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DOLFIN9564 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Ultra Short Term Euro Bond – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the EUR I Accumulating Class was 1.04%. Over the same period, the ICE BofA 0-1 Year AAA Euro Government Index (Total Return, Hedged, EUR) returned -0.66%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The first half of 2021 saw the return of optimism in the Eurozone. The start of the economy normalisation ended the 2020 bullish bond trend: the German 10-year yield rose to 47 basis points mid-May. Also, credit outperformed, benefiting from better economic. This period confirmed the resilience of the Eurozone activity despite the COVID-19 pandemic and the Brexit deal: the second round of lockdowns had a much milder activity impact than during the first wave, as economy adapted to the COVID-19 as shown by steady CapEx, job increase and the rebound in exports for most countries. The manufacturing sector except autos almost returned to its pre-crisis level. The Euro leading indicators like the German IFO and ZEW reached their highest level for years. The Q1 German GDP breakdown showed an unexpected sustainable growth in CapEx. On the other hand, the second round of social restrictions impacted the service sector, weighting on consumption, which led the Euro governments to implement two main measures: the first one was a common Euro fiscal plans to help corporate funding, to offer tax rebates and to pay for part time jobs. The second measure consisted in increasing vaccination rollout speed, through the acquisitions of new vaccine types. The period from June to August witnessed a recovery in the Euro bond market, with the help of the new COVID-19 Delta: the 10-year German government yield lost 32 bps, being back to -0.50%, a level seen in February. Surprisingly, the economic indicators were steady: CapEx, infrastructure plans and consumption increased despite the supply chain tensions. The bright spot came for the first time from the south of the Eurozone which benefited from the public payments of the “grants” sent through the Next Generation EU plan. The European Central Bank (“ECB”) maintained its very accommodative monetary policy and only decided for the 4th quarter a light recalibration of the pace of Pandemic Emergency Purchase Program (PEPP). The period from September to the end of the year has seen the return of the bond market volatility in the wake of the unexpected inflation rate jump, central bank member reactions and the new COVID-19 strain evolution. Rates first rallied in October and November, to sell off materially later as the market finally returned to optimism with New variant being less lethal and hawkish message from central banks.
The Portfolio delivered 1.04% net of fees for the class I in 2021: major contributor to performance was credit and asset-based securities (ABS), as spreads tightened in 2021. Active duration management contributed positively as well as the use of futures on rates contributed by about 40bps absolute net performance. Inflation linked bonds contributed positively, as inflation expectations increased in 2021. The Portfolio was mainly invested in credit and ABS throughout the year, with a limited exposure to government bonds given rates were still very low in 2021, albeit they showed some volatility. The bulk of government exposure was with inflation linked bonds as we had strong expectations for inflation in 2021.
The Portfolio performance was achieved through flexible management of spread and duration throughout the year.
The spread risk was decreased as spreads kept on tightening till September and the Tactical bucket of the Portfolio, where we invest on higher beta bonds, was reduced accordingly, going from 20% at year beginning to 13% in September. When spreads widened in the fall, as market became more nervous on central banks behavior and pandemic resurgence, we increased the Tactical bucket to 15% taking advantage of a 50bps widening of European high yield bonds. We had a very high rotation of this bucket, both through active participation in primary market that allowed us to capture new issue premia, and through active trading on secondary market, on single names stories, sector rotation and relative value opportunities. We also used CDS on indexed to hedge credit risk throughout the year: to mention the positive contribution of ITRAXX Crossover protection in November when Omicron variant was discovered and hit hardly on investors nerves. In the year we also decrease our inflation exposure from 8 to 4% in year end as we believe that the bulk of rally in inflation should be behind us.
As far as duration management, we had a flexible approach in the year, as we were anticipating rates to move into a rising channel. We used the flexibility that the Portfolio has on duration management: we indeed used the 0-2 years duration range. We started the year with a very low absolute duration of 0.2 years as vaccination rollout was gaining speed, Biden was elected and global economy was starting to boom, following the pause imposed by the COVID- 19 pandemic. We were thus anticipating rates to rise in Q1 of 2021 and this is what happened: the first quarter 2021 was indeed the worse quarter for bond managers over the past 14 years, as rates rose with 10-year Bund going from -55 to -28 bps yield. However, it was a good quarter for the Portfolio’s EUR I Accumulating Class, which delivered 73bps bps net of fees in Q1 2021. In the second quarter of 2021 we increased the Portfolio duration to its maximum limit of 2 years, with the purpose of crystallising gains on rates futures sold in Q1 2021 and before. This positioning allowed the Portfolio to deliver a good performance during the rates rally in Q2 and over the summer, where we decided to decrease again Portoflio duration to 1.3 years. Bund was trading at -50 bps in August when it started a steady sell-off which lasted till the end of October when Bund yield reached -10bps. The Portfolio short bias in this time span allowed the strategy to deliver alpha again. In December we decreased Portfolio duration back to 1.2 and brought it down to 0.9 years for the ECB day, which was the 17th of December.
100 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # Ultra Short Term Euro Bond – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I EUR en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al 1,04%. Durante el mismo periodo, el ICE BofA 0-1 Year AAA Euro Government Index (rentabilidad total en EUR, con cobertura) obtuvo una rentabilidad del -0,66%. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. La rentabilidad total que se indica refleja la reinversión de los ingresos por dividendos y otras distribuciones, en su caso).
El optimismo regresó a la zona euro en el primer semestre de 2021. El comienzo de la normalización de la economía puso fin a la tendencia alcista de los bonos de 2020: la rentabilidad del bono alemán a 10 años subió 47 puntos básicos a mediados de mayo. Además, el segmento de crédito generó una rentabilidad superior, al beneficiarse de la mejora de las condiciones económicas. Este periodo confirmó la resiliencia de la actividad de la zona euro a pesar de la pandemia de COVID-19 y del acuerdo del Brexit: la segunda ronda de confinamientos tuvo una repercusión mucho menor en la actividad que durante la primera ola, dado que la economía se adaptó a la COVID-19, tal y como se pone de manifiesto por la estabilidad de la inversión, el aumento del empleo y el rebote de las exportaciones en la mayoría de los países. El sector manufacturero, salvo la automoción, prácticamente ha recuperado su nivel previo a la crisis. Los indicadores adelantados de la zona euro, como el IFO y el ZEW alemanes, alcanzaron su nivel más alto en años. El desglose del PIB alemán del 1T mostró un inesperado crecimiento sostenible del CapEx. Por otra parte, la segunda ronda de restricciones sociales repercutió en el sector servicios y lastró el consumo, lo que empujó a los gobiernos de la zona euro a tomar dos tipos de medidas principales: la primera consistente en implementar planes fiscales comunes europeos para facilitar la financiación de las empresas, ofrecer rebajas fiscales y pagar empleos a tiempo parcial. La segunda, en acelerar la campaña de vacunación, mediante la compra de nuevos tipos de vacunas. En el periodo comprendido entre junio y agosto se produjo una recuperación del mercado de bonos de la zona euro, con la ayuda de la nueva variante delta de la COVID-19: la rentabilidad del bono alemán a 10 años perdió 32 pb, retrocediendo hasta el -0,50%, el nivel observado en febrero. Sorprendentemente, los indicadores económicos se mantuvieron estables: la inversión, los planes de infraestructuras y el consumo aumentaron a pesar de las tensiones de la cadena de suministro. El dato positivo procedió por primera vez del sur de la zona euro, que se benefició de los pagos públicos de las "subvenciones" enviadas a través del plan Next Generation de la UE. El Banco Central Europeo (“BCE") mantuvo su política monetaria extraordinariamente acomodaticia y solo decidió un ligero reajuste del programa de compras de emergencia frente a la pandemia (PEPP) para el cuarto trimestre. En el periodo transcurrido entre septiembre y final de año se produjo el regreso de la volatilidad del mercado de bonos como consecuencia del aumento inesperado de la inflación, de las reacciones de los bancos centrales y de la evolución de la nueva variante de la COVID-19. Los tipos repuntaron inicialmente en octubre y noviembre, para posteriormente caer de forma significativa cuando el mercado recuperó finalmente el optimismo gracias a la baja letalidad de la nueva variante y al tono restrictivo del mensaje de los bancos centrales.
La clase de acciones I de la Cartera obtuvo una rentabilidad del 1,04%, neta de comisiones, en 2021: las mayores aportaciones a la rentabilidad correspondieron al crédito y a los valores respaldados por activos (ABS), gracias a la contracción de los diferenciales en 2021. La gestión activa de la duración favoreció y el uso de futuros sobre tipos sumó unos 40 pb de rentabilidad absoluta neta. Los bonos vinculados a la inflación contribuyeron a los resultados, al aumentar las expectativas de inflación en 2021. Durante el ejercicio, la Cartera estuvo invertida principalmente en crédito y ABS, con una exposición limitada a bonos de deuda pública dedo que los tipos se mantuvieron en niveles muy bajos en 2021, aunque mostraron cierta volatilidad. El grueso de la exposición a deuda pública se materializó a través de bonos vinculados a la inflación, dado que nuestras expectativas para la inflación eran elevadas en 2021.
La rentabilidad de la Cartera se consiguió a través de una gestión flexible de los diferenciales y la duración a lo largo del ejercicio.
El riesgo del diferencial se moderó dado que los diferenciales siguieron estrechándose hasta septiembre y el cubo táctico de la Cartera, donde invertimos en bonos de beta más elevada, se redujo en consecuencia, pasando del 20% a comienzos de año al 13% en septiembre. Cuando los diferenciales se ampliaron en otoño, al aumentar la intranquilidad de los mercados por la postura de los bancos centrales y la reactivación de la pandemia, aumentamos el cubo táctico hasta el 15%, aprovechando una ampliación de 50 pb de los bonos de alta rentabilidad europeos. Este cubo estuvo sujeto a una rotación muy elevada, tanto a través de la participación activa en el mercado primario que nos permitió capturar primas de emisiones nuevas, como mediante la negociación activa en el mercado secundario, con historia de empresas individuales, rotación sectorial y oportunidades de valor relativo. También utilizamos CDS indexados para cubrir el riesgo de crédito durante todo el ejercicio: cabe señalar la contribución positiva del ITRAXX Crossover Protection en noviembre, cuando se descubrió la variante ómicron y aumentó de forma significativa el nerviosismo de los inversores. Durante el ejercicio, redujimos asimismo nuestra exposición a la inflación del 8% al 4% hacia finales de año, al considerar que ya habíamos dejado atrás el grueso del repunte de la inflación.
Por lo que respecta a la gestión de la duración, durante el año mantuvimos un enfoque flexible, en previsión de una tendencia ascendente de los tipos. Utilizamos la flexibilidad de la que se beneficia la Cartera por lo que respecta a la gestión de la duración; de hecho, aprovechamos el intervalo de duración de 0-2 años. Comenzamos el ejercicio con una duración absoluta muy baja, de 0,2 años, dado que la campaña de vacunación estaba ganando ritmo, Biden había ganado las elecciones y la economía mundial comenzaba a recuperarse, tras la pausa impuesta por la pandemia de la COVID-19. Por consiguiente preveíamos una subida de tipos en el primer trimestre de 2021 y esto fue lo que ocurrió: el primer trimestre de 2021 fue, de hecho, el peor de los últimos 14 años para los gestores de bonos, dado que los tipos subieron y la rentabilidad del Bund alemán a 10 años pasó de -55 a -28 pb. Sin embargo, fue un buen trimestre para la Clase de acumulación I EUR de la Cartera, que avanzó 73 pb, con las comisiones descontadas, en el primer trimestre de 2021. En el segundo trimestre de 2021 aumentamos la duración de la Cartera hasta su límite máximo de dos años, con el fin de cristalizar las ganancias de los futuros de tipos vendidos en el primer trimestre de 2021 y en fechas anteriores. Este posicionamiento permitió a la Cartera generar una buena rentabilidad durante el repunte de los tipos del segundo trimestre y en el verano, momento en el que decidimos reducir de nuevo la duración de la cartera hasta 1,3 años. El Bund cotizaba a -50 pb en agosto cuando comenzó una constante corriente de ventas que se prolongó hasta finales de octubre, momento en el que la rentabilidad del Bund alcanzó los -10 pb. El sesgo corto de la Cartera en este intervalo de tiempo permitió a la estrategia generar alfa de nuevo. En diciembre volvimos a reducir la duración de la Cartera hasta 1,2 años y posteriormente hasta 0,9 años el día del BCE, que se celebró el 17 de diciembre.
100 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # Ultra Short Term Euro Bond – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the EUR I Accumulating Class was 1.04%. Over the same period, the ICE BofA 0-1 Year AAA Euro Government Index (Total Return, Hedged, EUR) returned -0.66%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The first half of 2021 saw the return of optimism in the Eurozone. The start of the economy normalisation ended the 2020 bullish bond trend: the German 10-year yield rose to 47 basis points mid-May. Also, credit outperformed, benefiting from better economic. This period confirmed the resilience of the Eurozone activity despite the COVID-19 pandemic and the Brexit deal: the second round of lockdowns had a much milder activity impact than during the first wave, as economy adapted to the COVID-19 as shown by steady CapEx, job increase and the rebound in exports for most countries. The manufacturing sector except autos almost returned to its pre-crisis level. The Euro leading indicators like the German IFO and ZEW reached their highest level for years. The Q1 German GDP breakdown showed an unexpected sustainable growth in CapEx. On the other hand, the second round of social restrictions impacted the service sector, weighting on consumption, which led the Euro governments to implement two main measures: the first one was a common Euro fiscal plans to help corporate funding, to offer tax rebates and to pay for part time jobs. The second measure consisted in increasing vaccination rollout speed, through the acquisitions of new vaccine types. The period from June to August witnessed a recovery in the Euro bond market, with the help of the new COVID-19 Delta: the 10-year German government yield lost 32 bps, being back to -0.50%, a level seen in February. Surprisingly, the economic indicators were steady: CapEx, infrastructure plans and consumption increased despite the supply chain tensions. The bright spot came for the first time from the south of the Eurozone which benefited from the public payments of the “grants” sent through the Next Generation EU plan. The European Central Bank (“ECB”) maintained its very accommodative monetary policy and only decided for the 4th quarter a light recalibration of the pace of Pandemic Emergency Purchase Program (PEPP). The period from September to the end of the year has seen the return of the bond market volatility in the wake of the unexpected inflation rate jump, central bank member reactions and the new COVID-19 strain evolution. Rates first rallied in October and November, to sell off materially later as the market finally returned to optimism with New variant being less lethal and hawkish message from central banks.
