota limitations, trading restrictions, recalling of eligible stocks, clearing and settlement risk and regulatory risk. Investors are advised to familiarise themselves with the risks of this system as outlined in the prospectus. | en | es |
DOLFIN9435 | 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 in reference to a benchmark. The JP Morgan EMBI Global Diversified (the “Benchmark”) is used for performance comparison and for internal risk monitoring purposes only, without implying any particular constraints to the Sub-Fund's investments. Bond issuers represented in the portfolio of the Sub-Fund will generally be similar to those of the Benchmark however, their weightings are expected to differ materially and the Investment Manager has discretion to select issuers that are not part of the Benchmark universe. The Sub-Fund’s holdings are therefore expected to deviate materially from the Benchmark. The Sub-Fund aims to generate capital growth over the medium-long term. It mainly invests in bonds and similar instruments issued by Emerging Market sovereigns, quasi-sovereigns,
and corporates, and mainly denominated in non-local currencies of Emerging Markets. The Investment Manager may invest in the full range of fixed income securities, both investment grade and below investment grade (including Distressed Securities up to 5% of the net assets). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente por referencia a un índice. El índice JP Morgan EMBI Global Diversified (el «Índice») se utiliza exclusivamente a efectos de comparación de la rentabilidad y seguimiento del riesgo interno y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. En general, los emisores de bonos representados en la cartera del Subfondo serán similares a los del Índice, pero se prevé que sus ponderaciones difieran sustancialmente y el Gestor de Inversiones cuenta con discrecionalidad para seleccionar emisores que no estén incluidos en el universo del Índice. Por lo tanto, está previsto que las posiciones del Subfondo difieran sustancialmente de las del Índice. El objetivo del Subfondo es generar revalorización del capital a medio y largo plazo. Invierte principalmente en bonos e instrumentos similares de emisores soberanos, cuasisoberanos y
corporativos de Mercados emergentes, y denominados principalmente en monedas ajenas a los Mercados emergentes. El Gestor de inversiones podrá invertir en todo el espectro de títulos de renta fija, tanto con grado de inversión como sin él (incluido hasta un 5% del patrimonio neto en deuda distressed). | ### Objectives and Investment Policy
The Sub-Fund is actively managed in reference to a benchmark. The JP Morgan EMBI Global Diversified (the “Benchmark”) is used for performance comparison and for internal risk monitoring purposes only, without implying any particular constraints to the Sub-Fund's investments. Bond issuers represented in the portfolio of the Sub-Fund will generally be similar to those of the Benchmark however, their weightings are expected to differ materially and the Investment Manager has discretion to select issuers that are not part of the Benchmark universe. The Sub-Fund’s holdings are therefore expected to deviate materially from the Benchmark. The Sub-Fund aims to generate capital growth over the medium-long term. It mainly invests in bonds and similar instruments issued by Emerging Market sovereigns, quasi-sovereigns,
and corporates, and mainly denominated in non-local currencies of Emerging Markets. The Investment Manager may invest in the full range of fixed income securities, both investment grade and below investment grade (including Distressed Securities up to 5% of the net assets). | en | es |
DOLFIN9443 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The Fund will:
- invest in Europe, including the UK;
- invest in bonds and similar debt investments issued by companies, governments and other public entities but will maintain a bias to bonds issued by companies (i.e. corporate bonds);
- invest in bonds and similar debt investments with a high credit rating (i.e. investment grade bonds with a rating of AAA to BBB- as rated by Standard and Poor's or similar rating agency);
- invest predominantly in euro denominated bonds and similar debt investments. For those investments not denominated in euro, the Fund may use techniques to try to eliminate the effects of changes in the exchange rate between the euro and other currencies (i.e. hedging). This aims to protect the Fund against losses caused by currency movements between the Fund base currency, euro, and the currency of the underlying assets of the Fund;
- invest in derivatives (financial instruments whose value is derived from other assets) to help achieve the Fund's investment objective. The Fund will also use derivatives with the aim of risk or cost reduction or to generate additional capital or income; and
- limit investment in other collective investment schemes to 10%. | #### El Fondo:
- invertirá en Europa, incluido el Reino Unido;
- invertirá en bonos e inversiones de deuda similares emitidos por empresas, gobiernos y otras entidades públicas, aunque mantendrá la preferencia por los bonos emitidos por empresas (es decir, bonos de empresa);
- invertirá en bonos e inversiones de deuda similares con una calificación de solvencia alta (es decir, bonos con categoría de inversión con una calificación entre AAA y BBB- otorgada por Standard & Poor's o una agencia de calificación similar);
- invertirá predominantemente en bonos e inversiones de deuda similares denominados en euros. En el caso de las inversiones no denominadas en euros, el Fondo podrá aplicar técnicas para intentar eliminar los efectos del cambio de divisas en el tipo de cambio entre el euro y otras divisas (es decir, cobertura). Se pretende así proteger al Fondo frente a pérdidas causadas por las fluctuaciones de divisas entre la moneda de base del Fondo (el euro) y la moneda de los activos subyacentes del Fondo;
- invertirá en instrumentos derivados (instrumentos financieros con un valor derivado de otros activos) para lograr el objetivo de inversión del Fondo. El Fondo también empleará instrumentos derivados para reducir los riesgos o costes, o para generar capitales o ingresos adicionales; y
- limitará la inversión en compartimentos de inversión colectiva al 10%. | #### The Fund will:
- invest in Europe, including the UK;
- invest in bonds and similar debt investments issued by companies, governments and other public entities but will maintain a bias to bonds issued by companies (i.e. corporate bonds);
- invest in bonds and similar debt investments with a high credit rating (i.e. investment grade bonds with a rating of AAA to BBB- as rated by Standard and Poor's or similar rating agency);
- invest predominantly in euro denominated bonds and similar debt investments. For those investments not denominated in euro, the Fund may use techniques to try to eliminate the effects of changes in the exchange rate between the euro and other currencies (i.e. hedging). This aims to protect the Fund against losses caused by currency movements between the Fund base currency, euro, and the currency of the underlying assets of the Fund;
- invest in derivatives (financial instruments whose value is derived from other assets) to help achieve the Fund's investment objective. The Fund will also use derivatives with the aim of risk or cost reduction or to generate additional capital or income; and
- limit investment in other collective investment schemes to 10%. | en | es |
DOLFIN9444 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower Risk Higher Risk
| |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Lower Reward Higher Reward
The risk indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.
The risk category shown is not guaranteed and may change over time. The lowest category does not mean your investment is ‘risk free’.
The Fund is rated 4 because of the medium level of risk due to the nature of its investments in debt instruments. The following risk factors may give rise to performance volatility and may expose the Fund to losses: (i) the value of the Fund will rise as bond yields generally fall but will fall in the event that bond yields generally rise;
(ii) changes in the perceived credit worthiness of bond issuers will contribute to performance volatility. A fall in credit worthiness will generally lead to a fall in the value of the Fund and vice versa; and (iii) the assets held by the Fund which are denominated in a currency other than the base currency can be held hedged or unhedged, thereby currency risks will not be eliminated.
Your shares are accumulating, meaning that income and gains of the Fund will be reinvested to increase the value of the Fund.
Your shares are denominated in US Dollars, the Fund’s base currency.
Shares can normally be bought and sold on any business day, being a day on which banks are open for business in Ireland, the UK and the US.
The impact of portfolio transaction charges are likely to be material due to the strategy adopted by the Fund. Such costs are paid from the assets of the Fund in addition to the ongoing charges set out below.
The Fund is actively managed with reference to the Index. The Index is used (i) as a universe from which to select or hold securities; and (ii) to measure performance of the Fund. The investment manager has discretion over the composition of the portfolio of the Fund and may select securities not included in the Index. However, in normal market circumstances, whilst it is expected that a significant portion of the Fund’s constituents will also be Index constituents, deviations from the Index may be material. Whilst the investment manager does not employ a defined strategy to align with a benchmark during periods of volatility, it will take account of market environment and perceived risks at any given time and will employ its investment discretion as described in the investment policy accordingly.
For more information about the investment policy of the Fund, please see the section of the prospectus titled “Investment Objectives and Policies”.
Material risks not adequately captured by the risk indicator include:
Counterparty risk: The insolvency of any institutions providing services such as custody or acting as counterparty to any transaction may expose the Fund to financial loss, including counterparties to derivatives and foreign exchange trades.
Credit risk: An issuer may fail to repay income or capital in full, leading to a financial loss for the Fund.
Liquidity risk: There may be some circumstances in which the ability to sell certain assets at little cost will be impaired.
Derivative Risk: Gains and losses from the use of derivatives may be greater than where the underlying investment is purchased directly by the Fund.
Emerging Market Risk: Emerging economies may exhibit higher levels of investment risk.
Operational Risk: There may be risks associated with the safekeeping of the assets by the Depositary and sub-custodians.
For more information about risks please see the section of the prospectus titled “Risk Warnings”.
Payden & Rygel Global Limited, the investment manager of the Fund, is authorised and regulated by the UK Financial Conduct Authority.
## 1
10170318v1 | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
| |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Menor remuneración Mayor remuneración
Este indicador de riesgo se basa en datos históricos y puede no ser un indicador fiable del perfil de riesgo futuro del Fondo.
