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DOLFIN486 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to track the performance, before fees and expenses, of the MSCI USA Health Care Index (index). The index is based on the MSCI USA Index (Parent Index), which is designed to reflect the performance of large and medium sized companies representing 85% of the readily available shares in the United States of America. The index contains all of the constituents of the Parent Index assigned to the “MSCI USA Health Care” classification. The index is calculated on a total return net basis. This means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on a quarterly basis and may also be rebalanced at other times in order to reflect corporate | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión replique el rendimiento, antes de comisiones y gastos, del índice MSCI USA Health Care (el "índice"). El índice toma como base el índice MSCI USA (el "índice principal"), que está diseñado para reflejar la evolución de empresas de tamaño mediano y grande que representen el 85% de las acciones de mayor disponibilidad en los Estados Unidos de América. El índice contiene todos los componentes del índice principal asignados a la categoría “MSCI USA Health Care”. El índice se calcula con una base de rentabilidad total neta. Esto supone que todos los dividendos y repartos de las empresas se reinviertan en las acciones tras descontar los impuestos. El índice se revisa y reajusta trimestralmente y también podrá ajustarse en otros momentos con el fin de reflejar actividades corporativas como | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to track the performance, before fees and expenses, of the MSCI USA Health Care Index (index). The index is based on the MSCI USA Index (Parent Index), which is designed to reflect the performance of large and medium sized companies representing 85% of the readily available shares in the United States of America. The index contains all of the constituents of the Parent Index assigned to the “MSCI USA Health Care” classification. The index is calculated on a total return net basis. This means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on a quarterly basis and may also be rebalanced at other times in order to reflect corporate | en | es |
DOLFIN487 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The risk indicator assumes you keep the Product for 5 years. The actual risk can vary significantly if you redeem at an early stage and you may get back less.
The Summary Risk Indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the markets. We have classified this Product as 2 out of 7, which is a low risk class and poor market conditions are very unlikely to impact our capacity to pay you. Be aware of currency risk if your reference currency differs from the currency of the Product. You may receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. Investors shall note that the Product may be exposed to further risks such as operational, counterparty, political, sustainability and legal risks that are not included in the Summary Risk Indicator. The Product may experience a partial or substantial loss due to insurance catastrophe events or other events including but not limited to an unusual clustering of independent catastrophe events. This Product does not include any protection from future market performance so you could lose some or all of your investment. | # El indicador de riesgo presupone que usted mantendrá el producto durante 5 años. El riesgo real puede variar considerablemente en caso de reembolso anticipado, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados. Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que el riesgo es bajo y es probable que una mala coyuntura de mercado influya en nuestra capacidad para pagarle como muy improbable. Tenga presente el riesgo cambiario si su moneda de referencia no es la misma que la moneda del producto. Es posible que reciba los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Los inversores deben tener en cuenta que es posible que el producto esté expuesto a riesgos adicionales, como riesgos operativos, de contraparte, políticos, de sostenibilidad y legales, que no están incluidos en el indicador resumido de riesgo. El producto podría sufrir una pérdida parcial o sustancial debido a eventos catastróficos del seguro u otros eventos, entre los que se incluye la acumulación inusual de eventos catastróficos independientes. Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión. | # The risk indicator assumes you keep the Product for 5 years. The actual risk can vary significantly if you redeem at an early stage and you may get back less.
The Summary Risk Indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the markets. We have classified this Product as 2 out of 7, which is a low risk class and poor market conditions are very unlikely to impact our capacity to pay you. Be aware of currency risk if your reference currency differs from the currency of the Product. You may receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. Investors shall note that the Product may be exposed to further risks such as operational, counterparty, political, sustainability and legal risks that are not included in the Summary Risk Indicator. The Product may experience a partial or substantial loss due to insurance catastrophe events or other events including but not limited to an unusual clustering of independent catastrophe events. This Product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN488 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
securities in the index. The fund may receive income in respect of the securities held by the fund. 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 GBP. 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 value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives 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. | 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
valores que lo componen. El fondo podrá recibir ingresos en relación con los valores que tenga en su cartera. 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 GBP. 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 valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El índice está basado en normas y no puede ajustarse para tener en cuenta los cambios en las circunstancias de mercado. En consecuencia, puede que se vea negativamente afectado, o no obtenga beneficios, al no realizarse dichos ajustes cuando cambian las circunstancias del mercado. 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. | 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
securities in the index. The fund may receive income in respect of the securities held by the fund. 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 GBP. 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 value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives 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 |
DOLFIN495 | 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 Climate Transition Equity Fund S EUR Acc between 13/01/2022-31/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,033
-19.7%
EUR 9,114
-1.3% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S EUR Acc entre 13/01/2022-31/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 033 EUR
-19,7%
9 114 EUR
-1,3% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S EUR Acc between 13/01/2022-31/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,033
-19.7%
EUR 9,114
-1.3% | en | es |
DOLFIN498 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI Europe Enhanced Value Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI Europe Index (Parent Index) which are selected for their good value. The constituents of the Index are selected from the Parent Index based on three main equally weighted indicators of whether equity securities of a company provide good value: comparing the price of an equity to estimated future earnings of the company (based on a consensus of analysts’ views published by an industry recognised third party source); the price of an equity security relative to the book value (i.e. the value of shareholder equity on the balance sheet) of the company; and enterprise value (a measure of a company’s value, incorporating debt and equity) of a company relative to its operating cash flow (i.e. a measure of the amount of cash generated by a company’s normal business operations), save that enterprise value is not used as an indicator of good value for financial sector companies due to their capital structure. The Index incorporates constraints on sector weights to limit significant deviations from the Parent Index.
The Parent Index is designed to provide representation of the equity markets in developed European countries. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund 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 accumulating shares (i.e. income will be included in their value).
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 MSCI Europe Enhanced Value Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva e invierte en los valores de renta variable (p. ej., acciones) que, en la medida de lo posible y realizable, componen el Índice.
El Índice trata de reflejar las características de rentabilidad de un subconjunto de valores de renta variable incluidos en el MSCI Europe Index (el «Índice matriz»), seleccionados por su buena relación calidad-precio. Los componentes del Índice se seleccionan entre los valores del Índice matriz en función de tres indicadores principales con la misma ponderación que reflejan si los valores de renta variable de una empresa ofrecen un valor adecuado: la comparación del precio de un valor de renta variable con las ganancias futuras estimadas de la empresa (basándose en un consenso de las opiniones publicadas de los analistas de una agencia externa reconocida en el sector); el precio de un valor de renta variable en relación con el valor contable (es decir, el valor de la cartera de los accionistas en la cuenta de resultados) de la empresa, y el valor empresarial (una medida del valor de una empresa, que incluye su deuda y sus activos) de una empresa en relación con su flujo de tesorería operativo (es decir, una medida de la cantidad de efectivo generado por las actividades empresariales normales de la empresa), con la salvedad de que el valor empresarial no se utiliza como un indicador del valor adecuado para las empresas del sector financiero debido a la estructura de su capital. El Índice incorpora restricciones a la exposición a las ponderaciones sectoriales para limitar las desviaciones importantes con respecto al Índice matriz.
El Índice matriz está diseñado para ofrecer una representación de los mercados de renta variable de países desarrollados europeos. Las empresas se incluyen en el Índice matriz basándose en la proporción de sus acciones emitidas que están disponibles para su compra por inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de acciones, está previsto que la utilización de IFD sea limitada.
El Subfondo también podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio de generar rendimientos adicionales y de compensar los costes del Subfondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor). Sus acciones estarán denominadas en 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 MSCI Europe Enhanced Value Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI Europe Index (Parent Index) which are selected for their good value. The constituents of the Index are selected from the Parent Index based on three main equally weighted indicators of whether equity securities of a company provide good value: comparing the price of an equity to estimated future earnings of the company (based on a consensus of analysts’ views published by an industry recognised third party source); the price of an equity security relative to the book value (i.e. the value of shareholder equity on the balance sheet) of the company; and enterprise value (a measure of a company’s value, incorporating debt and equity) of a company relative to its operating cash flow (i.e. a measure of the amount of cash generated by a company’s normal business operations), save that enterprise value is not used as an indicator of good value for financial sector companies due to their capital structure. The Index incorporates constraints on sector weights to limit significant deviations from the Parent Index.
The Parent Index is designed to provide representation of the equity markets in developed European countries. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund 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 accumulating shares (i.e. income will be included in their value).
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 |
DOLFIN502 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
Investments in foreign companies involve risks including exposure to currency fluctuations, less liquidity, less developed trading markets and political instability. The Fund may invest in derivatives which may have a large impact on the Fund's performance.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment. | El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión.
Las inversiones en empresas extranjeras conllevan riesgos entre los que se incluyen la exposición a las fluctuaciones de divisas, una menor liquidez, mercados de negociación menos desarrollados e inestabilidad política. El Fondo puede invertir en derivados, lo cual puede incidir en gran medida en la rentabilidad del Fondo.
Para más información sobre otros riesgos de importancia significativa para el producto que podría no reflejar adecuadamente el indicador resumido de riesgo, consulte el folleto del producto en www.alger.com.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
Investments in foreign companies involve risks including exposure to currency fluctuations, less liquidity, less developed trading markets and political instability. The Fund may invest in derivatives which may have a large impact on the Fund's performance.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN507 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment approach The Fund invests in healthcare equities worldwide taking account of sustainability criteria.
Investment policy The Fund invests at least two thirds of the net assets of the fund in a portfolio of carefully chosen shares and other equity securities of companies in the healthcare sector taking account of sustainability criteria. The fund can also invest in companies whose main activity involves holding investments in such companies or financing such companies and that have their registered office or carry out the majority of their economic activity in recognised countries. Without limiting the scope of “healthcare sector”, the healthcare sector includes companies from the areas of pharmaceuticals, medical technology, biotechnology and related sectors. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, MSCI World Healthcare Net reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | ## Enfoque de inversión El fondo invierte en renta variable sanitaria de todo el mundo teniendo en cuenta criterios de sostenibilidad.
Política de inversión El fondo invierte al menos dos tercios del patrimonio neto del fondo en una cartera de acciones y otros valores de renta variable de empresas del sector sanitario cuidadosamente seleccionados teniendo en cuenta criterios de sostenibilidad. El fondo también puede invertir en empresas cuya actividad principal sea la tenencia de inversiones en dichas empresas o la financiación de las mismas y que tengan su domicilio social o realicen la mayor parte de su actividad económica en países reconocidos. Sin limitar el alcance del "sector sanitario", el sector sanitario incluye empresas de las áreas de farmacia, tecnología médica, biotecnología y sectores relacionados.
Hasta un tercio del patrimonio neto puede invertirse en títulos de deuda de emisores privados y gubernamentales con diversos plazos y calificaciones crediticias. El Fondo puede realizar operaciones con derivados para lograr una gestión eficaz de la cartera, en particular también con fines de cobertura.
valor de referencia El índice de referencia, MSCI World Healthcare Net, se utiliza con fines de comparación y para analizar el valor. El índice de referencia no se utiliza para la construcción de la cartera y tiene cierta discreción para desviarse de su composición y características de riesgo. El Fondo se gestiona activamente y no sigue el índice; por lo tanto, la discreción del Gestor de Inversiones puede dar lugar a una rentabilidad que difiera del índice de referencia. | ## Investment approach The Fund invests in healthcare equities worldwide taking account of sustainability criteria.
Investment policy The Fund invests at least two thirds of the net assets of the fund in a portfolio of carefully chosen shares and other equity securities of companies in the healthcare sector taking account of sustainability criteria. The fund can also invest in companies whose main activity involves holding investments in such companies or financing such companies and that have their registered office or carry out the majority of their economic activity in recognised countries. Without limiting the scope of “healthcare sector”, the healthcare sector includes companies from the areas of pharmaceuticals, medical technology, biotechnology and related sectors. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, MSCI World Healthcare Net reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | en | es |
DOLFIN511 | 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 31/03/2017.
The share class of the Fund was launched on 27/09/2018.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
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 50% MSCI World Index / 40% Bloomberg Barclays Global High Yield (Hedged USD) / 10% Bloomberg Barclays Global Treasuries (Hedged). | 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 31/03/2017.
La clase de acciones del Fondo se lanzó el 27/09/2018.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad.
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 un 50% en el índice MSCI World, en un 40% en el índice Bloomberg Barclays Global High Yield (Hedged USD) y en un 10% en el índice Bloomberg Barclays Global Treasuries (Hedged). | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 31/03/2017.
The share class of the Fund was launched on 27/09/2018.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
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 50% MSCI World Index / 40% Bloomberg Barclays Global High Yield (Hedged USD) / 10% Bloomberg Barclays Global Treasuries (Hedged). | en | es |
DOLFIN519 | 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 an attractive real level of income and capital growth. Real income is the income after adjusting for inflation.
- The fund will invest at least 70% in inflation-linked bonds, nominal bonds and other bonds of issuers worldwide across developed and emerging markets.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund will utilise a range of strategies from within, amongst others, the global inflation-linked, interest rate and credit markets. These strategies may include active yield curve strategies, sector rotation, security selection, relative value management and duration management.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund’s investments include investment grade and non-investment grade assets.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes and may invest less than 30% in Money Market Instruments and bank deposits, up to 25% in convertible bonds and up to 10% in shares of companies and other participations rights.
- The fund may use derivatives or complex derivatives or strategies to meet its investment objectives in line with the fund's risk profile. The fund will use derivatives, including but not limited to, interest rate, inflation swaps, currency 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.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The long and short active currency positions may not be correlated with the underlying securities positions held by the fund.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg World Government Inflation Linked 1-10 Year Index (Hedged GBP) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar un nivel real de renta que resulte atractivo, además de crecimiento del capital. La renta real son los ingresos tras el ajuste por inflación.
- El fondo invertirá al menos el 70 % en bonos vinculados a la inflación, bonos nominales y otros bonos de emisores de todo el mundo en los mercados desarrollados y emergentes.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El fondo utilizará diversas estrategias pertenecientes, entre otros, a los mercados mundiales de crédito, de tipos de interés y vinculados a la inflación. Entre ellas podrá haber estrategias activas de curva de rentabilidad, rotación de sectores, selección de valores, gestión del valor relativo y gestión de la duración.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- Las inversiones del fondo incluirán activos con calificación de grado especulativo y con grado de inversión.
- El fondo tiene libertad para invertir fuera de sus principales zonas geográficas, sectores del mercado, industrias o clases de activos, y podrá invertir menos del 30 % en Instrumentos del Mercado Monetario y depósitos bancarios, hasta un 25 % en bonos convertibles y hasta un 10 % en acciones de empresas y otros derechos de participación.
- El Subfondo podrá utilizarestrategias o instrumentos derivados, también aquellos complejos, con el fin de lograr su objetivo de inversión en consonancia con su perfil de riesgo. El Subfondo utilizará derivados, incluidos, entre otros, permutas de tipos de interés e inflación o derivados sobre divisas, con el fin de lograr una exposición indirecta a los activos principales anteriormente indicados, para generar capital adicional o ingresos en consonancia con su perfil de riesgo o con el objetivo de reducir el riesgo o los costes.
- Podrá invertirse en divisas distintas a la de referencia del fondo. La exposición a divisas podrá cubrirse, por ejemplo, con contratos de divisas a plazo. La divisa de referencia del fondo es la que se utiliza para presentar la información financiera y puede ser distinta de aquella en la que se denominan las inversiones.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura de riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente. Para preservar la rentabilidad de las posiciones en divisas activas del fondo, esta exposición se cubre tomando como referencia las ponderaciones de un índice comparativo en vez de las divisas en las que se denominan los valores subyacentes.
- Puede que las posiciones activas en divisas, tanto si son largas como cortas, no estén correlacionadas con sus posiciones en valores subyacentes.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el Bloomberg World Government Inflation Linked 1-10 Year Index (Hedged GBP) (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en emisores, sectores, países y clases de valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide an attractive real level of income and capital growth. Real income is the income after adjusting for inflation.
- The fund will invest at least 70% in inflation-linked bonds, nominal bonds and other bonds of issuers worldwide across developed and emerging markets.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund will utilise a range of strategies from within, amongst others, the global inflation-linked, interest rate and credit markets. These strategies may include active yield curve strategies, sector rotation, security selection, relative value management and duration management.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund’s investments include investment grade and non-investment grade assets.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes and may invest less than 30% in Money Market Instruments and bank deposits, up to 25% in convertible bonds and up to 10% in shares of companies and other participations rights.
- The fund may use derivatives or complex derivatives or strategies to meet its investment objectives in line with the fund's risk profile. The fund will use derivatives, including but not limited to, interest rate, inflation swaps, currency 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.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The long and short active currency positions may not be correlated with the underlying securities positions held by the fund.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg World Government Inflation Linked 1-10 Year Index (Hedged GBP) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN520 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### The Sub-Fund may invest in the following, up to the portion of net assets shown:
- mortgage and asset backed securities: one third
- money market instruments: one third
- convertible securities: one quarterThe Sub-Fund may invest its net assets in 144A securities, in a substantial way depending on the opportunity. | ###### El subfondo también podrá realizar las siguientes inversiones, dentro del límite indicado del patrimonio neto:
- Valores respaldados por hipotecas y activos: un tercio
- Instrumentos del mercado monetario: un tercio
- Títulos convertibles: un cuartoEl subfondo podrá invertir su patrimonio neto en los títulos a los que se refiere la norma 144A, de una forma sustancial a tenor de la oportunidad. | ###### The Sub-Fund may invest in the following, up to the portion of net assets shown:
- mortgage and asset backed securities: one third
- money market instruments: one third
- convertible securities: one quarterThe Sub-Fund may invest its net assets in 144A securities, in a substantial way depending on the opportunity. | en | es |
DOLFIN533 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The following passage relating to the MainFirst - Emerging Markets Credit Opportunities Fund sub-fund is deleted:
“A redemption fee of up to 1% of the net asset value will be charged for the share classes of the Sub-fund if the net redemption volume on any trading day exceeds 5% of the volume of the Sub-fund.”
-
# Conversion to Article 8 of Regulation (EU) 2019/2088 | Se elimina el siguiente enunciado relacionado con el subfondo MainFirst – Emerging Markets Credit Opportunities Fund:
«Para las clases de acciones del subfondo, existe una comisión de reembolso de hasta el 1% del valor de inventario neto si el volumen de reembolso neto en un día de negociación supera el 5% del volumen del subfondo».
-
# Reclasificación conforme al artículo 8 del Reglamento (UE) 2019/2088 | The following passage relating to the MainFirst - Emerging Markets Credit Opportunities Fund sub-fund is deleted:
“A redemption fee of up to 1% of the net asset value will be charged for the share classes of the Sub-fund if the net redemption volume on any trading day exceeds 5% of the volume of the Sub-fund.”
-
# Conversion to Article 8 of Regulation (EU) 2019/2088 | en | es |
DOLFIN545 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. | 494 CHF |
| Exit costs | We do not charge an exit fee for this product but, the person selling you the product may do so. | 0 CHF |
| Ongoing costs taken each year | If you exit after 1 year |
| Management fees and other administrative or operating costs | The management fee figure is based on expenses for the year ending 2021. This figure may vary from year to year. | 69 CHF |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. This amount will vary depending on how much the fund buys and sells underlying investments. | 44 CHF |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | This product does not have any performance fees. | 0 CHF | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | La incidencia de los costes que usted pagará al realizar su inversión. Se trata de la cantidad máxima que se le cobrará, y podría pagar menos. | 494 CHF |
| 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 CHF |
| Costes corrientes detraídos cada año | En caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | La cifra de la comisión de gestión se basa en los gastos correspondientes al ejercicio finalizado en 2021. Esta cifra puede variar de un año a otro. | 69 CHF |
| Costes de operación | La incidencia de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. Este importe real variará en función de la cantidad de inversiones subyacentes que compre y venda el fondo. | 44 CHF |
| Costes accesorios detraídos en condiciones específicas | En caso de salida después de 1 año |
| Comisiones de rendimiento | Este producto no tiene comisiones de rendimiento. | 0 CHF | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. | 494 CHF |
| Exit costs | We do not charge an exit fee for this product but, the person selling you the product may do so. | 0 CHF |
| Ongoing costs taken each year | If you exit after 1 year |
| Management fees and other administrative or operating costs | The management fee figure is based on expenses for the year ending 2021. This figure may vary from year to year. | 69 CHF |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. This amount will vary depending on how much the fund buys and sells underlying investments. | 44 CHF |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | This product does not have any performance fees. | 0 CHF | | en | es |
DOLFIN552 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The assets of each Sub-Fund are kept separate from one another and each Sub-Fund’s assets are invested in accordance with the investment objectives and policies applicable to such Sub-Fund. Due to the segregated liability between Sub-Funds, any liability incurred on behalf of or attributable to any Sub- Fund shall be discharged solely out of the assets of that Sub- Fund. A separate pool of assets is not maintained for any Class.
Each Unit represents a beneficial interest in a Sub-Fund. The value of the Units of each Sub-Fund shall at all times equal their Net Asset Value. The Base Currency of each Sub-Fund will be determined by the Manager and will be described in the relevant Sub-Fund Details.
On the establishment of any Sub-Fund, the Prospectus will be republished (in which all the existing Sub-Funds of the Fund and Classes thereof will be listed), or a supplement or addendum to the Prospectus detailing this will be issued. In addition, details of all Sub-Funds and Classes thereof will be set out in the annual and semi-annual reports of the Fund.
Details of the Sub-Funds are set out in Appendix IV.
A copy of the Prospectus is available to Unitholders online at www.axa-im.co.uk.
- Profile of a typical investorThe Sub-Funds are suitable for investors seeking a totalreturn greater than the relevant Sub-Funds’ index over a rolling three or five year basis, as relevant, and as specified in Appendix IV in the relevant Sub-Fund’s investment objective.
- Investment Objectives and Policies
- Change of Investment Objectives and PoliciesWith the creation of each Sub-Fund, the specific investment objective and policies for each Sub-Fund will be determined by the Manager and described in the relevant Sub-Fund Details. Any change to a Sub-Fund’s investment objective or material change to a Sub-Fund’s investment policies will be subject to the prior approval in writing of a simple majority of the Unitholders of the relevant Sub-Fund, or, if a general meeting of the Unitholders of such Sub-Fund is convened, by a majority of the votes cast at such meeting. Unitholders will be given fourweeks’ advance notice of the implementation of any alteration in the investment objectives or material change to the investment policies in a Sub- Fund to enable them to sell their Units prior to such implementation should they wish to do so. | Los activos de cada Subfondo se mantienen separados de los de los demás y se invierten de acuerdo con los objetivos y las políticas de inversión aplicables a dicho Subfondo. Debido al pasivo segregado entre Subfondos, todo pasivo en que se incurra en nombre de cualquier Subfondo o que sea atribuible a cualquier Subfondo quedará cubierto exclusivamente con los activos de dicho Subfondo. No se gestiona de modo independiente ningún grupo de activos en ninguna Clase.
Cada Participación representa un derecho de usufructo en un Subfondo. El valor de las Participaciones de cada Subfondo será igual en todo momento a su Valor Liquidativo. La Sociedad Gestora determinará la Divisa Base de cada Subfondo y dicha información se recogerá en los Detalles de los Subfondos correspondientes.
Una vez constituido un Subfondo, el Folleto se publicará nuevamente (indicando todos los Subfondos existentes en el Fondo y las Clases de estos) o se emitirá un suplemento o un apéndice del Folleto en los que se detallarán dichos Subfondos y Clases. Asimismo, los datos de todos los Subfondos y sus Clases se recogerán en los informes anuales y semestrales del Fondo.
Los Detalles de los Subfondos se recogen en el Apéndice IV.
Los Partícipes tienen disponible una copia del Folleto en el sitio web www.axa-im.co.uk.
- Perfil del inversor tipoLos Subfondos son adecuados para inversores que busquen un rendimiento total superior al del índice de los Subfondos correspondientes durante un periodo de tres o cinco años consecutivos, según corresponda, conforme a lo que se especifica en el Apéndice IV en el objetivo de inversión del Subfondo pertinente.
- Objetivos y políticas de inversión
- Cambio de los objetivos y políticas de inversiónCon la creación de cada Subfondo, la Sociedad Gestora determinará el objetivo y las políticas de inversión específicos de estos, que se describirán en los Detalles de los Subfondos correspondientes. Cualquier cambio en el objetivo de inversión de un Subfondo o cambio sustancial en las políticas de inversión de un Subfondo estará sujeto a la previa autorización por escrito de una mayoría simple de los Partícipes del Subfondocorrespondiente o, si se convocara una Junta General de Partícipes de dicho Subfondo, por la mayoría de los votos emitidos en dicha junta. La introducción de cualquier modificación en los objetivos de inversión o en las políticas de inversión de un Subfondo se notificará a los Partícipes con cuatro semanas de antelación, a fin de permitirles vender sus Participaciones antes de introducirse tales modificaciones si así lo desean. | The assets of each Sub-Fund are kept separate from one another and each Sub-Fund’s assets are invested in accordance with the investment objectives and policies applicable to such Sub-Fund. Due to the segregated liability between Sub-Funds, any liability incurred on behalf of or attributable to any Sub- Fund shall be discharged solely out of the assets of that Sub- Fund. A separate pool of assets is not maintained for any Class.
Each Unit represents a beneficial interest in a Sub-Fund. The value of the Units of each Sub-Fund shall at all times equal their Net Asset Value. The Base Currency of each Sub-Fund will be determined by the Manager and will be described in the relevant Sub-Fund Details.
On the establishment of any Sub-Fund, the Prospectus will be republished (in which all the existing Sub-Funds of the Fund and Classes thereof will be listed), or a supplement or addendum to the Prospectus detailing this will be issued. In addition, details of all Sub-Funds and Classes thereof will be set out in the annual and semi-annual reports of the Fund.
Details of the Sub-Funds are set out in Appendix IV.
A copy of the Prospectus is available to Unitholders online at www.axa-im.co.uk.
- Profile of a typical investorThe Sub-Funds are suitable for investors seeking a totalreturn greater than the relevant Sub-Funds’ index over a rolling three or five year basis, as relevant, and as specified in Appendix IV in the relevant Sub-Fund’s investment objective.
- Investment Objectives and Policies
- Change of Investment Objectives and PoliciesWith the creation of each Sub-Fund, the specific investment objective and policies for each Sub-Fund will be determined by the Manager and described in the relevant Sub-Fund Details. Any change to a Sub-Fund’s investment objective or material change to a Sub-Fund’s investment policies will be subject to the prior approval in writing of a simple majority of the Unitholders of the relevant Sub-Fund, or, if a general meeting of the Unitholders of such Sub-Fund is convened, by a majority of the votes cast at such meeting. Unitholders will be given fourweeks’ advance notice of the implementation of any alteration in the investment objectives or material change to the investment policies in a Sub- Fund to enable them to sell their Units prior to such implementation should they wish to do so. | en | es |
DOLFIN553 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF between 05/2016-05/2021.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,296
3.0%
CHF 11,408
2.7% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF entre 05/2016-05/2021.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 296 CHF
3,0%
11 408 CHF
2,7% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF between 05/2016-05/2021.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,296
3.0%
CHF 11,408
2.7% | en | es |
DOLFIN555 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The SICAV will only enter into transactions with counterparties which the Management Company believes to be creditworthy. Approved counterparties will typically have a public rating of A- or above. Counterparties will comply with prudential rules considered by the CSSF as equivalent to EU prudential rules. The counterparty does not have discretion over the composition or management of a Sub-Fund’s portfolio or over the underlying of financial derivative instruments used by a Sub-Fund. Counterparty approval is not required in relation to any investment decision made by a Sub-Fund.
Collateral may be offset against gross counterparty exposure provided it meets a range of standards, including those for liquidity, valuation, issuer credit quality, correlation and diversification. In offsetting collateral its value is reduced by a percentage (a “haircut”) which provides, inter alia, for short term fluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed the limits per counterparty as set out in the Prospectus. If any, collateral is received in the form of securities and cash. Non-cash collateral received is not sold or pledged.
Collateral received with respect to financial derivative instruments is shown in the Appendix.
- Securities LendingThe SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional income or for reducing costs, to the maximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certain definitions of the Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to Undertakings for Collective Investment when they use certain techniques and instruments relating to transferable securities and money market instruments, (iii) CSSF circular 14/592 relating to ESMA Guidelines on ETFs and other UCITS issues and (iv) any other applicable laws, regulations, circulars or CSSF positions. | La SICAV solamente celebrará operaciones con contrapartes que la Sociedad gestora considere solventes. Las contrapartes aprobadas contarán, por lo general, con una calificación pública de A- o superior. Las contrapartes tendrán que cumplir las normas prudenciales que la CSSF considere equivalentes a las normas prudenciales de la UE. La contraparte no tiene poder alguno en relación con la composición o la gestión de la cartera de un Subfondo ni con el subyacente de los instrumentos financieros derivados utilizados por un Subfondo. No se requiere la aprobación de la contraparte para ninguna decisión de inversión adoptada por un Subfondo.
La garantía podrá emplearse para contrarrestar la exposición bruta al riesgo de contraparte, siempre y cuando cumpla una serie de criterios, tales como la liquidez, la valoración, la calidad crediticia del emisor, la correlación y la diversificación. Al emplear la garantía con estos fines, se produce una reducción de su valor en un porcentaje (haircut) que tiene en cuenta, entre otros elementos, las fluctuaciones a corto plazo del valor de la exposición y de la garantía. Los niveles de garantía se mantienen con el fin de garantizar que la exposición neta al riesgo de contraparte no supere los límites por contraparte establecidos en el Folleto. La garantía, si la hubiera, se recibe en forma de valores y efectivo. Los valores recibidos en garantía no se venderán o pignorarán.
La garantía recibida en relación con instrumentos financieros derivados se muestra en el Anexo.
- Préstamos de ValoresLa SICAV puede prestar parte de su cartera de valores a terceros con el fin de generar ingresos adicionales o para reducir los costes o los riesgos, en la medida máxima permitida y dentro de los límites fijados en (i) el artículo 11 del reglamento del Gran Ducado de Luxemburgo de 8 de febrero de 2008 relativo a determinadas definiciones de la Ley de Luxemburgo, (ii) la Circular 08/356 de la CSSF relativa a las normas aplicables a organismos de inversión colectiva cuando estos utilizan determinadas técnicas e instrumentos relacionados con valores mobiliarios e instrumentos del mercado monetario, (iii) Circular 14/592 de la CSSF relativa a las Directrices de la ESMA sobre fondos cotizados y otras cuestiones referentes a los OICVM y (iv) cualquier otra ley, reglamento, circular o posición de la CSSF aplicable. | The SICAV will only enter into transactions with counterparties which the Management Company believes to be creditworthy. Approved counterparties will typically have a public rating of A- or above. Counterparties will comply with prudential rules considered by the CSSF as equivalent to EU prudential rules. The counterparty does not have discretion over the composition or management of a Sub-Fund’s portfolio or over the underlying of financial derivative instruments used by a Sub-Fund. Counterparty approval is not required in relation to any investment decision made by a Sub-Fund.
Collateral may be offset against gross counterparty exposure provided it meets a range of standards, including those for liquidity, valuation, issuer credit quality, correlation and diversification. In offsetting collateral its value is reduced by a percentage (a “haircut”) which provides, inter alia, for short term fluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed the limits per counterparty as set out in the Prospectus. If any, collateral is received in the form of securities and cash. Non-cash collateral received is not sold or pledged.
Collateral received with respect to financial derivative instruments is shown in the Appendix.
- Securities LendingThe SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional income or for reducing costs, to the maximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certain definitions of the Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to Undertakings for Collective Investment when they use certain techniques and instruments relating to transferable securities and money market instruments, (iii) CSSF circular 14/592 relating to ESMA Guidelines on ETFs and other UCITS issues and (iv) any other applicable laws, regulations, circulars or CSSF positions. | en | es |
DOLFIN558 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 7.4 | 2.6 | 6.1 | 1.4 | 1.5 | 0.5 | 0.6 | 1.7 | 1.0 | -1.4 |
| Benchmark † | 7.6 | 2.8 | 6.2 | 1.5 | 1.7 | 0.7 | 0.9 | 1.9 | 1.3 | -1.3 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares II plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares II plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares II plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares II plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares II plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares II plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 19 December 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 7,4 | 2,6 | 6,1 | 1,4 | 1,5 | 0,5 | 0,6 | 1,7 | 1,0 | -1,4 |
| Índice † | 7,6 | 2,8 | 6,2 | 1,5 | 1,7 | 0,7 | 0,9 | 1,9 | 1,3 | -1,3 |
El depositario del Fondo es State Street Custodial Services (Ireland) Limited.
Puede obtenerse información adicional acerca del Fondo y de la Clase de acciones en el último informe anual y los últimos informes semestrales de iShares II plc. Dichos documentos están disponibles de forma gratuita en inglés y otros idiomas. Podrán obtenerse, junto con otra información como detalles de las principales inversiones subyacentes de la Clase de acciones y los precios de las acciones, en el sitio web de iShares cuya dirección es www.ishares.com o llamando al +44 (0) 845 357 7000, o de su intermediario bursátil o asesor financiero.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo y a la Clase de acciones puede repercutir en la posición fiscal personal de su inversión.
El Fondo es un compartimento de iShares II plc, una estructura paraguas compuesta de diferentes compartimentos. El Fondo tiene una o más clases de acciones. Este documento es específico del Fondo y de la Clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
iShares II plc únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
El valor de inventario neto intradía indicativo de la Clase de acciones está disponible en http://deutsche-boerse.com y/o http://www.reuters.com.
Con arreglo a la legislación irlandesa, iShares II plc mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de iShares II plc). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos. Los activos y pasivos específicos a una clase de acciones serían atribuibles solamente a esa clase de acciones, aunque con arreglo a la legislación irlandesa no hay segregación de los pasivos entre las clases de acciones.
El canje de acciones entre el Fondo y otros compartimentos de iShares II plc no está disponible para los inversores. Solamente los Participantes Autorizados que operan directamente con el Fondo podrán canjear acciones entre clases de acciones del Fondo, siempre y cuando se cumplan determinadas condiciones establecidas en el folleto del Fondo.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 19 diciembre 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 7.4 | 2.6 | 6.1 | 1.4 | 1.5 | 0.5 | 0.6 | 1.7 | 1.0 | -1.4 |
| Benchmark † | 7.6 | 2.8 | 6.2 | 1.5 | 1.7 | 0.7 | 0.9 | 1.9 | 1.3 | -1.3 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares II plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares II plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares II plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares II plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares II plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares II plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 19 December 2022 | en | es |
DOLFIN574 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# In order to manage such situations, the Custodian has implemented and maintains a conflict of interest management policy with the objective of:
- Identification and analysis of potential conflicts of interest situations
- To record, manage and monitor situations with conflicts of interest by:O Using the permanent measures in place to manage conflicts of interest such as maintaining separate legal entities, segregation of duties, separation of reporting lines, monitoring of internal insider lists;O Implementing on a case by case basis:
- Preventive and appropriate measures such as the creation of an ad hoc monitoring list, new Chinese walls, checking that transactions are processed in an appropriate manner and/or informing the clients concerned;
- Or refusing to manage activities that could give rise to conflicts of interest. | # Con el fin de gestionar estas situaciones, el Depositario ha establecido y actualizado una política de gestión de los conflictos de intereses que tiene como objetivo:
- La identificación y el análisis de las situaciones de potenciales conflictos de intereses
- El registro, la gestión y el seguimiento de las situaciones de conflictos de intereses mediante:O Basándose en las medidas permanentes establecidas para gestionar los conflictos de intereses, como el mantenimiento de entidades jurídicas separadas, la segregación de tareas, la separación de líneas jerárquicas, el seguimiento de las listas de iniciadores internas;O Se aplicará caso por caso:
- Medidas preventivas y adecuadas, como la creación de una lista de seguimiento ad hoc, nuevas murallas de China o la verificación de que las operaciones se tratan adecuadamente y/o la información a los clientes afectados;
- O negándose a gestionar actividades que puedan dar lugar a conflictos de intereses. | # In order to manage such situations, the Custodian has implemented and maintains a conflict of interest management policy with the objective of:
- Identification and analysis of potential conflicts of interest situations
- To record, manage and monitor situations with conflicts of interest by:O Using the permanent measures in place to manage conflicts of interest such as maintaining separate legal entities, segregation of duties, separation of reporting lines, monitoring of internal insider lists;O Implementing on a case by case basis:
- Preventive and appropriate measures such as the creation of an ad hoc monitoring list, new Chinese walls, checking that transactions are processed in an appropriate manner and/or informing the clients concerned;
- Or refusing to manage activities that could give rise to conflicts of interest. | en | es |
DOLFIN580 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: June 13, 2013.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 13 de junio de 2013. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en EUR.
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: June 13, 2013.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
10%
5%
0%
-5% | en | es |
DOLFIN583 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: May 9, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
2.5%
2%
1.5%
1%
0.5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 9 de mayo de 2017. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en USD.
2.5%
2%
1.5%
1%
0.5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: May 9, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
2.5%
2%
1.5%
1%
0.5%
0% | en | es |
DOLFIN585 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# SPECIFIC RISKS
October 2020
3 months 1 year 3 years 5 years Since
inception
- Credit risk: The Fund invests in bonds, cash or other money market instruments. There is a risk that theissuer may default. The likelihood of this happening will depend on the credit-worthiness of the issuer. The risk of default is usually greatest with bonds that are rated as sub-investment grade.
- Liquidity risk: Liquidity risk exists when particular investments are difficult to purchase or sell. This canreduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.
- Full details of risks are disclosed in the chapter `Risk Factors' in the prospectus.
UBAM - HYBRID BOND 0.18 % 1.85 % 5.66 % 17.00 %
Since launch. Source of data: UBP. Exchange rate fluctuations can have a positive or a negative impact on performance. Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise. Past performance figures are stated in the currency of the share class and calculated with dividends reinvested; they are free of ongoing charges. The calculation does not take into account sales commissions and other fees, taxes and applicable costs to be paid by the investor. For example, with an investment of EUR 100, the actual investment would amount to EUR 99 in the case of an entrance fee of 1%. At investor level, additional costs may also be incurred (e. g. front-end load or custody fee charged
by the financial intermediary). | # RIESGOS ESPECÍFICOS
octubre 2020
3 meses 1 año 3 años 5 años Desde
lanziamento
- Riesgo de crédito:el Fondo invierte en bonos, efectivo u otros instrumentos del mercado monetario. Existe elriesgo de impago por parte del emisor. La probabilidad de que esto suceda dependerá de la solvencia del emisor. El riesgo de impago es generalmente mayor en bonos con una calificación inferior a la de categoría de inversión.
- Riesgo de liquidez: existe riesgo de liquidez cuando determinadas inversiones son difíciles de comprar ovender. Esto puede reducir la rentabilidad del Fondo al no poder este operar a precios o en momentos ventajosos.
- En el capítulo `Factores de riesgo' del folleto se ofrece información detallada acerca de los riesgos.
UBAM - HYBRID BOND 0,18 % 1,85 % 5,66 % 17,00 %
Desde creación. Fuente de los datos: UBP. Las fluctuaciones del tipo de cambio pueden afectar a la rentabilidad de forma favorable o desfavorable. La rentabilidad pasada no es un indicador fiable de la rentabilidad futura. El valor de las inversiones puede aumentar o disminuir. Las cifras de rentabilidad pasada se expresan en la moneda de la clase de activos, se han calculan presuponiendo la reinversión de los dividendos y no se han descontado los gastos corrientes. Dicho cálculo no tiene en cuenta las comisiones de venta y otras comisiones, los impuestos y otros costos aplicables a cargo del inversor. Por ejemplo, en el caso de una inversión por importe de 100 euros con una comisión de entrada del 1%, la inversión efectiva será de 99 euros. Es posible que el inversor soporte otros costos adicionales (por ejemplo, la prima de emisión o la comisión de custodia
del intermediario financiero). | # SPECIFIC RISKS
October 2020
3 months 1 year 3 years 5 years Since
inception
- Credit risk: The Fund invests in bonds, cash or other money market instruments. There is a risk that theissuer may default. The likelihood of this happening will depend on the credit-worthiness of the issuer. The risk of default is usually greatest with bonds that are rated as sub-investment grade.