The Portfolio delivered 1.04% net of fees for the class I in 2021: major contributor to performance was credit and asset-based securities (ABS), as spreads tightened in 2021. Active duration management contributed positively as well as the use of futures on rates contributed by about 40bps absolute net performance. Inflation linked bonds contributed positively, as inflation expectations increased in 2021. The Portfolio was mainly invested in credit and ABS throughout the year, with a limited exposure to government bonds given rates were still very low in 2021, albeit they showed some volatility. The bulk of government exposure was with inflation linked bonds as we had strong expectations for inflation in 2021.
The Portfolio performance was achieved through flexible management of spread and duration throughout the year.
The spread risk was decreased as spreads kept on tightening till September and the Tactical bucket of the Portfolio, where we invest on higher beta bonds, was reduced accordingly, going from 20% at year beginning to 13% in September. When spreads widened in the fall, as market became more nervous on central banks behavior and pandemic resurgence, we increased the Tactical bucket to 15% taking advantage of a 50bps widening of European high yield bonds. We had a very high rotation of this bucket, both through active participation in primary market that allowed us to capture new issue premia, and through active trading on secondary market, on single names stories, sector rotation and relative value opportunities. We also used CDS on indexed to hedge credit risk throughout the year: to mention the positive contribution of ITRAXX Crossover protection in November when Omicron variant was discovered and hit hardly on investors nerves. In the year we also decrease our inflation exposure from 8 to 4% in year end as we believe that the bulk of rally in inflation should be behind us.
As far as duration management, we had a flexible approach in the year, as we were anticipating rates to move into a rising channel. We used the flexibility that the Portfolio has on duration management: we indeed used the 0-2 years duration range. We started the year with a very low absolute duration of 0.2 years as vaccination rollout was gaining speed, Biden was elected and global economy was starting to boom, following the pause imposed by the COVID- 19 pandemic. We were thus anticipating rates to rise in Q1 of 2021 and this is what happened: the first quarter 2021 was indeed the worse quarter for bond managers over the past 14 years, as rates rose with 10-year Bund going from -55 to -28 bps yield. However, it was a good quarter for the Portfolio’s EUR I Accumulating Class, which delivered 73bps bps net of fees in Q1 2021. In the second quarter of 2021 we increased the Portfolio duration to its maximum limit of 2 years, with the purpose of crystallising gains on rates futures sold in Q1 2021 and before. This positioning allowed the Portfolio to deliver a good performance during the rates rally in Q2 and over the summer, where we decided to decrease again Portoflio duration to 1.3 years. Bund was trading at -50 bps in August when it started a steady sell-off which lasted till the end of October when Bund yield reached -10bps. The Portfolio short bias in this time span allowed the strategy to deliver alpha again. In December we decreased Portfolio duration back to 1.2 and brought it down to 0.9 years for the ECB day, which was the 17th of December.
100 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
DOLFIN9571 | 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 S Acc EUR between 06/2016-06/2021.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,351
3.5%
EUR 11,711
3.2% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund S Acc EUR entre 06/2016-06/2021.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 351 EUR
3,5%
11 711 EUR
3,2% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund S Acc EUR between 06/2016-06/2021.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,351
3.5%
EUR 11,711
3.2% | en | es |
DOLFIN9584 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The Sub-Fund will not:
- purchase common stocks, preferred stocks, warrants or other equity securities;
- borrow monies;
- purchase securities on margin;
- write or purchase put or call options or combinations thereof;
- purchase or sell real estate or real estate investment trust securities;
- make loans to others, except through the purchase of debt obligations, or repurchase agreements permitted for liquidity management purposes or investment in the manner envisaged in Section 1.5 of Appendix II, referred to in the Prospectus or this Supplement;
- pledge, hypothecate, mortgage or otherwise encumber its assets;
- engage in a Short Sale of any of the following instruments: money market instruments, securitisations, ABCPs and units or shares of MMFs;
- take direct or indirect exposure to equity or commodities, including via derivatives, certificates representing them, indices based on them, or any other means or instrument that would give an exposure to them;
- enter into securities lending agreements or securities borrowing agreements, or any other agreement that would encumber the assets of the Sub-Fund;or
- invest more than one third of its Net Asset Value in securities other than transferable securities issued and guaranteed as to principal and interest by theU.S. Government, or for liquidity management purposes or investment in the manner envisaged in Section 1.5(c) of Appendix II, repurchase agreements in respect of these securities;
- invest in asset classes not provided for under Appendix II to the Prospectus and in the section entitled “Investment Objectives and Policies” in this Supplement. In the event of a conflict between Appendix II and the "Investment Objectives and Policies" section, Appendix II shall prevail. | ##### El Subfondo no:
- adquirirá acciones ordinarias, acciones preferentes, warrants u otros títulos de renta variable;
- tomará prestado dinero;
- adquirirá valores con margen;
- suscribirá o adquirirá opciones de venta o compra, o combinaciones de estas;
- adquirirá o venderá bienes inmuebles o títulos de fondos de inversión inmobiliarios;
- concederá préstamos a otros, salvo a través de la compra de obligaciones de deuda o contratos con pacto de recompra permitidos con fines de gestión de liquidez o para invertir en la forma descrita en el apartado 1.5 del Apéndice II, según lo indicado en el Folleto o este Suplemento;
- pignorará, hipotecará o gravará de cualquier otra forma sus activos;
- participará en una venta en corto de cualquiera de los siguientes instrumentos: instrumentos del mercado monetario, titulizaciones, ABCP y unidades o acciones de FMM;
- asumirá una exposición directa o indirecta a renta variable o materias primas, entre otros, a través de derivados, certificados que los representen, índices basados en estos o cualquier otro medio o instrumento que pudiera brindar exposición a ellos;
- suscribirá contratos de préstamo de valores o contratos de toma en préstamo de valores, o cualquier otro acuerdo que pudiera gravar los activos del Subfondo;o
- invertirá más de una tercera parte de su Valor de inventario neto en títulos, exceptuados valores mobiliarios, emitidos y garantizados con respecto a su capital y a los intereses por el Gobierno de losEE. UU., o con fines de gestión de liquidez o para invertir en la forma descrita en el epígrafe (c) del apartado 1.5 del Apéndice II, en contratos con pacto de recompra relacionados con dichos valores;
- invertirá en clases de activos no contempladas en el Apéndice II del Folleto y en el apartado titulado«Objetivos y políticas de inversión» de este Suplemento. En caso de divergencias entre el Apéndice II y el apartado «Objetivos y políticas de inversión», prevalecerá el Apéndice II. | #### The Sub-Fund will not:
- purchase common stocks, preferred stocks, warrants or other equity securities;
- borrow monies;
- purchase securities on margin;
- write or purchase put or call options or combinations thereof;
- purchase or sell real estate or real estate investment trust securities;
- make loans to others, except through the purchase of debt obligations, or repurchase agreements permitted for liquidity management purposes or investment in the manner envisaged in Section 1.5 of Appendix II, referred to in the Prospectus or this Supplement;
- pledge, hypothecate, mortgage or otherwise encumber its assets;
- engage in a Short Sale of any of the following instruments: money market instruments, securitisations, ABCPs and units or shares of MMFs;
- take direct or indirect exposure to equity or commodities, including via derivatives, certificates representing them, indices based on them, or any other means or instrument that would give an exposure to them;
- enter into securities lending agreements or securities borrowing agreements, or any other agreement that would encumber the assets of the Sub-Fund;or
- invest more than one third of its Net Asset Value in securities other than transferable securities issued and guaranteed as to principal and interest by theU.S. Government, or for liquidity management purposes or investment in the manner envisaged in Section 1.5(c) of Appendix II, repurchase agreements in respect of these securities;
- invest in asset classes not provided for under Appendix II to the Prospectus and in the section entitled “Investment Objectives and Policies” in this Supplement. In the event of a conflict between Appendix II and the "Investment Objectives and Policies" section, Appendix II shall prevail. | en | es |
DOLFIN9600 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
## Costs over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
## We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- 10,000.00 EUR is invested.
| If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs | €719 | €1146 |
| Annual cost impact (*) | 7.2% | 3.6% each year |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 4.7 % before costs and 1.1 % after costs.
## Composition of Costs
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.50% of the amount you pay in when entering this investment. | Up to €550 |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.51% of the value of your investment per year. This is an estimate based on actual costs over the last year. | €151 |
| Transaction costs | 0.18% 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 Fund. The actual amount will vary depending on how much we buy and sell. | €18 |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | €0 | | # ¿Cuáles son los costes?
## Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estas cantidades dependen de cuánto haya invertido y del tiempo que mantenga el producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles.
## Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rentabilidad anual del 0 %). En relación con los demás períodos de mantenimiento, hemos supuesto que el productoevoluciona tal como muestra el escenario moderado
- Se han invertido 10,000.00 EUR.
| En caso de salida después de 1 año | En caso de salida después de 3 años |
| --- | --- |
| Costes totales | €719 | €1146 |
| Incidencia anual de los costes (*) | 7.2% | 3.6% cada año |
(*) Refleja la medida en que los costes reducen su rentabilidad cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, la rentabilidad media que se prevé que obtendrá cada año será del 4.7 % antes de deducir los costes y del 1.1 % después de deducir los costes.
## Composición de los costes
| Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | 5.50 % del importe que pagará usted al realizar esta inversión. | Hasta €550 |
| Costes de salida | No cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | €0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1.51 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | €151 |
| Costes de operación | 0.18 % 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 Fondo. El importe real variará en función de la cantidad que compremos y vendamos. | €18 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se aplica ninguna comisión de rentabilidad a este producto. | €0 | | # What are the costs?
## Costs over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
## We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- 10,000.00 EUR is invested.
| If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs | €719 | €1146 |
| Annual cost impact (*) | 7.2% | 3.6% each year |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 4.7 % before costs and 1.1 % after costs.
## Composition of Costs
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.50% of the amount you pay in when entering this investment. | Up to €550 |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.51% of the value of your investment per year. This is an estimate based on actual costs over the last year. | €151 |
| Transaction costs | 0.18% 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 Fund. The actual amount will vary depending on how much we buy and sell. | €18 |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | €0 | | en | es |
DOLFIN9622 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-Off charges taken before or after you invest |
| --- |
| Entry Charge | 4.00% |
| Exit Charge | None * |
| This is the maximum that might be taken out of your money before it is invested. |
| Charges taken from the Fund over a year |
| Ongoing Charges: Total Expense Ratio (TER) | 1.00% p.a. |
| Charges taken from the Fund under certain specific conditions |
| Performance Fee: | None | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 4,00% |
| Gastos de salida | Ninguno * |
| Este es el máximo que puede detraerse del capital del inversor antes de proceder a la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes: Ratio de gastos totales (TER) | 1,00% anual |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad: | Ninguna | | | One-Off charges taken before or after you invest |
| --- |
| Entry Charge | 4.00% |
| Exit Charge | None * |
| This is the maximum that might be taken out of your money before it is invested. |
| Charges taken from the Fund over a year |
| Ongoing Charges: Total Expense Ratio (TER) | 1.00% p.a. |
| Charges taken from the Fund under certain specific conditions |
| Performance Fee: | None | | en | es |
DOLFIN9631 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 02/11/2004.
The share class of the Fund was launched on 02/11/2004.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in USD and is expressed as a percentage change of the Fund's net asset value at each year end.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3 Month LIBOR. | La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 02/11/2004.
La clase de acciones del Fondo se lanzó el 02/11/2004.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en USD y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
El índice de referencia del Fondo, utilizado para la comparación de la rentabilidad, se modificó el 1 de enero de 2022. Los datos sobre rentabilidad pasada antes de esta fecha se basan en LIBOR a 3 meses. | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 02/11/2004.
The share class of the Fund was launched on 02/11/2004.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in USD and is expressed as a percentage change of the Fund's net asset value at each year end.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3 Month LIBOR. | en | es |
DOLFIN9633 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The Fund will:
- invest primarily in Europe, including the UK;
- invest in company shares (i.e. equities) and similar investments;
- take positions in specific pairs of company shares or similar investments. The Fund will increase exposure (i.e. hold a long position) to the investment it favours and short (using derivatives) the investment it does not favour;
- 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;
- invest on a long and short basis;
- invest significantly in cash and cash-like investments; and
- limit investment in other collective investment schemes to 10%. | #### El Fondo:
- invertirá principalmente en Europa, incluido el Reino Unido;
- invertirá en acciones de empresas (es decir, valores de renta variable) e inversiones similares;
- adoptará posiciones en pares concretos de acciones de empresas o inversiones similares. El Fondo aumentará la exposición (es decir, adoptará una posición larga) a la inversión que prefiere y adoptará posiciones cortas (mediante instrumentos derivados) en aquellas inversiones de las que no es partidario.
- 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;
- invertirá a corto y largo plazo;
- invertirá considerablemente en tesorería e inversiones similares a ella; y
- limitará la inversión en compartimentos de inversión colectiva al 10%. | #### The Fund will:
- invest primarily in Europe, including the UK;
- invest in company shares (i.e. equities) and similar investments;
- take positions in specific pairs of company shares or similar investments. The Fund will increase exposure (i.e. hold a long position) to the investment it favours and short (using derivatives) the investment it does not favour;
- 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;
- invest on a long and short basis;
- invest significantly in cash and cash-like investments; and
- limit investment in other collective investment schemes to 10%. | en | es |
DOLFIN9638 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Given the investment strategy and risk profile of the UCITS, the likely impact of sustainability risks on the returns of the UCITS is expected to be low.
For further details regarding the integration of sustainability risks into the investment decision process and the assessment of the likely impact of sustainability risks on the returns of the UCITS, you can refer to the section ‘SFDR’ of the website: https://particuliers.axa-im.fr/investissement-responsable.
-
# Eligible subscribers and standard investor profile: All subscribers. | # Teniendo en cuenta la estrategia de inversión y el perfil de riesgo del OICVM, se espera que el impacto probable de los riesgos de sostenibilidad en los rendimientos del OICVM sea bajo.
Para obtener más detalles acerca de la integración de los riesgos de sostenibilidad en el proceso de toma de decisiones de inversión y la apreciación del impacto probable de los riesgos de sostenibilidad en los rendimientos del OICVM, consulte el apartado "SFDR" de la página web: https://particuliers.axa- im.fr/investissement-responsable.
-
# Suscriptores interesados y perfil del inversor habitual: Toda clase de suscriptores. | # Given the investment strategy and risk profile of the UCITS, the likely impact of sustainability risks on the returns of the UCITS is expected to be low.
For further details regarding the integration of sustainability risks into the investment decision process and the assessment of the likely impact of sustainability risks on the returns of the UCITS, you can refer to the section ‘SFDR’ of the website: https://particuliers.axa-im.fr/investissement-responsable.
-
# Eligible subscribers and standard investor profile: All subscribers. | en | es |
DOLFIN9643 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide income and capital growth.