La categoría de riesgo mostrada no está garantizada y puede variar con el paso del tiempo. La categoría más baja no significa que su inversión esté ‘exenta de riesgos’.
El Fondo es de categoría 4 debido a la naturaleza del riesgo de nivel medio de sus inversiones en instrumentos de deuda. Los siguientes factores de riesgo pueden generar volatilidad en la rentabilidad y pueden exponer al Fondo a pérdidas: (i) el valor del Fondo aumentará a medida que la rentabilidad de los bonos disminuyan en general, pero disminuirá en caso de que la rentabilidad de los bonos aumente en general; (ii) los cambios en la percepción de la solvencia crediticia de los emisores de bonos contribuirán a la volatilidad de la rentabilidad. Un descenso en la solvencia crediticia conllevará normalmente la caída del valor del Fondo y viceversa; y (iii) los activos mantenidos por el Fondo denominados en una divisa distinta de la divisa base pueden estar cubiertos o no, por tanto los riesgos derivados de las divisas no están eliminados.
se reinvertirán para aumentar el valor del Fondo.
Sus acciones se denominan en USD, la divisa base del Fondo.
Las acciones normalmente pueden comprarse y venderse en cualquier día laborable, siendo un día en el cual los bancos están abiertos para negocios en Irlanda, R.U y EE.UU.
El impacto de los gastos de transacción de la cartera puede ser importante debido a la estrategia adoptada por el Fondo. Estos costes se pagan de los activos del Fondo, además de los gastos corrientes que se indican a continuación.
El Fondo se gestiona de forma activa con referencia al Índice. El Índice se utiliza (i) como un universo del que seleccionar o mantener valores; y (ii) para medir el rendimiento del Fondo. El gestor de inversiones tiene discreción sobre la composición de la cartera del Fondo y puede seleccionar valores no incluidos en el Índice. Sin embargo, en circunstancias de mercado normales, aunque se prevé que una parte significativa de los constituyentes del Fondo sean también componentes del Índice, las desviaciones del Índice pueden ser importantes. Aunque el gestor de inversiones no emplea una estrategia definida para alinearse con un referente durante los períodos de volatilidad, tendrá en cuenta el entorno de mercado y los riesgos percibidos en un momento determinado y actuará a su discreción en materia de inversión tal como se describe en la política de inversión.
Para más información sobre la política de inversión del Fondo, consulte la sección del folleto titulada "Objetivos y políticas de inversión".
Los riesgos materiales no adecuadamente captados por el indicador de riesgo incluyen:
Riesgo de contraparte: La insolvencia de cualquier entidad que preste servicios como custodio o que actúe como contraparte en cualquier transacción puede exponer al Fondo a pérdidas financieras, incluyendo las contrapartes en derivados y operaciones de divisas.
Riesgo de crédito: Un emisor puede no reembolsar la totalidad de los ingresos o del capital, conllevando una pérdida financiera para el Fondo.
Riesgo de liquidez: Se pueden dar algunas circunstancias en las cuales la capacidad de vender determinados activos a bajo coste se vea afectada.
Riesgo de derivados: Las pérdidas y ganancias derivadas del uso de derivados pueden ser mayores que cuando la inversión subyacente es adquirida directamente por el Fondo.
Riesgo de mercados emergentes: Las economías emergentes pueden presentar mayores niveles de riesgo de inversión.
Riesgo operativo: Puede haber riesgos asociados con la custodia de los activos por parte del Depositario y los sub-custodios.
## Para más información sobre riesgos, consulte la sección del folleto titulada "Advertencias sobre riesgos".
Payden & Rygel Global Limited, el gestor de inversiones del Fondo, está autorizado y regulado por la Autoridad de Conducta Financiera del Reino Unido. | # Risk and reward profile
Lower Risk Higher Risk
| |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Lower Reward Higher Reward
The risk indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.
The risk category shown is not guaranteed and may change over time. The lowest category does not mean your investment is ‘risk free’.
The Fund is rated 4 because of the medium level of risk due to the nature of its investments in debt instruments. The following risk factors may give rise to performance volatility and may expose the Fund to losses: (i) the value of the Fund will rise as bond yields generally fall but will fall in the event that bond yields generally rise;
(ii) changes in the perceived credit worthiness of bond issuers will contribute to performance volatility. A fall in credit worthiness will generally lead to a fall in the value of the Fund and vice versa; and (iii) the assets held by the Fund which are denominated in a currency other than the base currency can be held hedged or unhedged, thereby currency risks will not be eliminated.
Your shares are accumulating, meaning that income and gains of the Fund will be reinvested to increase the value of the Fund.
Your shares are denominated in US Dollars, the Fund’s base currency.
Shares can normally be bought and sold on any business day, being a day on which banks are open for business in Ireland, the UK and the US.
The impact of portfolio transaction charges are likely to be material due to the strategy adopted by the Fund. Such costs are paid from the assets of the Fund in addition to the ongoing charges set out below.
The Fund is actively managed with reference to the Index. The Index is used (i) as a universe from which to select or hold securities; and (ii) to measure performance of the Fund. The investment manager has discretion over the composition of the portfolio of the Fund and may select securities not included in the Index. However, in normal market circumstances, whilst it is expected that a significant portion of the Fund’s constituents will also be Index constituents, deviations from the Index may be material. Whilst the investment manager does not employ a defined strategy to align with a benchmark during periods of volatility, it will take account of market environment and perceived risks at any given time and will employ its investment discretion as described in the investment policy accordingly.
For more information about the investment policy of the Fund, please see the section of the prospectus titled “Investment Objectives and Policies”.
Material risks not adequately captured by the risk indicator include:
Counterparty risk: The insolvency of any institutions providing services such as custody or acting as counterparty to any transaction may expose the Fund to financial loss, including counterparties to derivatives and foreign exchange trades.
Credit risk: An issuer may fail to repay income or capital in full, leading to a financial loss for the Fund.
Liquidity risk: There may be some circumstances in which the ability to sell certain assets at little cost will be impaired.
Derivative Risk: Gains and losses from the use of derivatives may be greater than where the underlying investment is purchased directly by the Fund.
Emerging Market Risk: Emerging economies may exhibit higher levels of investment risk.
Operational Risk: There may be risks associated with the safekeeping of the assets by the Depositary and sub-custodians.
For more information about risks please see the section of the prospectus titled “Risk Warnings”.
Payden & Rygel Global Limited, the investment manager of the Fund, is authorised and regulated by the UK Financial Conduct Authority.
## 1
10170318v1 | en | es |
DOLFIN9446 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in emerging markets debt, while limiting its credit risk. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- geographical allocation
- duration positioning (duration measures in numbers of years the portfolio’s sensitivity to the interest rate variations)
- yield curve positioning (the yield curve illustrates the relation between investment term and bond yield)
- issuer selection The Sub-Fund invests:
- at least two thirds of its assets in debt securities issued in emerging countries (Latin America, Eastern Europe, Asia, Africa, Middle East) by governments or quasi government issuers as well as private or public companies denominated in USD, Euro or local currencies
- up to one third of its assets in money market instruments
- up to one quarter of its assets in convertibles securities (excluding equity and equity related instruments)Within a limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives, especially by entering into Credit Default Swaps. Derivatives may also be used for hedging purposes. | ## Política de inversión
Este Subfondo está gestionado activamente con el fin de captar oportunidades en títulos de deuda de mercados emergentes, mientras se limita su riesgo de crédito. Las siguientes decisiones de inversión se toman tras un análisis microeconómico y macroeconómico exhaustivo del mercado:
- distribución geográfica
- posicionamiento en duración (la duración mide, en años, la sensibilidad de la cartera a las variaciones de los tipos de interés)
- posicionamiento en la curva de rentabilidad (la curva de rentabilidad ilustra la relación entre el plazo de inversión y el rendimiento del bono)
- selección de emisores El Subfondo invierte:
- como mínimo dos tercios de sus activos en títulos de deuda emitidos en países emergentes (América Latina, Europa del Este, Asia, África, Oriente Medio) por emisores gubernamentales o cuasigubernamentales, así como empresas privadas o que coticen en bolsa, denominados en dólares estadounidenses, euros o monedas locales
- hasta un tercio de sus activos, en instrumentos del mercado monetario
- hasta un cuarto de sus activos, en títulos convertibles (excluida la renta variable y los instrumentos relacionados con la renta variable)Dentro de un límite del 200% de los activos netos del Subfondo, la estrategia de inversión puede llevarse a cabo mediante inversiones directas y/o a través de derivados, especialmente formalizando contratos de permuta financiera de incumplimiento crediticio (Credit Default Swaps o CDS). Los derivados también pueden utilizarse con fines de cobertura. | ## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in emerging markets debt, while limiting its credit risk. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- geographical allocation
- duration positioning (duration measures in numbers of years the portfolio’s sensitivity to the interest rate variations)
- yield curve positioning (the yield curve illustrates the relation between investment term and bond yield)
- issuer selection The Sub-Fund invests:
- at least two thirds of its assets in debt securities issued in emerging countries (Latin America, Eastern Europe, Asia, Africa, Middle East) by governments or quasi government issuers as well as private or public companies denominated in USD, Euro or local currencies
- up to one third of its assets in money market instruments
- up to one quarter of its assets in convertibles securities (excluding equity and equity related instruments)Within a limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives, especially by entering into Credit Default Swaps. Derivatives may also be used for hedging purposes. | en | es |
DOLFIN9449 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment CHF 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 203.8 CHF | 1 056.0 CHF |
| Annual costs impact (*) | 2.04% | 2.07% each year | | | Inversión CHF 10.000 Scenarios | En caso de salida después de 1 Año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 203.8 CHF | 1 056.0 CHF |
| Incidencia anual de los costes(*) | 2.04% | 2.07% cada año | | | Investment CHF 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 203.8 CHF | 1 056.0 CHF |
| Annual costs impact (*) | 2.04% | 2.07% each year | | en | es |
DOLFIN9451 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## 2 The investment objective of the Fund is to achieve long term capital growth with lower volatility than a fund which invests solely in equities.