- Liquidity risk: Liquidity risk exists when particular investments are difficult to purchase or sell. This canreduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.
- Full details of risks are disclosed in the chapter `Risk Factors' in the prospectus.
UBAM - HYBRID BOND 0.18 % 1.85 % 5.66 % 17.00 %
Since launch. Source of data: UBP. Exchange rate fluctuations can have a positive or a negative impact on performance. Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise. Past performance figures are stated in the currency of the share class and calculated with dividends reinvested; they are free of ongoing charges. The calculation does not take into account sales commissions and other fees, taxes and applicable costs to be paid by the investor. For example, with an investment of EUR 100, the actual investment would amount to EUR 99 in the case of an entrance fee of 1%. At investor level, additional costs may also be incurred (e. g. front-end load or custody fee charged
by the financial intermediary). | en | es |
DOLFIN600 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment composite benchmark between 10/2015-10/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,446
4.5%
CHF 12,765
5.0% | # Este tipo de escenario se produjo para una inversión índice de referencia compuesto entre 10/2015-10/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 446 CHF
4,5%
12 765 CHF
5,0% | # This type of scenario occurred for an investment composite benchmark between 10/2015-10/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,446
4.5%
CHF 12,765
5.0% | en | es |
DOLFIN602 | 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 | 2.15% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above MSCI EMU Small Cap. |
| Over the last accounting year, a performance fee of 0.01% 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 | 2,15% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del MSCI EMU Small Cap. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,01%. | | | 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 | 2.15% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above MSCI EMU Small Cap. |
| Over the last accounting year, a performance fee of 0.01% was charged. | | en | es |
DOLFIN615 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | CHF 7,320 | CHF 8,210 |
| | Average return each year % | -26.80% | -6.36% |
| Unfavourable scenario | What you might get back after costs | CHF 8,790 | CHF 8,650 |
| | Average return each year % | -12.10% | -4.72% |
| Moderate scenario | What you might get back after costs | CHF 10,070 | CHF 10,140 |
| | Average return each year % | 0.70% | 0.46% |
| Favourable scenario | What you might get back after costs | CHF 10,620 | CHF 10,850 |
| | Average return each year % | 6.20% | 2.76% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | CHF 7.320 | CHF 8.210 |
| | Rendimiento medio cada año | -26,80% | -6,36% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | CHF 8.790 | CHF 8.650 |
| | Rendimiento medio cada año | -12,10% | -4,72% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | CHF 10.070 | CHF 10.140 |
| | Rendimiento medio cada año | 0,70% | 0,46% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | CHF 10.620 | CHF 10.850 |
| | Rendimiento medio cada año | 6,20% | 2,76% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | CHF 7,320 | CHF 8,210 |
| | Average return each year % | -26.80% | -6.36% |
| Unfavourable scenario | What you might get back after costs | CHF 8,790 | CHF 8,650 |
| | Average return each year % | -12.10% | -4.72% |
| Moderate scenario | What you might get back after costs | CHF 10,070 | CHF 10,140 |
| | Average return each year % | 0.70% | 0.46% |
| Favourable scenario | What you might get back after costs | CHF 10,620 | CHF 10,850 |
| | Average return each year % | 6.20% | 2.76% | | en | es |
DOLFIN623 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,120 EUR -88.83% | 1,060 EUR -36.14% |
| Unfavourable¹ | What you might get back after costs Average return each year | 6,710 EUR -32.88% | 6,800 EUR -7.43% |
| Moderate² | What you might get back after costs Average return each year | 10,040 EUR 0.35% | 11,260 EUR 2.40% |
| Favourable³ | What you might get back after costs Average return each year | 15,030 EUR 50.34% | 17,470 EUR 11.80% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.120 EUR -88,83% | 1.060 EUR -36,14% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 6.710 EUR -32,88% | 6.800 EUR -7,43% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.040 EUR 0,35% | 11.260 EUR 2,40% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.030 EUR 50,34% | 17.470 EUR 11,80% | | | Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,120 EUR -88.83% | 1,060 EUR -36.14% |
| Unfavourable¹ | What you might get back after costs Average return each year | 6,710 EUR -32.88% | 6,800 EUR -7.43% |
| Moderate² | What you might get back after costs Average return each year | 10,040 EUR 0.35% | 11,260 EUR 2.40% |
| Favourable³ | What you might get back after costs Average return each year | 15,030 EUR 50.34% | 17,470 EUR 11.80% | | en | es |
DOLFIN630 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### In addition, each Class may apply a specific hedging policy as found in the sub-fund Fact Sheets, that is:
- Hedging against fluctuations in the reference currency: such hedging aims to reduce the effect of fluctuations in exchange rates between the reference currency of the sub- fund and the currency in which the Class is denominated. This type of hedging aims to achieve a reasonably comparable performance (adjusted in particular for the difference ininterest rate between the two currencies) between the hedged Class and the equivalent denominated in the reference currency of the sub-fund. This type of hedging is identified by the suffix H in the name of the Class.
- Hedging against the foreign exchange exposure of the assets forming the portfolio: such hedging aims to reduce the effect of fluctuations in exchange rates between the currencies in which the sub-fund's assets are held and the currency in which the Class is denominated. This type of hedging is identified by the suffix AH in the name of the Class. | ### Además, cada Clase de podrá aplicar una política de cobertura específica, según se indica en las Fichas Técnicas de los subfondos, es decir:
- Una cobertura frente a las fluctuaciones de la divisa de referencia: dicha cobertura pretende reducir el efecto de las fluctuaciones de los tipos de cambio entre la divisa dereferencia del subfondo y la divisa en la que está denominada la Clase. Este tipo de cobertura pretende lograr una rentabilidad (ajustada principalmente por la diferencia de tipos de interés entre las dos divisas) razonablemente comparable entre la Clase cubierta y la (equivalente) denominada en la divisa de referencia del subfondo. Este tipo de cobertura se identificará añadiendo el sufijo H a la denominación de la Clase.
- Una cobertura contra la exposición cambiaria de los activos que componen la cartera: dicha cobertura pretende reducir el efecto de las fluctuaciones de los tipos de cambio entre las divisas de los activos del subfondo y la divisa en la que está denominada la Clase. Este tipo de cobertura se identificará añadiendo el sufijo AH a la denominación de la Clase. | ### In addition, each Class may apply a specific hedging policy as found in the sub-fund Fact Sheets, that is:
- Hedging against fluctuations in the reference currency: such hedging aims to reduce the effect of fluctuations in exchange rates between the reference currency of the sub- fund and the currency in which the Class is denominated. This type of hedging aims to achieve a reasonably comparable performance (adjusted in particular for the difference ininterest rate between the two currencies) between the hedged Class and the equivalent denominated in the reference currency of the sub-fund. This type of hedging is identified by the suffix H in the name of the Class.
- Hedging against the foreign exchange exposure of the assets forming the portfolio: such hedging aims to reduce the effect of fluctuations in exchange rates between the currencies in which the sub-fund's assets are held and the currency in which the Class is denominated. This type of hedging is identified by the suffix AH in the name of the Class. | en | es |
DOLFIN635 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## 2 The investment objective of the Fund is to achieve capital appreciation.
2 The Fund seeks to achieve this objective through investing primarily in equity and equity related securities (such as warrants and rights issues) of companies listed on or dealt in Recognised Markets worldwide, and up to 10% of its net assets in unlisted equities, in each case which demonstrate long term growth opportunities within sectors whose business models are driven by new technologies.
## 2 The Fund has no geographical bias and up to 30% of net assets may be invested in Emerging Markets.
2 The fund manager aims to invest in sectors and businesses that have franchises with a sustainable competitive advantage – typically accruing as a result of brands, high switching costs for customers and significant scale based cost.
## 2 The fund manager will exploit potential pricing anomalies through disciplined and systematic stock selection and risk management.
2 The Fund is actively managed in reference to the MSCI World Growth Index / Average 1 month deposit rate (the “Benchmark”) and the Average 1 month deposit rate (the “Index”) by virtue of the fact that it uses the Benchmark and Index in the appropriate currency for performance comparison purposes and the performance fees payable to the Co- Investment Manager may be calculated based on the performance of the Fund against the Benchmark. However the Benchmark or Index are not used to define the portfolio composition of the Fund or as a performance
## target and the Fund may be wholly invested in securities which are not constituents of the Benchmark or Index.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may invest up to 30% of its net assets in China A shares listed on or dealt in the Shanghai Stock Exchange or the Shenzhen Stock Exchange. Investments will be made either via the Renminbi Qualified Foreign Institutional Investor (“RQFII”) regime or via the Shanghai Stock Exchange using the Shanghai Hong Kong Stock Connect.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. The use of these instruments may result in the Fund being leveraged whereby the total exposure of the Fund as a result of all positions held by it may exceed its Net Asset Value.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years. | # Objetivos y política de inversión
## 2 El objetivo de inversión del Fondo es conseguir la revalorización del capital.
2 El Fondo tratará de lograr este objetivo invirtiendo principalmente en renta variable y valores relacionados con la renta variable (por ejemplo, warrants y derechos de suscripción), de empresas cotizadas o negociadas en mercados reconocidos de todo el mundo, así como podrá invertir hasta el 10% de su patrimonio neto en renta variable no cotizada, siempre que revele oportunidades de crecimiento a largo plazo en sectores cuyos modelos de negocio estén impulsados por las nuevas tecnologías.
## 2 El Fondo no tiene ningún sesgo geográfico y hasta el 30% de los activos netos pueden invertirse en Mercados Emergentes.
2 El gestor del fondo tiene como objetivo invertir en sectores y negocios que tienen franquicias con una ventaja competitiva sostenible que, por lo general, se deriva de las marcas, los elevados gastos de cambio para los clientes y los significativos gastos basados en el tamaño.
## 2 El gestor del fondo explotará las posibles anomalías en los precios mediante una selección de valores y gestión del riesgo disciplinadas y sistemáticas.
2 El Fondo está gestionado activamente con referencia al MSCI World Growth Index / Average 1 month deposit rate (el «Índice de referencia») y al tipo de depósito medio a 1 mes (el «Índice»), dado que utiliza el Índice de referencia y el Índice en la moneda pertinente a efectos de comparación de la rentabilidad; asimismo, las comisiones de rentabilidad pagaderas al Cogestor de inversiones podrán calcularse en función de la rentabilidad del Fondo con respecto al Índice de referencia. No obstante, no se recurre al Índice de referencia o al Índice para determinar la composición de la
## cartera del Fondo o como objetivo de rentabilidad y, por lo tanto, el Fondo podrá invertir en su totalidad en valores que no forman parte del Índice de referencia o del Índice.
## 2 Las Acciones del Fondo pueden comprarse y venderse diariamente (cada Día Hábil del Fondo).
## 2 El Fondo cuenta con varias clases de acciones. Estas pueden diferir en materia de comisiones, importe mínimo de inversión, divisas, utilización de los ingresos y cualificación de los inversores.
## 2 Los rendimientos derivados de esta Clase de Acciones se capitalizarán. Otras clases de acciones del Fondo podrían repartir los rendimientos.
## 2 El gestor del Fondo puede gestionar las inversiones de este a su entera discreción.
2 El Fondo podrá invertir hasta el 30% de su patrimonio neto en acciones A de China cotizadas o negociadas en la Bolsa de Shángai o en la Bolsa de Shenzhen. Las inversiones se realizarán bien mediante el régimen de Inversor Institucional Extranjero Cualificado (“IIEC”) o por medio de la Bolsa de Valores de Shangai, utilizando el programa Shangai Hong Kong Stock Connect.
2 El Fondo podrá emplear diversos instrumentos derivados sencillos con fines de inversión y/o de una gestión eficaz de la cartera. Podrá hallar más información sobre el uso de derivados por parte del Fondo en el apartado «Derivados» del Suplemento del Fondo. El uso de estos instrumentos puede dar lugar al apalancamiento del Fondo, de forma que la exposición total del Fondo derivada de todas las posiciones mantenidas por este supere su patrimonio neto.
## 2 Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años. | # Objectives and investment policy
## 2 The investment objective of the Fund is to achieve capital appreciation.
2 The Fund seeks to achieve this objective through investing primarily in equity and equity related securities (such as warrants and rights issues) of companies listed on or dealt in Recognised Markets worldwide, and up to 10% of its net assets in unlisted equities, in each case which demonstrate long term growth opportunities within sectors whose business models are driven by new technologies.
## 2 The Fund has no geographical bias and up to 30% of net assets may be invested in Emerging Markets.
2 The fund manager aims to invest in sectors and businesses that have franchises with a sustainable competitive advantage – typically accruing as a result of brands, high switching costs for customers and significant scale based cost.
## 2 The fund manager will exploit potential pricing anomalies through disciplined and systematic stock selection and risk management.
2 The Fund is actively managed in reference to the MSCI World Growth Index / Average 1 month deposit rate (the “Benchmark”) and the Average 1 month deposit rate (the “Index”) by virtue of the fact that it uses the Benchmark and Index in the appropriate currency for performance comparison purposes and the performance fees payable to the Co- Investment Manager may be calculated based on the performance of the Fund against the Benchmark. However the Benchmark or Index are not used to define the portfolio composition of the Fund or as a performance
## target and the Fund may be wholly invested in securities which are not constituents of the Benchmark or Index.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may invest up to 30% of its net assets in China A shares listed on or dealt in the Shanghai Stock Exchange or the Shenzhen Stock Exchange. Investments will be made either via the Renminbi Qualified Foreign Institutional Investor (“RQFII”) regime or via the Shanghai Stock Exchange using the Shanghai Hong Kong Stock Connect.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. The use of these instruments may result in the Fund being leveraged whereby the total exposure of the Fund as a result of all positions held by it may exceed its Net Asset Value.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years. | en | es |
DOLFIN644 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
The depositary is State Street Bank International GmbH, Luxembourg Branch. Copies of the prospectus and the periodic reports are available free of charge in the language of this document. The documents as well as other information (including the latest share prices as well as the indicative net asset values) are available free of charge. The documents are available on your local DWS website or at www.Xtrackers.com, for full disclosure on the composition of the fund's portfolio and information on the index constituents please refer to this website as well. Information on the current remuneration policy of the management company, including a description of how remuneration and benefits are calculated is published on the Internet at https://www.dws.com/footer/Legal-Resources/dws-remuneration- policy?setLanguage=en. The information will be sent to you in
paper form free of charge upon request. The taxation regime applicable to the fund in Luxembourg may affect your personal tax situation. Xtrackers II may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the sales prospectus. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers II. This fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. DWS Investment S.A. is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 28.06.2022.
The index and the trademarks therein are the intellectual property of Markit Indices Limited and/or its licensors ("Markit"), used under license from Markit. The fund is not sponsored, endorsed, sold or promoted by Markit. Markit has no liability with respect thereto, and makes no express or implied warranties or representations with respect to the accuracy, fitness for a particular purpose or results obtained by using the index. The full disclaimer can be found in the fund prospectus. | # Información práctica
La entidad depositaria es State Street Bank International GmbH, sucursal de Luxemburgo. Pueden solicitarse gratuitamente copias del folleto de venta y los informes periódicos en el idioma de este documento. Estos documentos, así como cualquier otra información (incluidos los últimos precios de las acciones y los valores liquidativos orientativos) pueden consultarse de forma gratuita. Los documentos están disponibles en la página web local de DWS o en www.Xtrackers.com, donde también puede encontrar información completa sobre la composición de la cartera del fondo y los componentes del índice. La información sobre la política de remuneraciones en vigor de la sociedad gestora, incluida una descripción del cálculo de la remuneración y otras prestaciones, se encuentra publicada en la página web https://www.dws.com/footer/Legal-Resources/dws-remuneration- policy?setLanguage=en. Puede solicitar gratuitamente una copia
en papel de esta información. El régimen fiscal aplicable al Fondo en Luxemburgo podría afectar a su situación fiscal personal. Xtrackers II únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto de venta. Este fondo puede ofrecer varias clases de acciones; para más información, consulte la sección correspondiente del folleto de venta. Usted no está autorizado para intercambiar sus acciones de este fondo por otros fondos de Xtrackers II. Este fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier. DWS Investment S.A. está autorizada en Luxemburgo y su regulación corresponde a la Commission de Surveillance du Secteur Financier.
Los presentes datos fundamentales para el inversor son exactos a 28.06.2022.
El índice y las marcas comerciales que aparecen en él son propiedad intelectual de Markit Indices Limited o sus licenciantes (“Markit”) y se emplean en virtud de la correspondiente licencia de Markit. Markit no patrocina, respalda, comercializa ni promociona el fondo. Markit no asume ninguna responsabilidad en relación con él ni formula declaración o garantía alguna, explícita o implícita, en cuanto a su exactitud o idoneidad para un fin en particular o en relación con los resultados que se puedan obtener mediante la utilización del índice. La versión íntegra de la exención de responsabilidad puede consultarse en el folleto del fondo. | # Practical information
The depositary is State Street Bank International GmbH, Luxembourg Branch. Copies of the prospectus and the periodic reports are available free of charge in the language of this document. The documents as well as other information (including the latest share prices as well as the indicative net asset values) are available free of charge. The documents are available on your local DWS website or at www.Xtrackers.com, for full disclosure on the composition of the fund's portfolio and information on the index constituents please refer to this website as well. Information on the current remuneration policy of the management company, including a description of how remuneration and benefits are calculated is published on the Internet at https://www.dws.com/footer/Legal-Resources/dws-remuneration- policy?setLanguage=en. The information will be sent to you in
paper form free of charge upon request. The taxation regime applicable to the fund in Luxembourg may affect your personal tax situation. Xtrackers II may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the sales prospectus. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers II. This fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. DWS Investment S.A. is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 28.06.2022.
The index and the trademarks therein are the intellectual property of Markit Indices Limited and/or its licensors ("Markit"), used under license from Markit. The fund is not sponsored, endorsed, sold or promoted by Markit. Markit has no liability with respect thereto, and makes no express or implied warranties or representations with respect to the accuracy, fitness for a particular purpose or results obtained by using the index. The full disclaimer can be found in the fund prospectus. | en | es |
DOLFIN652 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 9. Securities Financing Transactions (continued)
Securities lending transactions
As at the period end, the cash collateral received in respect of securities lending was reinvested into Reverse Repurchase Transactions with high quality government bonds as collateral. This is managed by the Securities Lending Agent based solely on the approved guidelines and agreement issued by JPMorgan Asset Management (Europe) S.à r.l.. Income earned by the SICAV from the reinvestment of cash collateral in the form of Reverse Repurchase Transactions, net of any interest payable to the relevant counterparty, amounted to USD 191,618 for the period ended 31 December 2022 and is recorded under the “Securities Lending Income” in the Combined Statement of Operations and Changes in Net Assets.
Details relating to the permitted reuse of cash collateral are disclosed in the latest Prospectus available from http://www.jpmorganassetmanagement.lu.
Total return swap contracts
Cash collateral received in the total return swap contracts may be reused in accordance with the provisions contained within the Prospectus, however the Fund does not currently reinvest cash collateral received in respect of total return swap contracts. | # 9. Operaciones de financiación de valores (continuación)
Transacciones de préstamo de valores
Desde el final del periodo, las garantías en efectivo recibidas con respecto a las operaciones de préstamo de valores estaban reinvertidas en Operaciones de recompra inversa, con el uso de bonos estatales de alta calidad como garantía prendaria. Su gestión corre a cargo del Agente de préstamo de valores, sobre la base exclusivamente de las directrices y acuerdos aprobados por JPMorgan Asset Management (Europe) S.à r.l.. Los ingresos obtenidos por la SICAV a partir de la reinversión de garantías en efectivo en forma de Operaciones de recompra inversa, una vez deducidos los intereses pagaderos a la contraparte pertinente, ascendieron a 191.618 USD para el período terminado el 31 de diciembre de 2022, y se contabilizan en la partida «Ingresos por préstamos de valores» de la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales.
Los detalles relativos a la reutilización autorizada de las garantías en efectivo figuran en el último Folleto disponible en http://www.jpmorganassetmanagement.lu.
Contratos de swap de rentabilidad total
Las garantías en efectivo recibidas en los contratos de swap de rendimiento total se pueden reutilizar de acuerdo con las disposiciones contenidas en el Folleto. A pesar de esto, en la actualidad el Fondo no reinvierte las garantías de efectivos recibidas con respecto a los contratos de swap de rendimiento total. | # 9. Securities Financing Transactions (continued)
Securities lending transactions
As at the period end, the cash collateral received in respect of securities lending was reinvested into Reverse Repurchase Transactions with high quality government bonds as collateral. This is managed by the Securities Lending Agent based solely on the approved guidelines and agreement issued by JPMorgan Asset Management (Europe) S.à r.l.. Income earned by the SICAV from the reinvestment of cash collateral in the form of Reverse Repurchase Transactions, net of any interest payable to the relevant counterparty, amounted to USD 191,618 for the period ended 31 December 2022 and is recorded under the “Securities Lending Income” in the Combined Statement of Operations and Changes in Net Assets.
Details relating to the permitted reuse of cash collateral are disclosed in the latest Prospectus available from http://www.jpmorganassetmanagement.lu.
Total return swap contracts
Cash collateral received in the total return swap contracts may be reused in accordance with the provisions contained within the Prospectus, however the Fund does not currently reinvest cash collateral received in respect of total return swap contracts. | en | es |
DOLFIN653 | 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 Compartment (hereinafter "the Fund") is a feeder Compartment of the Z unit of Indosuez Objectif Terre, a French Mutual Fund approved by the French Financial Markets Authority (Autorité des Marchés Financiers) as a UCITS (the "Master Fund") and required to invest at least 85% of its assets in units of the Master Fund. The Fund may invest up to 15% of its assets in liquid assets.
The management objective of the Fund is identical to that of the Master Fund set out below. It is expected that the Fund's performance will be highly correlated with that of the Master Fund. In the event of a positive performance of the Z unit of the Master Fund, it will, however, be less, mainly due to the costs borne by the Fund and the liquidity component. Conversely, if the performance of the Z unit of the Master Fund is negative, it is anticipated that the Fund's poorer performance will be mitigated by the share of liquid assets held.
The risk profile of the Feeder Fund will be equivalent to that of the Master Fund.
The investment of a Feeder Fund in a Master Fund has no fiscal impact in Luxembourg. The Fund is a Feeder Fund and does not follow a benchmark.
The Master Fund is managed by CA Indosuez Gestion, a management company under French law, subject to the supervision of the French Financial Markets Authority (Autorité des marchés financiers). It was launched on 20 November 2019 as a Mutual Fund. It is denominated in euros.
The management objective of the Master Fund is to outperform the international equity markets represented by the MSCI World index by investing in companies that respect the criteria of socially responsible investment (SRI) and by responding to environmental and climate challenges through two major themes: the fight against global warming and the preservation of natural resources. As such, the Fund pursues an environmentally sustainable investment objective as defined by Article 9 of Regulation (EU) 2019/2088, known as the "SFDR", supplemented by Regulation (EU) 2020/852, known as the "Taxonomy".
In order to make the Fund's financial performance clearer, it may be compared to the performance of the MSCI World, a global index representing the world's major stock markets, currently composed of more than 1,500 stocks from 23 countries, representing approximately 85% of the combined market value of the 23 countries. The index is weighted by the free float of stock market capitalisations. It is calculated by Morgan Stanley Capital International and is available for consultation at www.msci.com. It is calculated with dividends reinvested. The Master Fund's exposure to the equity markets across all geographical areas will be at least 80% of its net assets.
The Master Fund may invest up to 100% of its net assets directly in equity markets. Up to 100% of the Master Fund's net assets may be exposed to exchange rate risk.
Up to 20% of the Master Fund's net assets may be exposed to the equity markets of emerging countries.
The Master Fund may also invest in forward financial instruments traded on French or foreign regulated markets in order to pursue its management objective. It does this by hedging its portfolio and/or exposing it to various business sectors and/or indices. The portfolio's exposure to equity markets will not exceed 110% of net assets. The method used to calculate the Master Fund's total risk is the commitment method.
As part of its cash management and/or portfolio diversification, the Master Fund may hold up to 10% of its net assets in units or shares of UCIs or investment funds under foreign law. For each Share Class, the Fund is authorised to hedge exchange rate risk as part of its asset management approach.
The base currency for the Fund is the euro.
The investor may purchase or sell units of the Fund on a daily basis (banking days in Luxembourg). All the Fund's income is reinvested. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El compartimento (en adelante, el «Fondo») es un compartimento subordinado de la acción Z de Indosuez Objectif Terre, un fondo de inversión de derecho francés autorizado por la Autorité des Marchés Financiers como OICVM (el «Fondo Principal»), y debe invertir al menos el 85% de sus activos de forma permanente en acciones del Fondo Principal. Es probable que el Fondo invierta hasta el 15% de sus activos en efectivo.
El objetivo de gestión del Fondo es el mismo que el del Fondo Principal descrito a continuación. Se espera que la rentabilidad del Fondo esté estrechamente correlacionada con la del Fondo Principal. No obstante, en caso de que la rentabilidad de la acción Z del Fondo Principal sea positiva, la rentabilidad del Fondo será menor, principalmente debido a los gastos en que incurra el Fondo y a su participación en activos líquidos. Por el contrario, en caso de que la rentabilidad de la acción Z del Fondo Principal sea negativa, la repercusión negativa sobre la rentabilidad del Fondo quedará compensada por su participación en activos líquidos.
El perfil de riesgo del Fondo subordinado será similar al del Fondo Principal.
La inversión de un fondo subordinado en un fondo principal no conlleva efectos fiscales en Luxemburgo. El Fondo es un fondo subordinado y no sigue ningún índice de referencia.
El Fondo Principal está gestionado por CA Indosuez Gestion, una sociedad gestora de derecho francés, bajo la supervisión de la Autorité des Marchés Financiers. Se creó el 20 de noviembre de 2019 como un fondo de inversión («FI»). Está denominado en euros.
El objetivo de gestión del Fondo Principal es superar la rentabilidad de los mercados de renta variable internacionales representados en el índice MSCI World invirtiendo en sociedades que cumplan los criterios de inversión socialmente responsable (ISR) y abordando las cuestiones medioambientales y climáticas a través de dos ejes principales: la lucha contra el calentamiento global y la preservación de los recursos naturales. Por consiguiente, el Fondo busca alcanzar un objetivo de inversión sostenible en el plano medioambiental, según se define en el artículo 9 del Reglamento (UE) 2019/2088 —conocidocomo «Reglamento SFDR»—que el Reglamento (UE) 2020/852 —conocidocomo «Reglamento de taxonomía»— viene a complementar.
A efectos de consulta de la rentabilidad financiera del Fondo, esta puede compararse con la rentabilidad del MSCI World, un índice mundial representativo de las principales bolsas de valores del mundo que actualmente está compuesto por más de 1.500 valores de 23 países, lo que representa alrededor del 85% de la capitalización bursátil combinada de los 23 países. El índice es un índice ponderado de capitalización según el capital flotante. Morgan Stanley Capital International calcula este índice y se puede consultar en el sitio web www.msci.com. Se calcula con los dividendos reinvertidos.
La exposición del Fondo Principal a los mercados de renta variable de todas las zonas geográficas será del 80% del patrimonio neto como mínimo. El Fondo Principal podrá invertir hasta el 100% de su patrimonio neto directamente en el mercado de renta variable.
Hasta el 100% del patrimonio neto del Fondo Principal puede estar expuesto al riesgo de tipo de cambio.
Hasta el 20% del patrimonio neto del Fondo Principal puede estar expuesto a los mercados de renta variable de los países emergentes.
El Fondo Principal también puede intervenir en instrumentos financieros a plazo negociados en mercados regulados franceses o internacionales con el fin de lograr su objetivo de gestión. Para ello, su cartera está cubierta o expuesta a los sectores de actividad o los índices. La exposición al mercado de renta variable no superará el 110% del patrimonio neto. El método de cálculo del riesgo global del Fondo Principal es el método del cálculo del compromiso.
Como parte de su gestión de la tesorería o de la diversificación de su cartera, el Fondo Principal podrá mantener hasta el 10% de su patrimonio neto en participaciones o acciones de un OIC o fondo de inversión internacional.
Para cada Clase de Acciones, el Fondo podrá cubrir los riesgos de cambio en el marco de la gestión de sus activos. La divisa de referencia del Fondo es el euro.
El inversor podrá adquirir o vender las acciones del Fondo a diario (cualquier día hábil a efectos bancarios en Luxemburgo). Todos los beneficios del Fondo serán reinvertidos. | # OBJECTIVES AND INVESTMENT POLICY
The Compartment (hereinafter "the Fund") is a feeder Compartment of the Z unit of Indosuez Objectif Terre, a French Mutual Fund approved by the French Financial Markets Authority (Autorité des Marchés Financiers) as a UCITS (the "Master Fund") and required to invest at least 85% of its assets in units of the Master Fund. The Fund may invest up to 15% of its assets in liquid assets.
The management objective of the Fund is identical to that of the Master Fund set out below. It is expected that the Fund's performance will be highly correlated with that of the Master Fund. In the event of a positive performance of the Z unit of the Master Fund, it will, however, be less, mainly due to the costs borne by the Fund and the liquidity component. Conversely, if the performance of the Z unit of the Master Fund is negative, it is anticipated that the Fund's poorer performance will be mitigated by the share of liquid assets held.
The risk profile of the Feeder Fund will be equivalent to that of the Master Fund.
The investment of a Feeder Fund in a Master Fund has no fiscal impact in Luxembourg. The Fund is a Feeder Fund and does not follow a benchmark.
The Master Fund is managed by CA Indosuez Gestion, a management company under French law, subject to the supervision of the French Financial Markets Authority (Autorité des marchés financiers). It was launched on 20 November 2019 as a Mutual Fund. It is denominated in euros.
The management objective of the Master Fund is to outperform the international equity markets represented by the MSCI World index by investing in companies that respect the criteria of socially responsible investment (SRI) and by responding to environmental and climate challenges through two major themes: the fight against global warming and the preservation of natural resources. As such, the Fund pursues an environmentally sustainable investment objective as defined by Article 9 of Regulation (EU) 2019/2088, known as the "SFDR", supplemented by Regulation (EU) 2020/852, known as the "Taxonomy".
In order to make the Fund's financial performance clearer, it may be compared to the performance of the MSCI World, a global index representing the world's major stock markets, currently composed of more than 1,500 stocks from 23 countries, representing approximately 85% of the combined market value of the 23 countries. The index is weighted by the free float of stock market capitalisations. It is calculated by Morgan Stanley Capital International and is available for consultation at www.msci.com. It is calculated with dividends reinvested. The Master Fund's exposure to the equity markets across all geographical areas will be at least 80% of its net assets.
The Master Fund may invest up to 100% of its net assets directly in equity markets. Up to 100% of the Master Fund's net assets may be exposed to exchange rate risk.
Up to 20% of the Master Fund's net assets may be exposed to the equity markets of emerging countries.
The Master Fund may also invest in forward financial instruments traded on French or foreign regulated markets in order to pursue its management objective. It does this by hedging its portfolio and/or exposing it to various business sectors and/or indices. The portfolio's exposure to equity markets will not exceed 110% of net assets. The method used to calculate the Master Fund's total risk is the commitment method.
As part of its cash management and/or portfolio diversification, the Master Fund may hold up to 10% of its net assets in units or shares of UCIs or investment funds under foreign law. For each Share Class, the Fund is authorised to hedge exchange rate risk as part of its asset management approach.
The base currency for the Fund is the euro.
The investor may purchase or sell units of the Fund on a daily basis (banking days in Luxembourg). All the Fund's income is reinvested. | en | es |
DOLFIN659 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/12/2014-31/12/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,506
5.1%
USD 12,533
4.6% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/12/2014-31/12/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 506 USD
5,1%
12 533 USD
4,6% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/12/2014-31/12/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,506
5.1%
USD 12,533
4.6% | en | es |
DOLFIN679 | 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 S&P 500 Capped 35/20 Health Care Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index, combined with foreign currency contracts for currency hedging.
The Index measures the performance of stocks from S&P 500 Index which are within the Global Industry Classification Standard (GICS) health care sector. S&P 500 measures the performance of 500 stocks from top US companies in leading industries of the US economy which meet S&P’s size, liquidity and free-float criteria. The GICS health care sector currently encompasses two main industry groups. The first includes companies who manufacture health care equipment and supplies or provide health care related services, including distributors of health care products, providers of basic health-care services, and owners and operators of health care facilities and organisations. The second group includes companies primarily involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Index may not include and/or may not be limited to every category comprising the sector listed here. Companies are included in the Index on a free float adjusted market capitalisation weighted basis. Free float-adjusted means that only shares available to international investors, rather than all of a company’s issued shares, are used to calculate the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to international investors. The Index caps the weight of the largest companies at each rebalance to ensure index diversification. The weight of the largest group entity in the Index is capped at 33% and the remaining group entities at 19%.
The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. FDIs (including FX forward contracts) may be used for direct investment purposes.
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 quarterly).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
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 S&P 500 Capped 35/20 Health Care Index, el índice de referencia del Fondo (el «Índice»). La Clase de acciones también trata de reducir el impacto sobre sus rendimientos de las fluctuaciones de los tipos de cambio entre las divisas de la cartera subyacente del Fondo y el euro.
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva e invierte en valores de renta variable (p. ej., acciones) que, en la medida de lo posible y factible, integran el Índice, en combinación con contratos de divisas a plazo con fines de cobertura del tipo de cambio.
El Índice mide la rentabilidad de los valores del S&P 500 Index, que corresponden al sector de la asistencia sanitaria del estándar de clasificación industrial (GICS, Global Industry Classification Standard). El S&P 500 mide la rentabilidad de 500 valores correspondientes a las mayores empresas estadounidenses de sectores líderes de la economía estadounidense que cumplen los criterios de tamaño, liquidez y flotación libre de S&P. El sector de la asistencia sanitaria del GICS comprende actualmente dos grupos sectoriales principales. En el primero se incluyen empresas que fabrican equipos y suministros sanitarios o que prestan servicios relacionados con la sanidad, como distribuidores de productos sanitarios, proveedores de servicios sanitarios básicos, y propietarios y operadores de centros y organizaciones sanitarios. En el segundo grupo se incluyen empresas dedicadas principalmente a la investigación, desarrollo, producción y comercialización de productos farmacéuticos y productos biotecnológicos. El Índice puede no incluir y/o puede no limitarse a cada una de las categorías que componen el sector aquí indicado. Las empresas se incluyen en el Índice en función de su ponderación por capitalización bursátil ajustada a flotación libre. Ajustada a flotación libre significa que para el cálculo del Índice solamente se utilizan las acciones disponibles para inversores internacionales, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil ajustada a flotación libre se obtiene multiplicando la cotización bursátil de una empresa por el número de acciones disponibles para inversores internacionales. El Índice limita el peso de las mayores empresas en cada reajuste para garantizar la diversificación. El peso de la mayor entidad del grupo del Índice está limitado al 33 % y las restantes entidades del grupo al 19 %.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar el objetivo de inversión del Fondo. Se pueden utilizar IFD (incluidos contratos de divisas a plazo) con fines de inversión directa.
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 (trimestralmente se pagarán ingresos sobre las acciones).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
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 S&P 500 Capped 35/20 Health Care Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index, combined with foreign currency contracts for currency hedging.
The Index measures the performance of stocks from S&P 500 Index which are within the Global Industry Classification Standard (GICS) health care sector. S&P 500 measures the performance of 500 stocks from top US companies in leading industries of the US economy which meet S&P’s size, liquidity and free-float criteria. The GICS health care sector currently encompasses two main industry groups. The first includes companies who manufacture health care equipment and supplies or provide health care related services, including distributors of health care products, providers of basic health-care services, and owners and operators of health care facilities and organisations. The second group includes companies primarily involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Index may not include and/or may not be limited to every category comprising the sector listed here. Companies are included in the Index on a free float adjusted market capitalisation weighted basis. Free float-adjusted means that only shares available to international investors, rather than all of a company’s issued shares, are used to calculate the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to international investors. The Index caps the weight of the largest companies at each rebalance to ensure index diversification. The weight of the largest group entity in the Index is capped at 33% and the remaining group entities at 19%.
The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. FDIs (including FX forward contracts) may be used for direct investment purposes.
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 quarterly).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
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 |
DOLFIN682 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests in the complete range of assets in which a UCITS fund may invest across the full capital structure of companies (i.e. debt and equity), and securities issued by governments and government agencies. These include but are not limited to: equity securities (e.g. shares), fixed income (FI) securities (such as bonds), money market instruments (MMIs) (i.e. debt securities with short term maturities), financial derivative instruments (FDIs), funds, deposits and cash. FDIs are investments the prices of which are based on one or more underlying assets. FDIs may be used to help achieve the Fund’s investment objective.
The Fund will invest at least 65% of its total assets in FI securities and FI related securities which may include investments with a relatively low credit rating or which are unrated. The Fund may invest up to 35% of its total assets in equity securities and equity-related securities.
At least 70% of the Fund’s total assets will be denominated in European currencies or will be issued by, or giving exposure to, governments and government agencies of, and companies and supranationals (e.g. the International Bank for Reconstruction and Development) domiciled, or the main business of which is in, Europe (including former Soviet Union countries). The remainder may include investments denominated in non-European currencies and issued outside of Europe (including former Soviet Union countries).
The investment adviser (IA) may take a view as to the direction in which the market may move when selecting the Fund’s assets.
The Fund is actively managed and the IA has discretion to select the Fund’s investments. In doing so, the IA will refer to a composite benchmark comprising the Bloomberg Pan European Aggregate Index (Hedged EUR) (75%) and MSCI Europe Index (Hedged EUR) (25%) (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical scope and currency requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is Euro. Shares for this class are bought and sold in Czech Koruna. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo.
El Fondo invierte en la gama completa de activos en los que puede invertir un fondo OICVM en toda la estructura de capital de sociedades (es decir, deuda y renta variable), así como en valores emitidos por gobiernos y agencias gubernamentales. Estos incluyen, sin limitación alguna: valores de renta variable (como acciones), valores de renta fija (RF) (como bonos), instrumentos del mercado monetario (IMM) (como obligaciones de deuda con vencimientos a corto plazo), instrumentos financieros derivados (IFD), fondos, depósitos y efectivo. Los IFD son inversiones cuyos precios se basan en uno o más activos subyacentes. Los IFD se pueden utilizar para ayudar a alcanzar el objetivo de inversión del Fondo.
El Fondo invertirá al menos un 65 % de sus activos totales en valores de RF y en valores relacionados con RF, que podrían incluir inversiones con una calificación de solvencia relativamente baja o que carezcan de calificación. El Fondo podrá invertir hasta el 35 % de sus activos totales en valores de renta variable y valores relacionados con renta variable.
Al menos el 70% de los activos totales del Fondo estarán denominados en divisas europeas o estarán emitidos por o dará exposición a gobiernos y agencias gubernamentales de, empresas y organismos supranacionales (p. ej., el Banco Internacional de Reconstrucción y Desarrollo) domiciliados o que desarrollen una parte predominante de su actividad económica en Europa (incluidos los antiguos países de la Unión Soviética). El resto podrá incluir inversiones denominadas en divisas no europeas y emitidas fuera de Europa (incluidos los países de la Unión Soviética).