- The fund will invest at least 70% in global emerging-market government and corporate bonds, including those denominated in local and globally traded major currencies (‘‘hard currencies’’) and nominal and inflation linked bonds.
- The fund may invest up to 10% directly in onshore China bonds listed or traded on any eligible market in China.
- Investments will be made in, but not limited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East.
- 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.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund may make use of derivatives or use complex derivatives to meet its investment objectives in line with the fund's risk profile. The fund can use derivatives, including but not limited to, futures, options, forwards, swaps, credit linked instruments, and other fixed income, currency and credit derivatives, to achieve indirect exposure to the main assets listed above, to generate additional capital or income in line with the fund's risk profile or with the aim of risk or cost reduction.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund is unconstrained in the amount that it may invest in sub investment grade and/or high yield securities or issuers.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund is actively managed and references 50% J.P. Morgan GBI-EM Global Diversified Index; 25% J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified; 25% J.P. Morgan EMBI Global Diversified Index for portfolio level risk measurement only as its global exposure is measured using the relative VaR approach. For the avoidance of doubt, the Investment Manager is not constrained by the Index and there are no restrictions on the extent to which the fund’s performance may deviate from that of the Index.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo generar ingresos y crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos del Estado y de empresas de mercados emergentes de todo el mundo, incluidos los denominados en las principales divisas locales y negociadas globalmente («monedas fuertes») y los bonos nominales y vinculados a la inflación.
- El fondo podrá invertir hasta un 10 % directamente en bonos del mercado interior chino que coticen o se negocien en cualquier mercado autorizado de China.
- Las inversiones se realizarán, entre otros, en América Latina, Sudeste Asiático, África, Europa del Este (Rusia incluida) y Oriente Medio.
- 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.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- El Subfondo podrá utilizar instrumentos derivados, también aquellos complejos, con el fin de lograr su objetivo de inversión atendiendo a su perfil de riesgo. El Subfondo podrá hacer uso de derivados, incluidos, entre otros, futuros, opciones, contratos a plazo, permutas, instrumentos vinculados a crédito y otros derivados de crédito, divisas y renta fija, para lograr exposición indirecta a los principales activos enumerados anteriormente, generar capital o ingresos adicionales en línea con el perfil de riesgo del Subfondo o con fines de reducción de riesgos o costes.
- 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 no tiene restricciones en cuanto a la cantidad que puede invertir en valores o emisores calificados con grado especulativo o de alto rendimiento.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El Subfondo invertirá menos del 30 % directa o indirectamente en valores de renta fija del mercado interior chino de forma conjunta.
- El Subfondo se gestiona de manera activa y utiliza como referencia el 50% J.P. Morgan GBI-EM Global Diversified Index; 25% J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified; 25% J.P. Morgan EMBI Global Diversified Index para medir el riesgo a nivel de cartera únicamente en la medida en que su exposición global se mide con el método del VeR (valor en riesgo) relativo. Para evitar dudas, el Gestor de Inversiones no está limitado por el Índice y no hay restricciones sobre la medida en que la rentabilidad del Subfondo puede desviarse de la del Índice.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide income and capital growth.
- The fund will invest at least 70% in global emerging-market government and corporate bonds, including those denominated in local and globally traded major currencies (‘‘hard currencies’’) and nominal and inflation linked bonds.
- The fund may invest up to 10% directly in onshore China bonds listed or traded on any eligible market in China.
- Investments will be made in, but not limited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East.
- 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.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund may make use of derivatives or use complex derivatives to meet its investment objectives in line with the fund's risk profile. The fund can use derivatives, including but not limited to, futures, options, forwards, swaps, credit linked instruments, and other fixed income, currency and credit derivatives, to achieve indirect exposure to the main assets listed above, to generate additional capital or income in line with the fund's risk profile or with the aim of risk or cost reduction.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund is unconstrained in the amount that it may invest in sub investment grade and/or high yield securities or issuers.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund is actively managed and references 50% J.P. Morgan GBI-EM Global Diversified Index; 25% J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified; 25% J.P. Morgan EMBI Global Diversified Index for portfolio level risk measurement only as its global exposure is measured using the relative VaR approach. For the avoidance of doubt, the Investment Manager is not constrained by the Index and there are no restrictions on the extent to which the fund’s performance may deviate from that of the Index.
- 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 |
DOLFIN9649 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# MAIN RISKS FOR THE FUND
Capital loss risk
The Fund has no guarantee on the capital invested; it is possible that the invested capital will not be returned in full.
1
KIID (Key Investor Information Document) risk scale. Risk category 3 reflects moderate potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indicator of the Fund’s future risk profile. The risk category shown for this Fund is not guaranteed and may change over time. The lowest category does not mean "risk-free". The level of risk of this Fund primarily reflects equity risk related to investments on the US market.
2
The Pleiade model targets a goal of absolute and regular performance weakly correlated to traditional asset classes, through a long/short equity market neutral strategy.
3
Data as at 30/09/2022.
Equity risk
As the Fund is exposed to equity market risks, the Net Asset Value of the Fund may fall in the event of a change in the equity markets.
Risks related to the arbitrage technique
The Fund’s management strategies involve certain specific risks related to arbitrage techniques. The arbitrage technique consists of a simultaneous investment in a portfolio of long positions in companies deemed undervalued and, as a hedge, a portfolio of short positions in companies deemed overvalued (via derivatives). These risks may result in a decrease in the value of the assets under management in the event that the assets on sale outperform the portfolio invested at the time of purchase. In addition, the arbitrage technique implemented may also generate significant portfolio turnover.
Credit risk
The Fund is exposed to credit risk as a result of investing in debt securities of private issuers for the management of its money market segment. Credit risk corresponds to the scenario in which the issuer cannot meet its commitments. However, the probability of such an event is very low as the Fund only invests in securities of top-tier issuers with maturities of less than three months.
Counterparty risk
The Fund may incur losses in respect of its commitments to a counterparty on its swap, CFD or futures transactions in the event of its default or its inability to meet its contractual obligations.
Foreign-exchange risk
The Fund may involve exchange-rate risk related to the assets held which are denominated in currencies other than its reference currency despite hedging transactions aimed at protecting the Fund against such risk.
Discretionary management risk
The discretionary management style is based on the anticipation of changes in the various markets by the Management Company. There is a risk that the Fund may not be invested in the best performing instruments at all times.
Sustainability risk
The performance of the Fund may be affected by a wide range of Sustainability Risks affecting the companies in which the Fund is invested. However, as the Fund is broadly diversified, it is not antici- pated that only one particular Sustainability Risk will have a negative financial impact on the value of the Fund. Due to the consideration of ESG criteria in its investment process, the Management Company aims to mitigate the impact of the Fund’s overall Sustainability Risk and therefore the potential impact on the value of the Fund’s investments should also be mitigated. There is no guarantee that ESG criteria completely neutralise Sustainability Risks. | # PRINCIPALES RIESGOS DEL FONDO
Riesgo de pérdida de capital
El Fondo no ofrece ninguna garantía sobre el capital invertido; es posible que el capital invertido no sea recuperado en su totalidad.
1
Escala de riesgo del DFI (documento de datos fundamentales para el inversor). La categoría de riesgo 3 refleja un poten- cial de ganancia y/o pérdida limitado del valor de la cartera. Los datos históricos utilizados en el cálculo de este indicador sintético podrían no ser un indicador fiable del perfil de riesgo futuro del Fondo. La categoría de riesgo asociada a este Fondo no está garantizada y puede variar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El nivel de riesgo de este Fondo refleja principalmente el riesgo de renta variable vinculado a las inversiones en el mercado estadounidense.
2
El modelo Pleiade tiene como objetivo lograr una rentabilidad absoluta, periódica y con poca correlación con las clases de activos tradicionales, a través de una estrategia Long/ Short Equity Market Neutral.
3
Datos a 30/09/2022.
Riesgo de renta variable
Dado que el Fondo está expuesto a los riesgos de los mercados de renta variable, su valor liquidativo puede bajar en caso de variación de estos últimos.
Riesgos asociados a la técnica de arbitraje
Las estrategias de gestión del Fondo conllevan ciertos riesgos específicos vinculados a las técnicas de arbitraje. La técnica de arbitraje consiste en una inversión simultánea en una cartera de posiciones compradoras en empresas consideradas infravaloradas y, como cobertura, una cartera de posiciones vendedoras en empresas consideradas sobrevaloradas (a través de derivados). Estos riesgos pueden dar lugar a una caída del valor de los activos gestionados en caso de rentabilidad superior de los activos en venta respecto a la cartera invertida en la compra. Además, la técnica de arbitraje implementada también puede generar una importante rotación de la cartera.
Riesgo de crédito
El Fondo está expuesto al riesgo de crédito a través de la inversión en títulos de deuda de emisores privados para la gestión de su cesta monetaria. El riesgo de crédito corresponde al escenario donde el emisor no puede cumplir con sus compromisos. Sin embargo, la probabilidad de que tal evento ocurra es muy baja, puesto que el Fondo solo invierte en valores de emisores de primera categoría, con ven- cimientos inferiores a tres meses.
Riesgo de contraparte
El Fondo puede incurrir en pérdidas con respecto a sus obligaciones hacia una contraparte en sus ope- raciones de swaps, CFD o contratos de futuros en caso de incumplimiento o incapacidad para cumplir con sus obligaciones contractuales.
Riesgo de cambio
El Fondo puede conllevar riesgo de cambio relacionado con los activos mantenidos que están deno- minados en monedas distintas a su moneda de referencia a pesar de las operaciones de cobertura destinadas a proteger al Fondo contra este riesgo.
Riesgo de gestión discrecional
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados por parte de la Sociedad gestora. Existe el riesgo de que el Fondo no invierta en todo momento en los ins- trumentos más rentables.
Riesgo de sostenibilidad
La rentabilidad del Fondo puede verse afectada por una amplia gama de riesgos de sostenibilidad que afectan a las empresas en las que invierte el Fondo. Sin embargo, dado que el Fondo está ampliamente diversificado, no se espera que ningún riesgo de sostenibilidad en particular tenga un impacto financie- ro negativo en el valor del Fondo. Debido a la consideración de los criterios ESG dentro de su proceso de inversión, la Sociedad gestora tiene como objetivo mitigar el impacto del riesgo de sostenibilidad gene- ral del Fondo y, por lo tanto, el impacto potencial en el valor de las inversiones del Fondo también debería atenuarse. No se garantiza que los criterios ESG neutralicen por completo los riesgos de sostenibilidad. | # MAIN RISKS FOR THE FUND
Capital loss risk
The Fund has no guarantee on the capital invested; it is possible that the invested capital will not be returned in full.
1
KIID (Key Investor Information Document) risk scale. Risk category 3 reflects moderate potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indicator of the Fund’s future risk profile. The risk category shown for this Fund is not guaranteed and may change over time. The lowest category does not mean "risk-free". The level of risk of this Fund primarily reflects equity risk related to investments on the US market.
2
The Pleiade model targets a goal of absolute and regular performance weakly correlated to traditional asset classes, through a long/short equity market neutral strategy.
3
Data as at 30/09/2022.
Equity risk
As the Fund is exposed to equity market risks, the Net Asset Value of the Fund may fall in the event of a change in the equity markets.
Risks related to the arbitrage technique
The Fund’s management strategies involve certain specific risks related to arbitrage techniques. The arbitrage technique consists of a simultaneous investment in a portfolio of long positions in companies deemed undervalued and, as a hedge, a portfolio of short positions in companies deemed overvalued (via derivatives). These risks may result in a decrease in the value of the assets under management in the event that the assets on sale outperform the portfolio invested at the time of purchase. In addition, the arbitrage technique implemented may also generate significant portfolio turnover.
Credit risk
The Fund is exposed to credit risk as a result of investing in debt securities of private issuers for the management of its money market segment. Credit risk corresponds to the scenario in which the issuer cannot meet its commitments. However, the probability of such an event is very low as the Fund only invests in securities of top-tier issuers with maturities of less than three months.
Counterparty risk
The Fund may incur losses in respect of its commitments to a counterparty on its swap, CFD or futures transactions in the event of its default or its inability to meet its contractual obligations.
Foreign-exchange risk
The Fund may involve exchange-rate risk related to the assets held which are denominated in currencies other than its reference currency despite hedging transactions aimed at protecting the Fund against such risk.
Discretionary management risk
The discretionary management style is based on the anticipation of changes in the various markets by the Management Company. There is a risk that the Fund may not be invested in the best performing instruments at all times.
Sustainability risk
The performance of the Fund may be affected by a wide range of Sustainability Risks affecting the companies in which the Fund is invested. However, as the Fund is broadly diversified, it is not antici- pated that only one particular Sustainability Risk will have a negative financial impact on the value of the Fund. Due to the consideration of ESG criteria in its investment process, the Management Company aims to mitigate the impact of the Fund’s overall Sustainability Risk and therefore the potential impact on the value of the Fund’s investments should also be mitigated. There is no guarantee that ESG criteria completely neutralise Sustainability Risks. | en | es |
DOLFIN9663 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund aims to provide an annual return on investment (generated through an increase in the value of the securities held by the Sub-Fund and/or income received from those securities) of approximately 4% gross of all fees/expenses above the annual return of the Index over a rolling three-year basis.
The Sub-Fund is actively managed. The Manager uses proprietary quantitative models to identify equity securities of companies that it believes to be attractive investment opportunities, relative to their industry peers, based on analysis of their valuation and earnings prospects. From this pool of securities, the Manager seeks to construct a well-diversified portfolio that has the best expected return-to-risk trade off to meet the Sub-Fund’s investment objective. When determining the best expected return-to-risk trade off, the Manager will consider available ESG (environmental, social and governance) information – such as data on emissions, corporate behaviour and diversity - alongside financial information. In constructing the Sub-Fund's portfolio, the Manager will reference the Index which means that, while the Manager has discretion to select the investments for the Sub-Fund, the Sub-Fund's divergence from the Index is controlled. The resulting portfolio of securities is expected to demonstrate similar levels of risk to that of the Index, together with an improved ESG profile compared to the Index.
The Manager’s quantitative investment process continuously assesses and evaluates the securities in the Sub-Fund's portfolio in order to maintain the desired return-to-risk trade off to meet the Sub-Fund’s investment objective.
The Index is a free float-adjusted market capitalisation index that is designed to measure equity market performance of the small cap segment of emerging markets.
It is anticipated that the Net Asset Value of the AXA Rosenberg Global Emerging Markets Small Cap Alpha Fund will exhibit high volatility due to the nature of its investment policy.
Direct investment in Russia will only be made in equity securities that are traded on the Moscow Exchange MOEX-RTS.
An investment in this Sub-Fund should not constitute a substantial portion of an investment portfolio and may not be appropriate for all investors.