2 The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e. g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies.
2 The Fund may gain exposure in the range of 20-60% of net assets to equities and long only funds; and will maintain a minimum exposure of 30% to Money Market Instruments, Cash and Funds which invest in Fixed Income Securities. | ## 2 El objetivo de inversión del Fondo es obtener el crecimiento del capital a largo plazo con una menor volatilidad que un fondo que invierte únicamente en valores de renta variable.
2 El Fondo tratará de lograr este objetivo principalmente mediante la inversión en organismos de inversión colectiva de capital variable que adquieran exposición a la renta variable (por ejemplo, acciones), valores de renta fija (sin restricciones sobre el rating crediticio mínimo), inmuebles, materias primas y divisas.
2 El Fondo podrá adquirir una exposición de entre el 20% y el 60% de su patrimonio neto a renta variable y a fondos long-only, y mantendrá una exposición mínima del 30% a instrumentos del mercado monetario, efectivo y fondos que invierten en valores de renta fija. | ## 2 The investment objective of the Fund is to achieve long term capital growth with lower volatility than a fund which invests solely in equities.
2 The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e. g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies.
2 The Fund may gain exposure in the range of 20-60% of net assets to equities and long only funds; and will maintain a minimum exposure of 30% to Money Market Instruments, Cash and Funds which invest in Fixed Income Securities. | en | es |
DOLFIN9452 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Upon request of an Investor, the Management Company will provide supplementary information relating to the quantitative limits that apply in the risk management of each Fund, to the methods chosen to this end and to the recent evolution of the risks and yields of the main categories of instruments. This supplementary information includes the VaR levels set for the Funds using such risk measure.
The risk management framework is available upon request from the Company's registered office.
Sustainability Risk Management
The investment decision making process for each Fund includes the consideration of sustainability risks alongside other factors. A sustainability risk is an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment and the returns of the Fund.
Sustainability risks could arise within a particular business or externally, impacting multiple business. Sustainability risks that could negatively affect the value of a particular investment might include the following:
- Environmental: extreme weather events such as flooding and high winds; pollution incidents; damage to biodiversity or marine habitats.
- Social: labour strikes; health and safety incidents such as injuries or fatalities; product safety issues.
- Governance: tax fraud; discrimination within a workforce; inappropriate remuneration practices; failure to protect personal data.
- Regulatory: new regulations, taxes or industry standards to protect or encourage sustainable businesses and practices may be introduced. | Previa solicitud, la Sociedad gestora proporcionará a cualquier Inversor información adicional sobre los límites cuantitativos que se aplican en la gestión del riesgo de cada Fondo, los métodos escogidos para este fin y los últimos cambios de los riesgos y los rendimientos de las principales categorías de instrumentos. Esta información adicional incluye el VaR determinado para los Fondos utilizando dicha medición de riesgos.
El marco de gestión del riesgo está disponible, previa solicitud, en el domicilio social de la Sociedad.
Gestión del riesgo de sostenibilidad
El proceso de toma de decisiones de inversión de cada Fondo contempla los riesgos de sostenibilidad junto con otros factores. Debe entenderse por riesgo de sostenibilidad un hecho o condición medioambiental, social o de gobernanza que, de producirse, podría provocar un impacto material negativo real o posible en el valor de una inversión y en la rentabilidad del Fondo. Los riesgos de sostenibilidad pueden surgir en el seno de una empresa concreta o externamente, lo que afectaría a múltiples empresas. Entre los riesgos de sostenibilidad que podrían afectar negativamente al valor de una inversión concreta se pueden incluir los siguientes:
- Medioambientales: fenómenos meteorológicos extremos, como inundaciones y vientos fuertes; incidentes a causa de la contaminación; daños a la biodiversidad o a los hábitats marinos.
- Sociales: huelgas laborales; incidentes de salud y seguridad, como lesiones o fallecimientos; problemas de seguridad de productos.
- De gobernanza: fraude fiscal; discriminación laboral; prácticas de remuneración inadecuadas; desprotección de datos personales.
- Reglamentarios: promulgación de nuevos reglamentos, impuestos o normas de la industria para proteger o fomentar prácticas y actividades comerciales sostenibles. | Upon request of an Investor, the Management Company will provide supplementary information relating to the quantitative limits that apply in the risk management of each Fund, to the methods chosen to this end and to the recent evolution of the risks and yields of the main categories of instruments. This supplementary information includes the VaR levels set for the Funds using such risk measure.
The risk management framework is available upon request from the Company's registered office.
Sustainability Risk Management
The investment decision making process for each Fund includes the consideration of sustainability risks alongside other factors. A sustainability risk is an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment and the returns of the Fund.
Sustainability risks could arise within a particular business or externally, impacting multiple business. Sustainability risks that could negatively affect the value of a particular investment might include the following:
- Environmental: extreme weather events such as flooding and high winds; pollution incidents; damage to biodiversity or marine habitats.
- Social: labour strikes; health and safety incidents such as injuries or fatalities; product safety issues.
- Governance: tax fraud; discrimination within a workforce; inappropriate remuneration practices; failure to protect personal data.
- Regulatory: new regulations, taxes or industry standards to protect or encourage sustainable businesses and practices may be introduced. | en | es |
DOLFIN9453 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF EURO Short Term Bond
Schroder ISF EURO Short Term Bond (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 Bloomberg Barclays Euro Aggregate (1-3 Y) 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 Bloomberg Barclays Euro Aggregate (1-3 Y) index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Bloomberg Barclays Euro Aggregate (1-3 Y) index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF EURO Short Term Bond
Schroder ISF EURO Short Term Bond (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 Bloomberg Barclays Euro Aggregate (1-3 Y) 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 Bloomberg Barclays Euro Aggregate (1-3 Y) Index en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el Bloomberg Barclays Euro Aggregate (1-3 Y) Index, según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 29 de octubre de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF EURO Short Term Bond
Schroder ISF EURO Short Term Bond (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 Bloomberg Barclays Euro Aggregate (1-3 Y) 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 Bloomberg Barclays Euro Aggregate (1-3 Y) index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Bloomberg Barclays Euro Aggregate (1-3 Y) index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN9456 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment EUR 10,000 | If you exit after 1 year If you exit after 5 years (recommended holding period) |
| --- | --- |
| Total costs | EUR 580 | EUR 1,870 |
| Impact on return (RIY) per year | 6.1% | 3.5% | | | Se invierten 10.000 EUR | En caso de salida después de 1 año En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- |
| Costes totales | 580 EUR | 1.870 EUR |
| Impacto en el rendimiento por año | 6,1% | 3,5% | | | Investment EUR 10,000 | If you exit after 1 year If you exit after 5 years (recommended holding period) |
| --- | --- |
| Total costs | EUR 580 | EUR 1,870 |
| Impact on return (RIY) per year | 6.1% | 3.5% | | en | es |
DOLFIN9461 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition to the foregoing, the Manager will pay out of the assets of each Sub-Fund:
- any fees in respect of circulating details of the Net Asset Value and Net Asset Value per Unit (including publication of the Net Asset Value);
- stamp duties;
- taxes;
- brokerage or other expenses of acquiring and disposing of Investments;
- fees and expenses of the auditors, tax, legal and other professional advisers of the Fund or any Sub-Fund;
- fees connected with listing of Units on any stock exchange;
- index or rating fees (if any);
- the Central Bank’s industry funding levy;
- fees and expenses in connection with the distribution of Units and costs of registration of the Fund in jurisdictions outside Ireland;
- costs of preparing, printing and distributing the Prospectus, reports, accounts any explanatory memoranda and investor correspondence;
- any necessary translation fees;
- any costs incurred as a result of periodic updates of the Prospectus or of a change in law or the introduction of any new law (including any costs incurred as a result of compliance with any applicable code, whether or not having the force of law);
- any other fees and expenses relating to the management and administration of the Fund or attributable to the Investments of the Sub-Funds; and
- in respect of each accounting period of the Fund in which expenses are being determined, such proportion (if any) of the establishment expenses as are being amortised in that year. | Además de los anteriores, la Sociedad Gestora pagará con los activos de cada Subfondo:
- todos los gastos relacionados con la difusión de la información sobre el Valor Liquidativo y el Valor Liquidativo por Participación (incluida la publicación del Valor Liquidativo);
- los impuestos de timbre;
- los impuestos;
- el corretaje y otros gastos derivados de la compraventa de inversiones;
- los honorarios y los gastos debidos a los auditores, los asesores profesionales fiscales, jurídicos y de otro tipo del Fondo o cualquier Subfondo;