El asesor de inversiones (AI) podrá, al seleccionar los activos del Fondo, orientarse por los movimientos previstos del mercado.
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá a un índice de referencia compuesto, que incluirá el Bloomberg Pan European Aggregate Index (Hedged EUR) (75 %) y el MSCI Europe Index (Hedged EUR) (25 %) (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su potestad para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, el ámbito geográfico y los requisitos en materia de divisas del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los accionistas deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el euro. Las acciones correspondientes a esta clase se compran y venden en coronas checas. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests in the complete range of assets in which a UCITS fund may invest across the full capital structure of companies (i.e. debt and equity), and securities issued by governments and government agencies. These include but are not limited to: equity securities (e.g. shares), fixed income (FI) securities (such as bonds), money market instruments (MMIs) (i.e. debt securities with short term maturities), financial derivative instruments (FDIs), funds, deposits and cash. FDIs are investments the prices of which are based on one or more underlying assets. FDIs may be used to help achieve the Fund’s investment objective.
The Fund will invest at least 65% of its total assets in FI securities and FI related securities which may include investments with a relatively low credit rating or which are unrated. The Fund may invest up to 35% of its total assets in equity securities and equity-related securities.
At least 70% of the Fund’s total assets will be denominated in European currencies or will be issued by, or giving exposure to, governments and government agencies of, and companies and supranationals (e.g. the International Bank for Reconstruction and Development) domiciled, or the main business of which is in, Europe (including former Soviet Union countries). The remainder may include investments denominated in non-European currencies and issued outside of Europe (including former Soviet Union countries).
The investment adviser (IA) may take a view as to the direction in which the market may move when selecting the Fund’s assets.
The Fund is actively managed and the IA has discretion to select the Fund’s investments. In doing so, the IA will refer to a composite benchmark comprising the Bloomberg Pan European Aggregate Index (Hedged EUR) (75%) and MSCI Europe Index (Hedged EUR) (25%) (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical scope and currency requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is Euro. Shares for this class are bought and sold in Czech Koruna. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN683 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 3 because its share price fluctuates comparatively little and the likelihood of both losses and gains is therefore relatively low. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the bonds and/or cash deposits and the performance of the derivatives
125 investment grade rated European companies and is calculated on a total return basis meaning that any balance which remains after acquiring the credit exposure will earn interest at the rate at which banks in the Eurozone lend to each other on an overnight basis (as calculated by the European Central Bank). The index is administered by IHS Markit Benchmark Administration Limited. Certain costs may be deducted from the index. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. 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.
used. 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 will enter into a derivative with one or more counterparties. If any of the counterparties fails to make payment (for example, it becomes insolvent) this may result in your investment suffering a loss. The fund may invest in bonds the value of which depends on the issuer being able to make its payments. There is always a risk that the issuer will fail to do so which may result in your investment suffering a loss. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index provides a notional exposure to the value and/or return of certain credit derivative transactions which may fall. Markets in these asset classes may at times become volatile or illiquid. The index may be affected.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 3, dado que su precio por acción, comparativamente, sufre pocas fluctuaciones y, por ello, tanto las oportunidades de pérdidas como las de ganancias son relativamente reducidas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los bonos o los depósitos de
compuesto por 125 empresas europeas con calificaciones de grado de inversión y se calcula con una base de rentabilidad total, lo que significa que cualquier saldo que quede tras la adquisición de la exposición crediticia devengará intereses al tipo de interés al que los bancos de la zona euro se prestan dinero entre sí a un día (según lo calculado por el Banco Central Europeo). IHS Markit Benchmark Administration Limited administra el índice. Ciertos costes pueden ser deducidos del índice. Para lograr el objetivo, el fondo invertirá en valores negociables y suscribirá con una o más contrapartes de swaps contratos financieros (derivados) relacionados con los valores negociables y el índice para obtener la rentabilidad sobre el índice. 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.
efectivo y de los derivados utilizados. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo participará en un derivado con una o más contrapartes. Si alguna de las contrapartes no efectúa el pago (por ejemplo, si deviene insolvente), esto podría provocar que su inversión sufriera pérdidas. El fondo podrá invertir en bonos cuyo valor dependa de que el emisor pueda efectuar los pagos. Existe siempre el riesgo de que el emisor no lo haga, lo que podría provocar que su inversión sufriera pérdidas. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El índice proporciona una exposición teórica al valor o la rentabilidad de determinadas operaciones de derivados de crédito, que pueden disminuir. Los mercados para estas clases de activos pueden ser en ocasiones volátiles o poco líquidos. El índice podría verse afectado.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 3 because its share price fluctuates comparatively little and the likelihood of both losses and gains is therefore relatively low. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the bonds and/or cash deposits and the performance of the derivatives
125 investment grade rated European companies and is calculated on a total return basis meaning that any balance which remains after acquiring the credit exposure will earn interest at the rate at which banks in the Eurozone lend to each other on an overnight basis (as calculated by the European Central Bank). The index is administered by IHS Markit Benchmark Administration Limited. Certain costs may be deducted from the index. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. 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.
used. 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 will enter into a derivative with one or more counterparties. If any of the counterparties fails to make payment (for example, it becomes insolvent) this may result in your investment suffering a loss. The fund may invest in bonds the value of which depends on the issuer being able to make its payments. There is always a risk that the issuer will fail to do so which may result in your investment suffering a loss. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index provides a notional exposure to the value and/or return of certain credit derivative transactions which may fall. Markets in these asset classes may at times become volatile or illiquid. The index may be affected.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN685 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Scenarios | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- | --- |
| Stress | What you might get back after costs (EUR) | 6,200 | 6,020 |
| | Average return each year (%) | -38.01 | -9.65 |
| Unfavourable ¹ | What you might get back after costs (EUR) | 8,540 | 9,430 |
| | Average return each year (%) | -14.64 | -1.17 |
| Moderate ² | What you might get back after costs (EUR) | 10,120 | 11,550 |
| | Average return each year (%) | 1.18 | 2.92 |
| Favourable ³ | What you might get back after costs (EUR) | 12,060 | 12,520 |
| | Average return each year (%) | 20.59 | 4.60 | | | Escenarios | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes (EUR) | 6.200 | 6.020 |
| | Rendimiento medio cada año (%) | -38,01 | -9,65 |
| Desfavorable ¹ | Lo que podría recibir tras deducir los costes (EUR) | 8.540 | 9.430 |
| | Rendimiento medio cada año (%) | -14,64 | -1,17 |
| Moderado ² | Lo que podría recibir tras deducir los costes (EUR) | 10.120 | 11.550 |
| | Rendimiento medio cada año (%) | 1,18 | 2,92 |
| Favorable ³ | Lo que podría recibir tras deducir los costes (EUR) | 12.060 | 12.520 |
| | Rendimiento medio cada año (%) | 20,59 | 4,60 | | | Scenarios | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- | --- |
| Stress | What you might get back after costs (EUR) | 6,200 | 6,020 |
| | Average return each year (%) | -38.01 | -9.65 |
| Unfavourable ¹ | What you might get back after costs (EUR) | 8,540 | 9,430 |
| | Average return each year (%) | -14.64 | -1.17 |
| Moderate ² | What you might get back after costs (EUR) | 10,120 | 11,550 |
| | Average return each year (%) | 1.18 | 2.92 |
| Favourable ³ | What you might get back after costs (EUR) | 12,060 | 12,520 |
| | Average return each year (%) | 20.59 | 4.60 | | en | es |
DOLFIN692 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Sub-Fund targets a sensitivity between 5 and 15 years: if interest rates increase by 1%, the Net Asset Value of the Sub-Fund may decrease by 5% up to 15%.
Exposure of the Sub-Fund's assets denominated in a currency other than the Sub-Fund's reference currency is systematically hedged. There is no guarantee that such hedging be a perfect hedge at 100% of the net assets at all times.
The Redex Share Class aims at mitigating the effect of real interest rate variations by using listed derivatives whilst retaining exposure to the Investment Policy described above and introducing exposure to anticipated inflation. As a consequence, the sensitivity of the Redex Share Class may deviate from the one of the Sub-Fund mentioned above.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy described above. | ## El objetivo de sensibilidad del Subfondo se encuentra entre 5 y 15 años: si los tipos de interés aumentan un 1 %, el valor liquidativo del Subfondo puede disminuir en un 5 % hasta un 15 %.
La exposición de los activos del Subfondo denominados en una divisa distinta de la moneda de referencia del Subfondo se cubre sistemáticamente. No se garantiza que dicha cobertura sea perfecta al 100 % de los activos netos en todo momento.
El objetivo de la clase de acción Redex es mitigar el efecto de las variaciones del tipo de interés real a través de la utilización de instrumentos derivados cotizados mientras se mantiene la exposición a la Política de Inversión descrita más arriba y se introduce exposición a la inflación anticipada. Como consecuencia, la sensibilidad de la clase de acción Redex puede desviarse de la del Subfondo mencionada anteriormente.
El objetivo de la clase de acción es proporcionar cobertura sobre el riesgo de tipo de cambio procedente de la divergencia entre la divisa de referencia del Subfondo y la divisa de la clase de acción, a través de la utilización de instrumentos derivados mientras se mantiene la exposición a la Política de Inversión descrita más arriba. | ## The Sub-Fund targets a sensitivity between 5 and 15 years: if interest rates increase by 1%, the Net Asset Value of the Sub-Fund may decrease by 5% up to 15%.
Exposure of the Sub-Fund's assets denominated in a currency other than the Sub-Fund's reference currency is systematically hedged. There is no guarantee that such hedging be a perfect hedge at 100% of the net assets at all times.
The Redex Share Class aims at mitigating the effect of real interest rate variations by using listed derivatives whilst retaining exposure to the Investment Policy described above and introducing exposure to anticipated inflation. As a consequence, the sensitivity of the Redex Share Class may deviate from the one of the Sub-Fund mentioned above.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy described above. | en | es |
DOLFIN698 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI Canada 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 equity securities (e.g. shares) that make up the Index. The Index measures the performance of companies in Canada with large and mid-market capitalisation, according to the MSCI size, liquidity and free float criteria.
Companies are included in the Index based on a free float –adjusted market capitalisation weighted basis. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float – adjusted market capitalisation is the share price of a company multiplied by the number of shares available to international investors. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions. The Index is a net total return index which means that the net dividends of the constituents of the Index are reinvested after the deduction of any taxes that may apply.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI Canada 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 variable (p. ej., acciones) que componen el Índice.
El Índice mide la rentabilidad de las empresas de Canadá de elevada y mediana capitalización, de acuerdo con criterios del tamaño, liquidez y flotación libre de MSCI. Las empresas se incluyen en el Índice en función de su ponderación por capitalización bursátil ajustada a flotación libre. «Ajustada a flotación libre» significa que para el cálculo del Índice solamente se utilizan las acciones disponibles para inversores internacionales, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil ajustada a flotación libre se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones disponibles para inversores internacionales. Se entiende por liquidez de los valores que puedan comprarse y venderse fácilmente en el mercado, en condiciones normales de este. El Índice es un índice de rentabilidad total neta, lo que significa que los dividendos netos de los componentes del Índice se reinvierten una vez deducidos los impuestos aplicables.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar los objetivos de inversión del Fondo. Los IFD pueden utilizarse con fines de inversión directa. Para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI Canada 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 equity securities (e.g. shares) that make up the Index. The Index measures the performance of companies in Canada with large and mid-market capitalisation, according to the MSCI size, liquidity and free float criteria.
Companies are included in the Index based on a free float –adjusted market capitalisation weighted basis. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float – adjusted market capitalisation is the share price of a company multiplied by the number of shares available to international investors. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions. The Index is a net total return index which means that the net dividends of the constituents of the Index are reinvested after the deduction of any taxes that may apply.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN700 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### NORMS-BASED ASSESSMENT AND EXCLUSIONS APPLICABLE TO CORPORATE ISSUERS
With the purpose of reducing ESG associated risks and in order to take account of far-reaching societal changes, the Sub-Fund aims to exclude companies that fall under Candriam’s SRI Exclusion Policy.
This policy aims to exclude companies that:
- do not meet the criteria of a normative exclusion filter that takes account of compliance with international standards concerning social, human and environmental rights and the fight against corruption, such as set out in the United Nations Global Compact and the ‘OECD's Guidelines for Multinational Enterprises’. This filter aims at excluding companies that are repeatedly and materially in breach of any of these principles. Furthermore, companies that present both material and severe structural risks in terms of environmental, social and governance factors are excluded from the fund, and/or
- are significantly exposed to controversial activities linked in particular to tobacco, steam coal, weapons and the production of nonconventional oil and gas. The strategy does not invest in companies that manufacture, use or hold anti-personnel mines, cluster bombs, chemical, biological, white phosphorus, depleted uranium and nuclear weapons; and/or
- Are exposed to countries considered as highly oppressive regimes. | ### EVALUACIÓN BASADA EN NORMAS Y EXCLUSIONES APLICABLES A LOS EMISORES CORPORATIVOS
Con el fin de reducir los riesgos en materia ESG y tener en cuenta los cambios sociales de gran alcance, el Subfondo trata de excluir a las empresas que entran en la Política de exclusión de ISR de Candriam.
Esta política tiene por objetivo excluir empresas que:
- no cumplan los criterios de un filtro de exclusión normativo que tenga en cuenta el cumplimiento de las normas internacionales relativas a los derechos sociales, humanos y ambientales y la lucha contra la corrupción, como se establece en el Pacto Mundial de las Naciones Unidas y las Directrices de la OCDE para Empresas Multinacionales. Este filtro pretende excluir a las empresas que incumplan repetida y materialmente cualquiera de estos principios. Además, quedan excluidas del fondo las empresas que presentan riesgos estructurales importantes y graves en términos de factores medioambientales, sociales y de gobernanza, y/o
- están expuestas de forma significativa a actividades controvertidas relacionadas en particular con el tabaco, el carbón de vapor, las armas y la producción de petróleo y gasno convencionales. La estrategia no invierte en empresas que fabriquen, utilicen o posean minas antipersona, bombas de racimo, armas químicas, biológicas, de fósforo blanco, de uranio empobrecido y nucleares; o
- estén expuestas a países considerados con un régimen muy opresivo. | ### NORMS-BASED ASSESSMENT AND EXCLUSIONS APPLICABLE TO CORPORATE ISSUERS
With the purpose of reducing ESG associated risks and in order to take account of far-reaching societal changes, the Sub-Fund aims to exclude companies that fall under Candriam’s SRI Exclusion Policy.
This policy aims to exclude companies that:
- do not meet the criteria of a normative exclusion filter that takes account of compliance with international standards concerning social, human and environmental rights and the fight against corruption, such as set out in the United Nations Global Compact and the ‘OECD's Guidelines for Multinational Enterprises’. This filter aims at excluding companies that are repeatedly and materially in breach of any of these principles. Furthermore, companies that present both material and severe structural risks in terms of environmental, social and governance factors are excluded from the fund, and/or
- are significantly exposed to controversial activities linked in particular to tobacco, steam coal, weapons and the production of nonconventional oil and gas. The strategy does not invest in companies that manufacture, use or hold anti-personnel mines, cluster bombs, chemical, biological, white phosphorus, depleted uranium and nuclear weapons; and/or
- Are exposed to countries considered as highly oppressive regimes. | en | es |
DOLFIN701 | 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 FUND - Twelve Insurance Best Ideas Fund - I Accumulating (USD) between 31/10/2016-31/10/2021.
Favourable scenario
What you might get back after costs
Average return each year
USD 12,767
27.7%
USD 14,441
7.6% | # Este tipo de escenario se produjo para una inversión Twelve Capital FUND - Twelve Insurance Best Ideas Fund - I Accumulating (USD) entre 31/10/2016-31/10/2021.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
12 767 USD
27,7%
14 441 USD
7,6% | # This type of scenario occurred for an investment Twelve Capital FUND - Twelve Insurance Best Ideas Fund - I Accumulating (USD) between 31/10/2016-31/10/2021.
Favourable scenario
What you might get back after costs
Average return each year
USD 12,767
27.7%
USD 14,441
7.6% | en | es |
DOLFIN716 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
Type: Shares of a Sub-Fund of MULTI UNITS FRANCE, a SICAV.
Term: The Sub-Fund has an unlimited duration. The Management Company may dissolve the Fund by means of liquidation or merger with another fund in accordance with legal requirements.
AMF Classification ("Autorité des Marchés Financiers"): Eurozone country equities
Objectives:
The Fund is a passively managed index UCITS.
The Fund's management objective is to track, both upwards and downwards, the evolution of the euro-denominated EURO STOXX 50 Net Return Index (net dividends reinvested) ("the Benchmark"), representative of 50 investment grade eurozone securities, while minimising the Tracking Error between the performance of the Fund and that of the Benchmark.
The anticipated level of Tracking Error under normal market conditions is indicated in the Fund's prospectus.
More detailed information on the Benchmark is available at http://www.stoxx.com/indices.
The Fund aims to achieve its objective through direct replication, namely by investing primarily in a basket of assets consisting of the securities comprising the Benchmark and/or eligible financial instruments representing all or part of the securities comprising the Benchmark. In order to optimise tracking of the Benchmark, the Fund may use a sampling technique, as well as guaranteed temporary sales of securities.
Any use of these techniques is indicated on the website amundietf.com. The updated composition of the portfolio of securities held by the Fund is stated on the website amundietf.com.
In order to hedge the currency risk on the dollar (USD), the Fund uses a
daily currency hedging strategy with the aim of reducing the impact of currency risk against the currency of the Benchmark constituents.
In addition, the indicative net asset value is shown on the Reuters and Bloomberg pages of the Fund and can also be stated on the websites of the Fund's listing markets.
The Fund is eligible for the French Equity Savings Plan (PEA) and therefore invests a minimum of 75% of its assets in shares of European Union companies.
Intended retail investors: This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds, seeking to increase the value of their investment over the recommended holding period and who are prepared to take on a high level of risk to their original capital.
Redemption and transaction: Shares may be sold (redeemed) as stated in the prospectus at the respective dealing price (net asset value). Further details are provided in the MULTI UNITS FRANCE prospectus.
In accordance with the prospectus, net income and capital gains from sales may be capitalised or distributed at the discretion of the Management Company.
More information: Further information regarding the Sub-Fund, including the prospectus and financial reports, is available free of charge on request from: Amundi Asset Management - 91-93 boulevard Pasteur, 75015 Paris, France.
The net asset value of this Sub-Fund is available at www.amundi.fr.
Depositary: SOCIETE GENERALE. | # ¿Qué es este producto?
Tipo: Acciones de un Subfondo de MULTI UNITS FRANCE, una SICAV.
Duración: La duración del Subfondo es ilimitada. La sociedad de gestión podrá disolver el Fondo mediante su liquidación o fusión con otro Fondo de acuerdo con los requisitos legales.
Clasificación de la AMF (Autorité des Marchés Financiers): Renta variable de países de la zona euro
Objetivos:
El Fondo es un OICVM de gestión pasiva que replica un índice de referencia.
El objetivo de gestión del Fondo es seguir la evolución, tanto al alza como a la baja, del índice EURO STOXX 50 Net Return (con reinversión de dividendos brutos) en lo sucesivo, el “Índice de referencia”), denominado en euros (EUR), y representativo de los 50 valores más importantes de la zona euro, minimizando al mismo tiempo la diferencia entre el rendimiento del Fondo y el del Índice de referencia (en lo sucesivo, el “Error de seguimiento”).
El nivel previsto de Error de seguimiento en condiciones de mercado normales se indica en el folleto del Fondo.
El sitio web http://www.stoxx.com/indices contiene información más detallada sobre el Índice de referencia.
El Fondo pretende alcanzar su objetivo por medio de una réplica directa invirtiendo principalmente en una cesta de activos formada por títulos que componen el Índice de referencia y/o instrumentos financieros representativos de la totalidad o parte de los títulos que componen el Índice de referencia. Para optimizar la réplica del Índice de referencia, el Fondo podría emplear una estrategia de réplica de muestreo, así como operaciones de cesiones temporales garantizadas por títulos.
El posible uso de estas técnicas se difunde a través del sitio web www.amundietf.com.
Puede consultar la composición actualizada de las participaciones del
Fondo en la web www.amundietf.com.
Con vistas a cubrir el riesgo de cambio del franco suizo (USD), el Fondo utiliza una estrategia de cobertura diaria que reduce el impacto del riesgo de cambio de la divisa de los componentes del Índice de referencia.
Asimismo, el valor liquidativo indicativo se difunde a través de las páginas del Fondo en Reuters y Bloomberg, y es posible que también se difunda a través de las páginas web de las bolsas en las que cotice el Fondo.
El Fondo cumple los requisitos del Plan Francés de Ahorro en Acciones (PEA, por sus siglas en francés) y, por lo tanto, invierte un mínimo del 75 % de sus activos en acciones de empresas de la Unión Europea.
Inversores minoristas a los que va dirigido: Este producto está destinado a inversores con un conocimiento básico y poca o ninguna experiencia en inversiones en fondos, que busquen aumentar el valor de su inversión durante el período de mantenimiento recomendado y que estén dispuestos a asumir un nivel de riesgo alto respecto a su capital inicial.
Reembolso y transacción: Las acciones se pueden vender (reembolsar) según se indica en el folleto al precio de negociación correspondiente (valor liquidativo). Puede encontrar más información en el folleto de MULTI UNITS FRANCE.
Según lo dispuesto en el folleto, los ingresos netos y las plusvalías de las cesiones podrán capitalizarse o distribuirse a discreción de la sociedad de gestión.
Más información: Puede obtener más información sobre este Subfondo, incluidos el folleto y los informes financieros, de forma gratuita, previa solicitud a: Amundi Asset Management - 91-93 boulevard Pasteur, 75015 París, Francia.
El valor liquidativo del Subfondo está disponible en www.amundi.fr.
Depositario: SOCIÉTÉ GÉNÉRALE. | # What is this product?
Type: Shares of a Sub-Fund of MULTI UNITS FRANCE, a SICAV.
Term: The Sub-Fund has an unlimited duration. The Management Company may dissolve the Fund by means of liquidation or merger with another fund in accordance with legal requirements.
AMF Classification ("Autorité des Marchés Financiers"): Eurozone country equities
Objectives:
The Fund is a passively managed index UCITS.
The Fund's management objective is to track, both upwards and downwards, the evolution of the euro-denominated EURO STOXX 50 Net Return Index (net dividends reinvested) ("the Benchmark"), representative of 50 investment grade eurozone securities, while minimising the Tracking Error between the performance of the Fund and that of the Benchmark.
The anticipated level of Tracking Error under normal market conditions is indicated in the Fund's prospectus.
More detailed information on the Benchmark is available at http://www.stoxx.com/indices.
The Fund aims to achieve its objective through direct replication, namely by investing primarily in a basket of assets consisting of the securities comprising the Benchmark and/or eligible financial instruments representing all or part of the securities comprising the Benchmark. In order to optimise tracking of the Benchmark, the Fund may use a sampling technique, as well as guaranteed temporary sales of securities.
Any use of these techniques is indicated on the website amundietf.com. The updated composition of the portfolio of securities held by the Fund is stated on the website amundietf.com.
In order to hedge the currency risk on the dollar (USD), the Fund uses a
daily currency hedging strategy with the aim of reducing the impact of currency risk against the currency of the Benchmark constituents.
In addition, the indicative net asset value is shown on the Reuters and Bloomberg pages of the Fund and can also be stated on the websites of the Fund's listing markets.
The Fund is eligible for the French Equity Savings Plan (PEA) and therefore invests a minimum of 75% of its assets in shares of European Union companies.
Intended retail investors: This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds, seeking to increase the value of their investment over the recommended holding period and who are prepared to take on a high level of risk to their original capital.
Redemption and transaction: Shares may be sold (redeemed) as stated in the prospectus at the respective dealing price (net asset value). Further details are provided in the MULTI UNITS FRANCE prospectus.
In accordance with the prospectus, net income and capital gains from sales may be capitalised or distributed at the discretion of the Management Company.
More information: Further information regarding the Sub-Fund, including the prospectus and financial reports, is available free of charge on request from: Amundi Asset Management - 91-93 boulevard Pasteur, 75015 Paris, France.
The net asset value of this Sub-Fund is available at www.amundi.fr.
Depositary: SOCIETE GENERALE. | en | es |
DOLFIN718 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objectives and Investment Policy
Objective: The sub-fund aims to increase the value of your investment over the long term.
Portfolio securities: Under normal market conditions the fund invests mainly in the shares of companies listed on the stock markets of European countries, including emerging European countries. The fund also invests in other types of financial instruments consistent with its investment objective. The fund may use derivatives for investment purposes or to reduce investment risks (hedging).
Investment process: The fund manager follows a disciplined investment approach based on the analysis of the different phases of the wealth creation cycle. Accordingly, the fund manager invests in companies which offer, in its opinion, strong profit growth potential and hold a solid and stable competitive position. The fund manager also takes environmental and social criteria (including good governance) into account in its process for selecting the companies in which the portfolio is invested.
Recommended holding period: The sub-fund may not be appropriate for investors who plan to withdraw their money within 6 years.
This share class does not distribute dividends (meaning that any income earned by the sub-fund is added to the share price).
You can place orders to buy or sell shares of the sub-fund daily.
Terms to Understand
Shares: Securities that represent partial ownership in a company.
Derivatives: Contracts whose value is linked to one or more securities, interest rates, currencies, commodities or financial indices. | ## Objetivos y política de inversión
Objetivo: El objetivo del subfondo es aumentar el valor de su inversión a largo plazo.
Valores de la cartera: En circunstancias normales de mercado, el fondo invertirá principalmente en acciones de empresas cotizadas en bolsas de países europeos, incluidos países europeos emergentes. El fondo también invertirá en otros tipos de instrumentos financieros, de acuerdo con su objetivo. El fondo podrá utilizar derivados con fines de inversión o para reducir los riesgos de inversión (cobertura).
Proceso de inversión: El gestor del fondo sigue un enfoque de inversión disciplinado basado en el análisis de las diferentes fases del ciclo de creación de riqueza. Sobre esta base, el gestor del fondo invierte en empresas que considera que tienen fuertes perspectivas de crecimiento de sus resultados y se benefician de una posición competitiva sólida y estable. El gestor del compartimento también tiene en cuenta criterios medioambientales y sociales (incluida la buena gobernanza) en su selección de las empresas en que invierte la cartera.
Plazo de tenencia recomendado: El subfondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de 6 años.
Esta clase de acciones no distribuye dividendos (lo que significa que los ingresos que genere el subfondo se añaden al precio de la acción).
Usted puede realizar solicitudes de compra o venta de acciones del subfondo diariamente.
Glosario
Acciones: Valores que representan una propiedad parcial en una empresa.
Derivados: Contratos cuyo valor está vinculado a uno o más valores, tipos de interés, divisas, materias primas o índices financieros. | ## Objectives and Investment Policy
Objective: The sub-fund aims to increase the value of your investment over the long term.
Portfolio securities: Under normal market conditions the fund invests mainly in the shares of companies listed on the stock markets of European countries, including emerging European countries. The fund also invests in other types of financial instruments consistent with its investment objective. The fund may use derivatives for investment purposes or to reduce investment risks (hedging).
Investment process: The fund manager follows a disciplined investment approach based on the analysis of the different phases of the wealth creation cycle. Accordingly, the fund manager invests in companies which offer, in its opinion, strong profit growth potential and hold a solid and stable competitive position. The fund manager also takes environmental and social criteria (including good governance) into account in its process for selecting the companies in which the portfolio is invested.
Recommended holding period: The sub-fund may not be appropriate for investors who plan to withdraw their money within 6 years.
This share class does not distribute dividends (meaning that any income earned by the sub-fund is added to the share price).
You can place orders to buy or sell shares of the sub-fund daily.
Terms to Understand
Shares: Securities that represent partial ownership in a company.
Derivatives: Contracts whose value is linked to one or more securities, interest rates, currencies, commodities or financial indices. | en | es |
DOLFIN720 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### A trust will generally be Irish resident where the trustee is resident in Ireland or a majority of the trustees (if more than one) are resident in Ireland.
A company which has its central management and control in Ireland is resident in Ireland irrespective of where it is incorporated. A company which does not have its central management and control in Ireland but which is incorporated in Ireland is resident in Ireland except where:
- the company or a related company carries on a trade in Ireland, and either the company is ultimately controlled by persons resident in EU Member States or in countries with which Ireland has a double taxation treaty, or the company or a related company are quoted companies on a recognised Stock Exchange in the EU or in a treaty country under a double taxation treaty between Ireland and that country. This exception does not apply where it would result in an Irish incorporated company that is managed and controlled in a relevant territory (other than Ireland), but would not be resident in that relevant territory as it is not incorporated there, not being resident for tax purposes in any territory. | ##### Por regla general, se considerará que un trust es residente en Irlanda cuando el fiduciario resida en Irlanda o cuando una mayoría de los fiduciarios (de haber más de uno) sea residente en Irlanda.
Se considerará residente en Irlanda aquella sociedad cuyas funciones centrales de dirección y control radiquen en Irlanda cualquiera que sea su lugar de constitución. Una sociedad cuyas funciones centrales de dirección y control no radiquen en Irlanda, pero que se haya constituido en este país, se considerará residente en Irlanda, excepto cuando
- la sociedad o una sociedad vinculada desarrolle una actividad mercantil en Irlanda y, o bien la sociedad esté controlada en última instancia por personas residentes en Estados miembros de la Unión Europea o en países con los que Irlanda tenga suscritos convenios para evitar la doble imposición, o bien la sociedad o una sociedad vinculada sean sociedades cotizadas en una Bolsa de Valores reconocida de la Unión Europea o de un país con el que Irlanda tenga suscrito un convenio para evitar la doble imposición. Esta excepción no se aplica a los casos en los que, de aplicarse, daría lugar a una sociedad constituida en Irlanda y gestionada y controlada en un determinado territorio (distinto de Irlanda), pero que no resida en dicho territorio por no haberse constituido en él, no sea residente a efectos fiscales en ningún territorio;o
- la Sociedad sea considerada como no residente en Irlanda de conformidad con un tratado de doble imposición entre Irlanda y otro país. | #### A trust will generally be Irish resident where the trustee is resident in Ireland or a majority of the trustees (if more than one) are resident in Ireland.
A company which has its central management and control in Ireland is resident in Ireland irrespective of where it is incorporated. A company which does not have its central management and control in Ireland but which is incorporated in Ireland is resident in Ireland except where:
- the company or a related company carries on a trade in Ireland, and either the company is ultimately controlled by persons resident in EU Member States or in countries with which Ireland has a double taxation treaty, or the company or a related company are quoted companies on a recognised Stock Exchange in the EU or in a treaty country under a double taxation treaty between Ireland and that country. This exception does not apply where it would result in an Irish incorporated company that is managed and controlled in a relevant territory (other than Ireland), but would not be resident in that relevant territory as it is not incorporated there, not being resident for tax purposes in any territory. | en | es |
DOLFIN722 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 4,270 | USD 5,690 |
| | Average return each year % | -57.30% | -17.14% |
| Unfavourable scenario | What you might get back after costs | USD 7,800 | USD 7,440 |
| | Average return each year % | -22.00% | -9.39% |
| Moderate scenario | What you might get back after costs | USD 10,240 | USD 11,010 |
| | Average return each year % | 2.40% | 3.26% |
| Favourable scenario | What you might get back after costs | USD 11,730 | USD 12,190 |
| | Average return each year % | 17.30% | 6.82% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 4.270 | USD 5.690 |
| | Rendimiento medio cada año | -57,30% | -17,14% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.800 | USD 7.440 |
| | Rendimiento medio cada año | -22,00% | -9,39% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.240 | USD 11.010 |
| | Rendimiento medio cada año | 2,40% | 3,26% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 11.730 | USD 12.190 |
| | Rendimiento medio cada año | 17,30% | 6,82% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 4,270 | USD 5,690 |
| | Average return each year % | -57.30% | -17.14% |
| Unfavourable scenario | What you might get back after costs | USD 7,800 | USD 7,440 |
| | Average return each year % | -22.00% | -9.39% |
| Moderate scenario | What you might get back after costs | USD 10,240 | USD 11,010 |
| | Average return each year % | 2.40% | 3.26% |
| Favourable scenario | What you might get back after costs | USD 11,730 | USD 12,190 |
| | Average return each year % | 17.30% | 6.82% | | en | es |
DOLFIN733 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| N1/A(USD) | LU2045818510 | Retail Investors | U.S. dollar | USD 500,000 | 1 Share | Accumulation | 1.00% p.a. |
| H-N1/A(EUR) | LU2045818601 | Retail Investors | Euro | USD 500,000 | 1 Share | Accumulation | 1.00% p.a. |
| N1/A(GBP) | LU2171378537 | Retail Investors | British Pound | USD 500,000 | 1 Share | Accumulation | 1.00% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | | Información práctica |
| --- |
| Depositario y agente administrativo del fondo: Sociedad de gestión: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo. Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto. El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor. Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión. |
| Información adicional |
| Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER |
| N1/A(USD) | LU2045818510 | Inversores minoristas | Dólar estadounidense | 500.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-N1/A(EUR) | LU2045818601 | Inversores minoristas | Euro | 500.000 USD | 1 acción | Acumulación | 1,00% anual |
| N1/A(GBP) | LU2171378537 | Inversores minoristas | Libra esterlina | 500.000 USD | 1 acción | Acumulación | 1,00% anual |
| **o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa. Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. | | | Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| N1/A(USD) | LU2045818510 | Retail Investors | U.S. dollar | USD 500,000 | 1 Share | Accumulation | 1.00% p.a. |
| H-N1/A(EUR) | LU2045818601 | Retail Investors | Euro | USD 500,000 | 1 Share | Accumulation | 1.00% p.a. |
| N1/A(GBP) | LU2171378537 | Retail Investors | British Pound | USD 500,000 | 1 Share | Accumulation | 1.00% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | en | es |
DOLFIN753 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
in the shares before tax. The composition of the index is reviewed at least every month. At review the index constituents are capped if their weight within the index is greater than 15%. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
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 fund is exposed to less economically developed economies (known as emerging markets) which involve greater risks than well developed economies. Political unrest and economic downturn may be more likely and will affect the value of your investment. The derivative used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss. The fund is exposed to less economically developed economies (known as frontier / pre-emerging markets) which involve much greater risks than investing in well-developed economies or even emerging markets. Political unrest, the lack of government regulation, economic downturn and limited liquidity may be much more likely and could therefore affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los derivados utilizados. El fondo podría suscribir uno o más derivados con una o más contrapartes. Si alguna de las contrapartes no efectúa los pagos (por ejemplo, si deviene insolvente), esto podría provocar que su inversión sufriera pérdidas. Las entidades de DWS y sus empresas vinculadas
las acciones tras descontar impuestos. La composición del índice se revisa al menos una vez al mes. En la revisión, los componentes del índice alcanzarán el límite si su ponderación dentro del índice es superior al 15%. Para lograr el objetivo, el fondo invertirá en valores negociables y suscribirá con una o más contrapartes de swaps contratos financieros (derivados) relacionados con los valores negociables y el índice para obtener la rentabilidad sobre el índice. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
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 fondo está expuesto a mercados menos desarrollados económicamente (denominados mercados emergentes), que entrañan mayores riesgos que las economías muy desarrolladas. La inestabilidad política y la crisis económica son más probables y afectarán al valor de su inversión. El derivado empleado para tener más exposición al índice puede ser ajustado para reflejar determinados gastos relativos a impuestos y/o costes de compraventa, préstamo, financiación o custodia. Estos costes de réplica podrían provocar que tanto el fondo como su inversión sufran pérdidas. El fondo está expuesto a economías menos desarrollados (denominadas mercados frontera/ pre-emergentes), que entrañan riesgos mucho mayores que las economías muy desarrolladas o incluso los mercados emergentes. En estos, la inestabilidad política, la falta de regulación gubernamental, las crisis económicas y las limitaciones de liquidez son acontecimientos mucho más probables y, por tanto, podrían afectar al valor de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
in the shares before tax. The composition of the index is reviewed at least every month. At review the index constituents are capped if their weight within the index is greater than 15%. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
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 fund is exposed to less economically developed economies (known as emerging markets) which involve greater risks than well developed economies. Political unrest and economic downturn may be more likely and will affect the value of your investment. The derivative used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss. The fund is exposed to less economically developed economies (known as frontier / pre-emerging markets) which involve much greater risks than investing in well-developed economies or even emerging markets. Political unrest, the lack of government regulation, economic downturn and limited liquidity may be much more likely and could therefore affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN757 | 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 simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 5 because its share price fluctuates comparatively strongly and the likelihood of both losses and gains is therefore relatively high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, becomes
tax. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more counterparties relating to the transferable securities and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
insolvent) this may result in your investment suffering a loss. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The derivative used to gain exposure to the swap index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested (entry charge) and before the proceeds of your investment are paid out (exit charge). |
| Charges taken from the fund over a year |
| Ongoing charges | 0.07 % |
| Charges taken from the fund under certain specific conditions |
| Performance fee | None | | # 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 simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 5, dado que su precio por acción, comparativamente, fluctúa con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias son relativamente elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los derivados utilizados. El fondo puede participar en uno o varios derivados con una o varias contrapartes. Si alguna de las contrapartes no efectúa los pagos (por ejemplo, si deviene insolvente), esto podría provocar que su
reinvierten en las acciones tras descontar los impuestos. Para lograr el objetivo, el fondo invertirá en valores mobiliarios y suscribirá contratos financieros (derivados) con una o varias contrapartes en relación con los valores mobiliarios y con la versión de rentabilidad total bruta o neta del índice (índice de swaps) con el fin de conseguir reflejar la evolución del índice de swaps. La versión de rentabilidad total bruta del índice calcula la evolución del valor de los títulos suponiendo que todos los dividendos y repartos se reinvierten en su forma bruta. El gestor de inversiones podrá seleccionar el índice de swaps a su entera discreción. La moneda del subfondo es USD. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
inversión sufriera pérdidas. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión. Los derivados empleados para tener más exposición al índice de swaps pueden ajustarse para reflejar determinados gastos relacionados con impuestos o costes de compraventa, préstamo, financiación o custodia. Estos costes de réplica podrían provocar que tanto el fondo como su inversión sufran pérdidas.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | Ninguno |
| Gastos de salida | Ninguno |
| Este es el máximo que puede deducirse de su capital antes de ser invertido (cargo de entrada) y antes de abonarse los rendimientos de su inversión (cargo de salida). |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 0,07 % |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Ninguno | | # 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 simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 5 because its share price fluctuates comparatively strongly and the likelihood of both losses and gains is therefore relatively high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, becomes
tax. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more counterparties relating to the transferable securities and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
insolvent) this may result in your investment suffering a loss. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The derivative used to gain exposure to the swap index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested (entry charge) and before the proceeds of your investment are paid out (exit charge). |
| Charges taken from the fund over a year |
| Ongoing charges | 0.07 % |
| Charges taken from the fund under certain specific conditions |
| Performance fee | None | | en | es |
DOLFIN764 | 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 | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 0.50% |
| 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 | 1.71% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 10.00% of the outperformance of the High Water Mark or of the prorated Secured Overnight Financing Rate (SOFR) rate of return, whichever is the lower. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 1.22%. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5.00% |
| Gastos de salida | 0.00% |
| Comisión de canje | 0.50% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1.71% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Metodología de cálculo: 10.00% de la diferencia positiva con la High Water Mark o del tipo de rentabilidad del Secured Overnight Financing Rate (SOFR) prorrateado, de ambos valores el más bajo. El Periodo de cálculo se basa en el mismo periodo utilizado para la cifra de gastos corrientes. Comisión de rentabilidad percibida en el último Periodo de cálculo: 1.22%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 0.50% |
| 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 | 1.71% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 10.00% of the outperformance of the High Water Mark or of the prorated Secured Overnight Financing Rate (SOFR) rate of return, whichever is the lower. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 1.22%. | | en | es |
DOLFIN770 | 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 the investment |
| --- |
| Entry charge | Not applicable |
| Exit charge | Not applicable |
| Conversion charge | Not applicable |
| This is the maximum amount that may be deducted from the investor’s money before it is invested or before the proceeds of the investment are paid out. These charges are paid to the Fund in order to cover standard brokerage fees, exchange fees and taxes. |
| Charges debited to the Fund over a year |
| Ongoing charge | 0,09 % |
| Charges debited to the Fund under certain specific conditions |
| Performance fee | Not applicable | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | No aplicable |
| Gastos de salida | No aplicable |
| Cargo por conversión | 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. Estos cargos se pagan al Fondo para cubrir comisiones estándar de corretaje, comisiones por canje e impuestos. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 0.09% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | No aplicable | | | One-off charges taken before or after the investment |
| --- |
| Entry charge | Not applicable |
| Exit charge | Not applicable |
| Conversion charge | Not applicable |
| This is the maximum amount that may be deducted from the investor’s money before it is invested or before the proceeds of the investment are paid out. These charges are paid to the Fund in order to cover standard brokerage fees, exchange fees and taxes. |
| Charges debited to the Fund over a year |
| Ongoing charge | 0,09 % |
| Charges debited to the Fund under certain specific conditions |
| Performance fee | Not applicable | | en | es |
DOLFIN772 | 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
Lower Potential Reward Higher Potential Reward
| 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- |
## What does this risk indicator mean?
The above risk indicator ranks potential risk and reward and is based on medium-term volatility (how sharply the Sub-Fund's actual or estimated share price has gone up and down over five years).