- Business Day/Dealing Day DefinitionBusiness Day: a day normally treated as a business day in Dublin, New York, London and Singapore provided always that the stock exchanges in, New York, London and Singapore are open for business on such day. | El Subfondo pretende proporcionar un rendimiento anual de la inversión (generado por el aumento del valor de los títulos incluidos en la cartera del Subfondo o de los ingresos recibidos de dichos valores) de aproximadamente el 4% bruto sin descontar todas las comisiones o gastos que supere la rentabilidad anual del Índice durante tres años consecutivos.
El Subfondo se gestiona de forma activa. La Sociedad Gestora emplea modelos cuantitativos propios para identificar valores de renta variable de empresas que considera inversiones atractivas en comparación con otras empresas similares de sus sectores, basándose en el análisis de su valoración y perspectivas de beneficios. A partir de este grupo de valores, la Sociedad Gestora intenta crear una cartera bien diversificada con la mejor relación riesgo/beneficio esperada para alcanzar el objetivo de inversión del Subfondo. A la hora de determinar la mejor relación riesgo-beneficio esperada, la Sociedad Gestora tendrá en cuenta la información sobre criterios ASG (ambiental, social y de gobierno corporativo) disponible —como datos sobre emisiones, comportamiento corporativo y diversidad— junto a la financiera. Para construir la cartera del Subfondo, la Sociedad gestora tomará como referencia el índice, lo que significa que, pese a que esta tiene potestad para seleccionar las inversiones del Subfondo, la divergencia de este con respecto al índice está controlada. Se prevé que la cartera de valores resultante muestre unos niveles de riesgo similares a los del Índice, así como un perfil ASG mejor que el de este.
El proceso de inversión cuantitativa de la Sociedad gestora analiza y evalúa constantemente los valores incluidos en la cartera del Subfondo con el propósito de mantener la relación riesgo-beneficio deseada para cumplir el objetivo de inversión del Subfondo.
El Índice es un índice de capitalización bursátil ajustado a flotación libre y diseñado para medir la rentabilidad del mercado de renta variable del segmento de pequeña capitalización de los mercados emergentes.
Se prevé que el Valor Liquidativo del AXA Rosenberg Global Emerging Markets Small Cap Alpha Fund muestre una alta volatilidad debido a la naturaleza de su política de inversión.
Las inversiones directas en Rusia solamente se realizarán en valores de renta variable que se negocien en la Bolsa de Valores de Moscú MOEX-RTS.
Una inversión en este Fondo no debe constituir una parte considerable de una cartera de inversión y quizás no resulte adecuada para todos los inversores.
- Definición de Día Hábil/Día de NegociaciónDía Hábil: un día normalmente considerado hábil en Dublín, Nueva York, Londres y Singapur, siempre y cuando las Bolsas de Nueva York, Londres y Singapur estén abiertas a la negociación. | The Sub-Fund aims to provide an annual return on investment (generated through an increase in the value of the securities held by the Sub-Fund and/or income received from those securities) of approximately 4% gross of all fees/expenses above the annual return of the Index over a rolling three-year basis.
The Sub-Fund is actively managed. The Manager uses proprietary quantitative models to identify equity securities of companies that it believes to be attractive investment opportunities, relative to their industry peers, based on analysis of their valuation and earnings prospects. From this pool of securities, the Manager seeks to construct a well-diversified portfolio that has the best expected return-to-risk trade off to meet the Sub-Fund’s investment objective. When determining the best expected return-to-risk trade off, the Manager will consider available ESG (environmental, social and governance) information – such as data on emissions, corporate behaviour and diversity - alongside financial information. In constructing the Sub-Fund's portfolio, the Manager will reference the Index which means that, while the Manager has discretion to select the investments for the Sub-Fund, the Sub-Fund's divergence from the Index is controlled. The resulting portfolio of securities is expected to demonstrate similar levels of risk to that of the Index, together with an improved ESG profile compared to the Index.
The Manager’s quantitative investment process continuously assesses and evaluates the securities in the Sub-Fund's portfolio in order to maintain the desired return-to-risk trade off to meet the Sub-Fund’s investment objective.
The Index is a free float-adjusted market capitalisation index that is designed to measure equity market performance of the small cap segment of emerging markets.
It is anticipated that the Net Asset Value of the AXA Rosenberg Global Emerging Markets Small Cap Alpha Fund will exhibit high volatility due to the nature of its investment policy.
Direct investment in Russia will only be made in equity securities that are traded on the Moscow Exchange MOEX-RTS.
An investment in this Sub-Fund should not constitute a substantial portion of an investment portfolio and may not be appropriate for all investors.
- Business Day/Dealing Day DefinitionBusiness Day: a day normally treated as a business day in Dublin, New York, London and Singapore provided always that the stock exchanges in, New York, London and Singapore are open for business on such day. | en | es |
DOLFIN9665 | 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 maintain capital value and liquidity while producing a return for investors in line with money market rates.
- The fund invests in a diversified range of short-term instruments, including high quality money market instruments (including government securities, bank obligations, commercial paper and other short-term obligations), high quality securitisations and asset-backed commercial paper, deposits, repurchase agreements and reverse repurchase agreements, and units or shares in eligible money market funds.
- Investments will have a credit quality consistent with maintaining Moody's Aaa-mf rating and a rating of AAAm by Standard & Poor’s for the fund. Such ratings were solicited by the manager of the fund and financed by either the manager or the fund.
- The fund adopts a sustainable focused strategy under which a minimum of at least 70% will be invested in shares of companies that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to Article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time. In addition, the Investment Manager will exclude investment in issuers having exposure to controversial weapons, production of conventional weapons, tobacco, fossil fuel exploration and extraction, and thermal coal-based power generation or fossil fuel-based power generation.
- The fund is actively managed without reference to a benchmark.
- Income earned by the fund is accumulated in the share price.
- Shares in the fund can be bought and sold on any day on which the banks are open for normal banking business in London and same day settlement of the proceeds for subscriptions and redemptions is facilitated by electronic funds transfer.
- The fund is a Low Volatility Net Asset Value Money Market Fund and operates as a Short-Term Money Market Fund. | # Objetivos y política de inversión
- El Subfondo trata de mantener el valor del capital y la liquidez, al tiempo que genera para los inversores una rentabilidad acorde con los tipos del mercado monetario.
- El Subfondo invierte en una gama diversificada de instrumentos a corto plazo de alta calidad (como valores soberanos, obligaciones de bancos, pagarés de empresas y otras obligaciones a corto plazo), titulizaciones de alta calidad y pagarés de empresas respaldados por activos, depósitos, acuerdos de recompra y recompra inversa, y participaciones o acciones de fondos del mercado monetario autorizados.
- Las inversiones tendrán una calidad crediticia que permita que el Subfondo mantenga la calificación de Aaa-mf otorgada por Moody's, así como la de AAAm de Standard & Poor’s. Dichas calificaciones fueron solicitadas por el Gestor del Subfondo y financiadas por el gestor o el Subfondo.
- El Subfondo sigue una estrategia centrada en la sostenibilidad en virtud de la cual, como mínimo, un 70 % de su patrimonio neto se invertirá en acciones de empresas que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- Tendrá siempre en cuenta un amplio abanico de características medioambientales y sociales, como la mitigación del cambio climático y la adaptación al mismo, la gestión del agua y los residuos, la biodiversidad, la seguridad de los productos, la cadena de suministro, la salud y seguridad y los Derechos Humanos. El Subfondo trata de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
- El Subfondo se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones. Además, el Gestor de Inversiones excluirá la inversión en emisores expuestos a las armas controvertidas, la fabricación de armas convencionales, el tabaco, la prospección y extracción de combustibles fósiles, o la generación de energía a partir de carbón térmico o combustibles fósiles.
- El Subfondo se gestiona de manera activa sin tener un índice como referencia.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Las acciones del Subfondo pueden comprarse y venderse cualquier día en que los bancos de Londres estén abiertos para el ejercicio habitual de su actividad, y la liquidación de los importes correspondientes a suscripciones y reembolsos se realizará en el mismo día por medio de una transferencia electrónica de fondos.
- El Subfondo es un Fondo del Mercado Monetario de Baja Volatilidad con Valor Liquidativo Variable y funciona como un Fondo del Mercado Monetario a Corto Plazo. | # Objectives and Investment Policy
- The fund aims to maintain capital value and liquidity while producing a return for investors in line with money market rates.
- The fund invests in a diversified range of short-term instruments, including high quality money market instruments (including government securities, bank obligations, commercial paper and other short-term obligations), high quality securitisations and asset-backed commercial paper, deposits, repurchase agreements and reverse repurchase agreements, and units or shares in eligible money market funds.
- Investments will have a credit quality consistent with maintaining Moody's Aaa-mf rating and a rating of AAAm by Standard & Poor’s for the fund. Such ratings were solicited by the manager of the fund and financed by either the manager or the fund.
- The fund adopts a sustainable focused strategy under which a minimum of at least 70% will be invested in shares of companies that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to Article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time. In addition, the Investment Manager will exclude investment in issuers having exposure to controversial weapons, production of conventional weapons, tobacco, fossil fuel exploration and extraction, and thermal coal-based power generation or fossil fuel-based power generation.
- The fund is actively managed without reference to a benchmark.
- Income earned by the fund is accumulated in the share price.
- Shares in the fund can be bought and sold on any day on which the banks are open for normal banking business in London and same day settlement of the proceeds for subscriptions and redemptions is facilitated by electronic funds transfer.
- The fund is a Low Volatility Net Asset Value Money Market Fund and operates as a Short-Term Money Market Fund. | en | es |
DOLFIN9669 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Shareholder of any particular Fund or Share Class will be entitled at any separate meeting of the Shareholders of that Fund or Share Class to one vote for each whole Share of that Fund or Share Class held.
In the case of a joint holding, only the first named Shareholder may vote.
- Compulsory redemption:The Directors may impose or relax restrictions on any Shares and, if necessary, require redemption of Shares to ensure that Shares are neither acquired nor held by or on behalf of (i) any person in breach of the law or requirements of any country or government or regulatory authority (if the Directors have determined that any of them, the Company, any of the Investment Managers or any other person as determined by the Directors would have suffered any disadvantage as a result of such breach) or (ii) any person in circumstances which in the opinion of the Board might result in the Company incurring any liability to taxation (to include, inter alia, regulatory or tax liabilities and any other tax liabilities that might derive , inter alia, from the requirements of FATCA or the common Reporting Standard or any similar provision or any breach thereof) or suffering any pecuniary disadvantage which the Company might not otherwise have incurred or suffered, including a requirement to register under any securities or investment or similar laws or requirements of any country or authority or (iii) any person whose shareholding’s concentration could, in the opinion of the Directors, jeopardise the liquidity of the Company or any of its Funds including those qualifying as Money Market Funds. | En las juntas celebradas por separado de un Fondo o una Clase de Participaciones, los Partícipes de ese Fondo o Clase tendrán derecho a un voto por cada Participación completa de la que sean titulares en ese Fondo o Clase.
En caso de titularidad conjunta, solo podrá votar el Partícipe cuyo nombre figure en primer lugar.
- Reembolso obligatorio:El Consejo de administración podrá imponer restricciones sobre cualquiera de las Participaciones, o flexibilizar dichas restricciones, y, si fuese necesario, podrá exigir el reembolso de Participaciones para garantizar que estas no sean adquiridas ni sean propiedad de (i) ninguna persona, o en su nombre, cuando esto suponga un incumplimiento de la legislación o las disposiciones de cualquier país, Gobierno o autoridad reguladora (si el Consejo de administración ha determinado que ninguno de ellos, la Sociedad, ninguno de los Gestores de inversiones o ninguna otra persona que el Consejo de administración determine que haya sufrido cualquier desventaja como consecuencia de dicho incumplimiento) o (ii) cualquier persona en circunstancias que, en la opinión del Consejo, puedan provocar que la Sociedad incurra en una deuda fiscal (incluye, entre otras cosas, pasivos regulados o fiscales y cualquier otro pasivo fiscal que pueda derivar, entre otros, de los requisitos de la FATCA o de la Norma de información común, cualquier disposición similar o incumplimiento de la misma) o sufra cualquier otradesventaja financiera que, en caso contrario, no habría sufrido, incluido el deber de registrarlas de acuerdo con valores o inversiones o legislaciones y reglamentos similares de cualquier país o autoridad o (iii) cualquier persona cuya concentración de participaciones pueda, en opinión del Consejo de administración, poner en peligro la liquidez de la Sociedad o cualquiera de sus Fondos, incluidos aquellos que cumplen los requisitos para ser Fondos del mercado monetario. | A Shareholder of any particular Fund or Share Class will be entitled at any separate meeting of the Shareholders of that Fund or Share Class to one vote for each whole Share of that Fund or Share Class held.
In the case of a joint holding, only the first named Shareholder may vote.