- las comisiones relativas a la admisión a cotización de las Participaciones en cualquier bolsa;
- las comisiones por la utilización de índices de referencia o en concepto de calificación (si procede);
- el impuesto de financiación del sector del Banco Central;
- las comisiones y los gastos derivados de la distribución de las Participaciones y los costes de registro del Fondo en las jurisdicciones externas a Irlanda;
- los costes de elaboración, impresión y distribución del Folleto, los informes, las cuentas, las memorias explicativas y la correspondencia con el inversor;
- cualesquiera honorarios de traducción necesarios;
- todos los costes en los que se haya incurrido como consecuencia de las actualizaciones periódicas del Folleto, cualquier modificación legislativa o la introducción de una nueva ley (incluidos los costes derivados del cumplimiento de cualquier código aplicable, sea o no equiparable a la ley);
- cualesquiera otros honorarios y gastos relativos a la gestión y la administración del Fondo o atribuibles a las inversiones de los Subfondos; y
- con respecto a cada ejercicio contable del Fondo en el que calculen gastos, la proporción (si procede) de los gastos de constitución que se amortizará en dicho ejercicio. | In addition to the foregoing, the Manager will pay out of the assets of each Sub-Fund:
- any fees in respect of circulating details of the Net Asset Value and Net Asset Value per Unit (including publication of the Net Asset Value);
- stamp duties;
- taxes;
- brokerage or other expenses of acquiring and disposing of Investments;
- fees and expenses of the auditors, tax, legal and other professional advisers of the Fund or any Sub-Fund;
- fees connected with listing of Units on any stock exchange;
- index or rating fees (if any);
- the Central Bank’s industry funding levy;
- fees and expenses in connection with the distribution of Units and costs of registration of the Fund in jurisdictions outside Ireland;
- costs of preparing, printing and distributing the Prospectus, reports, accounts any explanatory memoranda and investor correspondence;
- any necessary translation fees;
- any costs incurred as a result of periodic updates of the Prospectus or of a change in law or the introduction of any new law (including any costs incurred as a result of compliance with any applicable code, whether or not having the force of law);
- any other fees and expenses relating to the management and administration of the Fund or attributable to the Investments of the Sub-Funds; and
- in respect of each accounting period of the Fund in which expenses are being determined, such proportion (if any) of the establishment expenses as are being amortised in that year. | en | es |
DOLFIN9466 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - USD (I - Acc.) between 31/03/2013-31/03/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,834
8.3%
USD 14,374
6.2% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - USD (I - Acc.) entre 31/03/2013-31/03/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 834 USD
8,3%
14 374 USD
6,2% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - USD (I - Acc.) between 31/03/2013-31/03/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,834
8.3%
USD 14,374
6.2% | en | es |
DOLFIN9473 | 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 an investment company incorporated as a société anonyme qualifying as a Société d'Investissement à Capital Variable. The Fund's value is dependent on the performance of the underlying assets and may go up as well as down. Any capital invested in the Fund may be at risk.
Objectives and Investment Policy
Investment Objective:
The Fund aims to provide long term capital growth and income on your investment over time.
Investment Policy:
The Fund will invest primarily in equity securities (i.e. shares) or similar securities of companies of Turkey. This means companies based in Turkey or companies from any country, but which carry out most of their business in Turkey.
The Fund invests in companies of any size.
The Fund may invest up to 10% of its assets in other funds, including HSBC funds.
The Fund may use derivatives for hedging and cash flow management. Derivatives will not be used extensively for investment purposes. Derivatives may also be embedded in other instruments used by the Fund.
The Fund may enter into securities lending transactions for up to 29% of its assets. However, this is not expected to
exceed 25%.
The reference currency of the Fund is EUR. The reference currency of this share class is EUR.
Income is reinvested.
You may sell your investment on most working days.
The Fund is actively managed and does not track a benchmark. The reference benchmark for the Fund is BIST 100.
The Investment Advisor will use its discretion to invest in securities not included in the reference benchmark based on active investment management strategies and specific investment opportunities. It is foreseen that a significant percentage of the Fund's investments will be components of the reference benchmark. However, their weightings may deviate materially from those of the reference benchmark.
The reference benchmark has a high level of concentration.
This means that a small number of securities make up a significant proportion of the benchmark.
Intended Retail Investor
The Fund may be suitable for investors with a long term investment horizon. The Fund is intended for more experienced investors aiming to asset classes that have the potential to reduce liquidity and increase the volatility of return, or investors aiming for very active investment strategies which may result in a concentrated portfolio. The Fund may be suitable for investors looking for an investment to diversify an existing core portfolio.
An investment in the Fund is only suitable for investors who are capable of evaluating the risks and merits of such an investment, and who have sufficient resources to bear any loss as the Fund is not guaranteed and they may receive back less than the amount invested. The Fund is designed for use as part of a diversified investment portfolio. Prospective investors should consult with their financial advisor before making an investment.
Term:
The Fund does not have a maturity date.
The PRIIP Manufacturer cannot terminate the Fund unilaterally. The Board of Directors may furthermore decide to liquidate the Fund in certain circumstances set out in the prospectus and articles of incorporation of the Fund.
Additional Information:
This document describes a single share class of a sub-fund of the Company. Further information about the Company including the Prospectus, the most recent annual and semi-annual reports of the Company and the latest share prices, may be obtained free of charge, in English, from the Registrar and Transfer Agent by emailing [email protected], or by visiting www.global.assetmanagement.hsbc.com. The most recent Prospectus is available in English and German. The Prospectus, annual and semi-annual reports are prepared for the entire Company.
The Depositary Bank is HSBC Continental Europe, Luxembourg . The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds.
It is possible to switch your shares into shares of a different share class or sub-fund within the Company. Details of how to do this are in the “How to convert between Sub-Funds / Classes” section of the Prospectus. | # ¿Qué es este producto?
Tipo
El Fondo es una sociedad de inversión constituida como una sociedad anónima que reúne los requisitos para ser considerada una «société d'investissement à capital variable». El valor del Fondo depende de la rentabilidad de los activos subyacentes y puede subir o bajar. Cualquier capital invertido en el Fondo puede estar en riesgo.
Objetivos y política de inversión
Objetivo de inversión:
El objetivo del Fondo es lograr un crecimiento del capital e ingresos en su inversión a lo largo del tiempo.
Política de inversión:
El Fondo invertirá principalmente en valores de renta variable (es decir, acciones) o valores similares de sociedades de Turquía. Esto hace referencia a sociedades con sede en Turquía o sociedades de cualquier país, pero que lleven a cabo la mayor parte de su actividad en Turquía.
El Fondo invierte en sociedades de cualquier tamaño.
El Fondo podrá invertir hasta el 10 % de sus activos en otros fondos, incluidos fondos de HSBC.
El Fondo puede emplear derivados a efectos de cobertura y gestión del flujo de caja. Los derivados no se utilizarán ampliamente con fines de inversión. Los derivados también pueden estar integrados en otros instrumentos utilizados por el Fondo.
El Fondo puede destinar hasta el 29 % de sus activos a operaciones de préstamo de valores. Sin embargo, no se espera que exceda el 25 %.
La moneda de referencia del Fondo es EUR. La moneda de referencia de esta clase de acciones es EUR.
Los ingresos se reinvierten.
Puede vender su inversión la mayoría de los días laborables.
El Fondo se gestiona activamente y no reproduce ningún valor de referencia. El valor de referencia del Fondo es
el BIST 100.
El Asesor de inversiones hará uso de su discreción para invertir en valores que no están incluidos en el valor de referencia, en función de estrategias de gestión activa de inversiones y oportunidades de inversión específicas. Se prevé que un porcentaje significativo de las inversiones del Fondo sean componentes del valor de referencia. Sin embargo, sus ponderaciones podrán diferir sustancialmente de las del valor de referencia.
El valor de referencia tiene un alto nivel de concentración. Es decir, un reducido número de valores constituye una parte significativa del valor de referencia.
Inversor minorista al que va dirigido
El Fondo puede ser adecuado para inversores con un horizonte de inversión a largo plazo. El Fondo está dirigido a inversores con más experiencia que busquen clases de activos con potencial para reducir la liquidez y aumentar la volatilidad del rendimiento, o a inversores que busquen estrategias de inversión muy activas que puedan dar lugar a una cartera concentrada. El Fondo puede ser adecuado para inversores que busquen una inversión para diversificar una cartera principal existente.
Una inversión en el Fondo solo es adecuada para inversores que sean capaces de evaluar los riesgos y los beneficios de dicha inversión y que cuenten con recursos suficientes para soportar cualquier pérdida, ya que el Fondo no está garantizado y el importe recibido puede ser inferior a la cantidad invertida. El Fondo está diseñado para formar parte de una cartera de inversión diversificada. Los posibles inversores deben consultar a su asesor financiero antes de invertir.
Plazo:
El Fondo no tiene una fecha de vencimiento.