Historical data, such as that used in calculating this synthetic indicator, may not be a reliable indication of the future risk profile of the Sub-Fund. The lowest category does not mean a 'risk-free' investment. The Sub-Fund's risk indicator is not guaranteed and may change over time.
The Sub-Fund's risk category reflects the fact that as an asset class, below-investment grade bonds tend to be more volatile than investment grade bonds.
For un-hedged currency classes, exchange rate movements may affect the risk indicator where the currency of the underlying investments differs from the currency of the share class.
## Additional key risks
The risk indicator reflects market conditions of recent years and may not adequately capture the following additional key risks of the Sub- Fund and the Master Sub-Fund:
Counterparty risk Contract parties may default on their obligations under derivatives contracts entered into with the Master Sub-Fund.
Credit risk The issuers of bonds held by the Master Sub-Fund may fail to pay principal or interest due. Higher yielding bonds may carry greater credit risk.
Liquidity risk In adverse market conditions, securities that are liquid may become difficult to value, buy or sell, which could affect the Master Sub-Fund's ability to process redemption requests.
Operational risk Losses may occur due to human error or omission, process errors, system disruptions or external events.
Derivatives risk Derivatives create leverage in the Master Sub-Fund and may cause movements in the value of the underlying investments to amplify gains or losses to the Master Sub-Fund.
Emerging market risk Some of the countries invested in may carry higher political, legal, economic and liquidity risks than investments in more developed countries.
LU1043749990EN23032018
Amundi SICAV II - Euro High Yield
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None | Maximum charges that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. |
| Exit charge | None | | # >> Perfil de riesgo y remuneración
Riesgo más bajo Riesgo más alto
Potencial de remuneración inferior Potencial de remuneración superior
| 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- |
## ¢Qué significa este indicador de riesgo?
El indicador de riesgo anterior clasifica el riesgo y las remuneraciones posibles y se basa en la volatilidad a medio plazo (intensidad con la que sube o baja el precio estimado o real de las participaciones del Subfondo en un horizonte de cinco años). Los datos históricos, tales como los utilizados en el cálculo de este indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del Subfondo. La categoría más baja no significa que la inversión esté libre de riesgo. El indicador de riesgo del Subfondo no está garantizada y puede sufrir cambios a lo largo del tiempo.
La categoría de riesgo del Subfondo refleja el hecho de que, como clase de activo, el bono con calificación inferior a grado de inversión tiende a ser más volátil que el bono con calificación de grado de inversión.
En el caso de clases de moneda sin cobertura, los movimientos de tipos de cambio pueden afectar al indicador de riesgo cuando la moneda asociada a las inversiones subyacentes difiere de la moneda asociada a la clase de acciones.
## Riesgos principales adicionales
El indicador de riesgo refleja las condiciones de mercado de años recientes y puede no captar correctamente los siguientes riesgos principales adicionales del Subfondo y el Subfondo Principal:
Riesgo de contrapartida Las partes contratantes pueden incumplir las obligaciones contraídas en virtud de contratos financieros derivados celebrados con el Subfondo Principal.
Riesgo de crédito Los emisores de los instrumentos de renta fija en poder del Subfondo Principal pueden no reembolsar el principal o no abonar los intereses vencidos. Los bonos de más alta rentabilidad pueden conllevar mayor riesgo de crédito.
Riesgo de liquidez En condiciones de mercado adversas, los valores líquidos pueden resultar difíciles de valorar, comprar o vender, lo que puede afectar a la capacidad del Subfondo Principal para procesar solicitudes de reembolso.
Riesgo operativo Pueden producirse pérdidas por errores u omisiones humanos, fallos de proceso, interrupciones en el sistema o circunstancias externas.
Riesgo de derivados Los derivados tienen un efecto de apalancamiento en el Subfondo Principal y pueden causar variaciones en el valor de las inversiones subyacentes que podrían incrementar las ganancias o pérdidas del Subfondo Principal.
Riesgo en mercados emergentes Algunos de los países en los que se invierte podrían presentar un mayor riesgo político, legal, económico o de liquidez que otras inversiones en países desarrollados.
LU1043749990ES23032018
Amundi SICAV II - Euro High Yield
| Gastos no recurrentes percibidos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | No aplicable | Gastos máximos que podrían detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. |
| Gastos de salida | No aplicable | | # >> Risk and Reward Profile
Lower Risk Higher Risk
Lower Potential Reward Higher Potential Reward
| 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- |
## What does this risk indicator mean?
The above risk indicator ranks potential risk and reward and is based on medium-term volatility (how sharply the Sub-Fund's actual or estimated share price has gone up and down over five years).
Historical data, such as that used in calculating this synthetic indicator, may not be a reliable indication of the future risk profile of the Sub-Fund. The lowest category does not mean a 'risk-free' investment. The Sub-Fund's risk indicator is not guaranteed and may change over time.
The Sub-Fund's risk category reflects the fact that as an asset class, below-investment grade bonds tend to be more volatile than investment grade bonds.
For un-hedged currency classes, exchange rate movements may affect the risk indicator where the currency of the underlying investments differs from the currency of the share class.
## Additional key risks
The risk indicator reflects market conditions of recent years and may not adequately capture the following additional key risks of the Sub- Fund and the Master Sub-Fund:
Counterparty risk Contract parties may default on their obligations under derivatives contracts entered into with the Master Sub-Fund.
Credit risk The issuers of bonds held by the Master Sub-Fund may fail to pay principal or interest due. Higher yielding bonds may carry greater credit risk.
Liquidity risk In adverse market conditions, securities that are liquid may become difficult to value, buy or sell, which could affect the Master Sub-Fund's ability to process redemption requests.
Operational risk Losses may occur due to human error or omission, process errors, system disruptions or external events.
Derivatives risk Derivatives create leverage in the Master Sub-Fund and may cause movements in the value of the underlying investments to amplify gains or losses to the Master Sub-Fund.
Emerging market risk Some of the countries invested in may carry higher political, legal, economic and liquidity risks than investments in more developed countries.
LU1043749990EN23032018
Amundi SICAV II - Euro High Yield
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None | Maximum charges that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. |
| Exit charge | None | | en | es |
DOLFIN781 | 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
Significant risks not taken into account in this indicator:
Liquidity risk: risk linked to the low level of liquidity on the underlying markets, which makes them sensitive to significant buy/sell trends.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Return potentially lower
Return potentially higher
Derivative risk: the use of derivatives may cause a greater drop in the value of net assets than that of the markets in which they are invested.
Counterparty risk: this is the risk that a market participant will default, preventing them from honouring their commitments in respect of your portfolio.
The above indicator is calculated on the basis of historical data and may, therefore, not be a reliable indication of the future risk profile of the UCITS. It is not certain that the risk and reward category shown will remain unchanged and the classification may change over time. Category 1 does not mean that an investment is risk-free. Repayment of the initial investment is not guaranteed.
This sub-fund is rated in category 5, in line with the type of securities and geographic regions presented under the heading "Objectives and investment policy", as well as the currency of the share.
The occurrence of any of these risks may negatively impact the net asset value.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| 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 UCITS over a year |
| Ongoing charges | 1.52% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee 15% per year of the outperformance compared to the benchmark index. In the event of the outperformance of the unit of the sub-fund compared to its benchmark index, and even if its performance is negative, an outperformance fee may be charged for the reference period. | | # Perfil de riesgo y de remuneración
Menor riesgo Mayor riesgo
Riesgos importantes que no se tienen en cuenta en este indicador:
Riesgo de liquidez: riesgo ligado a la poca liquidez de los mercados subyacentes, lo cual los hace sensibles a movimientos significativos de compra/venta.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Remuneración potencialmente menor
Remuneración potencialmente mayor
Riesgo vinculado a los derivados: recurrir a instrumentos derivados puede provocar una caída del patrimonio neto más significativa que la de los mercados en los que se invierte.
Riesgo vinculado a las contrapartes: representa el riesgo de impago por parte de un participante en el mercado que le impide cumplir sus compromisos en relación con su cartera.
El indicador anterior se calcula sobre la base de datos históricos y, por tanto, puede no ser una indicación fiable del perfil de riesgo futuro del OICVM. No es seguro que la categoría de riesgo y remuneración permanezca inalterada y es probable que la clasificación cambie con el tiempo. La categoría 1 no es sinónimo de inversión sin riesgo. El reembolso de la inversión inicial no está garantizado.
Este subfondo está clasificado en la categoría 5, de acuerdo con la naturaleza de los títulos y las zonas geográficas presentadas en la sección “Objetivos y política de inversión”, así como la divisa propia de la acción.
La ocurrencia de uno de estos riesgos puede suponer una reducción del valor liquidativo.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 3,00% |
| Gastos de salida | No procede |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del OICVM a lo largo de un año |
| Gastos corrientes | 1,52% |
| Gastos detraídos del OICVM en determinadas condiciones específicas |
| Comisión de rentabilidad 15% anual de la rentabilidad superior al índice de referencia. Si la rentabilidad de la acción del Subfondo es superior a la del índice de referencia (incluso si se trata de un valor negativo), es posible que se aplique una comisión sobre rentabilidad en el periodo de referencia. | | # Risk and reward profile
Lower risk Higher risk
Significant risks not taken into account in this indicator:
Liquidity risk: risk linked to the low level of liquidity on the underlying markets, which makes them sensitive to significant buy/sell trends.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Return potentially lower
Return potentially higher
Derivative risk: the use of derivatives may cause a greater drop in the value of net assets than that of the markets in which they are invested.
Counterparty risk: this is the risk that a market participant will default, preventing them from honouring their commitments in respect of your portfolio.
The above indicator is calculated on the basis of historical data and may, therefore, not be a reliable indication of the future risk profile of the UCITS. It is not certain that the risk and reward category shown will remain unchanged and the classification may change over time. Category 1 does not mean that an investment is risk-free. Repayment of the initial investment is not guaranteed.
This sub-fund is rated in category 5, in line with the type of securities and geographic regions presented under the heading "Objectives and investment policy", as well as the currency of the share.
The occurrence of any of these risks may negatively impact the net asset value.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| 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 UCITS over a year |
| Ongoing charges | 1.52% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee 15% per year of the outperformance compared to the benchmark index. In the event of the outperformance of the unit of the sub-fund compared to its benchmark index, and even if its performance is negative, an outperformance fee may be charged for the reference period. | | en | es |
DOLFIN783 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If the performance since the beginning of the financial year exceeds the performance of the reference indicator and if no past underperformance still needs to be offset, a daily provision of up to 20% of this outperformance is established. In the event of underperformance in relation to the reference indicator, a daily amount corresponding to a maximum of 20% of this underperformance is deducted from the provision established since the beginning of the year. For the A and E units, the applicable rate for the performance fee is 20%. Any underperformance of the unit class against the reference indicator over the five-year reference period or since launch (whichever period is shorter) is made up before a performance fee becomes payable. If another year of underperformance occurred within this first five-year period and it was not made up at the end of this first period, a new period of a maximum of five years begins from this new year of underperformance. The fund’s performance is represented by its gross assets, net of all fees, before provision of the performance fee and taking into account subscriptions and redemptions. The performance fee may also be payable if the unit outperformed the reference indicator but posted a negative performance. If the fund is eligible for the booking of a performance fee, then:
- In the event of subscriptions, a system for neutralising the volume effect of these units on the performance fee is applied. This involves systematically deducting the share of the performance fee actually booked as a result of these newly subscribed units from the daily provision;
- In the event of redemptions, the portion of the performance fee provision corresponding to redeemed shares is transferred to the management company under the crystallisation principle. | Si la rentabilidad desde el inicio del ejercicio supera la rentabilidad del indicador de referencia, y si no debe recuperarse todavía ninguna rentabilidad inferior pasada, se constituirá una provisión diaria del 20% como máximo de dicha diferencia de rentabilidad. En caso de diferencia negativa de rentabilidad respecto al indicador de referencia, se realizará una recuperación diaria de la provisión de un 20% como máximo de dicha diferencia de rentabilidad hasta el importe de las dotaciones constituidas desde el comienzo del año. Para las participaciones A y E, el porcentaje efectivo de la comisión de rentabilidad asciende al 20%. Cualquier rentabilidad inferior de la participación con respecto al indicador de referencia durante el periodo de referencia de 5 años o desde el lanzamiento de la participación (se utiliza el periodo más corto) se recuperará antes de que una comisión de rentabilidad resulte exigible. Si se registra otro año de rentabilidad inferior durante este primer periodo de 5 años y dicha rentabilidad inferior no se recupera al final de este primer periodo, comienza otro nuevo periodo de 5 años como máximo a partir de este nuevo año de rentabilidad inferior. La rentabilidad del fondo se expresa a través del valor de sus activos brutos, neto de gastos, antes de la provisión de la comisión de rentabilidad y teniendo en cuenta las suscripciones y los reembolsos. La comisión de rentabilidad también resultará pagadera si la participación obtiene una rentabilidad negativa pero superior a la del índice de referencia. Si el fondo es elegible para la provisión de una comisión de rentabilidad, entonces:
- En los casos de suscripción, se aplicará un mecanismo de neutralización del «efecto volumen» de estas participaciones suscritas en el cálculo de la comisión de rentabilidad. Se trata de retirar sistemáticamente de la provisión diaria la parte proporcional de la comisión de rentabilidad efectivamente provisionada generada por estas nuevas participaciones suscritas.
- En los casos de reembolso, se abonará a la sociedad gestora la parte proporcional de la provisión de la comisión de rentabilidad correspondiente a las participaciones reembolsadas, de acuerdo con el principio de «cristalización». | If the performance since the beginning of the financial year exceeds the performance of the reference indicator and if no past underperformance still needs to be offset, a daily provision of up to 20% of this outperformance is established. In the event of underperformance in relation to the reference indicator, a daily amount corresponding to a maximum of 20% of this underperformance is deducted from the provision established since the beginning of the year. For the A and E units, the applicable rate for the performance fee is 20%. Any underperformance of the unit class against the reference indicator over the five-year reference period or since launch (whichever period is shorter) is made up before a performance fee becomes payable. If another year of underperformance occurred within this first five-year period and it was not made up at the end of this first period, a new period of a maximum of five years begins from this new year of underperformance. The fund’s performance is represented by its gross assets, net of all fees, before provision of the performance fee and taking into account subscriptions and redemptions. The performance fee may also be payable if the unit outperformed the reference indicator but posted a negative performance. If the fund is eligible for the booking of a performance fee, then:
- In the event of subscriptions, a system for neutralising the volume effect of these units on the performance fee is applied. This involves systematically deducting the share of the performance fee actually booked as a result of these newly subscribed units from the daily provision;
- In the event of redemptions, the portion of the performance fee provision corresponding to redeemed shares is transferred to the management company under the crystallisation principle. | en | es |
DOLFIN792 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| 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 | 1.43% |
| Charges taken from the fund under certain specific conditions |
| Performance fee The performance fee is fixed at 20% of the difference recorded between the Class NAV and the target NAV (initial target NAV adjusted based on the performance of the benchmark index). A performance fee may be paid even in the event of negative performance. Payable annually on 31 December. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | Ninguno |
| Gastos de salida | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 1,43% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad La comisión de rentabilidad se fija en el 20% de la diferencia entre el VL de la Clase y el VL objetivo (VL objetivo inicial ajustado por la evolución del índice de referencia). La comisión de rentabilidad puede pagarse incluso en caso de rentabilidad negativa. Se paga anualmente el 31 de diciembre. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| 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 | 1.43% |
| Charges taken from the fund under certain specific conditions |
| Performance fee The performance fee is fixed at 20% of the difference recorded between the Class NAV and the target NAV (initial target NAV adjusted based on the performance of the benchmark index). A performance fee may be paid even in the event of negative performance. Payable annually on 31 December. | | en | es |
DOLFIN795 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
TYPE
The Fund was incorporated as a société anonyme, an open-ended fund formed under the amended law of 17 December 2010 on undertakings for collective investment. It is an umbrella fund with multiple compartments, the Sub-Fund being one of these compartments. The Shares are a class of shares in the Sub-Fund.
OBJECTIVE
This actively managed Sub-Fund aims to achieve the highest possible capital growth. It is categorized as Article 8 SFDR. More details can be found in the prospectus.
The sub-fund mainly invests in equities and equity-like securities (including transferable securities that are qualified as closed-ended real estate investment trusts, participation certificates) issued by companies worldwide (including emerging markets). It may invest up to 35% via Shanghai-Hong Kong Stock Connect and Shenzhen Hong Kong Stock Connect in China A-Shares.
The sub-fund invests in a portfolio of stocks in companies around the world with high profit growth and high profitability.
Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe, in other securities, instruments, asset classes, in money market instruments and bank deposits to achieve the investment objective and/or for liquidity management. It may also hold up to 20% of its net assets in bank deposits at sight.
The sub-fund may use derivatives for hedging purposes.
Redemption of shares: daily when banks in Luxembourg are open for normal business (see prospectus for details and exceptions). Any income generated will be reinvested and included in the value of your shares.
The sub-fund is not managed with reference to a benchmark. The portfolio manager has full investment discretion within the predefined investment limits.
G shares are reserved exclusively for institutional investors who invest at least 50 million USD.
Taking into consideration the minimum recommended holding period, the return will depend on the performance of the underlying investments. The fund's depositary is RBC Investor Services Bank S.A.
This sub-fund is part of an umbrella fund. The various sub-funds are not liable for one another, i.e. only the gains and losses of this sub-fund are relevant for you as an investor. You can request the conversion of some or all of your shares in the sub-fund in accordance with the "Conversion of shares" section, unless stipulated otherwise in the special part of the sales prospectus.
The sales prospectus, including pre-contractual SFDR disclosures, up-to-date semi-annual and annual reports, share prices and other practical information are available free of charge at www.vontobel.com/AM in English and German.
INTENDED RETAIL INVESTOR
The sub-fund is intended for retail investors with knowledge and/or experience of these types of products, that have obtained appropriate investment advice, that have long-term investment horizon and that have the ability to bear losses up to the amount they have invested in the sub-fund.
TERM
The Shares do not have a maturity date. The PRIIP Manufacturer can terminate the Shares unilaterally. The Shares, the Sub-Fund and the Fund can be terminated early and liquidated in the cases set out in the prospectus and the articles of incorporation of the Fund. | # ¿Qué es este producto?
TIPO
El Fondo se constituyó como société anonyme, un fondo abierto creado con arreglo a la ley modificada de 17 de diciembre de 2010 sobre organismos de inversión colectiva. Es un fondo paraguas con múltiples compartimentos, siendo el Compartimento uno de ellos. Las Acciones son una clase de acciones del Compartimento.
OBJETIVOS
Este compartimento de gestión activa tiene como objetivo lograr el mayor crecimiento del capital posible. Se enmarca en el artículo 8 del SFDR. Puede obtener más información en el folleto.
El compartimento invierte principalmente en títulos de renta variable y títulos similares a la renta variable (incluidos valores mobiliarios calificados como fondos de inversión inmobiliaria cerrados, bonos de participación) emitidos por empresas de todo el mundo (incluidos los mercados emergentes). Puede invertir hasta el 35 % en acciones A de China a través de los programas Shanghai-Hong Kong Stock Connect y Shenzhen-Hong Kong Stock Connect.
El compartimento invierte en una cartera de acciones de empresas de todo el mundo con un elevado crecimiento de los beneficios y una alta rentabilidad.
Hasta el 33 % de los activos del compartimento podrá invertirse fuera del universo de inversión anteriormente mencionado, en otros títulos, instrumentos, clases de activos, en instrumentos del mercado monetario y depósitos bancarios para alcanzar el objetivo de inversión y/o para la gestión de la liquidez. También puede mantener hasta el 20 % de sus activos netos en depósitos bancarios a la vista.
El compartimento puede utilizar derivados con fines de cobertura.
Reembolso de participaciones: todos los días en que los bancos se encuentren abiertos en Luxemburgo para el desempeño normal de su actividad (consulte el folleto para obtener información detallada y excepciones).
Los ingresos generados se reinvertirán e incluirán en el valor de sus acciones.
El compartimento no se gestiona en relación con un índice de referencia. El gestor de carteras dispone de plena discrecionalidad de inversión dentro de los límites específicos definidos.
G shares are reserved exclusively for institutional investors who invest at least 50 million USD.
Teniendo en cuenta el periodo de mantenimiento mínimo recomendado, la rentabilidad dependerá de la evolución de las inversiones subyacentes.
El depositario del fondo es RBC Investor Services Bank S.A.
Este compartimento forma parte de un fondo paraguas. Los distintos compartimentos no son responsables unos de otros, es decir, solo las ganancias y pérdidas de este compartimento tienen relevancia para usted como inversor. Los inversores pueden solicitar la conversión de sus participaciones, en su totalidad o en parte, de conformidad con el apartado Conversion of Shares («Conversión de participaciones»), salvo que se indique otra cosa en la parte especial del folleto de venta.
El folleto de venta, incluyendo la divulgación precontractual de información relativa al SFDR, los informes semestral y anual actualizados, los precios de las acciones y otra información práctica, están disponibles gratuitamente en www.vontobel.com/AM en inglés y alemán.
INVERSOR MINORISTA AL QUE VA DIRIGIDO
El compartimento está destinado a inversores minoristas con conocimientos y/o experiencia en este tipo de productos, que hayan obtenido un asesoramiento de inversión adecuado, que tengan un horizonte de inversión a largo plazo y capacidad para soportar pérdidas hasta el importe que hayan invertido en el compartimento.
PLAZO
Las Acciones no tienen fecha de vencimiento. El productor del PRIIP puede rescindir las Acciones unilateralmente. Las Acciones, el Compartimento y el Fondo pueden rescindirse anticipadamente y liquidarse en los casos previstos en el folleto y los estatutos del Fondo. | # What is this product?
TYPE
The Fund was incorporated as a société anonyme, an open-ended fund formed under the amended law of 17 December 2010 on undertakings for collective investment. It is an umbrella fund with multiple compartments, the Sub-Fund being one of these compartments. The Shares are a class of shares in the Sub-Fund.
OBJECTIVE
This actively managed Sub-Fund aims to achieve the highest possible capital growth. It is categorized as Article 8 SFDR. More details can be found in the prospectus.
The sub-fund mainly invests in equities and equity-like securities (including transferable securities that are qualified as closed-ended real estate investment trusts, participation certificates) issued by companies worldwide (including emerging markets). It may invest up to 35% via Shanghai-Hong Kong Stock Connect and Shenzhen Hong Kong Stock Connect in China A-Shares.
The sub-fund invests in a portfolio of stocks in companies around the world with high profit growth and high profitability.
Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe, in other securities, instruments, asset classes, in money market instruments and bank deposits to achieve the investment objective and/or for liquidity management. It may also hold up to 20% of its net assets in bank deposits at sight.
The sub-fund may use derivatives for hedging purposes.
Redemption of shares: daily when banks in Luxembourg are open for normal business (see prospectus for details and exceptions). Any income generated will be reinvested and included in the value of your shares.
The sub-fund is not managed with reference to a benchmark. The portfolio manager has full investment discretion within the predefined investment limits.
G shares are reserved exclusively for institutional investors who invest at least 50 million USD.
Taking into consideration the minimum recommended holding period, the return will depend on the performance of the underlying investments. The fund's depositary is RBC Investor Services Bank S.A.
This sub-fund is part of an umbrella fund. The various sub-funds are not liable for one another, i.e. only the gains and losses of this sub-fund are relevant for you as an investor. You can request the conversion of some or all of your shares in the sub-fund in accordance with the "Conversion of shares" section, unless stipulated otherwise in the special part of the sales prospectus.
The sales prospectus, including pre-contractual SFDR disclosures, up-to-date semi-annual and annual reports, share prices and other practical information are available free of charge at www.vontobel.com/AM in English and German.
INTENDED RETAIL INVESTOR
The sub-fund is intended for retail investors with knowledge and/or experience of these types of products, that have obtained appropriate investment advice, that have long-term investment horizon and that have the ability to bear losses up to the amount they have invested in the sub-fund.
TERM
The Shares do not have a maturity date. The PRIIP Manufacturer can terminate the Shares unilaterally. The Shares, the Sub-Fund and the Fund can be terminated early and liquidated in the cases set out in the prospectus and the articles of incorporation of the Fund. | en | es |
DOLFIN805 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Asian Debt - Hard Currency – Schedule of Investments
### Financial Assets at Fair Value through Profit or Loss
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| | Corporate Bonds 87.03% (31 December 2020: 89.03%) | | | | |
| | United States Dollar | | | | |
| 200,000 | ABJA Investment Co Pte Ltd* | 5.45% | 24/01/2028 | 219,011 | 1.52 |
| 200,000 | AIA Group Ltd* | 2.70% | 29/12/2049 | 199,613 | 1.38 |
| 200,000 | Alibaba Group Holding Ltd* | 4.00% | 06/12/2037 | 217,167 | 1.50 |
| 200,000 | Axis Bank Ltd* | 4.10% | 29/12/2049 | 199,131 | 1.38 |
| 200,000 | Bangkok Bank PCL** | 3.73% | 25/09/2034 | 204,715 | 1.42 |
| 200,000 | Bank Negara Indonesia Persero Tbk PT* | 3.75% | 30/03/2026 | 203,305 | 1.41 |
| 200,000 | BOC Aviation Ltd* | 3.00% | 11/09/2029 | 204,735 | 1.42 |
| 200,000 | CA Magnum Holdings** | 5.38% | 31/10/2026 | 207,250 | 1.44 |
| 200,000 | CAS Capital No 1 Ltd* | 4.00% | 29/12/2049 | 200,885 | 1.39 |
| 200,000 | CDBL Funding 2* | 2.00% | 04/03/2026 | 198,776 | 1.38 |
| 200,000 | Celestial Miles Ltd* | 5.75% | 29/12/2049 | 207,148 | 1.44 |
| 200,000 | China Construction Bank Corp* | 2.45% | 24/06/2030 | 202,805 | 1.41 |
| 200,000 | China Huadian Overseas Development Management Co Ltd* | 4.00% | 29/12/2049 | 208,980 | 1.45 |
| 200,000 | China Resources Land Ltd* | 4.13% | 26/02/2029 | 217,554 | 1.51 |
| 200,000 | Chinalco Capital Holdings Ltd* | 2.13% | 03/06/2026 | 196,925 | 1.36 |
| 400,000 | CIFI Holdings Group Co Ltd* | 5.95% | 20/10/2025 | 386,000 | 2.67 |
| 200,000 | CLP Power HK Finance Ltd* | 3.55% | 29/12/2049 | 205,934 | 1.43 |
| 300,000 | CMB International Leasing Management Ltd* | 1.88% | 12/08/2025 | 297,008 | 2.06 |
| 200,000 | Country Garden Holdings Co Ltd* | 6.50% | 08/04/2024 | 196,153 | 1.36 |
| 200,000 | Dua Capital Ltd* | 2.78% | 11/05/2031 | 199,388 | 1.38 |
| 200,000 | ENN Clean Energy International Investment Ltd* | 3.38% | 12/05/2026 | 199,020 | 1.38 |
| 200,000 | Franshion Brilliant Ltd* | 4.25% | 23/07/2029 | 191,126 | 1.32 |
| 200,000 | FWD Group Ltd* | 5.75% | 09/07/2024 | 205,429 | 1.42 |
| 200,000 | Gemdale Ever Prosperity Investment Ltd* | 4.95% | 12/08/2024 | 199,728 | 1.38 |
| 200,000 | Globe Telecom Inc* | 4.20% | 29/12/2049 | 205,744 | 1.43 |
| 200,000 | Greenko Power II Ltd* | 4.30% | 13/12/2028 | 203,750 | 1.41 |
| 200,000 | HPHT Finance 21 Ltd* | 2.00% | 19/03/2026 | 199,851 | 1.38 |
| 288,000 | Huarong Finance 2017 Co Ltd* | 4.00% | 29/12/2049 | 287,640 | 1.99 |
| 200,000 | Huarong Finance II Co Ltd* | 5.50% | 16/01/2025 | 210,250 | 1.46 |
| 200,000 | Industrial & Commercial Bank of China Ltd* | 3.20% | 29/12/2049 | 204,373 | 1.42 |
| 200,000 | JMH Co Ltd* | 2.50% | 09/04/2031 | 201,608 | 1.40 |
| 193,000 | JSW Hydro Energy Ltd* | 4.13% | 18/05/2031 | 192,810 | 1.34 |
| 200,000 | Kookmin Bank* | 2.50% | 04/11/2030 | 196,711 | 1.36 |
| 200,000 | Krung Thai Bank PCL* | 4.40% | 29/12/2049 | 201,442 | 1.40 |
| 200,000 | LG Chem Ltd* | 2.38% | 07/07/2031 | 196,936 | 1.36 |
| 250,000 | MCC Holding Hong Kong Corp Ltd* | 3.25% | 29/12/2049 | 254,385 | 1.76 |
| 200,000 | Meituan* | 3.05% | 28/10/2030 | 185,314 | 1.28 |
| 300,000 | Minmetals Bounteous Finance BVI Ltd* | 3.38% | 29/12/2049 | 308,358 | 2.14 |
| 200,000 | NWD MTN Ltd* | 4.13% | 18/07/2029 | 201,456 | 1.40 |
ANNUAL REPORT 2021 117
FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS | # Asian Debt - Hard Currency – Cartera de inversiones
### Activos financieros al valor razonable con cambios en resultados
| Importe principal | Descripción de los valores | Cupón | Fecha de vencimiento | Valor razonable USD | % del Patri- monio neto |
| --- | --- | --- | --- | --- | --- |
| | Bonos de empresa 87,03% (31 de diciembre de 2020: 89,03%) | | | | |
| | Dólar estadounidense | | | | |
| 200.000 | ABJA Investment Co Pte Ltd* | 5,45% | 24/01/2028 | 219.011 | 1,52 |
| 200.000 | AIA Group Ltd* | 2,70% | 29/12/2049 | 199.613 | 1,38 |
| 200.000 | Alibaba Group Holding Ltd* | 4,00% | 06/12/2037 | 217.167 | 1,50 |
| 200.000 | Axis Bank Ltd* | 4,10% | 29/12/2049 | 199.131 | 1,38 |
| 200.000 | Bangkok Bank PCL** | 3,73% | 25/09/2034 | 204.715 | 1,42 |
| 200.000 | Bank Negara Indonesia Persero Tbk PT* | 3,75% | 30/03/2026 | 203.305 | 1,41 |
| 200.000 | BOC Aviation Ltd* | 3,00% | 11/09/2029 | 204.735 | 1,42 |
| 200.000 | CA Magnum Holdings** | 5,38% | 31/10/2026 | 207.250 | 1,44 |
| 200.000 | CAS Capital No 1 Ltd* | 4,00% | 29/12/2049 | 200.885 | 1,39 |
| 200.000 | CDBL Funding 2* | 2,00% | 04/03/2026 | 198.776 | 1,38 |
| 200.000 | Celestial Miles Ltd* | 5,75% | 29/12/2049 | 207.148 | 1,44 |
| 200.000 | China Construction Bank Corp* | 2,45% | 24/06/2030 | 202.805 | 1,41 |
| 200.000 | China Huadian Overseas Development Management Co Ltd* | 4,00% | 29/12/2049 | 208.980 | 1,45 |
| 200.000 | China Resources Land Ltd* | 4,13% | 26/02/2029 | 217.554 | 1,51 |
| 200.000 | Chinalco Capital Holdings Ltd* | 2,13% | 03/06/2026 | 196.925 | 1,36 |
| 400.000 | CIFI Holdings Group Co Ltd* | 5,95% | 20/10/2025 | 386.000 | 2,67 |
| 200.000 | CLP Power HK Finance Ltd* | 3,55% | 29/12/2049 | 205.934 | 1,43 |
| 300.000 | CMB International Leasing Management Ltd* | 1,88% | 12/08/2025 | 297.008 | 2,06 |
| 200.000 | Country Garden Holdings Co Ltd* | 6,50% | 08/04/2024 | 196.153 | 1,36 |
| 200.000 | Dua Capital Ltd* | 2,78% | 11/05/2031 | 199.388 | 1,38 |
| 200.000 | ENN Clean Energy International Investment Ltd* | 3,38% | 12/05/2026 | 199.020 | 1,38 |
| 200.000 | Franshion Brilliant Ltd* | 4,25% | 23/07/2029 | 191.126 | 1,32 |
| 200.000 | FWD Group Ltd* | 5,75% | 09/07/2024 | 205.429 | 1,42 |
| 200.000 | Gemdale Ever Prosperity Investment Ltd* | 4,95% | 12/08/2024 | 199.728 | 1,38 |
| 200.000 | Globe Telecom Inc* | 4,20% | 29/12/2049 | 205.744 | 1,43 |
| 200.000 | Greenko Power II Ltd* | 4,30% | 13/12/2028 | 203.750 | 1,41 |
| 200.000 | HPHT Finance 21 Ltd* | 2,00% | 19/03/2026 | 199.851 | 1,38 |
| 288.000 | Huarong Finance 2017 Co Ltd* | 4,00% | 29/12/2049 | 287.640 | 1,99 |
| 200.000 | Huarong Finance II Co Ltd* | 5,50% | 16/01/2025 | 210.250 | 1,46 |
| 200.000 | Industrial & Commercial Bank of China Ltd* | 3,20% | 29/12/2049 | 204.373 | 1,42 |
| 200.000 | JMH Co Ltd* | 2,50% | 09/04/2031 | 201.608 | 1,40 |
| 193.000 | JSW Hydro Energy Ltd* | 4,13% | 18/05/2031 | 192.810 | 1,34 |
| 200.000 | Kookmin Bank* | 2,50% | 04/11/2030 | 196.711 | 1,36 |
| 200.000 | Krung Thai Bank PCL* | 4,40% | 29/12/2049 | 201.442 | 1,40 |
| 200.000 | LG Chem Ltd* | 2,38% | 07/07/2031 | 196.936 | 1,36 |
| 250.000 | MCC Holding Hong Kong Corp Ltd* | 3,25% | 29/12/2049 | 254.385 | 1,76 |
| 200.000 | Meituan* | 3,05% | 28/10/2030 | 185.314 | 1,28 |
| 300.000 | Minmetals Bounteous Finance BVI Ltd* | 3,38% | 29/12/2049 | 308.358 | 2,14 |
| 200.000 | NWD MTN Ltd* | 4,13% | 18/07/2029 | 201.456 | 1,40 |
INFORME ANUAL 2021 117
CUENTAS CARTERA DE INVERSIONES | # Asian Debt - Hard Currency – Schedule of Investments
### Financial Assets at Fair Value through Profit or Loss
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| | Corporate Bonds 87.03% (31 December 2020: 89.03%) | | | | |
| | United States Dollar | | | | |
| 200,000 | ABJA Investment Co Pte Ltd* | 5.45% | 24/01/2028 | 219,011 | 1.52 |
| 200,000 | AIA Group Ltd* | 2.70% | 29/12/2049 | 199,613 | 1.38 |
| 200,000 | Alibaba Group Holding Ltd* | 4.00% | 06/12/2037 | 217,167 | 1.50 |
| 200,000 | Axis Bank Ltd* | 4.10% | 29/12/2049 | 199,131 | 1.38 |
| 200,000 | Bangkok Bank PCL** | 3.73% | 25/09/2034 | 204,715 | 1.42 |
| 200,000 | Bank Negara Indonesia Persero Tbk PT* | 3.75% | 30/03/2026 | 203,305 | 1.41 |
| 200,000 | BOC Aviation Ltd* | 3.00% | 11/09/2029 | 204,735 | 1.42 |
| 200,000 | CA Magnum Holdings** | 5.38% | 31/10/2026 | 207,250 | 1.44 |
| 200,000 | CAS Capital No 1 Ltd* | 4.00% | 29/12/2049 | 200,885 | 1.39 |
| 200,000 | CDBL Funding 2* | 2.00% | 04/03/2026 | 198,776 | 1.38 |
| 200,000 | Celestial Miles Ltd* | 5.75% | 29/12/2049 | 207,148 | 1.44 |
| 200,000 | China Construction Bank Corp* | 2.45% | 24/06/2030 | 202,805 | 1.41 |
| 200,000 | China Huadian Overseas Development Management Co Ltd* | 4.00% | 29/12/2049 | 208,980 | 1.45 |
| 200,000 | China Resources Land Ltd* | 4.13% | 26/02/2029 | 217,554 | 1.51 |
| 200,000 | Chinalco Capital Holdings Ltd* | 2.13% | 03/06/2026 | 196,925 | 1.36 |
| 400,000 | CIFI Holdings Group Co Ltd* | 5.95% | 20/10/2025 | 386,000 | 2.67 |
| 200,000 | CLP Power HK Finance Ltd* | 3.55% | 29/12/2049 | 205,934 | 1.43 |
| 300,000 | CMB International Leasing Management Ltd* | 1.88% | 12/08/2025 | 297,008 | 2.06 |
| 200,000 | Country Garden Holdings Co Ltd* | 6.50% | 08/04/2024 | 196,153 | 1.36 |
| 200,000 | Dua Capital Ltd* | 2.78% | 11/05/2031 | 199,388 | 1.38 |
| 200,000 | ENN Clean Energy International Investment Ltd* | 3.38% | 12/05/2026 | 199,020 | 1.38 |
| 200,000 | Franshion Brilliant Ltd* | 4.25% | 23/07/2029 | 191,126 | 1.32 |
| 200,000 | FWD Group Ltd* | 5.75% | 09/07/2024 | 205,429 | 1.42 |
| 200,000 | Gemdale Ever Prosperity Investment Ltd* | 4.95% | 12/08/2024 | 199,728 | 1.38 |
| 200,000 | Globe Telecom Inc* | 4.20% | 29/12/2049 | 205,744 | 1.43 |
| 200,000 | Greenko Power II Ltd* | 4.30% | 13/12/2028 | 203,750 | 1.41 |
| 200,000 | HPHT Finance 21 Ltd* | 2.00% | 19/03/2026 | 199,851 | 1.38 |
| 288,000 | Huarong Finance 2017 Co Ltd* | 4.00% | 29/12/2049 | 287,640 | 1.99 |
| 200,000 | Huarong Finance II Co Ltd* | 5.50% | 16/01/2025 | 210,250 | 1.46 |
| 200,000 | Industrial & Commercial Bank of China Ltd* | 3.20% | 29/12/2049 | 204,373 | 1.42 |
| 200,000 | JMH Co Ltd* | 2.50% | 09/04/2031 | 201,608 | 1.40 |
| 193,000 | JSW Hydro Energy Ltd* | 4.13% | 18/05/2031 | 192,810 | 1.34 |
| 200,000 | Kookmin Bank* | 2.50% | 04/11/2030 | 196,711 | 1.36 |
| 200,000 | Krung Thai Bank PCL* | 4.40% | 29/12/2049 | 201,442 | 1.40 |
| 200,000 | LG Chem Ltd* | 2.38% | 07/07/2031 | 196,936 | 1.36 |
| 250,000 | MCC Holding Hong Kong Corp Ltd* | 3.25% | 29/12/2049 | 254,385 | 1.76 |
| 200,000 | Meituan* | 3.05% | 28/10/2030 | 185,314 | 1.28 |
| 300,000 | Minmetals Bounteous Finance BVI Ltd* | 3.38% | 29/12/2049 | 308,358 | 2.14 |
| 200,000 | NWD MTN Ltd* | 4.13% | 18/07/2029 | 201,456 | 1.40 |
ANNUAL REPORT 2021 117
FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS | en | es |
DOLFIN826 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Threadneedle (Lux) – Pan European ESG Equities
The Pan European ESG Equities Portfolio seeks to achieve capital appreciation through investment in companies with strong or improving environmental, social and governance (ESG) characteristics.