- Compulsory redemption:The Directors may impose or relax restrictions on any Shares and, if necessary, require redemption of Shares to ensure that Shares are neither acquired nor held by or on behalf of (i) any person in breach of the law or requirements of any country or government or regulatory authority (if the Directors have determined that any of them, the Company, any of the Investment Managers or any other person as determined by the Directors would have suffered any disadvantage as a result of such breach) or (ii) any person in circumstances which in the opinion of the Board might result in the Company incurring any liability to taxation (to include, inter alia, regulatory or tax liabilities and any other tax liabilities that might derive , inter alia, from the requirements of FATCA or the common Reporting Standard or any similar provision or any breach thereof) or suffering any pecuniary disadvantage which the Company might not otherwise have incurred or suffered, including a requirement to register under any securities or investment or similar laws or requirements of any country or authority or (iii) any person whose shareholding’s concentration could, in the opinion of the Directors, jeopardise the liquidity of the Company or any of its Funds including those qualifying as Money Market Funds. | en | es |
DOLFIN9676 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the IBOXX € SOVEREIGNS EUROZONE AAA® Index (index). The index reflects the performance of tradable debt (bonds) denominated in Euro or pre- Euro currencies issued by Eurozone governments. The composition of the index is rebalanced according to a pre-set methodology. For bonds to be included in the index on a monthly rebalancing date, they must, on the relevant rebalancing date have a remaining time to maturity of at least one year. The bonds must have a fixed rate of interest, an average credit rating of AAA (calculated in accordance with pre-set rules) and at least €1 billion outstanding. The index is | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del índice IBOXX € SOVEREIGNS EUROZONE AAA® (el “índice”). El índice reproduce la evolución de deuda negociable (bonos) denominada en euros o monedas anteriores al euro y emitida por gobiernos de la zona euro. La composición del índice se va ajustando de acuerdo con una metodología prefijada. Para que los bonos puedan incluirse en el índice en una fecha de ajuste mensual, deben tener un vencimiento residual mínimo de un año en la fecha de ajuste correspondiente. Los bonos deben tener un tipo de interés fijo, una calificación crediticia media de AAA (calculada conforme a unas normas prefijadas) y un saldo vivo de, al menos, 1.000 millones de euros. | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the IBOXX € SOVEREIGNS EUROZONE AAA® Index (index). The index reflects the performance of tradable debt (bonds) denominated in Euro or pre- Euro currencies issued by Eurozone governments. The composition of the index is rebalanced according to a pre-set methodology. For bonds to be included in the index on a monthly rebalancing date, they must, on the relevant rebalancing date have a remaining time to maturity of at least one year. The bonds must have a fixed rate of interest, an average credit rating of AAA (calculated in accordance with pre-set rules) and at least €1 billion outstanding. The index is | en | es |
DOLFIN9684 | 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 | up to 5.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.47% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 20.00% of New Net Appreciation. Actual performance fee charged last year: 3.55%. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | hasta 5,00% |
| Gastos de salida | No aplicable |
| Este es el máximo que puede detraerse del capital del inversor antes de proceder a la inversión o de abonar el producto de esta. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 2,47% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de la Nueva Apreciación Neta. Comisión de rentabilidad real percibida el pasado ejercicio: 3,55%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | up to 5.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.47% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 20.00% of New Net Appreciation. Actual performance fee charged last year: 3.55%. | | en | es |
DOLFIN9685 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# IMPORTANT NOTICE TO THE SHAREHOLDERS OF:
Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF (ISIN: LU0292106753) Xtrackers LevDAX Daily Swap UCITS ETF (ISIN: LU0411075376) Xtrackers ShortDAX Daily Swap UCITS ETF (ISIN: LU0292106241)
Xtrackers ShortDAX x2 Daily Swap UCITS ETF (ISIN: LU0411075020)
(each a “Sub-Fund” and together the "Sub-Funds")
Luxembourg, 25 October 2021
Dear Shareholder,
The board of directors of the Company (the “Board of Directors”) hereby informs the shareholders of the Sub-Funds about certain changes to the Sub-Funds as outlined below.
Capitalised terms not defined herein shall have the meaning given to them in the most recent version of the prospectus of the Company (the “Prospectus”), unless the context otherwise requires.
The Euro Over Night Index Average (“EONIA”) administrator, European Money Markets Institute, announced that it will stop publishing the EONIA on 3 January 2022. The European Central Bank’s working group on euro risk-free rates recommended that the Euro short term rate (“€STR”) replaces the EONIA as the Euro risk-free rate.
Currently the level of each Reference Index is linked to the daily performance of an underlying index (as set out in the table below) plus or less a rate of interest (dependent on the Reference Index) which is based on the EONIA as a reference rate.
As a result of the abovementioned decomissioning of EONIA, the Index Administrator of the Reference Index of each Sub-Fund (as set out in the table below) will replace EONIA with €STR flat (i.e. no additional spread) in the methodology of the Reference Index of each Sub-Fund effective as of 8 November 2021:
| Sub-Fund | Index Administrator | Reference Index | Underlying Index |
| --- | --- | --- | --- |
| Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF | STOXX Ltd. | EURO STOXX 50 ® Short Index | EURO STOXX 50 ® Index |
| Xtrackers LevDAX Daily Swap UCITS ETF | STOXX Ltd. | LevDAX ® Index | DAX ® Index |
| Xtrackers ShortDAX Daily Swap UCITS ETF | STOXX Ltd. | ShortDAX ® Index | DAX ® Index |
| --- | --- | --- | --- |
| Xtrackers ShortDAX x2 Daily Swap UCITS ETF | STOXX Ltd. | ShortDAX ® x2 Index | DAX ® Index |
For the avoidance of doubt, the replacement of EONIA with €STR flat as the reference rate is not a material change to the Reference Index of each Sub-Fund. The Reference Index of each Sub- Fund will continue to provide the same leveraged and/or short exposures to the relevant equity index and will still feature an overnight refinancing rate.
For the avoidance of doubt, the Sub-Funds’ names, investment objectives, risk profiles and fees will remain unchanged. | # NOTIFICACIÓN IMPORTANTE A LOS ACCIONISTAS DE:
Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF (ISIN: LU0292106753) Xtrackers LevDAX Daily Swap UCITS ETF (ISIN: LU0411075376) Xtrackers ShortDAX Daily Swap UCITS ETF (ISIN: LU0292106241)
Xtrackers ShortDAX x2 Daily Swap UCITS ETF (ISIN: LU0411075020)
(individualmente, un “Subfondo” y conjuntamente los “Subfondos”)
Luxemburgo, 25 de octubre de 2021
Estimado/a Accionista:
El Consejo de Administración de la Sociedad (el “Consejo de Administración”) informa mediante la presente notificación a los accionistas de los Subfondos sobre ciertos cambios de los mismos, tal y como se describe a continuación.
Los términos en mayúsculas no definidos en el presente documento tendrán el significado asignado en la versión más reciente del folleto de la Sociedad (el “Folleto”), a menos que el contexto indique lo contrario.
El European Money Markets Institute, entidad administradora del Euro Over Night Index Average (“EONIA”), ha anunciado que dejará de publicarlo el 3 de enero de 2022. El grupo de trabajo del Banco Central Europeo sobre tipos libres de riesgo del euro ha recomendado que el tipo a corto plazo del euro (“€STR”) sustituya al EONIA como tipo libre de riesgo del euro.
Actualmente, el nivel de cada Índice de Referencia está vinculado al rendimiento diario de un índice subyacente (tal como se establece en la siguiente tabla), más o menos un tipo de interés (dependiendo del Índice de Referencia) que se basa en el EONIA como tipo de referencia.
Como resultado del mencionado cese del EONIA, el Administrador del Índice del Índice de Referencia de cada Subfondo (tal y como se indica en la siguiente tabla) sustituirá el EONIA por el €STR fijo (es decir, sin diferencial adicional) en la metodología del Índice de Referencia de cada Subfondo a partir del 8 de noviembre de 2021:
| Subfondo | Administrador del Índice | Índice de Referencia | Índice Subyacente |
| --- | --- | --- | --- |
| Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF | STOXX Ltd. | EURO STOXX 50 ® Short Index | EURO STOXX 50 ® Index |
| Xtrackers LevDAX Daily Swap UCITS ETF | STOXX Ltd. | LevDAX ® Index | DAX ® Index |
| Xtrackers ShortDAX Daily Swap UCITS ETF | STOXX Ltd. | ShortDAX ® Index | DAX ® Index |
| --- | --- | --- | --- |
| Xtrackers ShortDAX x2 Daily Swap UCITS ETF | STOXX Ltd. | ShortDAX ® x2 Index | DAX ® Index |
Para evitar cualquier duda, aclaramos que la sustitución del EONIA por el €STR fijo como tipo de referencia no supone un cambio significativo en el Índice de Referencia de cada Subfondo. El Índice de Referencia de cada Subfondo seguirá ofreciendo las mismas exposiciones cortas o apalancadas al índice de renta variable correspondiente y seguirá ofreciendo un tipo de refinanciación a un día.
Para evitar cualquier duda, los nombres de los Subfondos, los objetivos de inversión, los perfiles de riesgo y las comisiones no sufrirán cambios. | # IMPORTANT NOTICE TO THE SHAREHOLDERS OF:
Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF (ISIN: LU0292106753) Xtrackers LevDAX Daily Swap UCITS ETF (ISIN: LU0411075376) Xtrackers ShortDAX Daily Swap UCITS ETF (ISIN: LU0292106241)
Xtrackers ShortDAX x2 Daily Swap UCITS ETF (ISIN: LU0411075020)
(each a “Sub-Fund” and together the "Sub-Funds")
Luxembourg, 25 October 2021
Dear Shareholder,
The board of directors of the Company (the “Board of Directors”) hereby informs the shareholders of the Sub-Funds about certain changes to the Sub-Funds as outlined below.
Capitalised terms not defined herein shall have the meaning given to them in the most recent version of the prospectus of the Company (the “Prospectus”), unless the context otherwise requires.
The Euro Over Night Index Average (“EONIA”) administrator, European Money Markets Institute, announced that it will stop publishing the EONIA on 3 January 2022. The European Central Bank’s working group on euro risk-free rates recommended that the Euro short term rate (“€STR”) replaces the EONIA as the Euro risk-free rate.
Currently the level of each Reference Index is linked to the daily performance of an underlying index (as set out in the table below) plus or less a rate of interest (dependent on the Reference Index) which is based on the EONIA as a reference rate.
As a result of the abovementioned decomissioning of EONIA, the Index Administrator of the Reference Index of each Sub-Fund (as set out in the table below) will replace EONIA with €STR flat (i.e. no additional spread) in the methodology of the Reference Index of each Sub-Fund effective as of 8 November 2021:
| Sub-Fund | Index Administrator | Reference Index | Underlying Index |
| --- | --- | --- | --- |
| Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF | STOXX Ltd. | EURO STOXX 50 ® Short Index | EURO STOXX 50 ® Index |
| Xtrackers LevDAX Daily Swap UCITS ETF | STOXX Ltd. | LevDAX ® Index | DAX ® Index |
| Xtrackers ShortDAX Daily Swap UCITS ETF | STOXX Ltd. | ShortDAX ® Index | DAX ® Index |
| --- | --- | --- | --- |
| Xtrackers ShortDAX x2 Daily Swap UCITS ETF | STOXX Ltd. | ShortDAX ® x2 Index | DAX ® Index |
For the avoidance of doubt, the replacement of EONIA with €STR flat as the reference rate is not a material change to the Reference Index of each Sub-Fund. The Reference Index of each Sub- Fund will continue to provide the same leveraged and/or short exposures to the relevant equity index and will still feature an overnight refinancing rate.
For the avoidance of doubt, the Sub-Funds’ names, investment objectives, risk profiles and fees will remain unchanged. | en | es |
DOLFIN9688 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 18/10/1993. This class was launched on 25/09/2013. Past performance has been calculated in USD.
The performance of the Benchmark is also included in the graph for comparative purposes. | La rentabilidad histórica no es indicativa de los resultados futuros.
En su caso, la rentabilidad histórica que aquí se muestra tiene en cuenta los gastos corrientes, excepto los gastos aplicables de entrada y salida.
El Subfondo se creó el 18/10/1993. Esta clase se creó el 25/09/2013.
El cálculo de la rentabilidad histórica se ha efectuado en USD.
A efectos de comparación, la rentabilidad del Índice de referencia también se incluye en el gráfico. | Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 18/10/1993. This class was launched on 25/09/2013. Past performance has been calculated in USD.
The performance of the Benchmark is also included in the graph for comparative purposes. | en | es |
DOLFIN9691 | 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 M ACC USD between 31/03/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,747
-2.5%
USD 10,034
0.1% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund M ACC USD entre 31/03/2022-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 747 USD
-2,5%
10 034 USD
0,1% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund M ACC USD between 31/03/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,747
-2.5%
USD 10,034
0.1% | en | es |
DOLFIN9694 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 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.
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.
Furthermore, the manager may use techniques and instruments relating to transferable securities that he 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, use of forward financial instruments).
- | # 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.
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.
Además, el gestor 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).
- | # 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.
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.
Furthermore, the manager may use techniques and instruments relating to transferable securities that he 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, use of forward financial instruments).
- | en | es |
DOLFIN9698 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Transaction costs are expensed in the Statement of Comprehensive Income. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss category are presented in the Statement of Comprehensive Income in the financial year in which they arise.
The fair value of financial instruments traded in active markets (such as publicly traded derivatives and trading securities) is based on quoted market prices at the Statement of Financial Position date. The fair value of collective investment schemes is based on the traded net asset value of the relevant fund at the Statement of Financial Position date as provided by the fund’s administrator.
The Company may from time to time invest in financial instruments that are not traded in an active market (for example in over-the-counter derivatives). The fair value is determined by using valuation techniques. The Company uses a variety of methods and makes assumptions that are based on market conditions existing at each Statement of Financial Position date. Valuation techniques used include the use of comparable recent arm’s length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. The values assigned to these instruments are based upon the best available information and because of the uncertainty of the valuation, these values may differ significantly from the values that would have been realised had a ready market for these instruments existed and the differences could be material. Entering into these agreements involves, to varying degrees, elements of credit, legal, market and documentation risk in excess of amounts recognised in the Statement of Comprehensive Income. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparties to the agreements may default on their obligations to perform or disagree as to the meaning of contractual terms in the agreements, or that there may be unfavourable changes in interest rates or the price of the index or security underlying these transactions. The prices used at the year end which have been sourced from a single broker source or based upon valuation techniques are the best estimate of fair value as at the year end date. However, there is a degree of uncertainty in respect of these prices. It may not always be possible to close out the positions at the stated market value with the given counterparty.
- Recognition/DerecognitionRegular-way purchases and sales of investments are recognised on trade date plus one – the date on which the Company commits to purchase or sell the asset. Investments are initially recognised at fair value and transaction costs for all financial assets carried at fair value through profit or loss are expensed as incurred. Investments cease to be recognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership.
- Single Broker PricingThe prices used at the year end which have been sourced from a single broker source are the best estimate of fair value as at the year end date. However, there is a degree of uncertainty in respect of these prices. It may not always be possible to close out the positions at the stated mark with the given counterparty. Values of securities for each Fund which have been priced using single broker sources as at 28 February 2021 and 29 February 2020 are disclosed in Note 12.1 (d).
- Accounting for InvestmentsSecurity transactions are accounted for on trade date plus one. Investments are initially recognised at fair value and transaction costs for all ‘‘fair-valued-through profit or loss’’ securities are expensed as incurred. Gains or losses on the sale of securities are calculated by using the First-In-First-Out (‘‘FIFO’’) basis.
- Income from InvestmentsInterest income and expense are recognised in the Statement of Comprehensive Income for all debt instruments using the effective interest method. The Investment Managers monitor interest income receivable for any delinquent interest receivable amounts. The accounts have been reviewed for delinquent interest receivable and as at 28 February 2021 and 29 February 2020 all amounts were deemed to be recoverable. | Los activos y pasivos financieros a valor razonable en la cuenta de pérdidas y ganancias se contabilizan inicialmente al valor razonable. Los costes de transacción se contabilizan como gastos en el Estado de resultado global. Posteriormente a la contabilización inicial, todos los activos y pasivos financieros expresados a valor razonable en la cuenta de pérdidas y ganancias se miden al valor razonable. Las pérdidas y ganancias procedentes de cambios en el valor razonable de los activos o pasivos financieros a valor razonable en la cuenta de pérdidas y ganancias se incluyen en el Estado de resultado global del ejercicio financiero en el que se producen.