El Productor del PRIIP no puede terminar el Fondo de forma unilateral. Asimismo, el Consejo de Administración podrá decidir liquidar el Fondo en determinadas circunstancias que se detallan en el folleto y los estatutos del Fondo.
Información adicional:
El presente documento describe una única clase de acciones o participaciones de un subfondo de la Sociedad. Puede obtener más información sobre la Sociedad y consultar el Folleto, los informes anual y semestral más recientes de la Sociedad y los últimos precios de las acciones o participaciones de forma gratuita, en inglés, a través del Agente de registro y de transferencia, mediante el correo electrónico [email protected] visitando www.global.assetmanagement.hsbc.com. El Folleto más reciente se encuentra disponible en inglés y alemán. El Folleto y los informes anual y semestral han sido elaborados para el conjunto de la Sociedad.
El Banco Depositario es HSBC Continental Europe, Luxembourg. El Depositario es el encargado de custodiar los activos del Fondo, que están segregados de los activos de otros Fondos.
Es posible canjear sus acciones o participaciones por las de una clase distinta u otro subfondo de la Sociedad. Para obtener más información al respecto, consulte el apartado del Folleto relativo a las conversiones entre subfondos o clases. | # What is this product?
Type
The Fund is an investment company incorporated as a société anonyme qualifying as a Société d'Investissement à Capital Variable. The Fund's value is dependent on the performance of the underlying assets and may go up as well as down. Any capital invested in the Fund may be at risk.
Objectives and Investment Policy
Investment Objective:
The Fund aims to provide long term capital growth and income on your investment over time.
Investment Policy:
The Fund will invest primarily in equity securities (i.e. shares) or similar securities of companies of Turkey. This means companies based in Turkey or companies from any country, but which carry out most of their business in Turkey.
The Fund invests in companies of any size.
The Fund may invest up to 10% of its assets in other funds, including HSBC funds.
The Fund may use derivatives for hedging and cash flow management. Derivatives will not be used extensively for investment purposes. Derivatives may also be embedded in other instruments used by the Fund.
The Fund may enter into securities lending transactions for up to 29% of its assets. However, this is not expected to
exceed 25%.
The reference currency of the Fund is EUR. The reference currency of this share class is EUR.
Income is reinvested.
You may sell your investment on most working days.
The Fund is actively managed and does not track a benchmark. The reference benchmark for the Fund is BIST 100.
The Investment Advisor will use its discretion to invest in securities not included in the reference benchmark based on active investment management strategies and specific investment opportunities. It is foreseen that a significant percentage of the Fund's investments will be components of the reference benchmark. However, their weightings may deviate materially from those of the reference benchmark.
The reference benchmark has a high level of concentration.
This means that a small number of securities make up a significant proportion of the benchmark.
Intended Retail Investor
The Fund may be suitable for investors with a long term investment horizon. The Fund is intended for more experienced investors aiming to asset classes that have the potential to reduce liquidity and increase the volatility of return, or investors aiming for very active investment strategies which may result in a concentrated portfolio. The Fund may be suitable for investors looking for an investment to diversify an existing core portfolio.
An investment in the Fund is only suitable for investors who are capable of evaluating the risks and merits of such an investment, and who have sufficient resources to bear any loss as the Fund is not guaranteed and they may receive back less than the amount invested. The Fund is designed for use as part of a diversified investment portfolio. Prospective investors should consult with their financial advisor before making an investment.
Term:
The Fund does not have a maturity date.
The PRIIP Manufacturer cannot terminate the Fund unilaterally. The Board of Directors may furthermore decide to liquidate the Fund in certain circumstances set out in the prospectus and articles of incorporation of the Fund.
Additional Information:
This document describes a single share class of a sub-fund of the Company. Further information about the Company including the Prospectus, the most recent annual and semi-annual reports of the Company and the latest share prices, may be obtained free of charge, in English, from the Registrar and Transfer Agent by emailing [email protected], or by visiting www.global.assetmanagement.hsbc.com. The most recent Prospectus is available in English and German. The Prospectus, annual and semi-annual reports are prepared for the entire Company.
The Depositary Bank is HSBC Continental Europe, Luxembourg . The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds.
It is possible to switch your shares into shares of a different share class or sub-fund within the Company. Details of how to do this are in the “How to convert between Sub-Funds / Classes” section of the Prospectus. | en | es |
DOLFIN9484 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund was launched on 12 November 1993.
-8.0
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 12 noviembre 1993.
-8.0
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 12 November 1993.
-8.0
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN9486 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
These bonds are issued primarily by Asian governments, institutions or companies. The Fund may invest up to 20% of its value in mainland China, including bonds traded on the China Interbank Bond Market.
Investment in distressed debt (bonds whose issuers are in financial distress and trading significantly below face value) will not exceed 10% of the assets of the Fund.
The Fund may invest in other assets such as cash and other funds.
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 borrowers. 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.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
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 JP Morgan Asia Credit 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 lower end of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
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.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially 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 (inc. China): 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.
Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus. Currently, it is expected that the Fund will exceed this limit in securities issued by the Chinese government.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
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.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | Estos bonos son emitidos principalmente por gobiernos, instituciones o empresas de Asia. El Fondo puede invertir hasta el 20% de su valor en China continental, incluidos bonos que se negocian en el Mercado interbancario de bonos de China.
La inversión en deuda distressed (bonos cuyos emisores se encuentran en una situación financiera delicada y cotizan muy por debajo de su valor nominal) no superará el 10% de los activos del Fondo.
El Fondo puede invertir en otros activos, como el efectivo y otros fondos.
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 prestatarios. 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.
Se pueden utilizar derivados (contratos financieros cuyo valor está vinculado al precio de un activo subyacente) con fines de inversión (es decir, para lograr los objetivos de inversión del Fondo) o para lograr una gestión eficiente de la cartera, por ejemplo, con el fin de gestionar los riesgos del Fondo o de reducir los costes de su gestión.
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 JP Morgan Asia Credit 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 inferior de la escala del indicador de riesgo y remuneración. Esto se debe a que invierte en bonos cuya rentabilidad suele fluctuar más que la rentabilidad de los fondos que invierten en el mercado monetario, pero menos que la de los fondos que invierten en acciones de empresas.
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.
Impagos: Existe el riesgo de que los emisores de inversiones de renta fija (como, por ejemplo, bonos) no puedan hacer frente al pago de intereses ni reembolsar el dinero que han tomado en préstamo. Cuanto peor sea la calidad crediticia del emisor, mayor será el riesgo de impago y, por consiguiente, de pérdida de la inversión.
Derivados: El uso de derivados puede incrementar el riesgo total al magnificar el efecto tanto de las ganancias como de las pérdidas, lo que puede traducirse en cambios del valor y puede llegar a causar grandes pérdidas financieras. Una contraparte de una operación de derivados puede incumplir sus obligaciones, lo que también podría ocasionar una pérdida financiera.
Mercados emergentes (incluida China): 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.
Exposición a valores de emisores públicos: El Fondo puede invertir más del 35% de sus activos en valores emitidos o garantizados por una entidad soberana autorizada, según la definición recogida en el apartado de definiciones del folleto del Fondo. A día de hoy, se espera que el Fondo supere este límite en el caso de los valores emitidos por el Gobierno de China.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
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.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | These bonds are issued primarily by Asian governments, institutions or companies. The Fund may invest up to 20% of its value in mainland China, including bonds traded on the China Interbank Bond Market.
Investment in distressed debt (bonds whose issuers are in financial distress and trading significantly below face value) will not exceed 10% of the assets of the Fund.
The Fund may invest in other assets such as cash and other funds.
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 borrowers. 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.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
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 JP Morgan Asia Credit 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 lower end of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
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.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially 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 (inc. China): 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.
Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus. Currently, it is expected that the Fund will exceed this limit in securities issued by the Chinese government.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
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.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
DOLFIN9487 | 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 will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor
fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is 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.
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 has a focus on a single or narrow range of industry, sector or types of companies and performance may not reflect a rise in broader markets. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund invests in small and mid-sized companies, which potentially involves greater risks compared to investing in larger companies. The shares may have less liquidity and could experience more price swings (or volatility) which could adversely affect the value of your investment.
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: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo
objetivo, el fondo intentará replicar el índice comprando una cartera de valores que puede incluir los integrantes del índice o cualquier otra inversión no relacionada, según determinen las entidades de DWS. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es 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.
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 se centra en un solo, o pequeño, grupo de industrias, sectores o tipos de empresas, por lo que la evolución podría no reflejar un incremento en mercados más amplios. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo invierte en empresas de pequeño y mediano tamaño, lo que puede acarrear mayores riesgos que la inversión en empresas más grandes. Las acciones pueden presentar una menor liquidez y experimentar más fluctuaciones en los precios (o volatilidad), lo que podría perjudicar el valor de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor
fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is 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.
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 has a focus on a single or narrow range of industry, sector or types of companies and performance may not reflect a rise in broader markets. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund invests in small and mid-sized companies, which potentially involves greater risks compared to investing in larger companies. The shares may have less liquidity and could experience more price swings (or volatility) which could adversely affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN9489 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment approach The Fund invests across all sectors of small- and mid- cap swiss equities considered as owner-managed.