The Portfolio is actively managed, and invests principally in the equity securities of large companies domiciled in Europe or with significant European activities. The Portfolio may further invest in the equity securities of European Smaller Companies and Money Market Instruments. The Portfolio may use financial derivative instruments for hedging purposes.
The Sub-Advisor focuses on selecting companies with strong or improving ESG characteristics, as outlined in the Portfolio’s ESG Investment Guidelines. Those companies will demonstrate leadership through strong environmental, social, and governance practices. The Sub-Advisor will use measures that compare the ESG characteristics of the Portfolio against the MSCI Europe Index. This index also provides a helpful benchmark against which the financial performance can be compared. The MSCI Europe Index has been chosen for these purposes as a good representation of large and medium-sized companies within European developed market countries (including the UK). Accordingly, the index is not designed to specifically consider environmental or social characteristics.
Deviations from the index, including guidance on the level of risk relative to the index, will be considered as part of the Sub-Advisor’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index.
In keeping with its ESG Investment Guidelines, the Portfolio will not invest in some sectors and companies in the index.
The Net Asset Value of the Portfolio shall be expressed in Euro and investment decisions will be made from a Euro perspective. | #### Threadneedle (Lux) – Pan European ESG Equities
La Cartera Pan European ESG Equities trata de conseguir la revalorización del capital mediante la inversión en empresas con características medioambientales, sociales y de gobernanza (ESG) sólidas o en situación de mejoría.
La Cartera se gestiona activamente e invierte principalmente en valores de renta variable de grandes empresas domiciliadas en Europa o con actividades significativas en Europa. La Cartera también podrá invertir en valores de renta variable de Empresas Europeas Más Pequeñas e Instrumentos del Mercado Monetario. La Cartera puede utilizar instrumentos financieros derivados a efectos de cobertura.
El Subasesor se centra en la selección de empresas con características ESG sólidas o en situación de mejoría, según se describe en las directrices de inversión ESG de la Cartera. Estas empresas demostrarán su liderazgo a través de prácticas medioambientales, sociales y de gobernanza sólidas. El Subasesor empleará medidas para comparar las características ESG de la Cartera con respecto al MSCI Europe Index. Asimismo, este índice proporciona un índice de referencia útil para comparar el rendimiento financiero. El MSCI Europe Index se ha elegido a estos efectos como una representación adecuada de grandes y medianas empresas de países de mercados desarrollados europeos (incluido el Reino Unido). Por lo tanto, el índice no está diseñado para considerar específicamente las características ambientales o sociales.
Las desviaciones con respecto al índice, incluidas las consideraciones sobre el nivel de riesgo en relación con el índice, se considerarán como parte del proceso de supervisión de riesgos del Subasesor para garantizar que el nivel general de riesgo sea en su mayoría coherente con el índice. De acuerdo con su estrategia de gestión activa, puede haber una desviación significativa del índice.
Con arreglo a sus Directrices de inversión ESG, la Cartera no invertirá en algunos sectores y empresas del índice.
El Valor liquidativo de la Cartera se expresará en euros y las decisiones de inversión se adoptarán atendiendo a la evolución de esta moneda. | #### Threadneedle (Lux) – Pan European ESG Equities
The Pan European ESG Equities Portfolio seeks to achieve capital appreciation through investment in companies with strong or improving environmental, social and governance (ESG) characteristics.
The Portfolio is actively managed, and invests principally in the equity securities of large companies domiciled in Europe or with significant European activities. The Portfolio may further invest in the equity securities of European Smaller Companies and Money Market Instruments. The Portfolio may use financial derivative instruments for hedging purposes.
The Sub-Advisor focuses on selecting companies with strong or improving ESG characteristics, as outlined in the Portfolio’s ESG Investment Guidelines. Those companies will demonstrate leadership through strong environmental, social, and governance practices. The Sub-Advisor will use measures that compare the ESG characteristics of the Portfolio against the MSCI Europe Index. This index also provides a helpful benchmark against which the financial performance can be compared. The MSCI Europe Index has been chosen for these purposes as a good representation of large and medium-sized companies within European developed market countries (including the UK). Accordingly, the index is not designed to specifically consider environmental or social characteristics.
Deviations from the index, including guidance on the level of risk relative to the index, will be considered as part of the Sub-Advisor’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index.
In keeping with its ESG Investment Guidelines, the Portfolio will not invest in some sectors and companies in the index.
The Net Asset Value of the Portfolio shall be expressed in Euro and investment decisions will be made from a Euro perspective. | en | es |
DOLFIN832 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Emerging markets risks
Investing in emerging markets entails investing in countries that are not included in the category of “high per capita gross national product” according to the definition by the World Bank, among others, i.e. that are not classified as “developed” countries. In addition to the risks specific to the asset class, investments in those countries are generally subject to higher risks, in particular liquidity risk and general market risk. In emerging market countries, political, economic and social instability or diplomatic incidents can negatively impact investments. Additionally, increased risks may arise in connection
with the settlement of transactions in securities in these countries and harm investors, especially as it may not be general practice or even possible to deliver securities directly when payment is made in such countries. The country and transfer risks described are likewise particularly high in these countries.
In addition, the legal and regulatory environment and the accounting, auditing and reporting standards in emerging markets may differ significantly from the level and standard which is otherwise customary internationally, to the detriment of an investor. This can entail not only differences in state supervision and regulation, but also further risks associated with the assertion and settlement of claims by the fund. There may also be an increased depositary risk in such countries which may, in particular, also result from differing procurement methods for acquired assets. The markets in emerging market countries are generally more volatile and less liquid than markets in industrialised countries, leading to increased volatility in the unit values of the fund. | ### Riesgos de los mercados emergentes
Las inversiones en países emergentes (“mercados emergentes”) son inversiones en países que, conforme a la definición del Banco Mundial, entre otras, no entren dentro de la categoría de “ingreso nacional bruto per cápita alto”, es decir, que
no se clasifiquen como “desarrollados”. Las inversiones en estos países normalmente están sujetas a mayores riesgos (además de los riesgos específicos de la clase de inversión en concreto) y, de forma particular, al riesgo de liquidez y al riesgo general de mercado. En los países emergentes, la inestabilidad política, económica o social o los incidentes diplomáticos pueden ahuyentar a los posibles inversores. Además, en la tramitación de las transacciones en valores procedentes de estos países puede surgir un mayor volumen de riesgos y ocasionar perjuicios a los inversores, especialmente porque, por lo general, en ellos puede no ser posible o habitual efectuar una entrega de valores contra la realización de un pago. Los riesgos de país y de transferencia ya descritos también tienen una mayor incidencia en estos países.
Por otra parte, en los países emergentes el marco legal y regulatorio, así como los estándares contables, de auditoría y de presentación de informes, pueden diferir sustancialmente del nivel y los estándares habituales en el ámbito internacional en detrimento de los inversores. Esto no solo puede generar diferencias en cuanto a la supervisión y la regulación públicas, sino que también la reclamación y tramitación de derechos de crédito del fondo puede llevar asociados otros riesgos. En estos países también puede existir un mayor riesgo de custodia, que puede resultar especialmente de las diferentes formas de consecución de la propiedad en los activos financieros adquiridos. Los mercados de los países emergentes son por lo general más volátiles y menos líquidos que los de los países industrializados, lo que puede provocar mayores fluctuaciones en los valores liquidativos del fondo. | ### Emerging markets risks
Investing in emerging markets entails investing in countries that are not included in the category of “high per capita gross national product” according to the definition by the World Bank, among others, i.e. that are not classified as “developed” countries. In addition to the risks specific to the asset class, investments in those countries are generally subject to higher risks, in particular liquidity risk and general market risk. In emerging market countries, political, economic and social instability or diplomatic incidents can negatively impact investments. Additionally, increased risks may arise in connection
with the settlement of transactions in securities in these countries and harm investors, especially as it may not be general practice or even possible to deliver securities directly when payment is made in such countries. The country and transfer risks described are likewise particularly high in these countries.
In addition, the legal and regulatory environment and the accounting, auditing and reporting standards in emerging markets may differ significantly from the level and standard which is otherwise customary internationally, to the detriment of an investor. This can entail not only differences in state supervision and regulation, but also further risks associated with the assertion and settlement of claims by the fund. There may also be an increased depositary risk in such countries which may, in particular, also result from differing procurement methods for acquired assets. The markets in emerging market countries are generally more volatile and less liquid than markets in industrialised countries, leading to increased volatility in the unit values of the fund. | en | es |
DOLFIN839 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2001. The share class was launched in 2005.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (GBP) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -11.7 | 14.8 | -10.0 | -26.3 | 52.5 | -9.0 | -16.7 | 7.8 | -30.8 | 42.7 |
| Constraint †¹ | -2.7 | 15.9 | -6.4 | -19.0 | 52.5 | -3.8 | -11.1 | 8.0 | -31.9 | 40.6 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en GBP para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2001. La clase de acciones se lanzó en 2005.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹MSCI World Energy 30% Buffer 10-40 Index (GBP) No está previsto que la rentabilidad del Fondo replique la del índice.
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | -11,7 | 14,8 | -10,0 | -26,3 | 52,5 | -9,0 | -16,7 | 7,8 | -30,8 | 42,7 |
| Limitación †¹ | -2,7 | 15,9 | -6,4 | -19,0 | 52,5 | -3,8 | -11,1 | 8,0 | -31,9 | 40,6 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
*Antes de 4 diciembre de 2020, el Fondo utilizaba un índice de referencia distinto, lo que se refleja en los datos del índice de referencia. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2001. The share class was launched in 2005.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (GBP) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -11.7 | 14.8 | -10.0 | -26.3 | 52.5 | -9.0 | -16.7 | 7.8 | -30.8 | 42.7 |
| Constraint †¹ | -2.7 | 15.9 | -6.4 | -19.0 | 52.5 | -3.8 | -11.1 | 8.0 | -31.9 | 40.6 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | en | es |
DOLFIN841 | 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
price return index. This means that the index calculates the performance of the shares comprising the index on the basis that any dividends or distributions are not included in the index returns. To achieve the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may receive income in respect of the securities held by the fund. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The 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 CHF. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to 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
rendimiento de precios. Esto significa que el índice calcula el rendimiento de las acciones que componen el índice basándose en que todos los dividendos o repartos no están incluidos en los ingresos del índice. Para lograr el objetivo, el fondo intentará replicar el índice comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá recibir ingresos en relación con los valores que tenga en su cartera. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). 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 CHF. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
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
price return index. This means that the index calculates the performance of the shares comprising the index on the basis that any dividends or distributions are not included in the index returns. To achieve the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may receive income in respect of the securities held by the fund. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The 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 CHF. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to 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 |
DOLFIN844 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Fund may also be exposed to trading difficulties or a temporary inability to trade certain securities in which the Fund invests, in the event of a counterparty defaulting on total return swaps (TRS).
Legal risk:
The use of temporary purchases and sales of securities and/or total return swaps (TRS) may create a legal risk, particularly relating to the swaps.
Liquidity risk:
The markets to which the Fund is exposed may occasionally and temporarily be affected by a lack of liquidity. These market disturbances may impact the price terms at which the Fund may have to liquidate, initiate or modify positions and may also cause the net asset value to fall.
Liquidity risk in a stock market:
The Fund’s market price may deviate from its indicative net asset value. The liquidity of the Fund’s units in a listing market may be affected by any suspension that could, in particular, but not only, be due to:
- the suspension or halting of the calculation of the MSCI Spain Index by the Index provider,
- the suspension of the market(s) on which are listed the underlyings of the MSCI Spain Index,
- a relevant listing market not being able to obtain or to calculate the Fund’s indicative net asset value,
- a violation by a market-maker of the rules applicable in the relevant listing market,
- failure of the systems, in particular of IT or electronic systems, in a relevant listing market,
- any other event that prevents the calculation of the Fund’s indicative net asset value or the trading of Fund units.
- Sustainability risk:the risk relating to an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential negative material impact on the value of the investment. | El Fondo también puede estar expuesto a dificultades de negociación o a una imposibilidad temporal de negociación de determinados valores en los que invierte el Fondo en caso de fallo de una contraparte de permutas financieras sobre la rentabilidad global (TRS).
Riesgo jurídico:
La utilización de las adquisiciones y cesiones temporales de títulos y/o permutas financieras sobre la rentabilidad global (TRS) puede conllevar un riesgo jurídico, en especial relativo a los contratos.
Riesgo de liquidez:
Los mercados a los que el fondo está expuesto pueden verse afectados temporal y ocasionalmente por una falta de liquidez. Estos desajustes de mercado pueden afectar a las condiciones de los precios a los que el fondo puede liquidar, iniciar o modificar posiciones y, por lo tanto, puede dar lugar a un descenso del valor liquidativo.
Riesgo de liquidez en un lugar de cotización:
La cotización bursátil del Fondo podría diferir de su valor liquidativo indicativo. La liquidez del Fondo en un lugar de cotización podría verse afectada por cualquier suspensión que podría deberse entre otras cosas a:
- una suspensión o cancelación de la cotización o del cálculo del Índice MSCI Spain por parte del proveedor del Índice;
- una suspensión del mercado (o de los mercados) de los subyacentes del Índice MSCI Spain;
- la imposibilidad por parte de un lugar de cotización para obtener o calcular el valor liquidativo indicativo del Fondo;
- un incumplimiento por parte de un creador de mercado de las reglas aplicables en un lugar de cotización determinado;
- un fallo en los sistemas informáticos o electrónicos principalmente de un lugar de cotización determinado,
- cualquier otro hecho que impida el cálculo del valor liquidativo indicativo del Fondo o la negociación de las participaciones del Fondo.
- Riesgo de sostenibilidad:es el riesgo asociado a un evento o una situación de carácter medioambiental, social o de gobernanza que, en caso de que se produzca, podría tener un impacto negativo significativo, real o potencial, sobre el valor de la inversión. | The Fund may also be exposed to trading difficulties or a temporary inability to trade certain securities in which the Fund invests, in the event of a counterparty defaulting on total return swaps (TRS).
Legal risk:
The use of temporary purchases and sales of securities and/or total return swaps (TRS) may create a legal risk, particularly relating to the swaps.
Liquidity risk:
The markets to which the Fund is exposed may occasionally and temporarily be affected by a lack of liquidity. These market disturbances may impact the price terms at which the Fund may have to liquidate, initiate or modify positions and may also cause the net asset value to fall.
Liquidity risk in a stock market:
The Fund’s market price may deviate from its indicative net asset value. The liquidity of the Fund’s units in a listing market may be affected by any suspension that could, in particular, but not only, be due to:
- the suspension or halting of the calculation of the MSCI Spain Index by the Index provider,
- the suspension of the market(s) on which are listed the underlyings of the MSCI Spain Index,
- a relevant listing market not being able to obtain or to calculate the Fund’s indicative net asset value,
- a violation by a market-maker of the rules applicable in the relevant listing market,
- failure of the systems, in particular of IT or electronic systems, in a relevant listing market,
- any other event that prevents the calculation of the Fund’s indicative net asset value or the trading of Fund units.
- Sustainability risk:the risk relating to an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential negative material impact on the value of the investment. | en | es |
DOLFIN846 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund was launched on 12 November 1993.
-7.0
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 12 noviembre 1993.
-7.0
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 12 November 1993.
-7.0
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN860 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.55%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | | Gastos detraídos del Fondo cada año |
| --- |
| Gastos corrientes | 0,55%** |
| Gastos detraídos del Fondo en determinadas condiciones |
| Comisión de rentabilidad | Ninguna | | | Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.55%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | en | es |
DOLFIN869 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc USD between 28/02/2022-31/05/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,677
-3.2%
USD 10,242
0.5% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc USD entre 28/02/2022-31/05/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 677 USD
-3,2%
10 242 USD
0,5% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc USD between 28/02/2022-31/05/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,677
-3.2%
USD 10,242
0.5% | en | es |
DOLFIN870 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 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 and how well the product does. 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.
- EUR 10,000 is invested.
| If you exit after 1 year | If you exit after 2 years |
| --- | --- |
| Total costs EUR | 483 EUR | 646 EUR |
| Annual cost impact (*) | 4,8 % | 3,2 % 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 4.5% before costs and 1.3% after costs. | # Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del 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 (rendimiento anual del 0%). En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- Se invierten EUR 10.000.
| En caso de salida después de 1 año | En caso de salida después de 2 años |
| --- | --- |
| Costes totales EUR | 480 EUR | 639 EUR |
| Incidencia anual de los costes (*) | 4,8 % | 3,2 % por año |
(*)Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 4,5 % antes de deducir los costes y del 1,3 % después de deducir los costes. | # 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 and how well the product does. 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.
- EUR 10,000 is invested.
| If you exit after 1 year | If you exit after 2 years |
| --- | --- |
| Total costs EUR | 483 EUR | 646 EUR |
| Annual cost impact (*) | 4,8 % | 3,2 % 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 4.5% before costs and 1.3% after costs. | en | es |
DOLFIN873 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 1,890 | USD 1,940 |
| | Average return each year % | -81.10% | -27.96% |
| Unfavourable scenario | What you might get back after costs | USD 5,990 | USD 5,070 |
| | Average return each year % | -40.10% | -12.70% |
| Moderate scenario | What you might get back after costs | USD 10,060 | USD 11,500 |
| | Average return each year % | 0.60% | 2.83% |
| Favourable scenario | What you might get back after costs | USD 17,270 | USD 21,300 |
| | Average return each year % | 72.70% | 16.33% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 1.890 | USD 1.940 |
| | Rendimiento medio cada año | -81,10% | -27,96% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 5.990 | USD 5.070 |
| | Rendimiento medio cada año | -40,10% | -12,70% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.060 | USD 11.500 |
| | Rendimiento medio cada año | 0,60% | 2,83% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 17.270 | USD 21.300 |
| | Rendimiento medio cada año | 72,70% | 16,33% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 1,890 | USD 1,940 |
| | Average return each year % | -81.10% | -27.96% |
| Unfavourable scenario | What you might get back after costs | USD 5,990 | USD 5,070 |
| | Average return each year % | -40.10% | -12.70% |
| Moderate scenario | What you might get back after costs | USD 10,060 | USD 11,500 |
| | Average return each year % | 0.60% | 2.83% |
| Favourable scenario | What you might get back after costs | USD 17,270 | USD 21,300 |
| | Average return each year % | 72.70% | 16.33% | | en | es |
DOLFIN875 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of this Fund is to generate consistent medium-term capital appreciation, while at the same time taking into considera- tion sustainability aspects (LGT Sustainable Investing). The Fund will seek to achieve the investment policy by investing primarily in a broad range of fixed income securities (such as bonds, which can be government and/or corporate bonds and can be fixed and/or floating rate, where appropriate and may be investment grade or below investment grade, as determined by Standard & Poor's Rat- ing Group or any similar recognised ratings agency) and instru- ments issued by private or public debtors all over the world. The in- dividual securities are selected by the asset manager. The Fund may invest up to 25% of its net asset value in convertible bonds and warrant-linked bonds, and may also invest to a lesser extent in equities, equity linked securities and warrants. The Fund may invest in derivatives (financial instruments derived from other securities or
assets) for hedging purposes, efficient portfolio management and / or investment purposes. The Fund’s portfolio is actively managed. The Fund aims to deliver better returns than its benchmark, the Bloomberg Barclays Global Aggregate Ex-Securitized (EUR) (TR) In- dex. The Manager may use the index as a universe when selecting individual securities. However, the Manager may also invest to a limited extent in securities, which do not form part of the index.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 4 years.
-
# Risk and Reward Profile | El objetivo de este Fondo es generar una revalorización coherente del capital a medio plazo, teniendo en cuenta al mismo tiempo los aspectos de sostenibilidad (LGT Sustainable Investing).
El Fondo tratará de cumplir la política de inversión invirtiendo princi- palmente en una amplia gama de valores de renta fija (como los bonos, que pueden ser estatales o corporativos y que pueden emi- tirse a renta fija o variable, según resulte apropiado, situándose en el nivel del grado de inversión, o por debajo de este, según determi- ne la agencia de calificación de riesgos Standard & Poor's o cual- quier otra entidad calificadora que goce de reconocimiento similar) e instrumentos emitidos por deudores privados o públicos de todo el mundo. Los valores individuales son seleccionados por el gestor de activos. El Fondo podrá invertir hasta el 25 % de su valor liquida- tivo en bonos convertibles y bonos vinculados a garantías, así como, en menor medida, en valores de renta variable, valores vinculados a la renta variable y warrants.
El Fondo podrá invertir en derivados (instrumentos financieros deri- vados de otros valores o activos) con fines de cobertura, de gestión eficiente de la cartera y/o de inversión. La cartera del Fondo se ges-
tiona de forma activa. El objetivo del Fondo es obtener una mejor rentabilidad que su índice de referencia, el Índice Bloomberg Barcla- ys Global Aggregate Ex-Securitized (EUR) (TR). El Gestor podrá usar el índice como un universo a la hora de seleccionar valores indivi- duales. No obstante, el Gestor de inversiones también podrá invertir de forma limitada en valores que no formen parte del índice.
El Fondo podrá tener posiciones en efectivo y equivalentes de efec- tivo.
Los inversores podrán negociar acciones del Fondo diariamente. To- dos los ingresos generados por el Fondo se reinvierten en el Fondo, lo que aumenta el valor de las acciones.
Los costes de transacción de la cartera pueden tener un impacto importante en el rendimiento.
El Fondo puede no resultar adecuado para aquellos inversores que planeen retirar su dinero en menos de 4 años.
-
# Perfil de riesgo y beneficio | The objective of this Fund is to generate consistent medium-term capital appreciation, while at the same time taking into considera- tion sustainability aspects (LGT Sustainable Investing). The Fund will seek to achieve the investment policy by investing primarily in a broad range of fixed income securities (such as bonds, which can be government and/or corporate bonds and can be fixed and/or floating rate, where appropriate and may be investment grade or below investment grade, as determined by Standard & Poor's Rat- ing Group or any similar recognised ratings agency) and instru- ments issued by private or public debtors all over the world. The in- dividual securities are selected by the asset manager. The Fund may invest up to 25% of its net asset value in convertible bonds and warrant-linked bonds, and may also invest to a lesser extent in equities, equity linked securities and warrants. The Fund may invest in derivatives (financial instruments derived from other securities or
assets) for hedging purposes, efficient portfolio management and / or investment purposes. The Fund’s portfolio is actively managed. The Fund aims to deliver better returns than its benchmark, the Bloomberg Barclays Global Aggregate Ex-Securitized (EUR) (TR) In- dex. The Manager may use the index as a universe when selecting individual securities. However, the Manager may also invest to a limited extent in securities, which do not form part of the index.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 4 years.
-
# Risk and Reward Profile | en | es |
DOLFIN876 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund can invest to a lesser extent in:
- debt securities of any maturity or quality issued by companies of any size located in any country
- units of other mutual funds and exchange-traded funds (limited to 10% of assets)Companies relevant to the Fund's investment theme of disruptive commerce are those that the investment team believes are substantially focused on and/or are expected to substantially benefit from electronic commerce (or “e- commerce”), auctions, the sharing economy, electronic payment capabilities (“e-payments”), drop shipping, direct marketing or significant decreases intransport and delivery costs. The Fund may have a substantial part of its portfolio invested in companies located or traded in the US. | ### El Fondo puede invertir en menor medida en:
- títulos de deuda de cualquier vencimiento o calidad emitidos por sociedades de cualquier tamaño, situadas en cualquier país
- participaciones de otros fondos de inversión y fondos cotizados en bolsa (limitadas al 10 % de los activos)Las empresas pertinentes para el tema de inversión del comercio disruptivo del Fondo son aquellas que ―en opinión del equipo de inversiones― se centran básicamente en comercio electrónico, subastas, economía colaborativa, capacidades de pagos electrónicos, triangulación de envíos, comercialización directa o descensos significativos en los gastos detransporte y reparto. El Fondo puede invertir una parte importante de su cartera en empresas ubicadas o cotizadas en Estados Unidos. | ### The Fund can invest to a lesser extent in:
- debt securities of any maturity or quality issued by companies of any size located in any country
- units of other mutual funds and exchange-traded funds (limited to 10% of assets)Companies relevant to the Fund's investment theme of disruptive commerce are those that the investment team believes are substantially focused on and/or are expected to substantially benefit from electronic commerce (or “e- commerce”), auctions, the sharing economy, electronic payment capabilities (“e-payments”), drop shipping, direct marketing or significant decreases intransport and delivery costs. The Fund may have a substantial part of its portfolio invested in companies located or traded in the US. | en | es |
DOLFIN878 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Sub-Fund which is managed in accordance with the Green Transition Strategy invests primarily
- in Green Bonds financing climate change mitigation or adaptation projects or other environmental sustainability projects, notably in the following fields: energy efficiency, renewable energy, raw materials, water and land, waste management, greenhouse gas emissions reduction, biodiversity preservation or circular economy,and/orAllianz Global Investors Fund
- in Equities and / or Debt Securities whose issuers explicitly commit to future improvements in sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers participating to the SBTi initiative,and/or
- in Debt Securities issued by sovereign issuers which have bindingly ratified the Paris Agreement, and which have a sufficient Freedom House Index score. | Los Compartimentos gestionados de acuerdo con la Estrategia de Transición verde invierten principalmente
- en bonos verdes que financian proyectos de mitigación o adaptación del cambio climático u otros proyectos de sostenibilidad medioambiental, especialmente en los siguientes campos: eficiencia energética, energía renovable, materias primas, agua y tierra, gestión de residuos, reducción de emisiones de gases de efecto invernadero, conservación de la biodiversidad o economía circular,y/o
- en renta variable y/o títulos-valores de deuda cuyos emisores se comprometen expresamente a mejorar los resultados de sostenibilidad en el futuro, dentro de un plazo predefinido, lo que incluye, entre otros instrumentos, los títulos-valores de emisores que forman parte de la iniciativa SBTi,y/oAllianz Global Investors Fund
- en títulos-valores de deuda emitidos por emisores soberanos que han ratificado de forma vinculante el Acuerdo de París y que tienen una puntuación suficiente en el Freedom House Index. | A Sub-Fund which is managed in accordance with the Green Transition Strategy invests primarily
- in Green Bonds financing climate change mitigation or adaptation projects or other environmental sustainability projects, notably in the following fields: energy efficiency, renewable energy, raw materials, water and land, waste management, greenhouse gas emissions reduction, biodiversity preservation or circular economy,and/orAllianz Global Investors Fund
- in Equities and / or Debt Securities whose issuers explicitly commit to future improvements in sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers participating to the SBTi initiative,and/or
- in Debt Securities issued by sovereign issuers which have bindingly ratified the Paris Agreement, and which have a sufficient Freedom House Index score. | en | es |
DOLFIN888 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The ongoing charge figure for Class A EUR Accumulating is based on estimated expenses for the year ending December 2021.
As this Share Class is newly established the ongoing charges figure is based on estimated annual expenses for the first year of operation.
The Fund's annual report for each financial year will include details on the exact charges made. The amount charged may vary from year to year. It excludes performance fees and portfolio transaction costs other than entry and exit charges for investing in other investment funds (where relevant).
For more information about fees and expenses, including any performance fees, please see the sections entitled “Fees and Expenses” of the ICAV’s prospectus and the Fund’s supplement available at www.gqgpartners.com or from Northern Trust International Fund Administration Services (Ireland) Limited (the “Administrator”).
As of the date of this document there is insufficient data to provide a useful indication of past performance to investors.
Past performance may not necessarily be repeated and is no guarantee or projection of future results.
The past performance which will be shown here will take account of all charges and costs.
Performance will be calculated in the currency of the present share class. The Fund was authorized on 3 December 2018 and the share class was launched on 13 December 2021.
The Fund is actively managed and is not managed in reference to a benchmark index. However the Fund uses the MSCI All Country World (Net) Index, Bloomberg Ticker M1WD, to compare performance and used as a benchmark for calculating performance fees. | La cifra de gastos corrientes correspondiente a Clase A EUR Capitalización se basa en una estimación de los gastos del ejercicio finalizado en diciembre de 2021.
Dado que esta Clase de Acciones es de reciente creación, la cifra de gastos corrientes se basa en una estimación de los gastos anuales de su primer año de existencia.
El informe anual del Fondo correspondiente a cada ejercicio financiero presentará de manera pormenorizada los gastos exactos cobrados. El importe de los gastos puede variar de un año a otro. No incluye las comisiones de rentabilidad ni los costes de transacción de la cartera, salvo los gastos de entrada y salida que deba abonar el Fondo para invertir en otros fondos de inversión (si procede).
Si desea más información sobre comisiones y gastos, incluidas las comisiones de rentabilidad, consulte la sección «Fees and Expenses» del folleto de la ICAV y el suplemento del Fondo, que están disponibles en www.gqgpartners.com, o solicítela a Northern Trust International Fund Administration Services (Ireland) Limited (el «Agente administrativo»).
Los datos disponibles en la fecha del presente documento son insuficientes para proporcionar a los inversores una indicación de la rentabilidad histórica que resulte de utilidad.
La rentabilidad histórica puede no repetirse y no constituye ninguna garantía ni proyección de los resultados futuros.
La rentabilidad histórica que se muestre aquí tendrá en cuenta todos los gastos y costes.
La rentabilidad se calculará en la moneda de la clase de acciones actual. El Fondo fue autorizado el 3 de diciembre de 2018 y la clase de acciones se lanzó el 13 de diciembre de 2021.
El Fondo se gestiona activamente y no se gestiona atendiendo a un índice de referencia. No obstante, el Fondo emplea el MSCI All Country World (Net) Index, con Ticker Bloomberg M1WD, a efectos de comparar la rentabilidad, y lo utiliza como referencia para calcular las comisiones de rentabilidad. | The ongoing charge figure for Class A EUR Accumulating is based on estimated expenses for the year ending December 2021.
As this Share Class is newly established the ongoing charges figure is based on estimated annual expenses for the first year of operation.
The Fund's annual report for each financial year will include details on the exact charges made. The amount charged may vary from year to year. It excludes performance fees and portfolio transaction costs other than entry and exit charges for investing in other investment funds (where relevant).
For more information about fees and expenses, including any performance fees, please see the sections entitled “Fees and Expenses” of the ICAV’s prospectus and the Fund’s supplement available at www.gqgpartners.com or from Northern Trust International Fund Administration Services (Ireland) Limited (the “Administrator”).
As of the date of this document there is insufficient data to provide a useful indication of past performance to investors.
Past performance may not necessarily be repeated and is no guarantee or projection of future results.
The past performance which will be shown here will take account of all charges and costs.
Performance will be calculated in the currency of the present share class. The Fund was authorized on 3 December 2018 and the share class was launched on 13 December 2021.
The Fund is actively managed and is not managed in reference to a benchmark index. However the Fund uses the MSCI All Country World (Net) Index, Bloomberg Ticker M1WD, to compare performance and used as a benchmark for calculating performance fees. | en | es |
DOLFIN892 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The reference currency is the euro (EUR).
0.2%
0.5%
0.4%
-0.1%
-0.3%
-0.1%
-0.4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # La divisa de referencia es el euro (EUR).
0,2%
0,5%
0,4%
-0,1%
-0,3%
-0,1%
-0,4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # The reference currency is the euro (EUR).
0.2%
0.5%
0.4%
-0.1%
-0.3%
-0.1%
-0.4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | en | es |
DOLFIN896 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Key Investor Information Document
This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of this Fund. You are advised to read it so you can make an informed decision about whether to invest.
Sparinvest SICAV - Ethical Global Value USD R X H
ISIN LU1947922636
This Fund is managed by Sparinvest S.A., a subsidiary of Sparinvest Holdings SE.
## Objectives & Investment Policy
The Fund, by using the value approach for stock selection, aims at providing a positive return over the long term.
The Fund invests at least 2/3 of its total net assets in developed markets equity securities and/or equity-equivalent securities (such as ADR/GDR) and up to 1/3 of its total net assets in developed markets convertible securities and/or warrants on transferable securities.
The Fund does not use derivatives to protect the portfolio against currency fluctuations.
The Fund can hold up to 15% in cash.
The Fund applies an ethical screening, which may exclude certain companies or securities from investment. Screening criteria have reference to involvement in the production and/or distribution of certain goods or services, such as for example alcohol, gambling, tobacco, pornography, military equipment, oil sands and thermal coal, and also to compliance with
international norms for human rights, the environment, labour standards and anti-corruption.
There is no limitation in terms of currency of investments.
The Fund’s reference currency is EUR. The Share Class’ currency is USD. The Share Class is hedged against the Fund's reference currency.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days.
## Risk and Reward Profile
Lower Risk Higher Risk
Typically lower Rewards Typically Higher Rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The risk/reward indicator shows the relation between risk and return. Category 1 does not mean a risk free investment.
The ranking on the scale is determined by the fluctuations in the value of the Fund over the past five years. Large fluctuations result in higher risk and a ranking to the right on the scale. Small fluctuations result in lower risk and a ranking to the left on the scale.
The Fund is rated 6. The Fund is in this specific category due to the nature of its investments, meaning that the historical returns the SRRI is based on, has shown a level of volatility higher than 15% but less than 25%.
The risk category is not guaranteed and may change over time as historical data does not necessarily give a reliable indication of the future risk profile of the Fund.
When investing in this Fund you need to take the following risk factors into account:
- Stock market risk: The stock markets fluctuate widely and are influenced by companies' internal affairs and the industries the companies invest in. Fluctuations can also be caused by the political, regulative and economical state of the countries that are represented in the portfolio.
- Country risk: Investments in foreign stocks on developed markets give a different currency exposure than that of domestic stocks. This might give you a smaller or larger currency exposure measured in USD. The exposure means that the risk will be different from that of your domestic stock market.
- Company specific risk: Some stocks may fluctuate widely from the general fluctuations of the market due to currency and sector exposure, but also due to the managerial affairs in the company, etc.
The above mentioned list of risk factors is not exhaustive. Other factors may influence the pricing of the underlying securities and therefore the value of the Fund’s investments. For more information on risks the Fund is exposed to, please refer to the section 5.III “Risk factors” of the Prospectus.
Page 1/2 | # Documento de datos fundamentales para el inversor
El presente documento recoge los datos fundamentales sobre este fondo que el inversor debe conocer. No se trata de material de promoción comercial. La ley exige que se facilite esta información para ayudarle a comprender la naturaleza y los riesgos del fondo. Es aconsejable que lea el documento para poder tomar una decisión fundada sobre la conveniencia o no de invertir en él.
Sparinvest SICAV - Ethical Global Value USD R X H
ISIN LU1947922636
Este fondo es gestionado por Sparinvest S.A., una filial de Sparinvest Holdings SE.
## Objetivos y política de inversión
El Fondo trata de proporcionar una rentabilidad positiva a largo plazo, mediante un enfoque de valor para la selección de valores.
El Fondo invierte al menos dos terceras partes de sus activos netos totales en valores de renta variable de mercados desarrollados y/o valores equivalentes a renta variable (como ADR/GDR) y hasta una tercera parte de sus activos netos totales en valores convertibles de los mercados desarrollados y/o warrants sobre valores mobiliarios.
El Fondo no utiliza derivados para proteger la cartera frente a las fluctuaciones de divisas.
El Fondo puede mantener hasta el 15 % en posiciones de tesorería.
El Fondo aplica un filtro ético que puede descartar determinadas empresas o valores para la inversión. Los criterios del filtro están relacionados con la participación en la producción y/o distribución de determinados productos o servicios, como por ejemplo el alcohol, el juego, el tabaco, la pornografía, los equipamientos militares, las arenas bituminosas y el carbón térmico; así como relacionados con el cumplimiento de normas internacionales en
materia de derechos humanos, el medio ambiente, normas laborales y lucha contra la corrupción.
No existen limitaciones en cuanto a la divisa de las inversiones.
La divisa de referencia del Fondo es EUR. La divisa de referencia de la Clase de acciones es USD. La Clase de acciones está cubierta contra la divisa de referencia del Fondo.
La Clase de acciones es de acumulación, es decir, los rendimientos generados por el Fondo se reinvierten para incrementar el valor de sus inversiones.
El fondo se gestiona de forma activa.
Recomendación: Este Fondo puede no ser apropiado para inversores que prevean retirar su dinero en 5 años.
Mediante solicitud, usted puede comprar y reembolsar sus acciones en los días hábiles bancarios completos de Luxemburgo.
## Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Remuneración generalmente menor Remuneración generalmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El indicador de riesgo y remuneración muestra la relación entre el riesgo y la rentabilidad. La categoría 1 es una inversión que no está libre de riesgos.
La clasificación del Fondo en la escala está determinada por las fluctuaciones en el valor del Fondo a lo largo de los últimos 5 años. Las grandes fluctuaciones se traducen en un riesgo alto y en una clasificación a la derecha de la escala. Las fluctuaciones pequeñas se traducen en un riesgo menor y en una clasificación a la izquierda de la escala.
El Fondo tiene una calificación en una categoría 6. El Fondo se encuentra en esta categoría específica debido a la naturaleza de sus inversiones, lo que significa que los rendimientos históricos en los que se basa el SRRI han mostrado un nivel de volatilidad de más del 15% pero menos del 25%.
La clasificación del Fondo en la escala no es permanente y puede cambiar con el tiempo, ya que los datos históricos no necesariamente proporcionan una indicación fiable del perfil de riesgo futuro del Fondo.
Al invertir en este Fondo debe tener en cuenta los siguientes factores de riesgo:
*Riesgo bursátil: Los mercados bursátiles fluctúan ampliamente y se ven influidos por los asuntos internos de las empresas y los sectores en los cuales la sociedades invierten. Las fluctuaciones también pueden ser causadas por la situación política, normativa y económica de los países representados en la cartera.
*Riesgo país: Las inversiones en valores extranjeros en los mercados desarrollados proporcionan una exposición cambiaria distinta a la de los valores nacionales. Esto podría otorgarle una exposición cambiaria menor o mayor, medida en USD. La exposición significa que el riesgo será diferente del de su mercado bursátil nacional.
*Riesgo específico de la sociedad: Algunos valores pueden fluctuar ampliamente de las fluctuaciones generales del mercado debido a la exposición cambiaria y por sectores, pero también debido a los asuntos de gestión de la sociedad, etc.