El valor razonable de los instrumentos financieros negociados en mercados activos (como derivados negociados públicamente y valores negociables) se basa en precios de cotización de mercado referidos en la fecha del Estado de situación financiera. El valor razonable de los planes de inversión colectiva se basa en el valor liquidativo del fondo correspondiente a la fecha del Estado de situación financiera, tal como lo haya proporcionado el administrador del fondo.
La Sociedad podrá invertir ocasionalmente en instrumentos financieros que no se negocian en un mercado activo (por ejemplo, instrumentos derivados extrabursátiles). El valor razonable se determinará mediante técnicas de valoración. La Sociedad emplea diversos métodos y aplica supuestos partiendo de las condiciones de mercado existentes en cada fecha del Estado de situación financiera. Las técnicas de valoración utilizadas incluyen el uso de transacciones imparciales comparables recientes, análisis de flujos de efectivo descontados y otras técnicas de valoración utilizadas habitualmente por los participantes del mercado. Los valores adjudicados a estos instrumentos se basan en la mejor información disponible y, debido a la incertidumbre de la valoración, estos valores pueden diferir considerablemente de los valores que se habrían realizado en el caso de que existiera un mercado adecuado para estos instrumentos, y las diferencias podrían ser sustanciales. La celebración de estos acuerdos implica, en distintas medidas, elementos de un riesgo de crédito, legal, de mercado y de documentación superior a las cantidades contabilizadas en el Estado de resultado global. Tales riesgos implican la posibilidad de que no exista ningún mercado líquido para estos acuerdos, que las contrapartes de los acuerdos puedan faltar a sus obligaciones de cumplimiento o bien discrepar en cuanto al sentido de los términos contractuales de los acuerdos, o que se produzcan modificaciones desfavorables de los tipos de interés o el precio del índice o valor subyacente a estas transacciones. Los precios utilizados al cierre del ejercicio que se hayan obtenido de un único agente de bolsa o en función de técnicas de valoración son la mejor estimación del valor razonable a la fecha de cierre del ejercicio. Sin embargo, existe un grado de incertidumbre respecto de estos precios. Puede que no siempre sea posible liquidar las posiciones al valor de mercado establecido con una contraparte determinada.
- Contabilización/CancelaciónLas compras y las ventas de inversiones por vía regular se contabilizan en la fecha de negociación más uno, que es la fecha en la que la Sociedad se compromete a efectuar la compra o la venta del activo. Las inversiones se contabilizan inicialmente a su valor razonable y los costes de transacción de todos los activos asentados a su valor razonable en la cuenta de pérdidas y ganancias se imputan en cuando se producen. Las inversiones se dejan de contabilizar cuando los derechos para recibir flujos de efectivo procedentes de las inversiones han expirado o bien cuando la Sociedad ha transferido prácticamente todos los riesgos y los beneficios de los derechos de propiedad.
- Precio de un único agente de bolsaLos precios utilizados al cierre del ejercicio que se hayan obtenido de un único agente de bolsa son la mejor estimación del valor razonable a la fecha de cierre del ejercicio. Sin embargo, existe un grado de incertidumbre respecto de estos precios. Puede que no siempre sea posible liquidar las posiciones al valor de mercado establecido con una contraparte determinada. En la Nota 12.1 (d) se recogen los valores de los títulos de cada Fondo cuyo precio ha sido fijado utilizando fuentes de un solo agente de bolsa a 28 de febrero de 2021 y a 29 de febrero de 2020.
- Contabilización de inversionesLas transacciones de títulos se contabilizan en la fecha de negociación más uno. Las inversiones se contabilizan inicialmente a valor razonable y los costes de transacción de todos los títulos “a valor razonable con cambios en la cuenta de pérdidas y ganancias” se consideran gastos incurridos. Las ganancias o pérdidas sobre la venta de títulos se calculan usando el método de primero en entrar, primero en salir (FIFO, por sus siglas en inglés).
- Ingresos de inversionesLos ingresos y gastos de intereses se contabilizan en el Estado de resultado global para todos los instrumentos de deuda utilizando el método de interés efectivo. Los Gestores de Inversiones controlan los ingresos por intereses a cobrar por los importes de intereses devengados por mora. Se han revisado los intereses devengados por mora de las cuentas y a 28 de febrero de 2021 y a 29 de febrero de 2020 todos los importes se consideraban recuperables. | Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Transaction costs are expensed in the Statement of Comprehensive Income. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss category are presented in the Statement of Comprehensive Income in the financial year in which they arise.
The fair value of financial instruments traded in active markets (such as publicly traded derivatives and trading securities) is based on quoted market prices at the Statement of Financial Position date. The fair value of collective investment schemes is based on the traded net asset value of the relevant fund at the Statement of Financial Position date as provided by the fund’s administrator.
The Company may from time to time invest in financial instruments that are not traded in an active market (for example in over-the-counter derivatives). The fair value is determined by using valuation techniques. The Company uses a variety of methods and makes assumptions that are based on market conditions existing at each Statement of Financial Position date. Valuation techniques used include the use of comparable recent arm’s length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. The values assigned to these instruments are based upon the best available information and because of the uncertainty of the valuation, these values may differ significantly from the values that would have been realised had a ready market for these instruments existed and the differences could be material. Entering into these agreements involves, to varying degrees, elements of credit, legal, market and documentation risk in excess of amounts recognised in the Statement of Comprehensive Income. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparties to the agreements may default on their obligations to perform or disagree as to the meaning of contractual terms in the agreements, or that there may be unfavourable changes in interest rates or the price of the index or security underlying these transactions. The prices used at the year end which have been sourced from a single broker source or based upon valuation techniques are the best estimate of fair value as at the year end date. However, there is a degree of uncertainty in respect of these prices. It may not always be possible to close out the positions at the stated market value with the given counterparty.
- Recognition/DerecognitionRegular-way purchases and sales of investments are recognised on trade date plus one – the date on which the Company commits to purchase or sell the asset. Investments are initially recognised at fair value and transaction costs for all financial assets carried at fair value through profit or loss are expensed as incurred. Investments cease to be recognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership.
- Single Broker PricingThe prices used at the year end which have been sourced from a single broker source are the best estimate of fair value as at the year end date. However, there is a degree of uncertainty in respect of these prices. It may not always be possible to close out the positions at the stated mark with the given counterparty. Values of securities for each Fund which have been priced using single broker sources as at 28 February 2021 and 29 February 2020 are disclosed in Note 12.1 (d).
- Accounting for InvestmentsSecurity transactions are accounted for on trade date plus one. Investments are initially recognised at fair value and transaction costs for all ‘‘fair-valued-through profit or loss’’ securities are expensed as incurred. Gains or losses on the sale of securities are calculated by using the First-In-First-Out (‘‘FIFO’’) basis.
- Income from InvestmentsInterest income and expense are recognised in the Statement of Comprehensive Income for all debt instruments using the effective interest method. The Investment Managers monitor interest income receivable for any delinquent interest receivable amounts. The accounts have been reviewed for delinquent interest receivable and as at 28 February 2021 and 29 February 2020 all amounts were deemed to be recoverable. | en | es |
DOLFIN9702 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.35% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 15.00% a year of any returns the Sub-Fund achieves above EONIA. |
| Over the last accounting year, a performance fee of 0.50% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 4,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,35% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del EONIA. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,50%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.35% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 15.00% a year of any returns the Sub-Fund achieves above EONIA. |
| Over the last accounting year, a performance fee of 0.50% was charged. | | en | es |
DOLFIN9707 | 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
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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
fund will attempt to replicate the index by buying all or a substantial number of securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of 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 EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The performance of the fund is linked to shares of companies principally engaged in the property sector which involves special risks including: the cyclical nature of property values, changes in the general economic climate, local conditions and market rental rates, attractiveness and location of the relevant properties, the financial circumstances of the tenants and changes in operational costs including (without limit) the costs of maintenance and insurance. 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.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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
índice comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de 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 EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El rendimiento del fondo está vinculado a acciones de empresas que se dedican principalmente al sector inmobiliario, lo que entraña riesgos específicos, entre los que se incluyen: el carácter cíclico de los valores inmobiliarios, los cambios en el contexto económico general, la situación local y los precios del alquiler del mercado, el atractivo y la ubicación de los bienes inmobiliarios en cuestión, las circunstancias financieras de los arrendatarios y los cambios en los costes operativos incluidos, entre otros, los costes de mantenimiento y seguros. El fondo podría emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, y podría provocar mayores fluctuaciones en el valor del fondo. Lo que podría afectar negativamente al valor del mismo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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
fund will attempt to replicate the index by buying all or a substantial number of securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of 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 EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The performance of the fund is linked to shares of companies principally engaged in the property sector which involves special risks including: the cyclical nature of property values, changes in the general economic climate, local conditions and market rental rates, attractiveness and location of the relevant properties, the financial circumstances of the tenants and changes in operational costs including (without limit) the costs of maintenance and insurance. 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.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN9713 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Investment Manager analyses the projects financed by the Green Bond’s proceeds. To be eligible, they must be part of the green projects list defined internally by Allianz Global Investors based on research from the Climate Bonds Initiative (CBI), a world-class reputation organisation, which provides a science-based evaluation of the climate change mitigation impacts of the different types of projects.
The Investment Manager completes this analysis by also considering the Environment, Social, Governance, Human Rights and Business behaviour domains in the selection process of an issuer. Indeed, a Sub-Fund’s Investment Manager monitors the sustainability profile of issuers. In case this sustainability profile is poor as measured by the average SRI Rating of such issuer, the bonds issued by or from this issuer would not be eligible according to the Green Bond Strategy.
The last step of the Investment Manager’s analysis is focused on the credibility of the respective issuer’s approach regarding its transition to a low carbon model. The Investment Manager’s intention is to favour Green Bonds from such issuers which have set up a sound strategy to mitigate the negative environmental impacts of their activities. The Investment Manager tries to identify such issuers which only make use of the Green Bond market solely for communication / marketing purposes and therefore will not invest in bonds issued by such issuers.
- Green Transition StrategyThe Green Transition Strategy promotes environmental and/or social characteristics by mobilizing capital markets towards the transition to a low carbon society, natural capital preservation and adaptation to climate change (“Green Transition Strategy”). | El Gestor de inversiones analiza los proyectos financiados con el producto de los Bonos verdes. Para ser admisibles, deben formar parte de la lista de proyectos verdes definida internamente por Allianz Global Investors, basada en los análisis llevados a cabo por la Iniciativa de Bonos Climáticos (CBI), una organización de prestigio mundial que proporciona una evaluación científica de los efectos de mitigación del cambio climático de los diferentes tipos de proyectos.
El Gestor de inversiones realiza este análisis teniendo en cuenta también los aspectos ambientales, sociales, de gobierno corporativo, derechos humanos y conducta empresarial en el proceso de selección de un emisor. En este sentido, el Gestor de inversiones de un Compartimento supervisa el perfil de sostenibilidad de los emisores. En caso de que este perfil de sostenibilidad sea deficiente, a tenor de la Calificación SRI media de ese emisor, los bonos emitidos por él o procedentes de este emisor no serán admisibles según la Estrategia de Bonos verdes.
El último paso del análisis del Gestor de inversiones se centra en la credibilidad del enfoque del emisor respectivo en relación con su transición a un modelo de bajas emisiones de carbono. La intención del Gestor de inversiones es favorecer los Bonos verdes de los emisores que hayan establecido una estrategia sólida para mitigar los efectos ambientales negativos de sus actividades. El Gestor de inversiones trata de identificar los emisores que solo utilizan el mercado de bonos verdes con fines exclusivamente de comunicación/promoción comercial y, por tanto, no invertirá en bonos emitidos por ellos.
- Estrategia de Transición verdeLa Estrategia de Transición verde promueve las características ambientales y/o sociales movilizando los mercados de capitales hacia la transición a una sociedad con bajas emisiones de carbono, la preservación del capital natural y la adaptación al cambio climático («Estrategia de Transición verde»). | The Investment Manager analyses the projects financed by the Green Bond’s proceeds. To be eligible, they must be part of the green projects list defined internally by Allianz Global Investors based on research from the Climate Bonds Initiative (CBI), a world-class reputation organisation, which provides a science-based evaluation of the climate change mitigation impacts of the different types of projects.
The Investment Manager completes this analysis by also considering the Environment, Social, Governance, Human Rights and Business behaviour domains in the selection process of an issuer. Indeed, a Sub-Fund’s Investment Manager monitors the sustainability profile of issuers. In case this sustainability profile is poor as measured by the average SRI Rating of such issuer, the bonds issued by or from this issuer would not be eligible according to the Green Bond Strategy.
The last step of the Investment Manager’s analysis is focused on the credibility of the respective issuer’s approach regarding its transition to a low carbon model. The Investment Manager’s intention is to favour Green Bonds from such issuers which have set up a sound strategy to mitigate the negative environmental impacts of their activities. The Investment Manager tries to identify such issuers which only make use of the Green Bond market solely for communication / marketing purposes and therefore will not invest in bonds issued by such issuers.
- Green Transition StrategyThe Green Transition Strategy promotes environmental and/or social characteristics by mobilizing capital markets towards the transition to a low carbon society, natural capital preservation and adaptation to climate change (“Green Transition Strategy”). | en | es |
DOLFIN9714 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
As a result of the Changes, the Funds shall be subject to the disclosure requirements of a financial product under Article 9(3) SFDR. This determination is made solely on the basis that, as of the Effective Date, the Reference Index that each Fund reflects shall have a reduction of carbon emissions as its objective. Prior to the Effective Date, the Funds were subject to the disclosure requirements of a financial product under Article 8(1) SFDR.
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# Fund name change | Como resultado de los Cambios, los Fondos estarán sujetos a los requisitos de divulgación de información para productos financieros que se consignan en el artículo 9.3 del Reglamento SFDR. Esta decisión se ha tomado porque, a partir de la Fecha Efectiva, el Índice de Referencia seguido por cada Fondo deberá fijarse como objetivo la reducción de emisiones de carbono. Antes de la Fecha Efectiva, los Fondos estaban sujetos a los requisitos de divulgación de información para productos financieros que se consignan en el artículo 8.1 del Reglamento SFDR.
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# Cambio de nombre de los Fondos | As a result of the Changes, the Funds shall be subject to the disclosure requirements of a financial product under Article 9(3) SFDR. This determination is made solely on the basis that, as of the Effective Date, the Reference Index that each Fund reflects shall have a reduction of carbon emissions as its objective. Prior to the Effective Date, the Funds were subject to the disclosure requirements of a financial product under Article 8(1) SFDR.