Investment policy The Fund invests at least two thirds of the net assets in shares and equity securities are investments in carefully chosen small- and mid-cap companies that either (i) have their registered office in Switzerland
(ii) have their registered office outside of Switzerland but carry out the majority of their economic activity Switzerland or (iii) are holding companies that mainly hold investments in companies whose registered office is in Switzerland and which are mainly managed by the owners. Owner-operated companies are deemed to be companies in which one or more shareholders hold significant equity stakes (at least 20%) and exercise a significant influence on company policy. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, SPI Extra TR reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | ## Enfoque de inversión El Fondo invierte en todos los sectores de la renta variable suiza de pequeña y mediana capitalización considerados como gestionados por el propietario.
Política de inversión El fondo invierte al menos dos tercios del patrimonio neto en acciones y valores de renta variable son inversiones en empresas de pequeña y mediana capitalización cuidadosamente seleccionadas que, o bien (i) tienen su domicilio social en Suiza, o bien (ii) tienen su domicilio social fuera de Suiza, pero desarrollan la mayor parte de su actividad económica en Suiza, o bien (iii) son sociedades de cartera que poseen principalmente inversiones en empresas cuyo domicilio social está en Suiza y que son gestionadas principalmente por los propietarios. Se considera que las empresas gestionadas por los propietarios son empresas en las que uno o varios accionistas tienen participaciones significativas (al menos el 20%) y ejercen una influencia importante en la política de la empresa. Hasta un tercio del patrimonio neto puede invertirse en títulos de deuda de emisores privados y gubernamentales con diversos plazos y calificaciones crediticias. El Fondo puede realizar operaciones con derivados para lograr una gestión eficaz de la cartera, en particular también con fines de cobertura.
valor de referencia El índice de referencia, SPI Extra TR, se utiliza con fines de comparación y para analizar el valor. El índice de referencia no se utiliza para la construcción de la cartera y tiene cierta discreción para desviarse de su composición y características de riesgo. El Fondo se gestiona activamente y no sigue el índice; por lo tanto, la discreción del Gestor de Inversiones puede dar lugar a una rentabilidad que difiera del índice de referencia. | ## Investment approach The Fund invests across all sectors of small- and mid- cap swiss equities considered as owner-managed.
Investment policy The Fund invests at least two thirds of the net assets in shares and equity securities are investments in carefully chosen small- and mid-cap companies that either (i) have their registered office in Switzerland
(ii) have their registered office outside of Switzerland but carry out the majority of their economic activity Switzerland or (iii) are holding companies that mainly hold investments in companies whose registered office is in Switzerland and which are mainly managed by the owners. Owner-operated companies are deemed to be companies in which one or more shareholders hold significant equity stakes (at least 20%) and exercise a significant influence on company policy. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, SPI Extra TR reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | en | es |
DOLFIN9493 | 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 long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in company shares in countries in areas experiencing rapid economic growth including Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. These regions include emerging markets.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI Emerging Markets Index (Net) Hedged to EUR (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 companies, countries or sectors 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 proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos un 70 % en acciones de empresas situadas en países de áreas que experimenten un rápido crecimiento económico, como América Latina, Sudeste Asiático, África, Europa del Este (incluida Rusia) y Oriente Medio. En estas regiones, hay mercados emergentes.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura de riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente. Para preservar la rentabilidad de las posiciones en divisas activas del fondo, esta exposición se cubre tomando como referencia las ponderaciones de un índice comparativo en vez de las divisas en las que se denominan los valores subyacentes.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el MSCI Emerging Markets Index (Net) Hedged to EUR (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 empresas, países o sectores 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 long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in company shares in countries in areas experiencing rapid economic growth including Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. These regions include emerging markets.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI Emerging Markets Index (Net) Hedged to EUR (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 companies, countries or sectors 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 |
DOLFIN9506 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information www.cpr-am.com
Name of the Depositary : CACEIS Bank.
Where and how to obtain information about the Fund (prospectus, annual report, half-yearly document and other practical information and/or about the other categories of units): this information is available free of charge upon written request sent to the postal address of the Portfolio Management Company: CPR Asset Management – 90, boulevard Pasteur – CS 61595 – 75730 Paris Cedex 15.
This Fund is eligible for the French PEA (plan d'épargne en actions) personal equity plan tax scheme. From 2 December 2013, the Fund will be eligible for an allowance for the duration of the holding period under Article 150-0 D of the French General Tax Code relating to capital gains from the sale of UCI units and/or shares. Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to consult the Fund promoter.
The net asset value is available, each time it is calculated, from the Portfolio Management Company.
The Fund is not available to residents of the United States of America/"U.S. Person" as defined in the legal disclaimer section of the Portfolio Management Company's website: www.cpr-am.com and/or in the Prospectus of the Fund.
Updated details on the management company’s remuneration policy are available on its website or free of charge upon written request to it. In particular, this policy describes the calculation methods applied to the remuneration and benefits of certain categories of employees, the entities responsible for their attribution and the composition of the Remuneration Committee.
CPR Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund.
This Fund is approved in France and regulated by the French Market Regulator (AMF). CPR Asset Management is accredited in France and regulated by the AMF.
This key investor information is accurate as at 30 April 2018. | # Información práctica www.cpr-am.com
Nombre del depositario: CACEIS Bank.
Lugar y formas para obtener información sobre el Fondo (folleto, informe anual, documento semestral y otra información práctica y/o sobre las demás categorías de participaciones): dicha información se encuentra disponible de forma gratuita previa solicitud por escrito a la dirección postal de la sociedad gestora de la cartera: CPR Asset Management – 90, boulevard Pasteur – CS 61595 – 75730 París Cedex 15.
Este Fondo es admisible al Plan de Ahorro en Acciones (PEA). A partir del 2 de diciembre de 2013, el Fondo es admisible a la exoneración durante la duración de la tenencia, según el artículo 150-0 D del CGI, relativo a las plusvalías de las cesiones de participaciones y/o acciones de IIC. Según su régimen fiscal, las plusvalías y los ingresos eventuales relacionados con la tenencia de títulos del Fondo pueden estar sujetos a impuestos. Le aconsejamos que solicite información al respecto a su agente de comercialización del Fondo.
El valor liquidativo se halla disponible tras cada cálculo en la sociedad gestora de la cartera.
El Fondo de inversión no está disponible para los residentes de los Estados Unidos de América/«Personas estadounidenses» según se definen en las notas legales del sitio web de la sociedad gestora de la cartera: www.cpr-am.com y/o en el folleto del Fondo.
Los detalles actualizados de la política de remuneraciones de la sociedad gestora están disponibles en su página web o de forma gratuita previa solicitud por escrito. Esta política detalla principalmente los métodos de cálculo de las remuneraciones y las ventajas de determinadas categorías de empleados, los órganos responsables de su asignación y la composición del Comité de remuneraciones.
CPR Asset Management únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Este Fondo está autorizado en Francia y está regulado por la Autoridad de Mercados Financieros (AMF).
CPR Asset Management está autorizada en Francia y regulada por la Autoridad de Mercados Financieros (AMF). Los presentes datos fundamentales para el inversor son exactos y vigentes a 30 de abril de 2018. | # Practical information www.cpr-am.com
Name of the Depositary : CACEIS Bank.
Where and how to obtain information about the Fund (prospectus, annual report, half-yearly document and other practical information and/or about the other categories of units): this information is available free of charge upon written request sent to the postal address of the Portfolio Management Company: CPR Asset Management – 90, boulevard Pasteur – CS 61595 – 75730 Paris Cedex 15.
This Fund is eligible for the French PEA (plan d'épargne en actions) personal equity plan tax scheme. From 2 December 2013, the Fund will be eligible for an allowance for the duration of the holding period under Article 150-0 D of the French General Tax Code relating to capital gains from the sale of UCI units and/or shares. Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to consult the Fund promoter.
The net asset value is available, each time it is calculated, from the Portfolio Management Company.
The Fund is not available to residents of the United States of America/"U.S. Person" as defined in the legal disclaimer section of the Portfolio Management Company's website: www.cpr-am.com and/or in the Prospectus of the Fund.
Updated details on the management company’s remuneration policy are available on its website or free of charge upon written request to it. In particular, this policy describes the calculation methods applied to the remuneration and benefits of certain categories of employees, the entities responsible for their attribution and the composition of the Remuneration Committee.
CPR Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund.
This Fund is approved in France and regulated by the French Market Regulator (AMF). CPR Asset Management is accredited in France and regulated by the AMF.
This key investor information is accurate as at 30 April 2018. | en | es |
DOLFIN9516 | 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 seeks to maximise total return by investing primarily though not exclusively in investment grade debt securities, both fixed and floating rate, of issuers located in any geographic region. The Fund may invest up to 20% of its total assets in debt securities rated below investment grade. The investment manager will actively select, purchase and sell securities with the aim of meeting the investment objectives of the Fund.
Investments will generally consist of debt securities issued or guaranteed by governments or their agencies, supranationals and corporations (including transferable loan participation notes), as well as agency and non-agency mortgage backed securities and asset backed securities.