La lista de factores de riesgo mencionada anteriormente no es exhaustiva. Otros factores pueden influir en el precio de los valores subyacentes y, por lo tanto, en el Fondo. Para más información sobre los riesgos a los que está expuesto el Fondo, consulte el apartado 5.III «Factores de riesgo» del Folleto.
Página 1/2 | # Key Investor Information Document
This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of this Fund. You are advised to read it so you can make an informed decision about whether to invest.
Sparinvest SICAV - Ethical Global Value USD R X H
ISIN LU1947922636
This Fund is managed by Sparinvest S.A., a subsidiary of Sparinvest Holdings SE.
## Objectives & Investment Policy
The Fund, by using the value approach for stock selection, aims at providing a positive return over the long term.
The Fund invests at least 2/3 of its total net assets in developed markets equity securities and/or equity-equivalent securities (such as ADR/GDR) and up to 1/3 of its total net assets in developed markets convertible securities and/or warrants on transferable securities.
The Fund does not use derivatives to protect the portfolio against currency fluctuations.
The Fund can hold up to 15% in cash.
The Fund applies an ethical screening, which may exclude certain companies or securities from investment. Screening criteria have reference to involvement in the production and/or distribution of certain goods or services, such as for example alcohol, gambling, tobacco, pornography, military equipment, oil sands and thermal coal, and also to compliance with
international norms for human rights, the environment, labour standards and anti-corruption.
There is no limitation in terms of currency of investments.
The Fund’s reference currency is EUR. The Share Class’ currency is USD. The Share Class is hedged against the Fund's reference currency.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days.
## Risk and Reward Profile
Lower Risk Higher Risk
Typically lower Rewards Typically Higher Rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The risk/reward indicator shows the relation between risk and return. Category 1 does not mean a risk free investment.
The ranking on the scale is determined by the fluctuations in the value of the Fund over the past five years. Large fluctuations result in higher risk and a ranking to the right on the scale. Small fluctuations result in lower risk and a ranking to the left on the scale.
The Fund is rated 6. The Fund is in this specific category due to the nature of its investments, meaning that the historical returns the SRRI is based on, has shown a level of volatility higher than 15% but less than 25%.
The risk category is not guaranteed and may change over time as historical data does not necessarily give a reliable indication of the future risk profile of the Fund.
When investing in this Fund you need to take the following risk factors into account:
- Stock market risk: The stock markets fluctuate widely and are influenced by companies' internal affairs and the industries the companies invest in. Fluctuations can also be caused by the political, regulative and economical state of the countries that are represented in the portfolio.
- Country risk: Investments in foreign stocks on developed markets give a different currency exposure than that of domestic stocks. This might give you a smaller or larger currency exposure measured in USD. The exposure means that the risk will be different from that of your domestic stock market.
- Company specific risk: Some stocks may fluctuate widely from the general fluctuations of the market due to currency and sector exposure, but also due to the managerial affairs in the company, etc.
The above mentioned list of risk factors is not exhaustive. Other factors may influence the pricing of the underlying securities and therefore the value of the Fund’s investments. For more information on risks the Fund is exposed to, please refer to the section 5.III “Risk factors” of the Prospectus.
Page 1/2 | en | es |
DOLFIN901 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Useful definitions
- Credit: A Fixed Income debt investment (including ’Bonds’) in which the Fund lends money to a government or company, who is then obliged to pay a specified amount back to the purchaser of the Bond on a given future date. The amount to be repaid usually includes the original amount (the principal) plus interest (coupons).
- Derivatives: Investments whose value is linked to one or more underlying assets.
- Emerging Markets: Countries whose stock markets are usually developing or advancing at a rapid pace, typically through industrialisation, but are not yet considered developed. Examples include Brazil and India.
- ESG: An acronym for ‘Environmental, Social and Governance’ characteristics. A company can be assessed on its management of these considerations.
- Instruments: A broad term to describe different ways in which the Fund can invest, such as through a stock, Bond or Derivative.
- High Yield/Below Investment Grade: A Fixed Income debt investment (also known as a ‘Bond’ or ‘Credit’) which may have a high level of return (i.e. yield) and a corresponding higher level of risk than other Fixed Income debt instruments.
- Leverage: Use of various instruments or borrowed money that increases the exposure of the Fund to its investments – this has the potential to increase both the gain and loss of an investment.
- Unrated: Unrated debt that has not been assessed by a recognised rating agency. | ## Definiciones útiles
- Crédito: Una inversión de deuda de renta fija (incluidos los bonos) en la que el Fondo presta dinero a un gobierno o empresa, obligado a devolver una cantidad especificada al comprador del bono en una fecha futura determinada. La cantidad que debe devolverse incluye la cantidad original (el principal) y los intereses (cupones).
- Derivados: Inversiones cuyo valor está vinculado a uno o más activos subyacentes.
- Mercados emergentes: Países cuyos mercados de valores suelen estar desarrollándose o avanzando a un ritmo rápido, generalmente a través de la industrialización, pero aún no se consideran desarrollados. Los ejemplos incluyen Brasil e India.
- ESG: Un acrónimo de las cuestiones “ambientales, sociales y de gobernanza”. Puede evaluarse una empresa en base a su gestión de estos aspectos.
- Instrumentos: Un término general que describe las diferentes formas en que puede invertir el Fondo, como una acción, un bono o instrumentos derivados.
- Alto rendimiento/calificación inferior a grado de inversión: Una inversión de deuda de renta fija (también conocida como «Bono» o «Crédito») que puede tener un alto nivel de rendimiento (es decir, rentabilidad) y un nivel de riesgo correspondiente mayor que otros instrumentos de deuda de renta fija.
- Apalancamiento: El uso de varios instrumentos o préstamo de dinero que aumenta la exposición del Fondo a sus inversiones; esto tiene el potencial de aumentar tanto la ganancia como la pérdida de una inversión.
- Sin calificación: Deuda sin calificar que no ha sido evaluada por una agencia de calificación reconocida. | ## Useful definitions
- Credit: A Fixed Income debt investment (including ’Bonds’) in which the Fund lends money to a government or company, who is then obliged to pay a specified amount back to the purchaser of the Bond on a given future date. The amount to be repaid usually includes the original amount (the principal) plus interest (coupons).
- Derivatives: Investments whose value is linked to one or more underlying assets.
- Emerging Markets: Countries whose stock markets are usually developing or advancing at a rapid pace, typically through industrialisation, but are not yet considered developed. Examples include Brazil and India.
- ESG: An acronym for ‘Environmental, Social and Governance’ characteristics. A company can be assessed on its management of these considerations.
- Instruments: A broad term to describe different ways in which the Fund can invest, such as through a stock, Bond or Derivative.
- High Yield/Below Investment Grade: A Fixed Income debt investment (also known as a ‘Bond’ or ‘Credit’) which may have a high level of return (i.e. yield) and a corresponding higher level of risk than other Fixed Income debt instruments.
- Leverage: Use of various instruments or borrowed money that increases the exposure of the Fund to its investments – this has the potential to increase both the gain and loss of an investment.
- Unrated: Unrated debt that has not been assessed by a recognised rating agency. | en | es |
DOLFIN905 | 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 generate a high income on your investment.
The Fund invests globally in the full range of assets in which a UCITS may invest, including equity securities (e.g. shares), fixed income (FI) securities (such as bonds), funds, cash, deposits and money market instruments (i.e. debt securities with short term maturities).
The Fund is actively managed and the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions and other factors at the investment adviser's (IA) discretion. In selecting these, the IA may take into consideration a composite benchmark comprising MSCI World Net Index (70%) and the Bloomberg Global Aggregate Bond Index USD Hedged (30%) (the “Index”) when constructing the Fund’s portfolio, and for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. Whilst the Index is used by the IA in constructing the portfolio of the Fund, the IA is not bound by its components or weighting when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index. The components of the Index (i.e. MSCI World Index and Bloomberg Global Aggregate Bond Index US Hedged) may be quoted separately in marketing material related to the Fund.
The Fund’s investments in FI securities and money market instruments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities with a relatively low credit rating or which are unrated.
The assets held by the Fund may be denominated in a wide variety of currencies. The Fund distributes income gross of expenses.
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo trata de generar altos rendimientos de su inversión.
El Fondo invierte a escala mundial en toda la gama de valores en los que puede invertir un OICVM, incluyendo valores de renta variable (como acciones), valores de renta fija (RF) (como los bonos), fondos, efectivo, depósitos e instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
El Fondo se gestiona de forma activa y las clases de activos y la medida en que el Fondo invierta en ellas podrán variar sin límites, dependiendo de las condiciones del mercado y de otros factores, según el criterio del asesor de inversiones (AI). A la hora de seleccionar las inversiones, el AI podrá tener en cuenta un índice de referencia compuesto, que incluirá el MSCI World Net Index (70 %) y el Bloomberg Global Aggregate Bond Index USD Hedged (30 %) (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. Aunque el AI utilizará el Índice para conformar la cartera del Fondo, el AI no estará sujeto a sus componentes ni a su ponderación a la hora de seleccionar la inversiones. El AI podrá además hacer uso de su potestad para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. Está previsto que los valores de la cartera del Fondo se desvíen de forma considerable del Índice. Los componentes del Índice (es decir, el MSCI World Index y el Bloomberg Global Aggregate Bond Index US Hedged) pueden aparecer indicados de forma independiente en los materiales de marketing relacionados con el Fondo.
Las inversiones del Fondo en valores de RF e instrumentos del mercado monetario podrán estar emitidos por gobiernos, agencias gubernamentales, empresas e instituciones supranacionales (como el Banco Internacional de Reconstrucción y Fomento). Estas podrían incluir inversiones con una calificación de solvencia relativamente baja o que carecen de calificación.
Los activos del Fondo podrán estar denominados en una amplia gama de divisas. Los rendimientos de este Fondo se distribuyen sin previa deducción de gastos.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado al efecto por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en dólares de Hong Kong. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to generate a high income on your investment.
The Fund invests globally in the full range of assets in which a UCITS may invest, including equity securities (e.g. shares), fixed income (FI) securities (such as bonds), funds, cash, deposits and money market instruments (i.e. debt securities with short term maturities).
The Fund is actively managed and the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions and other factors at the investment adviser's (IA) discretion. In selecting these, the IA may take into consideration a composite benchmark comprising MSCI World Net Index (70%) and the Bloomberg Global Aggregate Bond Index USD Hedged (30%) (the “Index”) when constructing the Fund’s portfolio, and for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. Whilst the Index is used by the IA in constructing the portfolio of the Fund, the IA is not bound by its components or weighting when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index. The components of the Index (i.e. MSCI World Index and Bloomberg Global Aggregate Bond Index US Hedged) may be quoted separately in marketing material related to the Fund.
The Fund’s investments in FI securities and money market instruments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities with a relatively low credit rating or which are unrated.
The assets held by the Fund may be denominated in a wide variety of currencies. The Fund distributes income gross of expenses.
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN913 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 0.167 year |
| --- | --- |
| Entry costs | 1.0 % of the amount that you pay when you enter the investment. This includes distribution costs of 1.0 % of the amount invested. This is the maximum amount you will pay. The person who sold you the product will inform you of the actual costs. | Up to €100 |
| Exit costs | We do not charge an exit fee for this Product. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.0% of the value of your investment per year. This percentage is based on actual costs over the last year. | €1 |
| Transaction costs | 0.0 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | €1 |
| Incidental costs taken under specific conditions |
| Performance fees | 0.0% of the value of your investment per year. The real amount varies according to the performance of your investment. The above estimation of total costs includes the average over the last 5 years. The calculation applies at each date of establishment of the net asset value as described in the prospectus (30.00% above the compounded €STR plus 2 bp. Underperformance over the preceding 5 years must be offset before a provision can be recorded again. Unitholders should note that a performance fee may be charged even in the case of a negative performance by the product. | €0 | | | Costes únicos de entrada o salida | En caso de salida después de 0.167 año |
| --- | --- |
| Costes de entrada | 1.0 % del importe que paga en el momento de entrar en la inversión. Esto incluye los gastos de distribución del 1.0 % del importe invertido. Este es el importe máximo que pagará. La persona que le vendió el Producto le informará de los costes reales. | Hasta €100 |
| Costes de salida | Nosotros no facturamos el coste de salida de este Producto. | €0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0.0 % del valor de su inversión al año. Este porcentaje se basa en los gastos reales del año pasado. | €1 |
| Costes de operación | 0.0 % del valor de su inversión al año. Se trata de una estimación de los gastos sufragados cuando compramos y vendemos las inversiones subyacentes al Producto. El importe real varía en función de la cantidad que compramos y vendemos. | €1 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | 0.0 % del valor de su inversión al año. El importe real varía en función de la rentabilidad de su inversión. La estimación anterior de los costes totales incluye la media de los 5 últimos años. El cálculo se aplica a cada fecha de establecimiento del valor liquidativo tal y como se describe en el folleto (30.00 % por encima del €STER capitalizado + 2 pb). Las rentabilidades inferiores pasadas de los 5 últimos años deben ser compensadas antes de que una reserva pueda volver a registrarse. Se llama la atención de los partícipes sobre el hecho de que puede aplicarse una comisión de rentabilidad incluso en caso de rentabilidad negativa del producto. | €0 | | | One-off costs upon entry or exit | If you exit after 0.167 year |
| --- | --- |
| Entry costs | 1.0 % of the amount that you pay when you enter the investment. This includes distribution costs of 1.0 % of the amount invested. This is the maximum amount you will pay. The person who sold you the product will inform you of the actual costs. | Up to €100 |
| Exit costs | We do not charge an exit fee for this Product. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.0% of the value of your investment per year. This percentage is based on actual costs over the last year. | €1 |
| Transaction costs | 0.0 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | €1 |
| Incidental costs taken under specific conditions |
| Performance fees | 0.0% of the value of your investment per year. The real amount varies according to the performance of your investment. The above estimation of total costs includes the average over the last 5 years. The calculation applies at each date of establishment of the net asset value as described in the prospectus (30.00% above the compounded €STR plus 2 bp. Underperformance over the preceding 5 years must be offset before a provision can be recorded again. Unitholders should note that a performance fee may be charged even in the case of a negative performance by the product. | €0 | | en | es |
DOLFIN919 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## MSCI India
The Fund is actively managed and uses the benchmark for index performance comparison purposes only. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund's investment objective without reference to a benchmark. The Investment Manager is not in any way constrained by a benchmark in its portfolio positioning.
Any income arising in relation to this share class is distributed on an annual basis. By default this distribution will be automatically reinvested to purchase more shares, unless you inform us that you wish to receive this income. | ## MSCI India
El Fondo se gestiona de forma activa y utiliza el índice de referencia únicamente con fines de comparación de rentabilidad del índice. Esto significa que el Gestor de inversiones toma las decisiones de inversión con el fin de alcanzar el objetivo de inversión del Fondo, sin referencia a un índice. El Gestor de inversiones no está limitado en modo alguno por un índice de referencia en su posicionamiento de cartera.
Todo ingreso derivado de esta clase de acciones se distribuirá con carácter anual. Por defecto, esta distribución se reinvertirá automáticamente en la adquisición de más acciones, salvo que usted nos notifique su deseo de percibir estos ingresos. | ## MSCI India
The Fund is actively managed and uses the benchmark for index performance comparison purposes only. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund's investment objective without reference to a benchmark. The Investment Manager is not in any way constrained by a benchmark in its portfolio positioning.
Any income arising in relation to this share class is distributed on an annual basis. By default this distribution will be automatically reinvested to purchase more shares, unless you inform us that you wish to receive this income. | en | es |
DOLFIN921 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg MSCI Euro Aggregate Sustainable and Green Bond SRI 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.
The Index measures the performance of Euro-denominated, fixed-rate, investment grade, government, government-related, corporate and securitized bonds from developed markets and excludes issuers based on the index provider's environmental, social and governance (ESG), socially responsible investment (SRI) and other criteria. Issuers may be excluded if they are involved in alcohol, tobacco, gambling, adult entertainment, genetically modified organisms, nuclear power, civilian firearms and military weapons, thermal coal extraction and power generation, unconventional oil and gas and fossil fuel reserves. The green bond component of the Index does not exclude issuers involved in nuclear power, thermal coal or fossil fuel activities.
The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Only bonds with a minimum remaining time to maturity of one year and a minimum amount outstanding of €300million are included in the Index.
The Index seeks to allocate at least 10% of its market value to securities classified as green bonds. Green bonds are defined by the index provider as FI securities whose proceeds are exclusively and formally applied to projects or activities that promote climate or other environmental sustainability purposes.
The Fund uses optimizing techniques to achieve a similar return to its Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. The use of FDIs is expected to be limited for this Share Class.
The Fund will adopt a best-in-class approach to sustainable investing. This means that it is expected that the Fund will invest in the best issuers from an ESG/SRI perspective (based on the ESG or SRI criteria of the Index) within each relevant sector of activities covered by the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-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 Bloomberg MSCI Euro Aggregate Sustainable and Green Bond SRI Index, el índice de referencia del Fondo (Índice).
La Clase de acciones, a través del Fondo, se gestiona de forma pasiva y trata de invertir en la medida de lo posible y realizable en los valores de renta fija (RF) (como bonos) que integran el Índice.
El Índice mide la rentabilidad de bonos denominados en euros, de tipo fijo, con categoría de inversión, gubernamentales, relacionados con Gobiernos, corporativos y titulizados, de mercados desarrollados, y excluye a los emisores basándose de los criterios medioambientales, sociales y de gobierno corporativo (ESG) y de inversión socialmente responsable (SRI), además de otros criterios establecidos por el proveedor del índice. Los emisores pueden quedar excluidos del Índice si están implicados en actividades relacionadas con alcohol, tabaco, actividades relacionadas con el juego y las apuestas, entretenimiento para adultos, organismos modificados genéticamente, energía nuclear, armas de fuego de uso civil y armas militares, extracción y generación de energía mediante el uso de carbón térmico, petróleo y gas no convencionales, y reservas de combustibles fósiles. El componente de bonos verdes del Índice no excluye a los emisores implicados en actividades relacionadas con la energía nuclear, el carbón térmico o los combustibles fósiles.
En el momento de su inclusión en el Índice, los valores de RF tendrán un nivel de grado de inversión (es decir, cumplirán un nivel específico de solvencia). En el Índice de referencia solamente se incluyen bonos con un plazo de vencimiento residual de al menos un año y un importe mínimo en circulación de 300 millones de euros.
El Índice pretende asignar al menos el 10 % de su valor de mercado a valores clasificados como bonos verdes. El proveedor del índice define los bonos verdes como valores de RF cuyos ingresos se aplican formalmente y de manera exclusiva a proyectos o actividades asociados a la promoción de iniciativas relacionadas con el clima o la sostenibilidad medioambiental.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la de su Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar el objetivo de inversión del Fondo. Para esta Clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo adoptará un enfoque de inversión sostenible de máxima calidad. Esto significa que se espera que el Fondo invierta en los mejores emisores desde una perspectiva ESG/SRI (basándose en los criterios ESG o SRI del Índice) dentro de cada sector relevante de las actividades cubiertas por el Índice.
El Fondo podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (semestralmente 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 Bloomberg MSCI Euro Aggregate Sustainable and Green Bond SRI 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.
The Index measures the performance of Euro-denominated, fixed-rate, investment grade, government, government-related, corporate and securitized bonds from developed markets and excludes issuers based on the index provider's environmental, social and governance (ESG), socially responsible investment (SRI) and other criteria. Issuers may be excluded if they are involved in alcohol, tobacco, gambling, adult entertainment, genetically modified organisms, nuclear power, civilian firearms and military weapons, thermal coal extraction and power generation, unconventional oil and gas and fossil fuel reserves. The green bond component of the Index does not exclude issuers involved in nuclear power, thermal coal or fossil fuel activities.
The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Only bonds with a minimum remaining time to maturity of one year and a minimum amount outstanding of €300million are included in the Index.
The Index seeks to allocate at least 10% of its market value to securities classified as green bonds. Green bonds are defined by the index provider as FI securities whose proceeds are exclusively and formally applied to projects or activities that promote climate or other environmental sustainability purposes.
The Fund uses optimizing techniques to achieve a similar return to its Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. The use of FDIs is expected to be limited for this Share Class.
The Fund will adopt a best-in-class approach to sustainable investing. This means that it is expected that the Fund will invest in the best issuers from an ESG/SRI perspective (based on the ESG or SRI criteria of the Index) within each relevant sector of activities covered by the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-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 |
DOLFIN925 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Correction of and Compensation for Net Asset Value Calculation Errors
The Manager, may, at its sole discretion, authorise the correction of Net Asset Value errors, which may impact the processing of subscriptions for and redemptions of Shares.
The Guidance applies a materiality threshold to the level of the Net Asset Value error to determine whether compensation should be considered (currently expected for errors in excess of 0.5% of the Net Asset Value of the relevant Sub-Fund). The Board reserves the right, at their sole discretion, to correct errors below this threshold, for example, should they consider the error resulted from systemic control weaknesses. Should the Board determine it is not appropriate to correct or compensate for errors in excess of the threshold (e.g., due to de minimis amounts), this would require approval from the Depositary. Accordingly, not all errors will be corrected and Shareholders who purchase or redeem Shares during periods in which there are errors or other mistakes may not be recompensed. Shareholders may not be notified of the occurrence of any error or the resolution thereof unless the correction of the error requires an adjustment to the number of Shares they hold, or the Net Asset Value at which such Shares were issued, or to the redemption monies paid to such Shareholder.
The Central Bank has not set any requirements regarding the above and its approval of this Prospectus should not be interpreted as an endorsement of what is a market practice, rather than a legislative or regulatory requirement. | #### Corrección y compensación de los errores de cálculo del Patrimonio neto
La Sociedad gestora podrá, según estime, autorizar la corrección de los errores del Valor de inventario neto, que podrá influir en el procesamiento de las suscripciones y reembolsos de Acciones.
La Orientación aplica un umbral de importancia relativa a nivel del error de Valor de inventario neto para determinar si debe considerarse una compensación (en la actualidad se espera para errores que superen el 0,5% del Valor de inventario neto del Subfondo correspondiente). El Consejo se reserva el derecho, según estime, a corregir errores que vayan más allá de este umbral; por ejemplo, en caso de que consideren que el error se deriva de deficiencias de control sistémicas. En caso de que el Consejo determine que no se deben corregir o compensar los errores que superen el umbral (p. ej., debido a importes de minimis), el Depositario deberá aprobarlo. En consonancia, no todos los errores se corregirán ni todos los Accionistas que compren o reembolsen Acciones durante los cuales existan errores u otras confusiones pueden no verse recompensados. No se notificará a los Accionistas sobre la presencia de errores o la resolución de los mismos salvo que la corrección del error precise un ajuste del número de Acciones que poseen, del Valor de inventario neto al que se emitieron las Acciones o de los importes de reembolso pagados a dicho Accionista.
El Banco Central no ha establecido requisitos respecto a lo mencionado anteriormente y la aprobación del presente Folleto no debe interpretarse como un aval de lo que más bien es una práctica de mercado que un requisito legislativo o normativo. | #### Correction of and Compensation for Net Asset Value Calculation Errors
The Manager, may, at its sole discretion, authorise the correction of Net Asset Value errors, which may impact the processing of subscriptions for and redemptions of Shares.
The Guidance applies a materiality threshold to the level of the Net Asset Value error to determine whether compensation should be considered (currently expected for errors in excess of 0.5% of the Net Asset Value of the relevant Sub-Fund). The Board reserves the right, at their sole discretion, to correct errors below this threshold, for example, should they consider the error resulted from systemic control weaknesses. Should the Board determine it is not appropriate to correct or compensate for errors in excess of the threshold (e.g., due to de minimis amounts), this would require approval from the Depositary. Accordingly, not all errors will be corrected and Shareholders who purchase or redeem Shares during periods in which there are errors or other mistakes may not be recompensed. Shareholders may not be notified of the occurrence of any error or the resolution thereof unless the correction of the error requires an adjustment to the number of Shares they hold, or the Net Asset Value at which such Shares were issued, or to the redemption monies paid to such Shareholder.
The Central Bank has not set any requirements regarding the above and its approval of this Prospectus should not be interpreted as an endorsement of what is a market practice, rather than a legislative or regulatory requirement. | en | es |
DOLFIN927 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
- Forward Currency Exchange ContractsFor the purpose of hedging against specific currency risk or investing in other currencies, the SICAV may enter into forward currency exchange contracts. At the period-end, open forward currency exchange contracts are valued at the forward rates applicable for the remaining period until maturity. The net movement in the unrealised gain/(loss) arising on forward currency exchange contracts is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at September 30, 2022 are disclosed in Note 9.
- Futures ContractsThe SICAV may enter into futures exchange contracts. Open futures contracts are valued at the prices on the exchange for which the contracts are traded on. The net movement in the unrealised gain/(loss) arising on futures contracts is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at September 30, 2022 are disclosed in Note 11.
- SwapsThe SICAV may enter into Interest Rate Swaps (“IRS”), Credit Default Swaps (“CDS”) and Total Return Swaps (“TRS”). IRS are valued on the basis of their market value established by reference to the applicable interest rate curve. CDS are valued by reference to the net present value of the expected future cash flows based on the market interest rates and the markets expected default and recovery rate of the underlying asset. An upfront payment, if any, made by the SICAV is recorded as an asset in the Statement of Net Assets. An upfront payment, if any, received by the SICAV is recorded as a liability in the Statement of Net Assets. TRS are valued by reference to the mark to market value based on the market value of the underlying asset. The net movement in the unrealised gain or loss arising on swaps is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at September 30, 2022 are disclosed in Note 10. Dividends payable on swaps short positions, if any, are recorded as a liability in the Statement of Net Assets.
- OptionsOptions traded on a regulated market are valued at the market price on the valuation date. Such options open as at September 30, 2022 are shown in the Schedule of Investments. Over-the-counter (“OTC”) options are valued based on prices received from third party pricing agents/models. Such options open as at September 30, 2022 are shown in Note 12. Unrealised gains or losses arising at the time of reporting from the valuation of options trades are taken into account in the Statement of Operations and Changes in Net Assets.
- Translation of currenciesThe accounts of each Portfolio are kept in the currency in which its net assets are expressed. The relevant Statement of Net Assets, Statement of Operations and Changes in Net Assets and the Schedule of Investments are expressed in this currency (the “base currency”). | ### 2 RESUMEN DE POLÍTICAS CONTABLES SIGNIFICATIVAS
(continuación)
- Contratos de divisas a plazoCon el fin de cubrir el riesgo de divisa específico o la inversión en otras divisas, la SICAV podrá celebrar contratos de divisas a plazo. Al final del periodo, los contratos abiertos de divisas a plazo se valoran a los tipos a plazo aplicables para el periodo restante hasta el vencimiento. El movimiento neto en la ganancia/(pérdida) no realizada que surge de los contratos de divisas a plazo se registra en el Estado de operaciones y variaciones en el patrimonio neto. Los contratos vigentes a 30 de septiembre de 2022 figuran en la Nota 9.
- Contratos de futurosLa SICAV podrá celebrar contratos de futuros. Los contratos de futuros abiertos se valoran a los precios de la bolsa para la cual se negocian los contratos. El movimiento neto en la ganancia/(pérdida) no realizada que surge de los contratos de futuros se registra en el Estado de operaciones y variaciones en el patrimonio neto. Los contratos vigentes a 30 de septiembre de 2022 figuran en la Nota 11.
- SwapsLa SICAV podrá participar en swaps de tipos de interés («IRS», por sus siglas en inglés), swaps de incumplimiento crediticio («CDS», por sus siglas en inglés) y swaps de rentabilidad total («SRT»). Los IRS se valoran sobre la base de su valor de mercado establecido por referencia a la curva del tipo de interés aplicable. Los CDS se valoran por referencia al valor presente neto de los flujos de caja futuros esperados según los tipos de interés del mercado y la tasa de incumplimiento y recuperación esperada del mercado del activo subyacente. Un pago por adelantado, si lo hubiera, realizado por la SICAV se registra como un activo en el Estado del patrimonio neto. Un pago por adelantado, si lo hubiera, recibido por la SICAV se registra como un pasivo en el Estado del patrimonio neto. Los SRT se valoran por referencia al valor de mercado en función del valor de mercado del activo subyacente. El movimiento neto en la ganancia o pérdida no realizada que surge de los swaps se registra en el Estado de operaciones y variaciones en el patrimonio neto. Los contratos vigentes a 30 de septiembre de 2022 figuran en la Nota 10. Los dividendos a pagar en swaps de posiciones cortas, si existen, se registran como un pasivo en el Estado del patrimonio neto.
- OpcionesLas opciones negociadas en un mercado regulado se valoran al precio de mercado en la fecha de valoración. Dichas opciones abiertas a 30 de septiembre de 2022 se muestran en el Programa de inversiones. Las opciones de venta libre («OTC», por sus siglas en inglés) se valoran según los precios recibidos de los agentes o los modelos de precios de terceros. Dichas opciones abiertas a 30 de septiembre de 2022 se muestran en la Nota 12. Las ganancias o pérdidas no realizadas que surgen en el momento de la presentación del informe de la valoración de las operaciones con opciones se tienen en cuenta en el Estado de operaciones y variaciones en el patrimonio neto.
- Conversión de divisasLas cuentas de cada Cartera se mantienen en la divisa en que se expresa su patrimonio neto. El Estado del patrimonio neto, el Estado de operaciones y variaciones en el patrimonio neto y el Programa de inversiones correspondientes se expresan en esta divisa (la «divisa base»). | ### 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
- Forward Currency Exchange ContractsFor the purpose of hedging against specific currency risk or investing in other currencies, the SICAV may enter into forward currency exchange contracts. At the period-end, open forward currency exchange contracts are valued at the forward rates applicable for the remaining period until maturity. The net movement in the unrealised gain/(loss) arising on forward currency exchange contracts is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at September 30, 2022 are disclosed in Note 9.
- Futures ContractsThe SICAV may enter into futures exchange contracts. Open futures contracts are valued at the prices on the exchange for which the contracts are traded on. The net movement in the unrealised gain/(loss) arising on futures contracts is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at September 30, 2022 are disclosed in Note 11.
- SwapsThe SICAV may enter into Interest Rate Swaps (“IRS”), Credit Default Swaps (“CDS”) and Total Return Swaps (“TRS”). IRS are valued on the basis of their market value established by reference to the applicable interest rate curve. CDS are valued by reference to the net present value of the expected future cash flows based on the market interest rates and the markets expected default and recovery rate of the underlying asset. An upfront payment, if any, made by the SICAV is recorded as an asset in the Statement of Net Assets. An upfront payment, if any, received by the SICAV is recorded as a liability in the Statement of Net Assets. TRS are valued by reference to the mark to market value based on the market value of the underlying asset. The net movement in the unrealised gain or loss arising on swaps is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at September 30, 2022 are disclosed in Note 10. Dividends payable on swaps short positions, if any, are recorded as a liability in the Statement of Net Assets.
- OptionsOptions traded on a regulated market are valued at the market price on the valuation date. Such options open as at September 30, 2022 are shown in the Schedule of Investments. Over-the-counter (“OTC”) options are valued based on prices received from third party pricing agents/models. Such options open as at September 30, 2022 are shown in Note 12. Unrealised gains or losses arising at the time of reporting from the valuation of options trades are taken into account in the Statement of Operations and Changes in Net Assets.
- Translation of currenciesThe accounts of each Portfolio are kept in the currency in which its net assets are expressed. The relevant Statement of Net Assets, Statement of Operations and Changes in Net Assets and the Schedule of Investments are expressed in this currency (the “base currency”). | en | es |
DOLFIN930 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Market development
Asian markets rebounded a little in March (+3.2%), in line with global markets (+3.1%). However, we did see some relative underperformance in the domestic markets of India (+1.2%) and Indonesia (+1.3%) as well as Australia (- 0.6%). Despite the positive month, this masked an aggressive sell-off early in the month on the back of the SVB collapse and concerns around and then the takeover of Credit Suisse (CS). The unexpected increase in rates continues to have impacts on banks conducting imprudent asset liability matching (ALM) such as SVB, balance sheet impact of hard to price assets like CS and the upcoming debt rollover in commercial real estate; to be determined. Despite this turmoil, prudent monetary and fiscal policy in Asia has so far seen resilience. By the end of the month, contagion fears in the banking system were subdued by central bank action and hope that a faster end to rate increases saw the US 10-year decline from 3.92 to 3.47%, supporting overall equity prices. | # Evolución del mercado
Los mercados asiáticos repuntaron un poco en marzo (+3,2%), en línea con sus homólogos mundiales (+3,1%). Sin embargo, constatamos un rendimiento relativo inferior en los mercados de la India (+1,2%) e Indonesia (+1,3%), así como en Australia (-0,6%). El mes fue favorable, aunque no hay que pasar por alto las significativas ventas de principios de mes provocadas por el colapso de SVB y las dudas sobre la venta forzosa de Credit Suisse (CS). El aumento inesperado de los tipos sigue teniendo repercusiones en los bancos con una gestión de activos y pasivos (ALM) imprudente, como SVB; está por determinar el impacto en los balances de activos difíciles de valorar, como CS, y la próxima refinanciación de la deuda en el sector inmobiliario comercial. A pesar de estas turbulencias, la prudente política monetaria y fiscal de Asia ha revelado hasta ahora solidez. Al concluir el mes, los temores de contagio en el sistema bancario se habían visto atenuados por la intervención de los bancos centrales, mientras que las expectativas de que las subidas de tipos concluyan antes hicieron que el tipo a 10 años estadounidense bajara del 3,92% al 3,47%, lo que en general favoreció a la renta variable. | # Market development
Asian markets rebounded a little in March (+3.2%), in line with global markets (+3.1%). However, we did see some relative underperformance in the domestic markets of India (+1.2%) and Indonesia (+1.3%) as well as Australia (- 0.6%). Despite the positive month, this masked an aggressive sell-off early in the month on the back of the SVB collapse and concerns around and then the takeover of Credit Suisse (CS). The unexpected increase in rates continues to have impacts on banks conducting imprudent asset liability matching (ALM) such as SVB, balance sheet impact of hard to price assets like CS and the upcoming debt rollover in commercial real estate; to be determined. Despite this turmoil, prudent monetary and fiscal policy in Asia has so far seen resilience. By the end of the month, contagion fears in the banking system were subdued by central bank action and hope that a faster end to rate increases saw the US 10-year decline from 3.92 to 3.47%, supporting overall equity prices. | en | es |
DOLFIN935 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in shares of small and medium sized European companies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference EMIX Smaller European Companies Index (Gross) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund.
- This fund will no longer be eligible for the French PEA (Plan d'Epargne en Actions) tax wrapper after the 30 September 2021. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos un 70 % en acciones de empresas de Europa de tamaño pequeño y mediano.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura del riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente a nivel de valores con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- La divisa de referencia del fondo se cubre con la divisa de referencia de la clase de acciones. El efecto de esta cobertura implica la conversión (o la «réplica») de la rentabilidad expresada en la divisa de referencia del fondo en la rentabilidad expresada en la divisa de referencia de la clase de acciones.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el EMIX Smaller European Companies Index (Gross) (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
- Este Subfondo dejará de acceder a las ventajas fiscales que proporciona el sistema francés PEA (Plan d'Epargne en Actions, plan de ahorro en acciones) desde el 30 de septiembre de 2021. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in shares of small and medium sized European companies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference EMIX Smaller European Companies Index (Gross) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund.
- This fund will no longer be eligible for the French PEA (Plan d'Epargne en Actions) tax wrapper after the 30 September 2021. | en | es |
DOLFIN936 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Share-Classes
The Company’s Board of Directors of the Company may decide to create within each Sub-Fund different Share-Classes whose assets will be invested in common pursuant to the specific investment objective and policy of the relevant Sub-Fund, but which may have any combination of the following features:
- Each Sub-Fund may contain I, N, P, R, S, X and Z Share- Classes, which may differ in the minimum subscription amount, minimum holding amount, eligibility requirements, and the fees and expenses applicable to them as listed for each Sub-Fund.
- Each Share-Class may be offered in the reference currency of the relevant Sub-Fund, or may be denominated in any currency, and such currency denomination will be represented as a suffix to the Share-Class name.
- Each Share-Class may be either hedged (see definition of “Currency Hedged Share-Class” hereafter) or unhedged. Share-Classes that are hedged will be identified with the suffix “(hedged)”.
- Each Share-Class may also have different dividend policies as described in the “Part III: Additional information” of the Company’s prospectus, Chapter XIV. “Dividends”. Distribution or Capitalisation Share-Classes may be available. For Distribution Share-Classes, the Board of Directors of the Company can decide to pay dividends on a monthly, quarterly, bi-annually or annually basis. Dividends may be paid in cash or in additional Shares (stock) by the respective Share-Class.
- Each Share-Class may be offered with or without Performance Fee provided that a performance fee level is mentioned in the factsheet of the respective Sub-Fund. | ### Clases de Acciones
El Consejo de administración de la Sociedad podrá decidir crear distintas Clases de Acciones dentro de cada Subfondo, cuyos activos se invertirán en común conforme a la política y el objetivo de inversión específicos del correspondiente Subfondo, pero que podrán tener cualquier combinación de las características detalladas a continuación:
- Cada Subfondo podrá incluir Clases de Acciones I, N, P, R, S, X y Z, que podrán diferir en el importe mínimo de suscripción, el importe mínimo de tenencia, los requisitos de idoneidad y las comisiones y los gastos aplicables en función de lo dispuesto para cada Subfondo.
- Cada Clase de Acciones puede ofrecerse en la moneda de referencia del Subfondo correspondiente o puede denominarse en cualquier moneda; dicha denominación monetaria se añadirá al final del nombre de la Clase de Acciones.
- Las Clases de Acciones pueden estar cubiertas (véase más adelante la definición de «Clase de Acciones con cobertura de divisas») o no cubiertas. Las Clases de Acciones cubiertas se identificarán con el término «(cubierta)» tras el nombre de la Clase de Acciones en cuestión.
- Las Clases de Acciones también pueden tener distintas políticas de dividendos, tal y como se describe en la «Parte III: Información complementaria» del folleto de la Sociedad en el Capítulo XIV. «Dividendos». Es posible que se ofrezcan tanto Clases de acciones de distribución como de capitalización. En el caso de las Clases de Acciones de distribución, el Consejo de administración de la Sociedad puede decidir distribuir dividendos mensual, trimestral, semestral o anualmente. Los dividendos se podrán pagar en efectivo o en Acciones adicionales (participaciones) por parte de las Clases de Acciones correspondientes.
- Cada Clase de Acciones podrá ofrecerse con o sin una Comisión de rentabilidad, siempre que se mencione un nivel de Comisión de rentabilidad en la ficha descriptiva del Subfondo correspondiente. | ### Share-Classes
The Company’s Board of Directors of the Company may decide to create within each Sub-Fund different Share-Classes whose assets will be invested in common pursuant to the specific investment objective and policy of the relevant Sub-Fund, but which may have any combination of the following features:
- Each Sub-Fund may contain I, N, P, R, S, X and Z Share- Classes, which may differ in the minimum subscription amount, minimum holding amount, eligibility requirements, and the fees and expenses applicable to them as listed for each Sub-Fund.
- Each Share-Class may be offered in the reference currency of the relevant Sub-Fund, or may be denominated in any currency, and such currency denomination will be represented as a suffix to the Share-Class name.
- Each Share-Class may be either hedged (see definition of “Currency Hedged Share-Class” hereafter) or unhedged. Share-Classes that are hedged will be identified with the suffix “(hedged)”.
- Each Share-Class may also have different dividend policies as described in the “Part III: Additional information” of the Company’s prospectus, Chapter XIV. “Dividends”. Distribution or Capitalisation Share-Classes may be available. For Distribution Share-Classes, the Board of Directors of the Company can decide to pay dividends on a monthly, quarterly, bi-annually or annually basis. Dividends may be paid in cash or in additional Shares (stock) by the respective Share-Class.