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# Fund name change | en | es |
DOLFIN9727 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- optimise its cash management; or
- reduce transaction costs or allowing exposure in the case of illiquid securities or securities which are unavailable for market or regulatory reasons; or
- assist in achieving its investment objective and dealing with some equity local market specificities (market access, liquidity, local tax) and for reasons such as generating efficiencies in gaining exposure to the constituents of the financial index or to the financial index itself; or
- hedging against foreign exchange rate risk.
| The sub-fund may employ techniques and instruments relating to transferable securities and money market instruments, such as securities lending or borrowing, provided that such techniques and instruments are used for the purposes of efficient portfolio management, in accordance with the “Sub-Fund Description”. The use of such techniques and instruments should not result in a change of the declared investment objective of any sub-fund or substantially increase the stated risk profile of the sub-fund. In order to limit the exposure of a sub-fund to the risk of default of the counterparty under a repurchase agreement, the sub-fund will receive cash or other assets as collateral. Each sub-fund’s maximum and expected proportions of the sub-fund’s assets that can be subject to securities lending or borrowing transactions under normal circumstances is defined in the table “USE OF SECURITIES FINANCING TRANSACTIONS AND TOTAL RETURN SWAPS” for each sub-fund. | | - optimizar su gestión del efectivo; o
- reducir los costes operativos o permitir la exposición en el caso de los valores no líquidos o valores que no estén disponibles ya sea por motivos de mercado o por razones legislativas; o
- ayudar a alcanzar su objetivo de inversión y tratar particularidades del mercado local de renta variable (acceso de mercado, liquidez, impuesto local), y por razones tales como generar eficiencia mediante una mayor exposición a los componentes del Índice financiero o al propio Índice financiero; o
- cobertura contra el riesgo de tipo de cambio de divisa.
| El subfondo puede emplear técnicas e instrumentos relacionados con los valores mobiliarios y los instrumentos del mercado monetario, tales como préstamos y empréstito de valores, en el caso de que tales técnicas e instrumentos se usen para fines de gestión eficiente de la cartera, de acuerdo con “Descripciones del subfondo”. El uso de tales técnicas e instrumentos no debería provocar un cambio en el objetivo de inversión declarado de cualquier subfondo ni debería aumentar en gran medida el perfil de riesgo manifestado del subfondo. Para limitar la exposición del subfondo al riesgo de incumplimiento de la contraparte con sujeción a un contrato de recompra, el subfondo recibirá efectivo u otros activos como garantía. Los porcentajes máximos y previstos de los activos de cada subfondo que pueden estar sujetos a operaciones de préstamo y empréstito de valores en condiciones normales se incluyen en la tabla “USO DE OPERACIONES DE FINANCIACIÓN DE VALORES Y PERMUTAS DE RENTABILIDAD TOTAL” en relación con cada subfondo. | | - optimise its cash management; or
- reduce transaction costs or allowing exposure in the case of illiquid securities or securities which are unavailable for market or regulatory reasons; or
- assist in achieving its investment objective and dealing with some equity local market specificities (market access, liquidity, local tax) and for reasons such as generating efficiencies in gaining exposure to the constituents of the financial index or to the financial index itself; or
- hedging against foreign exchange rate risk.
| The sub-fund may employ techniques and instruments relating to transferable securities and money market instruments, such as securities lending or borrowing, provided that such techniques and instruments are used for the purposes of efficient portfolio management, in accordance with the “Sub-Fund Description”. The use of such techniques and instruments should not result in a change of the declared investment objective of any sub-fund or substantially increase the stated risk profile of the sub-fund. In order to limit the exposure of a sub-fund to the risk of default of the counterparty under a repurchase agreement, the sub-fund will receive cash or other assets as collateral. Each sub-fund’s maximum and expected proportions of the sub-fund’s assets that can be subject to securities lending or borrowing transactions under normal circumstances is defined in the table “USE OF SECURITIES FINANCING TRANSACTIONS AND TOTAL RETURN SWAPS” for each sub-fund. | | en | es |
DOLFIN9730 | 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: capital growth over the long term by investing in shares (i.e. equities) and similar investments of companies listed, traded or dealt in on a regulated market in emerging markets worldwide and companies that have a predominant proportion of their assets or business operations in these emerging market countries.
Policy: in seeking to achieve its investment objective, the fund aims to deliver a return, net of fees, greater than that of the MSCI EM (Emerging Markets) Index with net dividends re-invested over rolling 3 year periods. The Fund will typically invest at least 80% in company shares and similar investments. Companies may be of all sizes and in any industry (e.g. pharmaceuticals, finance, etc). The Fund may invest up to 20% in China A-Shares through the China-Hong Kong Stock Connect scheme.
## The Fund will typically invest in the shares of fewer than 50 companies.
The Fund may use derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment), with the aim of generating returns and reducing the overall costs and/or risks of the Fund.
The Fund is actively managed. Portfolio construction is driven by research into a company's future prospects in the context of the economic environment to identify attractively priced investment opportunities.
The Fund promotes environmental and social characteristics on an ongoing basis within the scope of Article 8 of the Sustainable Finance Disclosure Regulation. The environmental and social characteristics selected for the Jupiter Global Emerging Markets Focus Fund include the promotion of the transition to a low carbon economy and the pursuit of a positive stakeholder agenda.
The Index is a broad representation of the Fund's investment universe. Although a large proportion of the Fund's investments may be components of the Index, the Fund has the ability to deviate significantly from the Index.
## Portfolio transaction costs are paid out of the assets of the Fund in addition to the charges set out below, and may have an impact on the performance of the Fund.
## Recommendation: the Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
## Treatment of income: as shares in this class are accumulation shares, income from investments will be reinvested into the Fund and reflected in the value of the shares.
Dealing: you can buy and sell shares on business days (excluding Saturdays, Sundays and public holidays) where retail banks are open for business in Dublin and London and the New York Stock Exchange is open for business in New York. | # Objetivo y política de inversión
Objetivo: revalorización del capital a largo plazo invirtiendo en acciones (renta variable) y títulos similares de empresas que coticen o se negocien en un mercado regulado de mercados emergentes de todo el mundo y de empresas que tengan una parte sustancial de sus activos o que desarrollen una parte sustancial de su actividad comercial en dichos mercados emergentes.
Política: para alcanzar su objetivo de inversión, el Fondo trata de proporcionar una rentabilidad después de comisiones superior a la del MSCI EM (Emerging Markets) Index, con dividendos netos reinvertidos en periodos rotatorios de tres años. El Fondo invertirá normalmente al menos el 80% en acciones de empresas e instrumentos similares. Las empresas podrán ser de todos los tamaños y pertenecer a cualquier sector (farmacéutico, financiero, etc.). El Fondo puede invertir hasta el 20% en acciones de Clase A chinas a través del sistema China-Hong Kong Stock Connect.
## El Fondo invertirá normalmente en las acciones de menos de 50 empresas.
El Fondo podrá emplear derivados (es decir, contratos financieros cuyo valor está vinculado a los movimientos de precios previstos de un activo subyacente) a fin de generar rentabilidad y/o reducir los costes y/o riesgos generales del Fondo.
El Fondo se gestiona de forma activa. La construcción de la cartera se realiza a partir del análisis de las perspectivas futuras de la empresa, en el contexto del entorno económico, para encontrar oportunidades de inversión con precios atractivos.
El Fondo promueve las características medioambientales y sociales de forma continua de conformidad con el artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. Las características medioambientales y sociales seleccionadas por Jupiter Global Emerging Markets Focus Fund incluyen la transición a una economía con bajas emisiones de carbono y el desarrollo de una agenda positiva de los grupos de interés.
El Índice es una representación amplia del universo de inversión del Fondo. Aunque una gran proporción de las inversiones del Fondo pueden formar parte del Índice, el Fondo puede desviarse considerablemente de este.
## Los costes de transacción de la cartera se pagan con cargo a los activos del Fondo, además de los gastos estipulados abajo, y pueden incidir en la rentabilidad del Fondo.
## Recomendación: el Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de 5 años.
## Tratamiento de los ingresos: dado que las acciones de esta clase son de acumulación, los ingresos obtenidos de las inversiones se reinvertirán en el Fondo y se reflejarán en el valor de las acciones.
Negociación: usted puede comprar y vender acciones los días hábiles (excepto sábados, domingos y festivos) en los que los bancos estén abiertos a operaciones en Dublín y Londres y en que la Bolsa de Valores de Nueva York esté abierta a operaciones en Nueva York. | # Objectives and Investment Policy
Objective: capital growth over the long term by investing in shares (i.e. equities) and similar investments of companies listed, traded or dealt in on a regulated market in emerging markets worldwide and companies that have a predominant proportion of their assets or business operations in these emerging market countries.
Policy: in seeking to achieve its investment objective, the fund aims to deliver a return, net of fees, greater than that of the MSCI EM (Emerging Markets) Index with net dividends re-invested over rolling 3 year periods. The Fund will typically invest at least 80% in company shares and similar investments. Companies may be of all sizes and in any industry (e.g. pharmaceuticals, finance, etc). The Fund may invest up to 20% in China A-Shares through the China-Hong Kong Stock Connect scheme.
## The Fund will typically invest in the shares of fewer than 50 companies.
The Fund may use derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment), with the aim of generating returns and reducing the overall costs and/or risks of the Fund.
The Fund is actively managed. Portfolio construction is driven by research into a company's future prospects in the context of the economic environment to identify attractively priced investment opportunities.
The Fund promotes environmental and social characteristics on an ongoing basis within the scope of Article 8 of the Sustainable Finance Disclosure Regulation. The environmental and social characteristics selected for the Jupiter Global Emerging Markets Focus Fund include the promotion of the transition to a low carbon economy and the pursuit of a positive stakeholder agenda.
The Index is a broad representation of the Fund's investment universe. Although a large proportion of the Fund's investments may be components of the Index, the Fund has the ability to deviate significantly from the Index.
## Portfolio transaction costs are paid out of the assets of the Fund in addition to the charges set out below, and may have an impact on the performance of the Fund.
## Recommendation: the Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
## Treatment of income: as shares in this class are accumulation shares, income from investments will be reinvested into the Fund and reflected in the value of the shares.
Dealing: you can buy and sell shares on business days (excluding Saturdays, Sundays and public holidays) where retail banks are open for business in Dublin and London and the New York Stock Exchange is open for business in New York. | en | es |
DOLFIN9742 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### 5 RELATED PARTY TRANSACTIONS
(continued)
The Management Company (on behalf of the SICAV) has delegated certain marketing and/or distribution functions to other Columbia Threadneedle Group entities. The Management Company receives a monthly fee for asset management services at an annual rate detailed in this note, expressed as a percentage of the average daily net assets for each of the Portfolios. The Management Company is responsible for paying sub-distribution fees out of this fee. Some of the sub-advisors are related entities.
As described in Note 8, the Management Company may also receive performance fees with respect to all A, D, I and Z Shares of the Threadneedle (Lux) - American Absolute Alpha Portfolio, with respect to all J and Y Shares of the Threadneedle (Lux) - Global Investment Grade Credit Opportunities Portfolio and with respect to all A, D, I, L and Z Shares of the Threadneedle (Lux) - Pan European Absolute Alpha Portfolio.
All expenses incurred in the operation of the SICAV and defined below (hereafter the “Operating Expenses”, “Asset Management Fee” or “Portfolio Charges”, together, the “Expenses”) are fixed at the rates shown in the tables from page 223 onwards. All expenses are accrued daily based on the Net Asset Value of the relevant Share Class in the relevant Portfolio.
The Operating Expenses include, among other things, taxes, expenses for legal and auditing services, costs of printing proxies, stock certificates, Shareholders’ reports and notices, Prospectuses and Key Investor Information and other promotional expenses, fees and charges of the Depositary and its correspondents, and of the Domiciliary Agent, Administrative Agent, Registrar and Transfer Agent and of any paying agent, expenses of the issue and redemption of Shares, registration fees and expenses in various jurisdictions, listing fees, fees of unaffiliated Directors of the SICAV, expenses of the Directors and officers of the SICAV and the Sub-Advisors relating to attendance at meetings of the Directors and of the Shareholders of the SICAV, translation costs, accounting and pricing costs (including the calculation of Net Asset Value per Share), insurance, litigation and other extraordinary or non-recurring expenses, and all other expenses properly payable by the SICAV. The Operating Expenses also include the service fee payable to the Management Company. The Management Company will bear the excess of any Operating Expenses above the annual rate. Conversely the Management Company will be entitled to retain any amount by which the annual rate of Operating Expenses exceeds the actual expenses incurred by the SICAV.
Furthermore, the Management Company is entitled to receive an asset management fee (the “Asset Management Fee”) as more fully described in the tables from page 223 onwards which are accrued daily and paid monthly. An Asset Management Fee is not payable for X Shares and 4 Shares. For the avoidance of doubt, Operating Expenses do not include either Asset Management Fees or performance fees which are separate and distinct.
The SICAV offers B Shares on the Threadneedle (Lux) - Global Technology Portfolio.
Those B Shares are a legacy Share Class available only for further subscription by existing Shareholders and bear no initial sales charge. | ### 5 OPERACIONES VINCULADAS
(continuación)
La Sociedad Gestora (en nombre de la SICAV) ha delegado ciertas funciones de comercialización y/o distribución a otras entidades del Grupo Columbia Threadneedle. La Sociedad Gestora recibe una comisión mensual por los servicios de gestión de activos a una tasa anual que se detalla en esta nota, expresada como porcentaje del patrimonio neto diario promedio de cada una de las Carteras. La Sociedad Gestora es responsable de pagar las comisiones de subdistribución de esta comisión. Algunos de los subasesores son entidades relacionadas.
Como se describe en la Nota 8, la Sociedad Gestora también puede recibir comisiones de rendimiento con respecto a todas las Acciones A, D, I y Z de Threadneedle (Lux) - American Absolute Alpha Portfolio, con respecto a todas las Acciones J e Y de Threadneedle (Lux) - Global Investment Grade Credit Opportunities Portfolio y con respecto a todas las Acciones A, D, I, L y Z de Threadneedle (Lux) - Pan European Absolute Alpha Portfolio.
Todos los gastos incurridos en el funcionamiento de la SICAV y definidos a continuación (en adelante, «Gastos operativos», «Comisión de gestión de activos» o «Cargos de Cartera», juntos, los «Gastos») se fijan a las tasas mostradas en las tablas de la página 223 en adelante. Todos los gastos se acumulan diariamente en función del Valor liquidativo de la Clase de Acciones correspondiente en la Cartera correspondiente.