The Fund may hold money market instruments, and other UCITS and may also use derivative instruments to obtain both long and short exposures for investment and hedging purposes and for investment efficiency.
## Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 12 months.
## Your shares are accumulating, meaning that income and gains of the Fund will be reinvested to increase the value of the Fund | # Objetivos y política de inversión
El Fondo pretende maximizar la rentabilidad total invirtiendo principalmente, si bien no de forma exclusiva, en títulos de deuda con calificación "investment grade" (grado de inversión), ya sea de tipo fijo o variable, de emisores situados en cualquier región geográfica. El Fondo podrá invertir hasta el 20% de su patrimonio total en títulos de deuda pública con una calificación inferior a "investment grade". El gestor de inversiones seleccionará, comprará y venderá valores de forma activa con el propósito de cumplir los objetivos de inversión del Fondo.
Por regla general, las inversiones consistirán en títulos de deuda emitidos o garantizados por gobiernos o por agencias gubernamentales, organizaciones supranacionales y empresas (incluidos títulos de participación en deuda transferibles, o transferable loan participation notes), así como bonos de titulización hipotecaria y de titulización de activos emitidos por agencias y no emitidos por agencias.
El Fondo puede invertir en instrumentos del mercado monetario y en otros OICVM, y también puede emplear instrumentos derivados para obtener exposiciones tanto largas como cortas con fines de inversión y de cobertura, así como de eficiencia de las inversiones.
## Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de 12 meses.
## Sus acciones son de acumulación, lo que significa que los ingresos y las ganancias del Fondo se reinvertirán para aumentar el valor del Fondo. | # Objectives and investment policy
The Fund seeks to maximise total return by investing primarily though not exclusively in investment grade debt securities, both fixed and floating rate, of issuers located in any geographic region. The Fund may invest up to 20% of its total assets in debt securities rated below investment grade. The investment manager will actively select, purchase and sell securities with the aim of meeting the investment objectives of the Fund.
Investments will generally consist of debt securities issued or guaranteed by governments or their agencies, supranationals and corporations (including transferable loan participation notes), as well as agency and non-agency mortgage backed securities and asset backed securities.
The Fund may hold money market instruments, and other UCITS and may also use derivative instruments to obtain both long and short exposures for investment and hedging purposes and for investment efficiency.
## Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 12 months.
## Your shares are accumulating, meaning that income and gains of the Fund will be reinvested to increase the value of the Fund | en | es |
DOLFIN9520 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration and a minimum average country sustainability ranking score as well as a minimum allocation to ESG-labeled bonds. The fund complies with Robeco's exclusion policy for countries and does not invest in countries where serious violations of human rights or a collapse of the governance structure take place, or if countries are subject to UN, EU or US sanctions. In addition, the fund excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption'. ESG factors of countries are integrated in the bottom-up country analysis. In the portfolio construction the fund ensures a minimum weighted average score of 6.5 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. Lastly, the fund invests in a minimum of 10% in green, social, sustainable and/or sustainability-linked bonds. | # Sustentabilidad
El fondo incorpora la sostenibilidad al proceso de inversión mediante exclusiones, filtrado negativo, integración de criterios ASG y una puntuación media mínima en el ranking de sostenibilidad por países, además de con una asignación mínima a bonos calificados como ASG. El fondo cumple la política de exclusión de países de Robeco y no invierte en países donde se producen violaciones graves de los derechos humanos o donde se ha colapsado la estructura de gobierno, ni en países sujetos a sanciones de la ONU, la UE o Estados Unidos. Además, el fondo excluye al 15 % de los países peor clasificados según el indicador de gobernanza mundial «Control de la corrupción». Los factores ASG de los países se integran en un análisis bottom-up por países. En la construcción de la cartera, el fondo garantiza una puntuación media ponderada mínima de 6,5 según el ranking de sostenibilidad por países elaborado por Robeco. El ranking de sostenibilidad por países puntúa a los países en una escala de 1 (el peor) a 10 (el mejor), en función de 40 indicadores ambientales, sociales y de gobernanza. Por último, el fondo invierte como mínimo el 10% en bonos verdes, sociales, sostenibles o vinculados a la sostenibilidad. | # Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration and a minimum average country sustainability ranking score as well as a minimum allocation to ESG-labeled bonds. The fund complies with Robeco's exclusion policy for countries and does not invest in countries where serious violations of human rights or a collapse of the governance structure take place, or if countries are subject to UN, EU or US sanctions. In addition, the fund excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption'. ESG factors of countries are integrated in the bottom-up country analysis. In the portfolio construction the fund ensures a minimum weighted average score of 6.5 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. Lastly, the fund invests in a minimum of 10% in green, social, sustainable and/or sustainability-linked bonds. | en | es |
DOLFIN9523 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
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 domiciled, or carrying out the main part of their economic activity, in an emerging market country.
There are no credit quality or maturity restrictions applicable to the debt securities and the Sub-Fund may be concentrated in a limited number of emerging market corporate issuers.
The Sub-Fund may also invest in debt securities issued or guaranteed by governments of emerging market countries.
At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good governance practices as | 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 corporativa emitidos por compañías domiciliadas o que desarrollen la mayor parte de su actividad económica en un mercado emergente.
No existe restricción alguna en cuanto a la calidad crediticia o el vencimiento aplicable a los títulos de deuda, y el Subfondo puede estar concentrado en un número limitado de emisores corporativos de los mercados emergentes.
Asimismo, el Subfondo podrá invertir en títulos de deuda emitidos o garantizados por gobiernos de mercados emergentes.
Como mínimo el 51% del patrimonio se invertirá en emisores con características medioambientales y/o sociales positivas que observan | 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 domiciled, or carrying out the main part of their economic activity, in an emerging market country.
There are no credit quality or maturity restrictions applicable to the debt securities and the Sub-Fund may be concentrated in a limited number of emerging market corporate issuers.
The Sub-Fund may also invest in debt securities issued or guaranteed by governments of emerging market countries.
At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good governance practices as | en | es |
DOLFIN9528 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund was launched on 01 December 2004.
2.4
3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 01 diciembre 2004.
2.4
3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 01 December 2004.
2.4
3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN9541 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund management commentary
## Market Review
While equity markets were generally higher, disparity in returns was prevalent. Developed markets handily outpaced its emerging peers as a resurgence in COVID-19 cases in the Asian region as well as ongoing policy changes in China weighed heavily on EM returns. Variance in returns wasn’t witnessed in just regional returns as based upon Russell Indices, large-cap outperformed small-cap by almost 6% with a bias towards higher quality companies. The environment dampened sentiment surrounding “the re-opening trade”. Underscoring the shift in sentiment, health care and IT were top performers while discretionary was hampered by lockdown concerns and energy took a breather as OPEC+ came to a supply agreement. Uneven growth prospects as well as a less decisive monetary outlook from the Fed led to a sharp decline in Treasury yields, leading to utilities being a top performer while financials were underwater.
The S&P 500 was higher by 2.4% while the MSCI EM Index ended the period down by 6.7%. The MSCI Europe Index was modestly up by 1.9% while the MSCI Japan Index continued to lag its developed peers ending down by 1.3%.
## Fund Review
Stock selection in the financials and consumer discretionary sectors contributed to relative performance while weakness was witnessed in information technology and energy. From a country perspective, stock selection contributed most in China and Japan while Switzerland and Denmark modestly lagged.
## Market Outlook
2020 was a volatile and challenging experience for the world at large, but the many uncertainties laid bare by the pandemic found some resolve. Subsequently, lower quality
cyclically oriented companies witnessed substantial valuation improvements accompanied by less bad earnings, though lack sustainable earnings profiles. Now, with inflation on the rise and central banks rethinking monetary policies, we are increasingly confident that company specific fundamentals will reassert themselves as the key driver of stock specific performance as the global turbulence of the past year subsides. With the path to recovery likely uneven across the globe, our analysts remain hyper-focused on the duration of the change they can identify. Many companies have seen an increased dislocation between consensus earnings expectations and our own forecasts. We look to capitalize on this. | # Comentario de gestión del fondo
## Revisión del mercado
Si bien los mercados de renta variable terminaron en general más altos, prevaleció la disparidad en las rentabilidades. Los mercados desarrollados superaron fácilmente a sus pares emergentes, dado que el resurgimiento de casos de COVID-19 en la región asiática, junto con los actuales cambios de política en China, afectaron en gran medida a la rentabilidad de los mercados emergentes. La variación en la rentabilidad no se observó solo en los rendimientos regionales, ya que, según los índices Russell, las empresas de gran capitalización superaron a las de pequeña capitalización en casi un 6% con un sesgo hacia empresas de mayor calidad. El entorno empañó la confianza surgida en torno a "la reapertura comercial". Para subrayar este cambio de ánimo, la atención sanitaria y TI fueron los sectores con mejor rentabilidad, mientras que el consumo discrecional se vio frenado por la preocupación de nuevos confinamientos y la energía se tomó un respiro cuando la OPEP+ llegó a un acuerdo de suministro. Las perspectivas de crecimiento desiguales, así como un horizonte monetario menos decisivo de la Fed, provocaron una fuerte caída en los rendimientos de los bonos del Tesoro, lo que llevó a las empresas de servicios públicos a tener un desempeño superior mientras que las finanzas no levantaban cabeza. El índice S&P 500 aumentó un 2,4%, mientras que el índice MSCI EM terminó el periodo con una bajada del 6,7%. El índice MSCI Europe subió un modesto 1,9%, mientras que el índice MSCI Japan siguió por detrás de sus pares desarrollados, terminando con un descenso del 1,3%.