- Each Share-Class may be offered with or without Performance Fee provided that a performance fee level is mentioned in the factsheet of the respective Sub-Fund. | en | es |
DOLFIN946 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Subscriptions of Units
Under the Trust Deed the Manager is given the exclusive right to effect for the account of the Unit Trust the issue of Units of any Class and to create, with the consent of the Depositary and the Central Bank, new Classes of Unit and have absolute discretion to accept or reject in whole or in part any application for Units. The initial issue price for each Class is determined by the Manager. All Units of each Class will rank pari passu. Issues of Units are normally made with effect from a Dealing Day against applications received up to 12 noon Irish time on that Dealing Day.
The price at which Units will be issued to any person whose application is received prior to 12 noon Irish time on a Dealing Day, after the initial issue, is calculated by reference to the Net Asset Value per Unit determined as at the Valuation Point on that Dealing Day.
The Manager shall have an absolute discretion to declare any Fund or Class closed to further subscriptions. Existing Unitholders of the relevant Fund or Class will be provided with prior notification of such closure and the Manager shall also notify distributors and/or placing agents. The Manager may invoke this discretion to close the Fund to further subscriptions where they are satisfied that it will be in the best interests of the Unitholders of a Fund, given the market conditions prevailing at the time. The Manager will have the discretion to re-open the relevant Fund or Class for subscription on any Dealing Day and existing Unitholders will be given advance notification of such re-opening.
Units may not be issued or sold by the Manager during any period when the right of Unitholders to require the redemption of their Units is suspended in the manner described under “Redemption of Units” below. Applicants for Units will be notified of such postponement or cancellation and, unless withdrawn, their applications will be considered as at the next Dealing Day following the ending of such suspension.
All Units shall be in registered form. Unit certificates will not be issued. Registration of the Units comprised in the application will normally be effected within twenty-one days of the Manager receiving the relevant registration details. Ownership is recorded by an entry in the Unit register and an account number is allocated to the investor which will be shown in a registration advice despatched within twenty-one days of the Manager receiving the relevant registration details. Your account number should be quoted in all communications relating to the Fund.
The Net Asset Value per Unit of each Fund will be calculated by the Administrator and notified to the Irish Stock Exchange without delay upon calculation by the Administrator. The calculation of the Net Asset Value per Unit may be suspended when the right of Unitholders to require the redemption of Units is suspended as detailed in “Redemption of Units” in the Prospectus. Any suspension will be notified to the Central Bank and the Irish Stock Exchange without delay and where possible all reasonable steps will be taken to bring any period of suspension to an end as soon as possible.
The Manager, the Administrator or a distributor may, in their sole discretion, reject any subscription order for Units in whole or in part for any or no reason, including in particular, where the Manager or the Administrator, as appropriate, reasonably believes the subscription order may represent a pattern of excessive trading or market timing activity in respect of the Unit Trust. Where an application for Units is rejected, the subscription monies shall be returned to the applicant within fourteen days of the date of such application at the applicant’s cost and risk and no interest or other compensation will be payable in respect of such returned monies.
## Unit certificates will not be issued.
## Collection Account
The Administrator operates the Collection Account in accordance with the Central Bank’s Investor Money Regulations for a number of collective investment schemes managed by the Manager. The Collection Account is held at a credit institution as prescribed by the Investor Money Regulations (“Relevant Bank”) in the name of the Administrator and is designated as a “Collection Account” or “Coll a/c”. All monies in the Collection Account will be held at the Relevant Bank on a segregated basis by the Administrator, in trust for the benefit of the investors and on behalf of, and at the risk of, the investors for whom such investor monies are being held. The Relevant Bank will hold the cash on the Administrator’s behalf (for the benefit of the investors on behalf of whom such monies are being held) in an account separate from any money the Relevant Bank holds for the Administrator in its own right. In the event of the insolvency of the Relevant Bank, the Administrator should have a claim against the Relevant Bank on behalf of the investors for whom the monies in the Collection Account are being held. In the event of the insolvency of the Administrator, monies in the Collection Account would not form part of the Administrator’s assets.
Any subscription monies which are received by the Administrator prior to investment in a Fund, will be held in a collection account and will not form part of the assets of the relevant fund until such monies are transferred from the Collection Account to the account of the relevant Fund.
Redemption proceeds will be paid into the Collection Account on the Settlement Date and distributions on the relevant distribution payment date, when they will no longer be considered an asset of the relevant Fund. Further, any conversion from one Fund or Class (the “Original Fund”) into another Fund or Class (the “New Fund”) will be deemed to be a redemption from the Original Fund and a subscription into the New Fund and the relevant proceeds will be held in the Collection Account until transferred to the New Fund.
In the event of the insolvency of another Fund of the Unit Trust, recovery of any amounts to which a Fund is entitled, but which may have transferred to such other Fund as a result of the operation of the Collection Account, will be subject to the principles of Irish trust law and the terms of the operational procedures for the Collection Account. There may be delays in effecting and / or disputes as to the recovery of such amounts, and the insolvent Fund may have insufficient funds to repay amounts due to the relevant Fund. Accordingly, there is no guarantee that such Fund or the Unit Trust will recover such amounts. Furthermore, there is no guarantee that in such circumstances such Fund or the Unit Trust would have sufficient funds to repay any unsecured creditors.
## No interest is payable by the Manager or the Administrator on monies credited to the Collection Account. | # Suscripciones de Participaciones
De conformidad con el Contrato de fideicomiso, la Entidad gestora tiene el derecho exclusivo de emitir Participaciones de cualquier Clase en nombre del Fideicomiso de inversiones y crear, con la autorización del Depositario y el Banco Central, nuevas Clases de Participaciones, gozando de entera discreción a la hora aceptar o rechazar total o parcialmente las solicitudes de Participaciones. La Entidad gestora determina el precio de emisión inicial de cada Clase. Todas las Participaciones de cada Clase poseerán la misma categoría. Normalmente, las emisiones de Participaciones se realizan para que entren en vigor a partir de un Día de negociación en el caso de las solicitudes recibidas hasta las 12:00 horas de Irlanda de ese Día de negociación.
El precio de emisión de Participaciones a cualquier persona cuya solicitud se reciba antes de las 12:00 horas de Irlanda de un Día de negociación, tras la emisión inicial, se calcula haciendo referencia al Valor de activo neto por Participación calculado a la Hora de valoración ese Día de negociación.
La Entidad gestora podrá declarar a su entera discreción el cierre de cualquier Fondo o Clase a nuevas suscripciones. Los Titulares de participaciones existentes del Fondo o la Clase recibirán una notificación previa de dicho cierre y la Entidad gestora notificará también a los distribuidores y/o a los agentes de colocación. La Entidad gestora podrá hacer uso de su facultad de cerrar el Fondo a nuevas suscripciones cuando tengan la certeza de que redundará en el interés superior de los Titulares de participaciones de un Fondo, teniendo en cuenta las condiciones de mercado imperantes en cada momento. La Entidad gestora tendrá la facultad de reabrir el Fondo o la Clase pertinente a la suscripción cualquier Día de negociación y los Titulares de participaciones existentes recibirán una notificación previa de dicha reapertura.
La Entidad gestora no podrá emitir ni vender Participaciones en un periodo durante el cual el derecho de los Titulares de participaciones a solicitar la amortización de sus Participaciones esté suspendido de acuerdo con el siguiente apartado “Amortización de Participaciones”. A los solicitantes de Participaciones se les notificará dicho aplazamiento o cancelación y, a menos que las retiren, sus solicitudes se gestionarán el siguiente Día de negociación tras el final de la suspensión.
Todas las Participaciones serán nominativas. No se emitirán certificados representativos de las Participaciones. Normalmente, el registro de las Participaciones incluidas en la solicitud se realizará en un plazo de veintiún días tras la recepción de los datos de registro por parte de la Entidad gestora. La propiedad se registra mediante una inscripción en el registro de Participaciones y se asigna al inversor un número de cuenta que aparecerá en el aviso de registro expedido en el plazo de veintiún días tras la citada recepción por parte de la Entidad gestora. Su número de cuenta debería indicarse en todas las comunicaciones relativas al Fondo.
La Entidad administradora calculará el Valor de activo neto por Participación de cada Fondo y lo notificará a la Bolsa irlandesa sin dilación una vez que lo haya calculado. El cálculo del Valor de activo neto por Participación podrá suspenderse cuando el derecho de los Titulares de participaciones a solicitar la amortización de las Participaciones se suspenda con arreglo al epígrafe “Amortización de Participaciones” del Folleto. Cualquier suspensión será notificada al Banco Central y a la Bolsa irlandesa sin demora y, cuando sea posible, se tomarán todas las medidas razonables para poner fin lo antes posible al período de suspensión.
La Entidad gestora, la Entidad de administración o un distribuidor pueden, a su entera discreción, rechazar cualquier orden de suscripción de Participaciones, en su totalidad o en parte, de forma justificada o no, lo que incluye, en particular, aquellos casos en los que la Entidad gestora o la Entidad administradora, según corresponda, razonablemente crea que la orden de suscripción puede representar un patrón de actividad de negociación excesiva o de aprovechamiento de las “oportunidades del mercado” en relación con el Fideicomiso de inversiones. Si se rechaza una solicitud de Participaciones, los importes de la suscripción se devolverán al solicitante en un plazo de catorce días desde la fecha de dicha solicitud, por cuenta y riesgo del solicitante, y no se devengarán ni intereses ni ningún otro tipo de compensación en relación con tales importes devueltos.
## No se emitirán certificados representativos de las Participaciones.
## Cuenta de cobro
La Entidad administradora gestiona la Cuenta de cobro con arreglo a la Norma del Banco Central sobre Dinero de los inversores para un cierto número de planes de inversión colectiva gestionados por la Entidad gestora. La Cuenta de cobro está mantenida en una entidad de crédito, tal como lo dispone la Norma sobre Dinero de los Inversores (“Banco Relevante”) en nombre de la Entidad administradora, y se denomina “Cuenta de cobro” o “Cta. de cobro”. Todos los importes de la Cuenta de cobro serán mantenidos en el Banco Relevante por la Entidad administradora, según el principio de segregación, en régimen de fideicomiso a favor de los inversores, y por cuenta y riesgo de los inversores para los que se mantienen tales importes de inversión. El Banco Relevante mantendrá el efectivo por cuenta de la Entidad administradora (a favor de los inversores por cuya cuenta se mantienen tales importes) en una cuenta separada de cualquier importe que el Banco Relevante mantenga para la Entidad administradora por derecho propio. En caso de insolvencia del Banco Relevante, la Entidad administradora podrá dirigirse contra el Banco Relevante por cuenta de los inversores para los que se mantiene el efectivo en la Cuenta de cobro. En caso de insolvencia de la Entidad administradora, el importe que se encuentre en la Cuenta de cobro no formará parte de los activos de la Entidad administradora.
Cualquier importe que reciba la Entidad administradora antes de invertir en un Fondo, se mantendrá en una cuenta de cobro y no formará parte de los activos del fondo correspondiente hasta que dichos importes se hayan transferido de la Cuenta de cobro a la cuenta del Fondo de que se trate.
El producto de la amortización se pagará a la Cuenta de cobro en la Fecha de liquidación, y las distribuciones en la fecha pertinente de distribuciones, en cuyo momento ya no será considerado un activo del Fondo correspondiente. Además, cualquier canje desde un Fondo o Clase (el “Fondo Original”) a otro Fondo o Clase (el “Fondo Nuevo”) será considerado una amortización desde el Fondo Original y una suscripción al Fondo Nuevo, y los importes correspondientes serán mantenidos en la Cuenta de cobro hasta que se transfieran al Fondo Nuevo.
En el supuesto de insolvencia de otro Fondo del Fideicomiso de inversiones, la recuperación de las cantidades que le corresponden a un fondo, pero que se hayan transmitido al otro fondo mencionado por la operación de la Cuenta de cobro conjunta, se someterá a los principios establecidos por la ley irlandesa de fideicomisos y las condiciones de los procedimientos operativos de la Cuenta de cobro. Pueden producirse retrasos al proceder a la recuperación de tales importes y/o pueden surgir disputas al respecto, y el Fondo insolvente puede carecer de fondos suficientes para devolver los importes debidos al Fondo en cuestión. De este modo, no se garantiza que dicho Fondo o el Fideicomiso de inversiones vayan a recuperar dichos importes. Por otro lado, no se garantiza que, en tales circunstancias, ese Fondo o el Fideicomiso de inversiones cuente con suficientes fondos para reembolsar a los acreedores no asegurados.
## Ni la Entidad gestora ni la Entidad administradora pagarán intereses sobre los importes abonados a la Cuenta de cobro. | # Subscriptions of Units
Under the Trust Deed the Manager is given the exclusive right to effect for the account of the Unit Trust the issue of Units of any Class and to create, with the consent of the Depositary and the Central Bank, new Classes of Unit and have absolute discretion to accept or reject in whole or in part any application for Units. The initial issue price for each Class is determined by the Manager. All Units of each Class will rank pari passu. Issues of Units are normally made with effect from a Dealing Day against applications received up to 12 noon Irish time on that Dealing Day.
The price at which Units will be issued to any person whose application is received prior to 12 noon Irish time on a Dealing Day, after the initial issue, is calculated by reference to the Net Asset Value per Unit determined as at the Valuation Point on that Dealing Day.
The Manager shall have an absolute discretion to declare any Fund or Class closed to further subscriptions. Existing Unitholders of the relevant Fund or Class will be provided with prior notification of such closure and the Manager shall also notify distributors and/or placing agents. The Manager may invoke this discretion to close the Fund to further subscriptions where they are satisfied that it will be in the best interests of the Unitholders of a Fund, given the market conditions prevailing at the time. The Manager will have the discretion to re-open the relevant Fund or Class for subscription on any Dealing Day and existing Unitholders will be given advance notification of such re-opening.
Units may not be issued or sold by the Manager during any period when the right of Unitholders to require the redemption of their Units is suspended in the manner described under “Redemption of Units” below. Applicants for Units will be notified of such postponement or cancellation and, unless withdrawn, their applications will be considered as at the next Dealing Day following the ending of such suspension.
All Units shall be in registered form. Unit certificates will not be issued. Registration of the Units comprised in the application will normally be effected within twenty-one days of the Manager receiving the relevant registration details. Ownership is recorded by an entry in the Unit register and an account number is allocated to the investor which will be shown in a registration advice despatched within twenty-one days of the Manager receiving the relevant registration details. Your account number should be quoted in all communications relating to the Fund.
The Net Asset Value per Unit of each Fund will be calculated by the Administrator and notified to the Irish Stock Exchange without delay upon calculation by the Administrator. The calculation of the Net Asset Value per Unit may be suspended when the right of Unitholders to require the redemption of Units is suspended as detailed in “Redemption of Units” in the Prospectus. Any suspension will be notified to the Central Bank and the Irish Stock Exchange without delay and where possible all reasonable steps will be taken to bring any period of suspension to an end as soon as possible.
The Manager, the Administrator or a distributor may, in their sole discretion, reject any subscription order for Units in whole or in part for any or no reason, including in particular, where the Manager or the Administrator, as appropriate, reasonably believes the subscription order may represent a pattern of excessive trading or market timing activity in respect of the Unit Trust. Where an application for Units is rejected, the subscription monies shall be returned to the applicant within fourteen days of the date of such application at the applicant’s cost and risk and no interest or other compensation will be payable in respect of such returned monies.
## Unit certificates will not be issued.
## Collection Account
The Administrator operates the Collection Account in accordance with the Central Bank’s Investor Money Regulations for a number of collective investment schemes managed by the Manager. The Collection Account is held at a credit institution as prescribed by the Investor Money Regulations (“Relevant Bank”) in the name of the Administrator and is designated as a “Collection Account” or “Coll a/c”. All monies in the Collection Account will be held at the Relevant Bank on a segregated basis by the Administrator, in trust for the benefit of the investors and on behalf of, and at the risk of, the investors for whom such investor monies are being held. The Relevant Bank will hold the cash on the Administrator’s behalf (for the benefit of the investors on behalf of whom such monies are being held) in an account separate from any money the Relevant Bank holds for the Administrator in its own right. In the event of the insolvency of the Relevant Bank, the Administrator should have a claim against the Relevant Bank on behalf of the investors for whom the monies in the Collection Account are being held. In the event of the insolvency of the Administrator, monies in the Collection Account would not form part of the Administrator’s assets.
Any subscription monies which are received by the Administrator prior to investment in a Fund, will be held in a collection account and will not form part of the assets of the relevant fund until such monies are transferred from the Collection Account to the account of the relevant Fund.
Redemption proceeds will be paid into the Collection Account on the Settlement Date and distributions on the relevant distribution payment date, when they will no longer be considered an asset of the relevant Fund. Further, any conversion from one Fund or Class (the “Original Fund”) into another Fund or Class (the “New Fund”) will be deemed to be a redemption from the Original Fund and a subscription into the New Fund and the relevant proceeds will be held in the Collection Account until transferred to the New Fund.
In the event of the insolvency of another Fund of the Unit Trust, recovery of any amounts to which a Fund is entitled, but which may have transferred to such other Fund as a result of the operation of the Collection Account, will be subject to the principles of Irish trust law and the terms of the operational procedures for the Collection Account. There may be delays in effecting and / or disputes as to the recovery of such amounts, and the insolvent Fund may have insufficient funds to repay amounts due to the relevant Fund. Accordingly, there is no guarantee that such Fund or the Unit Trust will recover such amounts. Furthermore, there is no guarantee that in such circumstances such Fund or the Unit Trust would have sufficient funds to repay any unsecured creditors.
## No interest is payable by the Manager or the Administrator on monies credited to the Collection Account. | en | es |
DOLFIN953 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Consequently, it has been decided to further update, subject to SFC’s approval of the deregistration of the sub- fund, the following information in the Hong Kong Offering Documents:
- Deletion of the description of the sub-fund;
- Deletion of all the references to the sub-fund;
- Typos and editing issues. | En consecuencia, se ha acordado volver a modificar, con sujeción a la aprobación de la anulación de registro del subfondo por parte de la SFC, la siguiente información en los documentos de oferta para Hong Kong:
- Eliminación de la descripción del subfondo;
- Eliminación de todas las referencias al subfondo;
- Corrección de errores tipográficos y problemas de edición. | Consequently, it has been decided to further update, subject to SFC’s approval of the deregistration of the sub- fund, the following information in the Hong Kong Offering Documents:
- Deletion of the description of the sub-fund;
- Deletion of all the references to the sub-fund;
- Typos and editing issues. | en | es |
DOLFIN957 | 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
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
The risk and reward indicator :
is based on historical data and may not be a reliable indication for the future;
is not guaranteed and may change over time.
The lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
state. The Fund may invest in real estate investment trusts (REITs) and/or in units of other UCITS or collective investment schemes, including other sub-funds of Comgest Growth plc.
The Fund is actively managed. This means that the Fund manager applies a detailed fundamental analysis in order to selectively pick companies in a discretionary manner. The Fund is not managed relative to a benchmark index.
Income earned by the Fund is fully reinvested.
Due to the long-term objective of the Fund, the Fund may not be appropriate for investors who plan to invest for less than 5 years .
Shares in the Fund trade every day that is a business day in Dublin. You can place an order to buy or sell shares on any business day.
The base currency of the Fund is USD.
Risks for this Fund which are not taken into account in the indicator include:
Liquidity risk: The risk that some securities held by the Fund may be difficult or impossible to sell at the desired time and price.
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
Emerging markets risk: Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments in emerging markets funds should not constitute a substantial portion of an investor’s portfolio.
China Risk: The Fund may invest in China A-Shares which involve additional risks set out in the Fund’s prospectus under ‘Investments in China Risk’.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Por lo general menor remuneración Por lo general mayor remuneración
El indicador de riesgo y remuneración se calcula según la volatilidad de la clase de acciones (las alzas y bajas en su valor) durante el periodo de 5 años anterior.
El indicador de riesgo y remuneración:
esta información se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil del Fondo;
no está garantizado y puede cambiar con el tiempo.
La asignación a la categoría más baja no significa que una clase de acciones esté libre de riesgo.
Su inversión inicial no está garantizada.
La categoría de clase de acciones refleja los siguientes factores:
Invertir en acciones puede generar mayor volatilidad dado que su valor fluctúa más que el de otros instrumentos financieros, como los bonos.
El Fondo puede invertir en acciones denominadas en divisas distintas a la divisa de la clase de acciones. Por consiguiente, el valor de la clase de acciones podrá aumentar o disminuir debido a fluctuaciones en los tipos de cambio.
miembro de la Unión Europea. El Fondo podrá invertir en fondos de inversión inmobiliaria (REIT) o participaciones de otros OICVM o planes de inversión colectiva, incluidos otros subfondos de Comgest Growth plc.
El Fondo está gestionado de forma activa. Esto significa que la sociedad de gestión del Fondo aplica un detallado análisis fundamental a fin de escoger selectivamente empresas de manera discrecional. El Fondo no se gestiona con relación a ningún índice de referencia.
Los ingresos generados por el Fondo se reinvierten en su totalidad.
Debido que el Fondo posee un objetivo a largo plazo, puede no ser adecuado para inversores que prevean invertir por un periodo inferior a 5 años.
Las acciones del Fondo se negocian todos los días hábiles en Dublín. Puede transmitir una orden de compra o venta de acciones en cualquier día hábil.
La divisa base del Fondo es el USD.
Los riesgos para el Fondo que el indicador no tiene en cuenta incluyen:
Riesgo de liquidez: El riesgo de que sea difícil o imposible vender ciertos valores mantenidos por el Fondo en el momento y por el precio deseado.
Riesgo de contraparte: El Fondo puede incurrir en pérdidas ante el incumplimiento de una contraparte que no puede atender sus obligaciones contractuales.
Riesgo de mercados emergentes: Invertir en empresas de mercados emergentes implica mayor riesgo que invertir en economías o mercados de valores establecidos. Los mercados emergentes pueden tener sistemas jurídicos y políticos más inestables, lo que podría afectar la salvaguarda o el valor de los activos. Las inversiones en fondos de mercados emergentes no deberían constituir una parte sustancial de la cartera de un inversor.
Riesgo chino: El Fondo puede invertir en Acciones A de China, lo que implica riesgos adicionales, establecidos en el folleto del Fondo bajo «Inversiones en riesgo chino».
Encontrará una descripción más detallada de los riegos en la sección
«Factores de riesgo» del folleto. | # Risk and reward profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
The risk and reward indicator :
is based on historical data and may not be a reliable indication for the future;
is not guaranteed and may change over time.
The lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
state. The Fund may invest in real estate investment trusts (REITs) and/or in units of other UCITS or collective investment schemes, including other sub-funds of Comgest Growth plc.
The Fund is actively managed. This means that the Fund manager applies a detailed fundamental analysis in order to selectively pick companies in a discretionary manner. The Fund is not managed relative to a benchmark index.
Income earned by the Fund is fully reinvested.
Due to the long-term objective of the Fund, the Fund may not be appropriate for investors who plan to invest for less than 5 years .
Shares in the Fund trade every day that is a business day in Dublin. You can place an order to buy or sell shares on any business day.
The base currency of the Fund is USD.
Risks for this Fund which are not taken into account in the indicator include:
Liquidity risk: The risk that some securities held by the Fund may be difficult or impossible to sell at the desired time and price.
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
Emerging markets risk: Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments in emerging markets funds should not constitute a substantial portion of an investor’s portfolio.
China Risk: The Fund may invest in China A-Shares which involve additional risks set out in the Fund’s prospectus under ‘Investments in China Risk’.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus. | en | es |
DOLFIN961 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
A feeder fund is a fund which invests at least 85% of its assets in another fund, called a master fund.
CPR Invest - Defensive (the “Feeder Compartment”) invests in the T-unit of CPR Croissance Défensive CPR Croissance Défensive, a French Mutual Investment Fund (the “Master Fund”).
The investment objective of the Feeder Compartment is the same as the Master Fund.
The investment objective of the Master Fund is to deliver over the medium term, net of management fees, a higher return than the one of the composite benchmark: [80% J.P. Morgan GBI Global Index Hedge Return in euro + 20% MSCI World Index Net Return in euro] with an expected maximum volatility of 7%. The J.P. Morgan GBI Global Index is available from the website www.morganmarkets.com and the MSCI World Index is available from the website www.msci.com
It is intended that the performance of the Feeder Compartment will be strongly correlated to that of the Master Fund. However, the performance of the Feeder Compartment
will be lower than that of the T-unit of the Master Fund due to, in particular, costs and expenses incurred by the Feeder Compartment.
The Master Fund is a diversified global portfolio combining several classes of assets: equities (including small caps), interest rates, credit (including securities in the “Speculative Grade” category, i.e. rated below or equal to BB+ [Source S&P/Fitch] or Ba1 [Source Moody’s] or considered to be equivalent by the Management Company according to its own criteria), money-market investments, foreign exchange, alternative strategies, commodities (excluding agricultural commodities), exposed to all geographic areas (including emerging markets).
The Master Fund is mainly invested in the "interest-rate" class of assets and is limited to an exposure to “risky assets*” ranging from 0% to maximum 40% of the total class of assets of the Fund.
* The term "risky assets" is defined in the investment strategy section of the Master Fund's prospectus.
To achieve this, the management team defines the allocation between equities, bonds and money-market instruments which may diverge from the proportions of the index while complying with the maximum volatility. It then proceeds to a geographic and/or thematic allocation and to the selection of the corresponding supports. These decisions are based on market forecasts, financial and risk data.
The Master Fund's assets may be invested in UCI up to 100%. It may also hold securities. The equity exposure will range from 0% to 30% of the total assets of the portfolio.
The part in the following investments ("interest-rate" class of assets) represents a total of at least 60% of the Master Fund's total assets: interest-rate products (including convertible bonds) and money-market instruments (including UCIs), deposits with a banking institution, repurchase agreements on bonds. The Master Fund may invest in interest-rate products of public and private issuers in the OECD area that are "Investment Grade" at the time of their purchase, i.e. rated above or equal to BBB- [Source S&P/Fitch] or Baa3 [Source Moody’s] or considered to be equivalent by the Management Company according to its own criteria. The Master Fund's may invest up to 40% of its assets in OECD area Government bonds belonging to the "Speculative Grade" category, i.e. ratings below or equal to BB+ [Source S&P/Fitch] or Ba1 [Source Moody’s] or considered to be equivalent by the Management Company according to its own criteria.
For the assessment of the risk and the credit category the management company relies on its teams and its own methodology, which includes, amongst other factors, the ratings issued by the main rating agencies.
The downgrading of an issuer by one or more rating agencies does not systematically entail the sale of the securities concerned; rather, the management company relies on its internal assessment to evaluate the option of whether or not to keep the portfolio securities.
The sensitivity of the portfolio, an indicator that measures the impact of the change in interest rate on performance, ranges between [-1 ; +8]. Financial derivatives instruments or temporary securities purchases and sales may be used by the Master Fund to hedge and/or to expose the portfolio. Derivatives instruments may be used by the Feeder Compartment for hedging purposes only.
CPR Invest - Defensive - A - Acc has a recommended investment horizon of more thyear 2 years . CPR Invest - Defensive - A - Acc accumulates its net profit and net realized capital gains.
You may redeem your shares at each net asset value, calculated on a daily basis in accordance with the terms specified in the prospectus. | # Objetivos y política de inversión
Un fondo subordinado es un fondo que invierte al menos el 85% de sus activos en otro fondo, denominado fondo principal.
CPR Invest - Defensive (el “Compartimento subordinado”) invierte en el T-unit of CPR Croissance Défensive, un Fondo francés de inversión mutua (“el Fondo principal”). El objetivo de inversión del Compartimento subordinado es el mismo que el del Fondo principal.
El objetivo de inversión del Fondo principal es proporcionar, a medio plazo, neta de comisiones de gestión, una rentabilidad superior a la del índice de referencia compuesto: [80%
J.P. Morgan GBI Global Index Hedge Return en euros + 20% MSCI World Index Net Return en euros] con una volatilidad máxima prevista del 7%. El Índice J.P. Morgan GBI Global está disponible en el sitio web www.morganmarkets.com y el Índice MSCI World está disponible en el sitio web www.msci.com
Está previsto que la rentabilidad del Compartimento subordinado tenga una gran correlación con la del Fondo principal. No obstante, la rentabilidad del Compartimento subordinado será inferior a la del T-unit del Fondo principal debido, en concreto, a los costes y gastos incurridos por el Compartimento subordinado.
El Fondo principal es una cartera mundial diversificada que combina varias clases de activos: renta variable (incluidos los valores de capitalización reducida), tipos de interés, crédito (incluidos los valores en la categoría de “grado especulativo”, es decir con calificaciones inferiores o iguales a BB+ [S&P/Fitch] o a Ba1 [Moody’s] o que la Sociedad Gestora considere equivalentes, según su criterio), inversiones en el mercado monetario, divisas extranjeras, estrategias alternativas, materias primas (salvo las materias primas agrícolas), con exposición a todas las zonas geográficas (incluidos los mercados emergentes).
El Fondo principal invierte principalmente en clases de activos de "tipos de interés" y presenta una exposición limitada a los “activos de riesgo*” que oscila del 0% y a un máximo del 40% de las clases de activos totales del Fondo.
* El término "activos de riesgo" se define en la sección de estrategia de inversión del folleto del Fondo principal.
Para conseguirlo, el equipo de gestión define la asignación entre renta variable, bonos e instrumentos del mercado monetario que pueden diferir de las proporciones del índice siempre que respeten la volatilidad máxima. A continuación, prosigue con la asignación geográfica y/o temática y la selección de los apoyos correspondientes. Estas decisiones se basan en las previsiones de mercado y en la información financiera y de riesgos.
Puede invertirse hasta el 100% de los activos del Fondo principal en OIC. También puede mantener valores. La exposición a renta variable oscilará entre un 0% y un 30% de los activos totales de la cartera.
La participación en las siguientes inversiones (clases de activos de "tipos de interés") representa un total de al menos el 60% de los activos totales del Fondo principal: productos de tipos de interés (incluidos los bonos convertibles) e instrumentos del mercado monetario (incluidos IIC), depósitos con una institución bancaria y acuerdos de recompra sobre bonos. El Fondo principal puede invertir en productos de tipos de interés de emisores públicos y privados del área OCDE con "grado de inversión" en el momento de su adquisición, es decir, una calificación superior o igual a BBB- [S&P/Fitch] o Baa3 [Moody’s] o que la Sociedad Gestora considere equivalentes, según su criterio. El Fondo principal puede invertir hasta el 40% de sus activos en bonos del gobierno del área OCDE que pertenezcan a la categoría de "grado especulativo", es decir, que tenga una calificación inferior o igual a BB+ [S&P/Fitch] o Ba1 [Moody's] o que la Sociedad Gestora considere equivalentes, según su propio criterio.
A efectos de la evaluación del riesgo y la categoría crediticia, la sociedad gestora confía en sus equipos y su propia metodología, que incluye, entre otros factores, las calificaciones otorgadas por las agencias de calificación principales.
La reducción de la calificación de un emisor según una o más agencias de calificación no supondrá la venta de los valores afectados de manera sistemática; en su lugar, la sociedad gestora confía en sus evaluaciones internas para evaluar la opción de mantener o no los valores de la cartera.
La sensibilidad de la cartera del Fondo principal, un indicador que mide el impacto del cambio de los tipos de interés sobre la rentabilidad, oscila entre [-1 ; +8].
El Fondo principal podrá utilizar instrumentos financieros derivados o compras y ventas de valores temporales con fines de cobertura y/o de exposición de la cartera.
El Compartimento subordinado podrá utilizar instrumentos derivados solo con fines de cobertura. CPR Invest - Defensive - A - Acc tiene un horizonte de inversión recomendado de más de 2 años. CPR Invest - Defensive - A - Acc acumula su beneficio neto y sus plusvalías materializadas netas.
Usted podrá reembolsar sus acciones a su correspondiente valor liquidativo, calculado a diario de conformidad con los términos establecidos en el folleto. | # Objectives and Investment Policy
A feeder fund is a fund which invests at least 85% of its assets in another fund, called a master fund.
CPR Invest - Defensive (the “Feeder Compartment”) invests in the T-unit of CPR Croissance Défensive CPR Croissance Défensive, a French Mutual Investment Fund (the “Master Fund”).
The investment objective of the Feeder Compartment is the same as the Master Fund.
The investment objective of the Master Fund is to deliver over the medium term, net of management fees, a higher return than the one of the composite benchmark: [80% J.P. Morgan GBI Global Index Hedge Return in euro + 20% MSCI World Index Net Return in euro] with an expected maximum volatility of 7%. The J.P. Morgan GBI Global Index is available from the website www.morganmarkets.com and the MSCI World Index is available from the website www.msci.com
It is intended that the performance of the Feeder Compartment will be strongly correlated to that of the Master Fund. However, the performance of the Feeder Compartment
will be lower than that of the T-unit of the Master Fund due to, in particular, costs and expenses incurred by the Feeder Compartment.
The Master Fund is a diversified global portfolio combining several classes of assets: equities (including small caps), interest rates, credit (including securities in the “Speculative Grade” category, i.e. rated below or equal to BB+ [Source S&P/Fitch] or Ba1 [Source Moody’s] or considered to be equivalent by the Management Company according to its own criteria), money-market investments, foreign exchange, alternative strategies, commodities (excluding agricultural commodities), exposed to all geographic areas (including emerging markets).
The Master Fund is mainly invested in the "interest-rate" class of assets and is limited to an exposure to “risky assets*” ranging from 0% to maximum 40% of the total class of assets of the Fund.
* The term "risky assets" is defined in the investment strategy section of the Master Fund's prospectus.
To achieve this, the management team defines the allocation between equities, bonds and money-market instruments which may diverge from the proportions of the index while complying with the maximum volatility. It then proceeds to a geographic and/or thematic allocation and to the selection of the corresponding supports. These decisions are based on market forecasts, financial and risk data.
The Master Fund's assets may be invested in UCI up to 100%. It may also hold securities. The equity exposure will range from 0% to 30% of the total assets of the portfolio.
The part in the following investments ("interest-rate" class of assets) represents a total of at least 60% of the Master Fund's total assets: interest-rate products (including convertible bonds) and money-market instruments (including UCIs), deposits with a banking institution, repurchase agreements on bonds. The Master Fund may invest in interest-rate products of public and private issuers in the OECD area that are "Investment Grade" at the time of their purchase, i.e. rated above or equal to BBB- [Source S&P/Fitch] or Baa3 [Source Moody’s] or considered to be equivalent by the Management Company according to its own criteria. The Master Fund's may invest up to 40% of its assets in OECD area Government bonds belonging to the "Speculative Grade" category, i.e. ratings below or equal to BB+ [Source S&P/Fitch] or Ba1 [Source Moody’s] or considered to be equivalent by the Management Company according to its own criteria.
For the assessment of the risk and the credit category the management company relies on its teams and its own methodology, which includes, amongst other factors, the ratings issued by the main rating agencies.
The downgrading of an issuer by one or more rating agencies does not systematically entail the sale of the securities concerned; rather, the management company relies on its internal assessment to evaluate the option of whether or not to keep the portfolio securities.
The sensitivity of the portfolio, an indicator that measures the impact of the change in interest rate on performance, ranges between [-1 ; +8]. Financial derivatives instruments or temporary securities purchases and sales may be used by the Master Fund to hedge and/or to expose the portfolio. Derivatives instruments may be used by the Feeder Compartment for hedging purposes only.
CPR Invest - Defensive - A - Acc has a recommended investment horizon of more thyear 2 years . CPR Invest - Defensive - A - Acc accumulates its net profit and net realized capital gains.
You may redeem your shares at each net asset value, calculated on a daily basis in accordance with the terms specified in the prospectus. | en | es |
DOLFIN974 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in shares of companies throughout the world.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The investment manager is not restricted in its choice of companies either by region, industry or size. The selection of investments will primarily be based on the availability of attractive investment opportunities.
- Investments are usually focused on the highest conviction companies which are identified and recommended by FIL Group research analysts, other than in extreme market conditions or where required to meet the investment objective of the fund.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI ACWI Index (Net) (the ‘‘Index’’) as the Index constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager may reference the Index for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Index. Where the fund invests in securities that are included in the Index, its allocation to those securities is likely to differ from the Index allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Index in order to take advantage of investment opportunities although a substantial portion of the fund’s investments is likely to be part of the Index. Over short time periods, the fund’s performance may be close to the Index, depending on market conditions. Over longer time periods, both the fund’s portfolio and performance are expected to vary from that of the Index.
- The fund’s performance can be assessed against its Index as the Index’s constituents are representative of the type of companies the fund invests in.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos un 70 % en acciones de empresas de todo el mundo.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- A la hora de seleccionar empresas, el gestor de inversiones no está sujeto a límites en cuanto a región, sector ni tamaño. La selección de inversiones se basará fundamentalmente en la disponibilidad de oportunidades de inversión atractivas.
- Normalmente, las inversiones se centran en empresas que ofrezcan el mayor grado de confianza y que hayan sido detectadas y recomendadas por los analistas de investigación del Grupo FIL, salvo en condiciones extremas del mercado o cuando sea necesario para lograr el objetivo de la inversión del fondo.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de forma activa. A la hora de elegir las inversiones del Subfondo y a efectos de supervisión del riesgo, el Gestor de Inversiones tendrá en cuenta el MSCI ACWI Index (Net) (en adelante, el «Índice»), ya que las empresas que forman parte de dicho Índice representan el tipo de empresas en el que invierte el Subfondo. Al supervisar el riesgo, el Gestor de Inversiones puede remitirse al Índice para establecer directrices internas. Dichas directrices representan niveles generales de exposición en relación con el Índice. Cuando el Subfondo invierte en valores que forman parte del Índice, es probable que su asignación a los mismos sea distinta a la del Índice. El Gestor de Inversiones dispone de un amplio margen de libertad con respecto a la selección de inversiones y puede invertir en empresas, sectores, países y valores no incluidos en el Índice para aprovechar las oportunidades de inversión, aunque es probable que una parte sustancial de sus inversiones forme parte de él. Habrá periodos de tiempo cortos en los que la rentabilidad del Subfondo será parecida a la del Índice en función de las condiciones del mercado. Se prevé que tanto la cartera como la rentabilidad del mismo sean distintas a las del Índice durante periodos de tiempo prolongados.
- La rentabilidad del Subfondo puede compararse con la del Índice, ya que las empresas que forman parte de dicho Índice representan el tipo de empresas en el que invierte el Subfondo.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in shares of companies throughout the world.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The investment manager is not restricted in its choice of companies either by region, industry or size. The selection of investments will primarily be based on the availability of attractive investment opportunities.
- Investments are usually focused on the highest conviction companies which are identified and recommended by FIL Group research analysts, other than in extreme market conditions or where required to meet the investment objective of the fund.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI ACWI Index (Net) (the ‘‘Index’’) as the Index constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager may reference the Index for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Index. Where the fund invests in securities that are included in the Index, its allocation to those securities is likely to differ from the Index allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Index in order to take advantage of investment opportunities although a substantial portion of the fund’s investments is likely to be part of the Index. Over short time periods, the fund’s performance may be close to the Index, depending on market conditions. Over longer time periods, both the fund’s portfolio and performance are expected to vary from that of the Index.
- The fund’s performance can be assessed against its Index as the Index’s constituents are representative of the type of companies the fund invests in.