Los Gastos operativos incluyen, entre otras cosas, impuestos, gastos por servicios legales y de auditoría, costes de impresión de apoderados, certificados de acciones, informes y avisos de los Accionistas, Folletos y Datos fundamentales para el inversor y otros gastos promocionales, comisiones y cargos del Depositario y sus corresponsales, y del Agente domiciliario, Agente administrativo, Secretario y Agente de transferencia y de cualquier agente de pagos, gastos de emisión y reembolso de Acciones, comisiones de registro y gastos en diversas jurisdicciones, comisiones de cotización, comisiones de consejeros no afiliados de la SICAV, gastos de los Consejeros y directivos de la SICAV y de los Subasesores relacionados con la asistencia a las juntas de los Consejeros y de los Accionistas de la SICAV, costes de traducción, costes de contabilidad y fijación de precios (incluido el cálculo del Valor liquidativo por Acción), seguros, litigios y otros gastos extraordinarios o no recurrentes, y todos los demás gastos pagaderos debidamente por la SICAV. Los Gastos operativos también incluyen la comisión de servicio a pagar a la Sociedad Gestora. La Sociedad Gestora soportará el exceso de cualquier Gasto operativo por encima de la tasa anual. En cambio, la Sociedad Gestora tendrá derecho a retener cualquier cantidad en la cual la tasa anual de Gastos operativos exceda los gastos reales incurridos por la SICAV.
Además, la Sociedad Gestora tiene derecho a recibir una comisión de gestión de activos (la «Comisión de gestión de activos») tal como se describe más detalladamente en las tablas de la página 223 en adelante que se acumulan diariamente y se pagan mensualmente. Las Acciones X y las Acciones 4 están exentas del pago de una Comisión de gestión de activos. Para evitar dudas, los Gastos operativos no incluyen las Comisiones de gestión de activos ni las comisiones de rendimiento, que son independientes y distintas.
La SICAV ofrece Acciones B en Threadneedle (Lux) - Global Technology Portfolio.
Esas Acciones B son una Clase de Acciones heredada disponible solo para su suscripción posterior por los Accionistas actuales y no tienen coste de venta inicial. | ### 5 RELATED PARTY TRANSACTIONS
(continued)
The Management Company (on behalf of the SICAV) has delegated certain marketing and/or distribution functions to other Columbia Threadneedle Group entities. The Management Company receives a monthly fee for asset management services at an annual rate detailed in this note, expressed as a percentage of the average daily net assets for each of the Portfolios. The Management Company is responsible for paying sub-distribution fees out of this fee. Some of the sub-advisors are related entities.
As described in Note 8, the Management Company may also receive performance fees with respect to all A, D, I and Z Shares of the Threadneedle (Lux) - American Absolute Alpha Portfolio, with respect to all J and Y Shares of the Threadneedle (Lux) - Global Investment Grade Credit Opportunities Portfolio and with respect to all A, D, I, L and Z Shares of the Threadneedle (Lux) - Pan European Absolute Alpha Portfolio.
All expenses incurred in the operation of the SICAV and defined below (hereafter the “Operating Expenses”, “Asset Management Fee” or “Portfolio Charges”, together, the “Expenses”) are fixed at the rates shown in the tables from page 223 onwards. All expenses are accrued daily based on the Net Asset Value of the relevant Share Class in the relevant Portfolio.
The Operating Expenses include, among other things, taxes, expenses for legal and auditing services, costs of printing proxies, stock certificates, Shareholders’ reports and notices, Prospectuses and Key Investor Information and other promotional expenses, fees and charges of the Depositary and its correspondents, and of the Domiciliary Agent, Administrative Agent, Registrar and Transfer Agent and of any paying agent, expenses of the issue and redemption of Shares, registration fees and expenses in various jurisdictions, listing fees, fees of unaffiliated Directors of the SICAV, expenses of the Directors and officers of the SICAV and the Sub-Advisors relating to attendance at meetings of the Directors and of the Shareholders of the SICAV, translation costs, accounting and pricing costs (including the calculation of Net Asset Value per Share), insurance, litigation and other extraordinary or non-recurring expenses, and all other expenses properly payable by the SICAV. The Operating Expenses also include the service fee payable to the Management Company. The Management Company will bear the excess of any Operating Expenses above the annual rate. Conversely the Management Company will be entitled to retain any amount by which the annual rate of Operating Expenses exceeds the actual expenses incurred by the SICAV.
Furthermore, the Management Company is entitled to receive an asset management fee (the “Asset Management Fee”) as more fully described in the tables from page 223 onwards which are accrued daily and paid monthly. An Asset Management Fee is not payable for X Shares and 4 Shares. For the avoidance of doubt, Operating Expenses do not include either Asset Management Fees or performance fees which are separate and distinct.
The SICAV offers B Shares on the Threadneedle (Lux) - Global Technology Portfolio.
Those B Shares are a legacy Share Class available only for further subscription by existing Shareholders and bear no initial sales charge. | en | es |
DOLFIN9744 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 31/10/2011. This class was launched on 31/10/2011. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | La rentabilidad histórica no es indicativa de los resultados futuros.
En su caso, la rentabilidad histórica que aquí se muestra tiene en cuenta los gastos corrientes, excepto los gastos aplicables de entrada y salida.
El Subfondo se creó el 31/10/2011. Esta clase se creó el 31/10/2011.
El cálculo de la rentabilidad histórica se ha efectuado en EUR.
A efectos de comparación, la rentabilidad del Índice de referencia también se incluye en el gráfico. | Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 31/10/2011. This class was launched on 31/10/2011. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | en | es |
DOLFIN9751 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Past performance is not a guide to future performance.
1
The Old Mutual UK Smaller Companies Focus Fund (the “Original Fund”) was launched on 14/01/2002 as a Sub-Fund of Old Mutual Dublin Funds plc and was merged on 30/05/14 into the Jupiter UK Smaller Companies Focus Fund, a newly created Sub-Fund of Jupiter Asset Management Series PLC. The performance history for the R (GBP) Income Share class which launched on 30/05/14 includes the performance of the R (GBP) Income Share class of the Original Fund for the period of its launch on 28/02/2013 to 30/05/14 when it merged into the Fund.
1 | ## La rentabilidad pasada no constituye una indicación de la rentabilidad futura.
1
Old Mutual UK Smaller Companies Focus Fund (el «Fondo original») se lanzó el 14/1/2002 como Subfondo de Old Mutual Dublin Funds plc y el 30/5/2014 se fusionó con Jupiter UK Smaller Companies Focus Fund, un Subfondo de Jupiter Asset Management Series PLC de nueva creación. El historial de rentabilidad de la Clase de acciones de ingresos R (GBP), que se lanzó el 30/5/2014, incluye la rentabilidad de la Clase de acciones de ingresos R (GBP) del Fondo original correspondiente al periodo desde su lanzamiento, el 28/2/2013, hasta el 30/5/2014, fecha en la que se fusionó con el Fondo.
1 | ## Past performance is not a guide to future performance.
1
The Old Mutual UK Smaller Companies Focus Fund (the “Original Fund”) was launched on 14/01/2002 as a Sub-Fund of Old Mutual Dublin Funds plc and was merged on 30/05/14 into the Jupiter UK Smaller Companies Focus Fund, a newly created Sub-Fund of Jupiter Asset Management Series PLC. The performance history for the R (GBP) Income Share class which launched on 30/05/14 includes the performance of the R (GBP) Income Share class of the Original Fund for the period of its launch on 28/02/2013 to 30/05/14 when it merged into the Fund.
1 | en | es |
DOLFIN9754 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Markit iBoxx EUR Eurozone 20yr Target Duration Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The Index is designed to provide a representation of FI securities that provide an aggregate duration of around 20 years, i.e. between 19 and 21 years on every monthly rebalancing. Duration reflects the time it takes for the price of a bond at a particular point in time to be repaid by the payments made by the bond (e.g. the coupon and/or final payment) to the investor. The duration of a bond will be affected by changes in yields, for instance, when yields increase duration typically decreases and vice versa. Accordingly, the higher the duration of a bond, the higher its sensitivity to a change in interest rates. As interest rates change, the price of a bond and its duration will change. The eligible bonds for the Index are selected from the Markit iBoxx EUR Eurozone 15+ Index, which comprises fixed rate and zero coupon bonds maturing 15 years or more in the future and issued by a central government of a member of the Eurozone and denominated in Euro or in a pre-Euro currency. Only bonds that have a minimum rating of AA- or better by Fitch, Moody’s and Standard & Poor’s Ratings Services are eligible for inclusion in the Index. The Index is always comprised of bonds from at least six different issues and the weight of each individual issue is capped at 30%.
The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares annually).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Markit iBoxx EUR Eurozone 20yr Target Duration Index, el índice de referencia del Fondo (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible vender la posición.
El Índice está diseñado para ofrecer una representación de los valores de RF que ofrecen una duración total de aproximadamente 20 años, es decir, entre 19 y 21 años, en cada revisión de la ponderación mensual. La duración refleja el tiempo que lleva devolver el precio de un bono en un determinado momento, mediante los pagos realizados por el bono (es decir, el cupón y/o el pago final) al inversor. La duración de un bono se verá afectada por los cambios en los rendimientos; por ejemplo, cuando las rentabilidades se incrementan la duración normalmente disminuye, y viceversa. Por consiguiente, cuando mayor sea la duración de un bono, mayor será su sensibilidad a una variación de los tipos de interés. Según varíen los tipos de interés, el precio de un bono y su duración variarán. Los bonos admisibles del Índice se seleccionan del Markit iBoxx EUR Eurozone 15+ Index, que incluye bonos de tipo fijo y cupón cero con vencimiento en 15 años o más en el futuro y que están emitidos por un gobierno central de un miembro de la zona euro y están denominados en euros o en una moneda anterior al euro. Solo son admisibles para su inclusión en el Índice los bonos que cuentan con una calificación mínima de AA- o superior de Fitch, Moody’s and Standard & Poor’s Ratings Services. El Índice se compone siempre de bonos de al menos seis emisores diferentes y la ponderación de cada una de las emisiones se limita al 30 %.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de Acciones, está previsto que la utilización de IFD sea limitada.
El Fondo 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 es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (anualmente se pagarán ingresos sobre las acciones). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Markit iBoxx EUR Eurozone 20yr Target Duration Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The Index is designed to provide a representation of FI securities that provide an aggregate duration of around 20 years, i.e. between 19 and 21 years on every monthly rebalancing. Duration reflects the time it takes for the price of a bond at a particular point in time to be repaid by the payments made by the bond (e.g. the coupon and/or final payment) to the investor. The duration of a bond will be affected by changes in yields, for instance, when yields increase duration typically decreases and vice versa. Accordingly, the higher the duration of a bond, the higher its sensitivity to a change in interest rates. As interest rates change, the price of a bond and its duration will change. The eligible bonds for the Index are selected from the Markit iBoxx EUR Eurozone 15+ Index, which comprises fixed rate and zero coupon bonds maturing 15 years or more in the future and issued by a central government of a member of the Eurozone and denominated in Euro or in a pre-Euro currency. Only bonds that have a minimum rating of AA- or better by Fitch, Moody’s and Standard & Poor’s Ratings Services are eligible for inclusion in the Index. The Index is always comprised of bonds from at least six different issues and the weight of each individual issue is capped at 30%.
The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares annually).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN9756 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### The master fund expects to have an equity exposure of between 75% and 120%. There are no market capitalisation constraints for these investments.
While complying with the above policies, the master fund may also invest in investment-grade bonds and convertible bonds, money market instruments and deposits, and up to 10% of net assets in UCITS/UCIs.
Derivatives are integral to the master fund's investment strategies. The master fund may use derivatives for hedging and efficient portfolio management, and to increase its net exposure. In addition to core derivatives (defined on page 112), the master fund may use credit derivatives(on single issuer and on indices). The master fund may enter into temporary acquisitions and sales of securities (repurchase and reverse repurchase agreements).The master fund is not managed in consideration of any index though its performance is compared to the MSCI Europe index. | ###### Se espera que el fondo principal tenga una exposición a valores de renta variable de entre el 75 % y el 120 %. No hay limitaciones de capitalización bursátil para estas inversiones.
Siempre que cumpla con la política descrita más arriba, el fondo principal podrá invertir igualmente en bonos y bonos convertibles de alta calidad crediticia, instrumentos del mercado monetario y depósitos, y podrá invertir hasta el 10 % de su patrimonio neto en OICVM/OIC.
Los instrumentos derivados forman parte de las estrategias de inversión del fondo principal. El fondo principal podrá recurrir al uso de instrumentos derivados con fines de cobertura y una gestión eficiente de la cartera, así como para aumentar su exposición neta. Además de los principales instrumentos derivados (cuya definición se incluye en la página 112), el fondo principal podrá utilizar derivados de crédito (sobre un solo emisor o sobre índices). El fondo principal podrá llevar a cabo operaciones temporales de compra y venta de valores (pactos de recompra y de recompra inversa). El fondo principal no se gestiona teniendo en cuenta ningún índice, aunque su rendimiento se compara con el índice MSCI Europe. | ###### The master fund expects to have an equity exposure of between 75% and 120%. There are no market capitalisation constraints for these investments.
While complying with the above policies, the master fund may also invest in investment-grade bonds and convertible bonds, money market instruments and deposits, and up to 10% of net assets in UCITS/UCIs.
Derivatives are integral to the master fund's investment strategies. The master fund may use derivatives for hedging and efficient portfolio management, and to increase its net exposure. In addition to core derivatives (defined on page 112), the master fund may use credit derivatives(on single issuer and on indices). The master fund may enter into temporary acquisitions and sales of securities (repurchase and reverse repurchase agreements).The master fund is not managed in consideration of any index though its performance is compared to the MSCI Europe index. | en | es |
DOLFIN9758 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 4,820 EUR -51.85% | 3,710 EUR -17.98% |
| Unfavourable | What you might get back after costs Average return each year | 6,110 EUR -38.92% | 5,570 EUR¹ -11.04%¹ |
| Moderate | What you might get back after costs Average return each year | 9,870 EUR -1.28% | 12,810 EUR² 5.07%² |
| Favourable | What you might get back after costs Average return each year | 13,330 EUR 33.32% | 14,830 EUR³ 8.20%³ | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder la totalidad o parte de su inversión. | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 4.820 EUR -51,85% | 3.710 EUR -17,98% |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 6.110 EUR -38,92% | 5.570 EUR¹ -11,04%¹ |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.870 EUR -1,28% | 12.810 EUR² 5,07%² |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.330 EUR 33,32% | 14.830 EUR³ 8,20%³ | | | Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 4,820 EUR -51.85% | 3,710 EUR -17.98% |
| Unfavourable | What you might get back after costs Average return each year | 6,110 EUR -38.92% | 5,570 EUR¹ -11.04%¹ |
| Moderate | What you might get back after costs Average return each year | 9,870 EUR -1.28% | 12,810 EUR² 5.07%² |
| Favourable | What you might get back after costs Average return each year | 13,330 EUR 33.32% | 14,830 EUR³ 8.20%³ | | en | es |
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