## Revisión del Fondo
La selección de valores en los sectores financiero y de consumo discrecional contribuyó al rendimiento relativo, mientras que se observó debilidad en tecnología de la información y energía. Por países, la selección de valores contribuyó más en China y Japón, mientras que Suiza y Dinamarca quedaron ligeramente rezagados.
## Perspectiva del mercado
2020 fue una experiencia volátil y desafiante para el mundo en general, pero las muchas incertidumbres que dejó al descubierto la pandemia comenzaron a resolverse. A causa de ello, las empresas con orientación cíclica de menor calidad experimentaron mejoras sustanciales en la valoración, acompañadas de unas ganancias menos malas, aunque
careciendo de perfiles de ganancias sostenibles. Ahora bien, ante el aumento de la inflación y el replanteamiento de las políticas monetarias por los bancos centrales, cada vez confiamos más en que los fundamentales específicos de las empresas se reafirmarán como principal motor del rendimiento específico de las acciones conforme disminuyan los trastornos mundiales del año pasado. Dado que es probable que el camino hacia la recuperación sea desigual en todo el mundo, nuestros analistas siguen muy concentrados en la duración del cambio que pueden identificar. Muchas empresas han visto una dislocación cada vez mayor entre las expectativas de ganancias consensuadas y nuestras propias previsiones. Esperamos aprovechar esta circunstancia. | # Fund management commentary
## Market Review
While equity markets were generally higher, disparity in returns was prevalent. Developed markets handily outpaced its emerging peers as a resurgence in COVID-19 cases in the Asian region as well as ongoing policy changes in China weighed heavily on EM returns. Variance in returns wasn’t witnessed in just regional returns as based upon Russell Indices, large-cap outperformed small-cap by almost 6% with a bias towards higher quality companies. The environment dampened sentiment surrounding “the re-opening trade”. Underscoring the shift in sentiment, health care and IT were top performers while discretionary was hampered by lockdown concerns and energy took a breather as OPEC+ came to a supply agreement. Uneven growth prospects as well as a less decisive monetary outlook from the Fed led to a sharp decline in Treasury yields, leading to utilities being a top performer while financials were underwater.
The S&P 500 was higher by 2.4% while the MSCI EM Index ended the period down by 6.7%. The MSCI Europe Index was modestly up by 1.9% while the MSCI Japan Index continued to lag its developed peers ending down by 1.3%.
## Fund Review
Stock selection in the financials and consumer discretionary sectors contributed to relative performance while weakness was witnessed in information technology and energy. From a country perspective, stock selection contributed most in China and Japan while Switzerland and Denmark modestly lagged.
## Market Outlook
2020 was a volatile and challenging experience for the world at large, but the many uncertainties laid bare by the pandemic found some resolve. Subsequently, lower quality
cyclically oriented companies witnessed substantial valuation improvements accompanied by less bad earnings, though lack sustainable earnings profiles. Now, with inflation on the rise and central banks rethinking monetary policies, we are increasingly confident that company specific fundamentals will reassert themselves as the key driver of stock specific performance as the global turbulence of the past year subsides. With the path to recovery likely uneven across the globe, our analysts remain hyper-focused on the duration of the change they can identify. Many companies have seen an increased dislocation between consensus earnings expectations and our own forecasts. We look to capitalize on this. | en | es |
DOLFIN9546 | 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 FTSE 6-Month Euro Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund aims to generate regular income by investing mainly in bank deposits, money market instruments, bonds, other fixed or floating-rate debt securities and short-term debt securities of governmental and/or corporate issuers rated BBB or better. The maximum weighted average duration of the portfolio is no more than 180 days. Instruments may have a maximum residual maturity of two years, except for structured finance instruments (ABS/MBS) which must have an average life of 1 year or less. 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 FTSE 6-Month Euro Eurodeposit se utiliza a efectos de comparación de la rentabilidad y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. El objetivo del subfondo es generar unos ingresos regulares invirtiendo principalmente en depósitos bancarios, instrumentos del mercado monetario, bonos, otros títulos de deuda a tipo variable o fijo y deuda a corto plazo de emisores gubernamentales y/o corporativos con calificación BBB o superior. La duración media ponderada máxima de la cartera no supera los 180 días. Los instrumentos pueden tener un vencimiento residual de dos años, excepto los instrumentos financieros estructurados (títulos respaldados por activos/títulos respaldados por hipotecas), que deben tener una vida media de un año o menos. 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 FTSE 6-Month Euro Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund aims to generate regular income by investing mainly in bank deposits, money market instruments, bonds, other fixed or floating-rate debt securities and short-term debt securities of governmental and/or corporate issuers rated BBB or better. The maximum weighted average duration of the portfolio is no more than 180 days. Instruments may have a maximum residual maturity of two years, except for structured finance instruments (ABS/MBS) which must have an average life of 1 year or less. 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 |
DOLFIN9550 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Sustainable Multi-Factor Equity
Sustainable Multi-Factor 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 characteristics: it maintains i) a higher overall sustainability score; and ii) at least a 50% lower carbon intensity score, relative to the MSCI AC World (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.
Carbon intensity is a measure of the carbon efficiency of a portfolio. It is expressed as the carbon emissions per million dollars of revenue and displayed as tons CO2e / $M revenue. The carbon intensity is measured using data from a third party provider. Where a data point is not available to the provider, they may make use of estimated data.
The investment manager monitors compliance with the characteristics by reference to the weighted average sustainability score of the Fund in SustainEx™ and the carbon intensity compared against the carbon intensity and the weighted average sustainability score of the named benchmark in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score and at least a 50% lower carbon intensity score, relative to the MSCI AC World (Net TR) index based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
SustainEx™ and the carbon exposure measure 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 Multi-Factor Equity
Sustainable Multi-Factor 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 las siguientes características: mantener i) una puntuación en materia de sostenibilidad general superior; y ii) al menos una puntuación de intensidad de carbono un 50% inferior con respecto a las del MSCI AC World (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 intensidad del carbono es una medida de la eficiencia del carbono de una cartera. Se expresa como las emisiones de carbono por millón de dólares de ingresos y se muestra como toneladas de CO2e/M$ de ingresos. La intensidad del carbono se mide utilizando datos de un proveedor externo. Cuando un punto de datos no está disponible para el proveedor, puede utilizar datos estimados.
La Gestora de inversiones supervisa el cumplimiento de las características por referencia a la puntuación media ponderada de sostenibilidad del Fondo en SustainEx™ y la intensidad de carbono comparada con la intensidad de carbono y la puntuación media ponderada de sostenibilidad del valor de referencia indicado en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta y al menos una puntuación de intensidad de carbono un 50% inferior con respecto a las del MSCI AC World (Net TR) Index, según la metodología explicada anteriormente, desde la fecha de entrada en vigor de los requisitos reglamentarios el 10 de marzo de 2021.
Ocasionalmente, SustainEx™ y la medida de exposición al carbono pueden 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 Multi-Factor Equity
Sustainable Multi-Factor 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 characteristics: it maintains i) a higher overall sustainability score; and ii) at least a 50% lower carbon intensity score, relative to the MSCI AC World (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.
Carbon intensity is a measure of the carbon efficiency of a portfolio. It is expressed as the carbon emissions per million dollars of revenue and displayed as tons CO2e / $M revenue. The carbon intensity is measured using data from a third party provider. Where a data point is not available to the provider, they may make use of estimated data.
The investment manager monitors compliance with the characteristics by reference to the weighted average sustainability score of the Fund in SustainEx™ and the carbon intensity compared against the carbon intensity and the weighted average sustainability score of the named benchmark in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score and at least a 50% lower carbon intensity score, relative to the MSCI AC World (Net TR) index based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
SustainEx™ and the carbon exposure measure 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 |
DOLFIN9557 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2007. The unit class was launched in 2011.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹3 Month SONIA Compounded in Arrears (GBP) Prior to 30.11.2021, the Fund used a different benchmark which is reflected in the benchmark data. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en GBP para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2007. La clase de acciones se lanzó en 2011.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹3 Month SONIA Compounded in Arrears (GBP) Antes del 30.11.2021, el Fondo utilizaba un índice de referencia distinto, lo que se refleja en los datos del índice de referencia. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2007. The unit class was launched in 2011.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹3 Month SONIA Compounded in Arrears (GBP) Prior to 30.11.2021, the Fund used a different benchmark which is reflected in the benchmark data. | en | es |
DOLFIN9561 | 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 (EUR) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES A EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class A 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 A of the Absorbed Sub-Fund. | ## Índice de referencia: Refinitiv Global Focus Hedged (EUR) Convertible Bond Index, calculado con cupones netos reinvertidos
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES A 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 A 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 A del Subfondo absorbido. | ## Benchmark: Refinitiv Global Focus Hedged (EUR) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES A EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class A 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 A of the Absorbed Sub-Fund. | en | es |
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