- 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 |
DOLFIN980 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Between 75% and 110% of the sub-fund's net assets will be exposed to international equity markets directly or indirectly via UCIs and/or financial contracts. The sub-fund may invest up to 20% of its assets in securities listed in Shanghai and Shenzhen via the use of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programmes. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may differ from the standards that prevail on major international exchanges. For cash management purposes, up to 25% of the sub-fund's net assets may be invested in debt securities and money market instruments traded on international markets, including emerging markets, directly and/or via UCIs subject to a limit of 10% of net assets. Subject to a limit of 10% of net assets (excluding short-term securities), the sub-fund may also invest in high-yield securities (speculative securities) or UCIs specialised in high-yield bonds (speculative securities). Subject to a limit of 100% of net assets, the sub-fund may invest in financial contracts traded on international regulated, organised or over-the-counter markets. As its objective is to invest in securities with no geographical restriction, the sub-fund may hold securities denominated in currencies other than the euro, and therefore up to 100% of its net assets may be exposed to currency risk.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French and US markets are closed (pursuant to the official calendars of Euronext Paris S.A. and the NYSE), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day's net asset value.
A redemption cap mechanism (known as "Gates") may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: The sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 9 of Regulation (EU) 2019/2088, the "Disclosure Regulation" or "SFDR", and is subject to sustainability risks as defined in the risk profile of the prospectus.
Recommended investment period: more than 5 years | El Subfondo expondrá entre el 75 % y el 110 % de su patrimonio neto a los mercados internacionales de renta variable, tanto directa como indirectamente a través de las IIC y/o de contratos financieros. El Subfondo podrá invertir hasta el 20% de sus activos en títulos cotizados en Shanghái y Shenzhen mediante el uso de los programas Shanghai-Hong Kong Stock Connect y Shenzhen-Hong Kong Stock Connect. Además de los riesgos propios de cada una de las sociedades emisoras, existen riesgos exógenos, especialmente en estos mercados. Por otra parte, los inversores deberán tener en cuenta que las condiciones de funcionamiento y de supervisión de estos mercados pueden apartarse de los estándares que prevalecen en los grandes centros internacionales. Con fines de gestión de la tesorería, el Subfondo podrá invertir hasta el 25 % de su patrimonio neto en títulos de crédito e instrumentos del mercado monetario negociados en mercados internacionales, incluidos los mercados emergentes, de forma directa y/o a través de las IIC, con un límite del 10 % del patrimonio neto. Con un límite del 10% del patrimonio neto (excluidos los valores a corto plazo), el Subfondo podrá también recurrir a valores de “alto rendimiento” (valores especulativos) o invertir en IIC especializados en bonos de “alto rendimiento” (valores especulativos). Con un límite de una vez su patrimonio neto, el Subfondo podrá participar en contratos financieros negociados en mercados internacionales regulados, organizados o extrabursátiles (OTC). El Subfondo, con el objeto de invertir en valores sin distinción de zona geográfica, podrá mantener títulos no denominados en euros y por tanto, podrá exponerse al riesgo de cambio, con un límite de una vez su patrimonio neto.
Frecuencia de compra o venta de acciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados en Francia y Estados Unidos (calendario oficial de Euronext Paris S.A. y NYSE) para las órdenes recibidas por el centralizador cada día de cálculo del valor liquidativo antes de las 12:30 horas, en función del valor liquidativo del día.
La sociedad gestora podrá aplicar un mecanismo de limitación de los reembolsos (conocido como “Gates ”). Las modalidades de funcionamiento se describen en el Folleto y en los Estatutos del Fondo.
Asignación de los ingresos: Capitalización
Asignación de las plusvalías netas realizadas: Capitalización
Otra información: El subfondo fomenta los criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) en el sentido del artículo 9 del Reglamento (UE) 2019/2088, denominado “Reglamento de Divulgación” o “SFDR”, y está sujeto al riesgo de sostenibilidad, tal y como se define en el perfil de riesgo del folleto.
Duración de la participación recomendada superior a 5 años | Between 75% and 110% of the sub-fund's net assets will be exposed to international equity markets directly or indirectly via UCIs and/or financial contracts. The sub-fund may invest up to 20% of its assets in securities listed in Shanghai and Shenzhen via the use of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programmes. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may differ from the standards that prevail on major international exchanges. For cash management purposes, up to 25% of the sub-fund's net assets may be invested in debt securities and money market instruments traded on international markets, including emerging markets, directly and/or via UCIs subject to a limit of 10% of net assets. Subject to a limit of 10% of net assets (excluding short-term securities), the sub-fund may also invest in high-yield securities (speculative securities) or UCIs specialised in high-yield bonds (speculative securities). Subject to a limit of 100% of net assets, the sub-fund may invest in financial contracts traded on international regulated, organised or over-the-counter markets. As its objective is to invest in securities with no geographical restriction, the sub-fund may hold securities denominated in currencies other than the euro, and therefore up to 100% of its net assets may be exposed to currency risk.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French and US markets are closed (pursuant to the official calendars of Euronext Paris S.A. and the NYSE), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day's net asset value.
A redemption cap mechanism (known as "Gates") may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: The sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 9 of Regulation (EU) 2019/2088, the "Disclosure Regulation" or "SFDR", and is subject to sustainability risks as defined in the risk profile of the prospectus.
Recommended investment period: more than 5 years | en | es |
DOLFIN981 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In the event that for any reason the net asset value of a Class has decreased to, or has not reached an amount determined by the Board of Directors (in the interests of Shareholders) to be the minimum level for such Class to be operated in an efficient manner or for any other reason disclosed in the Prospectus, the Board of Directors may decide to re-allocate the assets and liabilities of that Class to those of one or several other classes within the Fund and to re-designate the shares of the Class(es) concerned as shares of such other Class or Classes (following a split or consolidation, if necessary, and the payment to Shareholders of the amount corresponding to any fractional entitlement). The Shareholder of the Class concerned will be informed of the reorganisation by way of a notice and/or in any other way as required or permitted by applicable laws and regulations.
Notwithstanding the powers conferred on the Board of Directors by the preceding paragraph, the Shareholders may decide on such reorganisation by resolution taken by the general meeting of Shareholders of the Class concerned. The convening notice to the general meeting of Shareholders will indicate the reasons for and the process of the reorganisation. Such general meeting will decide by resolution taken with a quorum of one half of the share capital of the relevant Class with a majority of at least two thirds of the votes validly cast at the meeting.
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## Liquidation of the Fund | En caso de que, por alguna razón, el valor liquidativo de una Clase haya disminuido o no haya alcanzado una cantidad determinada por el Consejo de Administración (en interés de los Accionistas) como el nivel mínimo para que dicha Clase opere de manera eficiente o por cualquier otro motivo dispuesto en el Folleto, el Consejo de Administración podrá decidir reasignar los activos y pasivos de dicha Clase a los de una o más clases dentro del Fondo y volver a designar las acciones de la(s) Clase(s) interesada(s) como acciones de dicha Clase o Clases (después de una división o consolidación, de ser necesario, y el pago a los Accionistas del importe correspondiente a cualquier derecho a fracciones de acciones). Se le informará al Accionista de la Clase en cuestión de la reestructuración mediante un aviso y/o de cualquier otra forma que exijan o permitan las leyes y reglamentos aplicables.
Sin perjuicio de las facultades conferidas al Consejo de Administración mencionadas en el párrafo precedente, los Accionistas podrán decidir dicha reestructuración mediante resolución adoptada en la junta general de Accionistas de la Clase pertinente. El aviso de convocatoria a la junta general de accionistas indicará los motivos y el proceso de la reestructuración. Dicha junta general decidirá mediante resolución tomada con un quórum de la mitad del capital social de la Clase pertinente con una mayoría de al menos dos tercios de los votos emitidos de manera válida en la junta.
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## Liquidación del Fondo | In the event that for any reason the net asset value of a Class has decreased to, or has not reached an amount determined by the Board of Directors (in the interests of Shareholders) to be the minimum level for such Class to be operated in an efficient manner or for any other reason disclosed in the Prospectus, the Board of Directors may decide to re-allocate the assets and liabilities of that Class to those of one or several other classes within the Fund and to re-designate the shares of the Class(es) concerned as shares of such other Class or Classes (following a split or consolidation, if necessary, and the payment to Shareholders of the amount corresponding to any fractional entitlement). The Shareholder of the Class concerned will be informed of the reorganisation by way of a notice and/or in any other way as required or permitted by applicable laws and regulations.
Notwithstanding the powers conferred on the Board of Directors by the preceding paragraph, the Shareholders may decide on such reorganisation by resolution taken by the general meeting of Shareholders of the Class concerned. The convening notice to the general meeting of Shareholders will indicate the reasons for and the process of the reorganisation. Such general meeting will decide by resolution taken with a quorum of one half of the share capital of the relevant Class with a majority of at least two thirds of the votes validly cast at the meeting.
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## Liquidation of the Fund | en | es |
DOLFIN988 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Global Aggregate 1-5 Year Index, the Fund’s benchmark index (Index).
The Fund aims to invest as far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index.
It is intended that, at the time of purchase, the FI securities will have received a credit rating of at least investment grade (i.e. meet a specified level of creditworthiness) from any one of Moody’s, Standard & Poor’s or Fitch Ratings or are deemed, by the investment manager, to be of an equivalent rating. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.
The Index measures the performance of multi-currency denominated, fixed rate, investment grade FI securities issued by corporate, government, and government- related issuers and by entities in the securitised sector on a global basis. The FI securities will have maturities (i.e. the time until the security becomes due for repayment) of between 1 and 5 years. However, where the time to final maturity of FI securities falls below 1 year, the Fund may continue to hold such FI securities at the discretion of the investment manager.
The Fund uses techniques for efficient portfolio management purposes or to protect against exchange rate risk or to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other 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).
The Fund is passively managed. The investment manager has limited discretion to select the Fund’s investments and in doing so will take into consideration the Index. Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing shares (i.e. dividend income will be paid on the shares semi-annually). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleja la rentabilidad del Índice Bloomberg Global Aggregate 1-5 Year, el índice de referencia del Fondo (el Índice).
El Fondo trata de invertir, en la medida posible y practicable, en los valores de renta fija (RF) (como bonos) que componen el Índice.
Se pretende que, en el momento de la adquisición, los valores de RF tendrán una calificación de solvencia al menos de categoría de inversión (es decir, cumplirán un nivel especifico de solvencia), otorgada por Moody’s, Standard & Poor’s o Fitch Ratings, o que la gestora de inversiones considere que tienen una calificación equivalente. Si las calificaciones de solvencia de un valor de RF se revisan a la baja, el Fondo podrá seguir manteniéndolo hasta que resulte factible vender la posición.
El Índice mide la rentabilidad de los valores de renta fija (RF) denominados en varias divisas, de tipo fijo y calificados con categoría de inversión, emitidos por emisores corporativos, gubernamentales y relacionados con gobiernos y por entidades del sector de titulizaciones de todo el mundo. Los valores de RF tendrán vencimientos (es decir, el momento en que deben reembolsarse) de entre uno y cinco años. Sin embargo, si el vencimiento residual final de los valores de RF disminuye por debajo de un año, el Fondo podrá seguir manteniendo dichos valores de RF según el criterio de la gestora de inversiones.
El Fondo utiliza técnicas con fines de gestión eficiente de la cartera o para protegerse frente al riesgo de los tipos de cambio o para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
El Fondo se gestiona de forma pasiva. La gestora de inversiones cuenta con una potestad limitada a la hora de seleccionar las inversiones del Fondo, y al hacerlo, tendrá en consideración el Índice.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos por dividendo sobre las acciones). Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión mínima inicial para esta clase de acciones es de 500 000 USD.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Global Aggregate 1-5 Year Index, the Fund’s benchmark index (Index).
The Fund aims to invest as far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index.
It is intended that, at the time of purchase, the FI securities will have received a credit rating of at least investment grade (i.e. meet a specified level of creditworthiness) from any one of Moody’s, Standard & Poor’s or Fitch Ratings or are deemed, by the investment manager, to be of an equivalent rating. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.
The Index measures the performance of multi-currency denominated, fixed rate, investment grade FI securities issued by corporate, government, and government- related issuers and by entities in the securitised sector on a global basis. The FI securities will have maturities (i.e. the time until the security becomes due for repayment) of between 1 and 5 years. However, where the time to final maturity of FI securities falls below 1 year, the Fund may continue to hold such FI securities at the discretion of the investment manager.
The Fund uses techniques for efficient portfolio management purposes or to protect against exchange rate risk or to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other 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).
The Fund is passively managed. The investment manager has limited discretion to select the Fund’s investments and in doing so will take into consideration the Index. Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing shares (i.e. dividend income will be paid on the shares semi-annually). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN989 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
This indicator represents the annual historical volatility of the Fund over a 5-year period.
The risk indicator of level 5 reflects the volatility of the stock markets in which the Fund invests with respect to its investment strategy.
Historical data such as that used to calculate the synthetic indicator cannot be considered as a reliable indication of the Fund's future risk profile.
The risk category associated with the Fund is not guaranteed and may change over time.
The lowest risk category does not mean "risk free". Your initial investment is not guaranteed.
Under normal market conditions, at least 90% of the Fund's assets are exposed to global developed and emerging equity markets, including small and mid-cap developed and emerging markets. The Fund reserves the right to invest up to 100% of its assets in mono-underlying Contracts for Differences (CFDs). CFDs are futures contracts entered into with a counterparty and settled through cash payments rather than through physical delivery of financial instruments.
For the purpose of diversification the Fund may invest up to 20% of its assets in Real Estate Investment Trust (REIT). The Fund may build or add to its exposure through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), for up to 100% of its net assets, and/or through other OTC contracts in order to enhance risk control and minimize transaction costs.
The Fund may also use different markets or assets, including derivative instruments to hedge and/or expose the portfolio to equity risk and/or hedge currency risk. The Fund's leveraged exposure may not exceed 110%.
The recommended minimum investment horizon is more than five years. The minimum initial subscription per shareholder stands at one share. The Fund capitalizes its income. Investors may request redemptions of shares held daily, in line with the procedure described in the Fund's prospectus.
Significant risk(s) for the Fund not taken into account in this indicator include the following:
Risk associated with emerging market equities: The equities of emerging countries may be less liquid than equities of developed countries. Consequently, holding these securities may increase the level of portfolio risk. For example, market declines may be greater and faster than in developed countries, so the Fund's net asset value may decline more sharply and quickly.
Risks associated with discretionary management: The Management Company has implemented the investment strategies described above to create a well-diversified Fund. It can therefore not be excluded that the Management Company does not choose the most profitable assets.
Currency risk: The Fund invests in overseas markets. It can be affected by changes in exchange rates which may cause the value of your investment to decrease or increase.
Counterparty risk: The Fund may incur a loss in the event of the default of a counterparty with which certain transactions were conducted, leading to a decline in the Fund's net asset value. | Este indicador representa la volatilidad histórica anual del Fondo durante un periodo de cinco años.
La categoría de riesgo 5 indica la volatilidad de los mercados de valores en los que invierte el Fondo con respecto a su estrategia de inversión.
Los datos históricos, tales como los utilizados para calcular el indicador sintético, no pueden considerarse como una indicación fiable del futuro perfil de riesgo del Fondo.
La categoría de riesgo asociada al Fondo no está garantizada y puede variar en el transcurso del tiempo.
La categoría más baja no significa que la inversión esté «libre de riesgo». Su inversión inicial no se beneficia de ninguna garantía.
En condiciones normales del mercado, al menos el 90% de los activos del Fondo estarán expuestos a los mercados de renta variable de mercados desarrollados y emergentes, incluidos los mercados de mediana y pequeña capitalización. El Fondo se reserva el derecho de invertir hasta el 100% de sus activos en un único contrato por diferencias (CFD) subyacente. Los CFD son contratos de futuros celebrados con una contraparte cuya liquidación se efectúa mediante pagos en efectivo en lugar de mediante la entrega física de instrumentos financieros.
El Fondo, con fines de diversificación, podrá invertir hasta el 20% de sus activos en fondos de inversión inmobiliaria (REIT). Asimismo, el Fondo podrá crear o aumentar su exposición a través de «American Depository Receipts» (ADR) y «Global Depository Receipts» (GDR), hasta el 100% de su patrimonio neto, y/o a través de otros contratos OTC con el fin de mejorar el control de riesgos y minimizar los costes de transacción.
El Fondo también podrá recurrir a diferentes mercados o activos, incluidos los instrumentos derivados con el fin de cubrir y/o exponer la cartera al riesgo de renta variable y/o cubrir el riesgo de cambio. El apalancamiento del Fondo no podrá superar el 110%.
El horizonte de inversión mínimo recomendado es de más de cinco años. La suscripción mínima inicial por accionista es de una acción. El Fondo capitaliza sus ingresos. Los inversores podrán solicitar el reembolso de sus acciones con una frecuencia diaria, de acuerdo con el procedimiento descrito en el folleto del Fondo.
Entre los riesgos significativos para el Fondo que no recoge este indicador cabe destacar los siguientes:
Riesgo vinculado a la renta variable de mercados emergentes: los valores de renta variable de los países emergentes pueden ser menos líquidos que los de los países desarrollados. Por consiguiente, la inversión en dichos valores puede aumentar el nivel de riesgo de la cartera. Por ejemplo, las caídas del mercado pueden ser mayores y más rápidas que en los países desarrollados, por lo que el valor liquidativo del Fondo puede disminuir de una manera más brusca y rápida.
Riesgos vinculados a la gestión discrecional: la Sociedad gestora ha puesto en práctica las estrategias de inversión descritas anteriormente con el fin de crear un Fondo bien diversificado. Por lo tanto, no se puede excluir que la Sociedad gestora no elija los activos más rentables.
Riesgo cambiario: El Fondo invierte en mercados extranjeros. Puede verse afectado por variaciones en los tipos de cambio que pueden provocar que el valor de la inversión disminuya o aumente.
Riesgo de contraparte: el Fondo puede incurrir en una pérdida en caso de impago de la contraparte con la que haya realizado determinadas operaciones, lo que conduce a la disminución del valor liquidativo del Fondo. | This indicator represents the annual historical volatility of the Fund over a 5-year period.
The risk indicator of level 5 reflects the volatility of the stock markets in which the Fund invests with respect to its investment strategy.
Historical data such as that used to calculate the synthetic indicator cannot be considered as a reliable indication of the Fund's future risk profile.
The risk category associated with the Fund is not guaranteed and may change over time.
The lowest risk category does not mean "risk free". Your initial investment is not guaranteed.
Under normal market conditions, at least 90% of the Fund's assets are exposed to global developed and emerging equity markets, including small and mid-cap developed and emerging markets. The Fund reserves the right to invest up to 100% of its assets in mono-underlying Contracts for Differences (CFDs). CFDs are futures contracts entered into with a counterparty and settled through cash payments rather than through physical delivery of financial instruments.
For the purpose of diversification the Fund may invest up to 20% of its assets in Real Estate Investment Trust (REIT). The Fund may build or add to its exposure through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), for up to 100% of its net assets, and/or through other OTC contracts in order to enhance risk control and minimize transaction costs.
The Fund may also use different markets or assets, including derivative instruments to hedge and/or expose the portfolio to equity risk and/or hedge currency risk. The Fund's leveraged exposure may not exceed 110%.
The recommended minimum investment horizon is more than five years. The minimum initial subscription per shareholder stands at one share. The Fund capitalizes its income. Investors may request redemptions of shares held daily, in line with the procedure described in the Fund's prospectus.
Significant risk(s) for the Fund not taken into account in this indicator include the following:
Risk associated with emerging market equities: The equities of emerging countries may be less liquid than equities of developed countries. Consequently, holding these securities may increase the level of portfolio risk. For example, market declines may be greater and faster than in developed countries, so the Fund's net asset value may decline more sharply and quickly.
Risks associated with discretionary management: The Management Company has implemented the investment strategies described above to create a well-diversified Fund. It can therefore not be excluded that the Management Company does not choose the most profitable assets.
Currency risk: The Fund invests in overseas markets. It can be affected by changes in exchange rates which may cause the value of your investment to decrease or increase.
Counterparty risk: The Fund may incur a loss in the event of the default of a counterparty with which certain transactions were conducted, leading to a decline in the Fund's net asset value. | en | es |
DOLFIN998 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF US Small & Mid Cap Equity
Schroder ISF US Small & Mid Cap Equity (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the S&P Mid Cap 400 Lagged (net TR) Index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of S&P Mid Cap 400 Lagged (net TR) Index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the S&P Mid Cap 400 Lagged (net TR) Index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF US Small & Mid Cap Equity
Schroder ISF US Small & Mid Cap Equity (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación en materia de sostenibilidad general superior a la del S&P Mid Cap 400 Lagged (net TR) Index, según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del Fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del S&P Mid Cap 400 Lagged (net TR) Index en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el S&P Mid Cap 400 Lagged (net TR) Index, según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 29 de octubre de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF US Small & Mid Cap Equity
Schroder ISF US Small & Mid Cap Equity (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the S&P Mid Cap 400 Lagged (net TR) Index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of S&P Mid Cap 400 Lagged (net TR) Index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the S&P Mid Cap 400 Lagged (net TR) Index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN999 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## Objective
The objective of the Compartment is to achieve capital growth over the medium term through the active management of a diversified portfolio with a cautious profile made up of international transferable securities, and to outperform its benchmark index.
## Benchmark index
The benchmark index of the Compartment is composed as follows: 20% MSCI AC World Free Index (no dividends) denominated in Euro (elementary index representative of shares), 60% JP Morgan Global Government Bond EMU LC denominated in Euro (elementary index representative of bonds denominated in reference currency) and 20% EURIBOR 1 month (elementary index representative of the money market). The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment’s net assets are mainly invested through UCIs or other eligible investment funds in listed shares and debt securities, as well as in money market instruments from around the world, with no restrictions or limitations regarding geographical, industrial or sectoral diversification. In normal market circumstances, investments in debt securities will be predominantly indirect.
In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets. The Compartment may therefore be exposed to currency risk up to 100% of its net assets.
## On an ancillary basis, the Compartment may be exposed to indices of precious metals and commodities by means of financial instruments, units or shares of UCIs or AIFs.
Under exceptional circumstances and/or where financial market conditions so require, the Compartment may invest all of its assets in term deposits or money market instruments in order to protect its shareholders’ interests.
## The investments underlying this financial product do not take into account the European Union’s criteria regarding environmentally sustainable business activities.
## Minimum recommended holding period: 18 months
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and France, with the exception of Good Friday, 24 December (Christmas Eve) and days when the French markets are closed (official Euronext Paris SA calendar), no later than 11:00 a.m. (Luxembourg time) on the business day preceding the applicable valuation day.
## Income allocation: Accumulation | # Objetivos y política de inversión
## Objetivo
El objetivo del Subfondo es obtener una valorización del capital a medio plazo mediante la gestión activa de una cartera diversificada con un perfil equilibrado en valores mobiliarios internacionales y registrar una rentabilidad superior a la de su índice de referencia.
## Índice de referencia
El índice de referencia del Subfondo está compuesto en un 20% por el índice MSCI AC World Free (sin dividendos) denominado en EUR (índice elemental representativo de las acciones), en un 60% por el JP Morgan Global Government Bond EMU LC, denominado en EUR (índice elemental representativo de las obligaciones denominadas en divisas de referencia) y en un 20% por el Euribor a un mes (índice elemental representativo del mercado monetario). El Subfondo se gestiona de forma activa. El índice de referencia se utiliza únicamente con fines de comparación de la rentabilidad.
## Política de inversión
El patrimonio neto del Subfondo se invierte principalmente mediante OIC u otros fondos de inversión elegibles, en acciones y títulos de deuda cotizados, así como en Instrumentos del mercado monetario, en todo el mundo, sin restricciones ni limitaciones en cuanto a la diversificación geográfica, industrial o sectorial. En circunstancias normales de mercado, predominarán las inversiones indirectas en títulos de deuda.
Con el fin de proteger sus activos y/o de lograr su objetivo de gestión, el Subfondo puede recurrir a instrumentos financieros derivados negociados en Mercados regulados o extrabursátiles. Por consiguiente, el Subfondo podrá estar expuesto al riesgo de cambio hasta el 100% del patrimonio neto.
## A título accesorio, el Subfondo también puede estar expuesto a índices de metales preciosos y materias primas a través de instrumentos financieros, participaciones o acciones de OIC o FIA.
En circunstancias excepcionales y/o cuando las condiciones del mercado financiero así lo exijan, el Subfondo puede, con el fin de proteger los intereses de los accionistas, invertir todos sus activos en depósitos a plazo o Instrumentos del mercado monetario.
## Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles.
## La duración mínima de la participación recomendada es de 18 meses.
Frecuencia de compra o venta de acciones: Los inversores pueden obtener el reembolso de sus acciones cualquier día hábil bancario en Luxemburgo y Francia, con excepción del Viernes Santo, el 24 de diciembre (Nochebuena) y los días en que los mercados franceses estén cerrados (calendario oficial de Euronext Paris S.A.), a más tardar a las 11:00 horas (hora de Luxemburgo) del Día Hábil anterior al Día de valoración aplicable.
## Asignación de los ingresos: Capitalización | # Objectives and investment policy
## Objective
The objective of the Compartment is to achieve capital growth over the medium term through the active management of a diversified portfolio with a cautious profile made up of international transferable securities, and to outperform its benchmark index.
## Benchmark index
The benchmark index of the Compartment is composed as follows: 20% MSCI AC World Free Index (no dividends) denominated in Euro (elementary index representative of shares), 60% JP Morgan Global Government Bond EMU LC denominated in Euro (elementary index representative of bonds denominated in reference currency) and 20% EURIBOR 1 month (elementary index representative of the money market). The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment’s net assets are mainly invested through UCIs or other eligible investment funds in listed shares and debt securities, as well as in money market instruments from around the world, with no restrictions or limitations regarding geographical, industrial or sectoral diversification. In normal market circumstances, investments in debt securities will be predominantly indirect.
In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets. The Compartment may therefore be exposed to currency risk up to 100% of its net assets.
## On an ancillary basis, the Compartment may be exposed to indices of precious metals and commodities by means of financial instruments, units or shares of UCIs or AIFs.
Under exceptional circumstances and/or where financial market conditions so require, the Compartment may invest all of its assets in term deposits or money market instruments in order to protect its shareholders’ interests.
## The investments underlying this financial product do not take into account the European Union’s criteria regarding environmentally sustainable business activities.
## Minimum recommended holding period: 18 months
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and France, with the exception of Good Friday, 24 December (Christmas Eve) and days when the French markets are closed (official Euronext Paris SA calendar), no later than 11:00 a.m. (Luxembourg time) on the business day preceding the applicable valuation day.
## Income allocation: Accumulation | en | es |
DOLFIN1014 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund management commentary
## Market Review
This period was a tough environment for risk assets. The overwhelming concern that drove markets in January was the degree of Fed hawkishness. Markets went from pricing one rate hike to five over the course of a couple months. This re-pricing of Fed risk along with the fact that equity markets came into 2022 overbought resulted in equity market volatility that fed into credit markets resulting in widening spreads.
The ICE BofA US Investment Grade Institutional Capital Securities Index (CIPS) returning -1.66%. The ICE BofA US All Capital Securities Index (I0CS) that includes below investment grade preferreds returned -2.46%. The AT1 Coco sector also sold off returning -1.61% (CDLR: ICE BofA USD Contingent Capital Index). The $25 par retail sector, which typically is more volatile than the institutional $1000 par sector, sold off more relatively returning -3.96% (P0P2).
Spreads on the CIPS index widened by 3 bps moving from 199 to 202 bps. Spreads on the $25 par sector (P0P2) widened by 71 bps from 136 bps to 207 bps. Spreads on the CDLR (Cocos) also widened by 23 bps from 275 to 298 bps. Spreads on the IG Corporate index (C0A0) ended the month at 107 bps (+12 bps) and high yield spreads are at 382 bps (H0AO, +52 bps). Therefore, relative to the IG index, CIPS offers a subordination premium of 202/107 or 1.89 and Cocos are 298/107 or 2.79 times. Also, from a duration standpoint IG Preferred securities (CIPS) has an effective duration of 4.1 relative to 8.3 on the IG Corporate Index. Thus, within the IG umbrella, one can pick up 2 times the spread by going down the capital structure into Preferred securities with half the duration risk, which continues to be the value proposition of our asset class.
## Fund Review
The trust preferred floaters in the portfolio had a period of positive performance. From a sector perspective, insurance hybrids were the biggest drag on portfolio performance.
## Market Outlook
Economic output while expanding and economic data while positive has run into a few headwinds of central banks pulling back accommodation, increasing inflation and resurgent concerns around COVID-19 variants and associated lockdowns. | # Comentario de gestión del fondo
## Revisión del mercado
Este período ha supuesto un entorno difícil para los activos de riesgo. La abrumadora preocupación que impulsó a los mercados en enero fue el grado de dureza de la Fed. Los mercados pasaron de fijar el precio de una sola subida de tipos a cinco en el transcurso de un par de meses. Esta nueva valoración del riesgo de la Fed, junto con el hecho de que los mercados de valores entraron en 2022 con sobrecompra, dio como resultado una volatilidad del mercado de valores que influyó en los mercados crediticios, resultando en una ampliación de los diferenciales. El índice ICE BofA US Investment Grade Institutional Capital Securities (CIPS) registró un rendimiento del -1,66%. El índice ICE BofA US All Capital Securities (I0CS), que incluye valores preferentes sin grado de inversión, cedió un -2,46%. El sector AT1 Coco también se vendió con pérdidas del 1,61% (CDLR: índice ICE BofA USD Contingent Capital). El sector minorista con valor nominal de 25 USD, que suele ser más volátil que el sector institucional con valor nominal de 1000 USD, se vendió más, con una rentabilidad relativa del -3,96% (P0P2). Los diferenciales en el índice CIPS se ampliaron en 3 pb, pasando de 199 a 202 pb. Los diferenciales en el valor nominal de 25 USD (P0P2) se ampliaron en 71 pb, pasando de 136 a 207 pb. Los diferenciales del índice CDLR (Cocos) también se ampliaron en 23 pb, pasando de 275 a 298 pb. Los diferenciales sobre el índice IG Corporate (C0A0) terminaron el mes en 107 pb (+12 pb) y los de la alta rentabilidad se sitúan en 382 pb (H0AO, +52 pb). Por lo tanto, en relación con el índice IG, CIPS ofrece una prima de subordinación de 202/107 o 1,89 y los títulos de capital convertibles contingentes (Cocos) de 298/107 o 2,79 veces.
Asimismo, desde el punto de vista de la duración, los valores preferentes con grado de inversión (CIPS) tienen una duración efectiva de 4,1 con respecto a 8,3 sobre el índice IG Corporate. Por tanto, dentro del paraguas del grado de inversión, es posible recoger dos veces el diferencial bajando la estructura de capital hacia valores preferentes con la mitad del riesgo de duración, lo que sigue siendo la propuesta de valor de nuestra clase de activos.
## Revisión del Fondo
Los valores flotantes preferentes en fideicomiso en la cartera registraron un período de rentabilidad positiva. Desde una perspectiva sectorial, los híbridos de seguros supusieron el mayor lastre para la rentabilidad de la cartera.
## Perspectiva del mercado
La producción económica, aunque se expande, y los datos económicos, si bien son positivos, se han topado con algunos vientos en contra procedentes de los bancos centrales, que han retrocedido en las políticas acomodaticias, el aumento de la inflación y las preocupaciones reavivadas en torno a las variantes de la COVID-19 y los cierres asociados. | # Fund management commentary
## Market Review
This period was a tough environment for risk assets. The overwhelming concern that drove markets in January was the degree of Fed hawkishness. Markets went from pricing one rate hike to five over the course of a couple months. This re-pricing of Fed risk along with the fact that equity markets came into 2022 overbought resulted in equity market volatility that fed into credit markets resulting in widening spreads.
The ICE BofA US Investment Grade Institutional Capital Securities Index (CIPS) returning -1.66%. The ICE BofA US All Capital Securities Index (I0CS) that includes below investment grade preferreds returned -2.46%. The AT1 Coco sector also sold off returning -1.61% (CDLR: ICE BofA USD Contingent Capital Index). The $25 par retail sector, which typically is more volatile than the institutional $1000 par sector, sold off more relatively returning -3.96% (P0P2).
Spreads on the CIPS index widened by 3 bps moving from 199 to 202 bps. Spreads on the $25 par sector (P0P2) widened by 71 bps from 136 bps to 207 bps. Spreads on the CDLR (Cocos) also widened by 23 bps from 275 to 298 bps. Spreads on the IG Corporate index (C0A0) ended the month at 107 bps (+12 bps) and high yield spreads are at 382 bps (H0AO, +52 bps). Therefore, relative to the IG index, CIPS offers a subordination premium of 202/107 or 1.89 and Cocos are 298/107 or 2.79 times. Also, from a duration standpoint IG Preferred securities (CIPS) has an effective duration of 4.1 relative to 8.3 on the IG Corporate Index. Thus, within the IG umbrella, one can pick up 2 times the spread by going down the capital structure into Preferred securities with half the duration risk, which continues to be the value proposition of our asset class.
## Fund Review
The trust preferred floaters in the portfolio had a period of positive performance. From a sector perspective, insurance hybrids were the biggest drag on portfolio performance.
## Market Outlook
Economic output while expanding and economic data while positive has run into a few headwinds of central banks pulling back accommodation, increasing inflation and resurgent concerns around COVID-19 variants and associated lockdowns. | en | es |
DOLFIN1015 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: August 7, 2003.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
40%
20%
0%
-20%
-40% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 7 de agosto de 2003. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en CHF.
40%
20%
0%
-20%
-40% | ### Launch Date and Currency
Sub-Fund's launch date: August 7, 2003.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
40%
20%
0%
-20%
-40% | en | es |
DOLFIN1022 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: January 17, 2017.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
6%
4%
2%
0%
-2% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 17 de enero de 2017. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en CHF.
6%
4%
2%
0%
-2% | ### Launch Date and Currency
Sub-Fund's launch date: January 17, 2017.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
6%
4%
2%
0%
-2% | en | es |
DOLFIN1026 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances
shares. To achieve the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of 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 AUD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas
acciones. Para lograr el objetivo, el fondo intentará replicar el 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 AUD. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas 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 fondo está expuesto a movimientos del mercado en un solo país o región, por lo que podría verse perjudicado por la evolución política o económica, las medidas adoptadas por el gobierno o por sucesos naturales que no afectan a fondos que invierten en mercados más amplios. 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. | 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
shares. To achieve the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of 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 AUD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN1027 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Additional CostsAll other additional costs are charged to the assets of the relevant Sub-Fund. These costs are separate to those named above and include, but are not limited to:
- costs for examination, asserting and enforcement of any claims for reduction, offsetting or refund of withholding taxes or other taxes or fiscal duties,
- costs for asserting and enforcing legal rights of the Company which appear to be justifiable and for defending any claims made against the Company which seem unjustified,
- all taxes, fees, public and similar charges which may be incurred in connection with administration and custody, or
- costs in connection with the purchase and sale of assets (including any research and analyst services made available in accordance with market practice, interest/fees for Deposits as well as fees resulting out of the provision and drawdown of credit facilities) and the use of securities lending programmes and securities lending brokers as well as interest cost; or
- compensation for the Management Company for arranging, preparing and executing securities lending and/or repurchase/reverse repurchase transactions without the use of securities lending programs and securities lending brokers of 30% of any income generated. | - Costes adicionalesEl resto de costes adicionales se cobrarán a los activos del Compartimento correspondiente. Dichos costes son independientes de los indicados anteriormente e incluyen, entre otros:
- los costes de análisis, presentación y reivindicación de cualquier demanda de reducción, compensación o reembolso de impuestos de retención u otros impuestos o cargas fiscales,
- los costes de reivindicación y ejecución de derechos jurídicos de la Sociedad que estén aparentemente justificados y para la defensa frente a reclamaciones aparentemente injustificadas contra la Sociedad,
- la totalidad de los impuestos, tasas, gravámenes públicos y similares en los que se pueda incurrir en relación con la gestión y custodia, o
- los costes relativos a la compraventa de activos (incluida la puesta a disposición de potenciales servicios de investigación y análisis según los usos del mercado, intereses/comisiones de Depósito, así como las comisiones derivadas de la disposición o retirada de entidades de crédito) y la utilización de programas e intermediarios de préstamos de títulos-valores, así como los costes por intereses, o
- una compensación a la Sociedad Gestora por la organización, la preparación y la ejecución de operaciones de préstamo de títulos-valores y/u operaciones de recompra o de recompra inversa sin utilizar programas ni intermediarios de préstamo de títulos-valores del 30 % de los ingresos generados. | - Additional CostsAll other additional costs are charged to the assets of the relevant Sub-Fund. These costs are separate to those named above and include, but are not limited to:
- costs for examination, asserting and enforcement of any claims for reduction, offsetting or refund of withholding taxes or other taxes or fiscal duties,
- costs for asserting and enforcing legal rights of the Company which appear to be justifiable and for defending any claims made against the Company which seem unjustified,
- all taxes, fees, public and similar charges which may be incurred in connection with administration and custody, or
- costs in connection with the purchase and sale of assets (including any research and analyst services made available in accordance with market practice, interest/fees for Deposits as well as fees resulting out of the provision and drawdown of credit facilities) and the use of securities lending programmes and securities lending brokers as well as interest cost; or
- compensation for the Management Company for arranging, preparing and executing securities lending and/or repurchase/reverse repurchase transactions without the use of securities lending programs and securities lending brokers of 30% of any income generated. | en | es |
DOLFIN1033 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 2.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 0.56% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above Bloomberg Barclays Euro-Agg Corporates (E). |
| Over the last accounting year, a performance fee of 0.26% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 2,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 0,56% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del Bloomberg Barclays Euro-Agg Corporates (E). |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,26%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 2.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 0.56% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above Bloomberg Barclays Euro-Agg Corporates (E). |
| Over the last accounting year, a performance fee of 0.26% was charged. | | en | es |
DOLFIN1035 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Charges
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charge | 0.70% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | None |
Past Performance
The charges you pay are used to pay the running costs of the Sub-Fund, including marketing and distribution costs. These charges reduce the potential growth of your investment. They exclude portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
The entry and exit charges shown are the maximum that may be charged. In some cases you may pay less. You can obtain the actual charges from your financial advisor.
The ongoing charges figure is based on estimated expenses that will be incurred by the Sub-Fund in its day to day operations. This figure may vary from year to year.
Further information on Charges can be found in Section 13 of the fund’s prospectus.
0.9%
0.8%
0.7%
0.6%
0.5%
0.4%
0.3%
0.2%
0.1%
0.0%
0.8
2017 2018 2019 2020 2021
Past performance is not a guide to future performance.
Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges.
The Sub-Fund was launched in 2020. The class was launched in 2020.
Past performance has been calculated in EUR.
DoubleLine Emerging Markets Fixed Income - Class S ACC EUR Hedged | # Gastos
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0,00% |
| Gastos de salida | 0,00% |
| Este es el máximo que puede detraerse de su capital antes de invertirlo o de abonar el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 0,70% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | No |
Rentabilidad histórica
Las comisiones que paga se utilizan para sufragar los costes de funcionamiento del Subfondo, incluidos los costes de comercialización y distribución. Estos gastos reducen el potencial de crecimiento de su inversión. No incluyen los costes de transacción de la cartera, excepto en caso de que el Subfondo pague gastos de entrada o de salida cuando compre o venda participaciones de otros organismos de inversión colectiva.
Los gastos de entrada y de salida que se muestran son los máximos que se pueden cobrar. En algunos casos, podría pagar menos. Puede consultar los gastos reales con su asesor financiero.
La cifra de gastos corrientes se basa en los gastos estimados en los que incurrirá el Subfondo en sus operaciones diarias.
Dicha cifra puede variar de un año a otro.
Encontrará más información sobre Gastos en la Sección 13 del folleto del fondo.
0,9%
0,8%
0,7%
0,6%
0,5%
0,4%
0,3%
0,2%
0,1%
0,0%
0,8
2017 2018 2019 2020 2021
La rentabilidad histórica no es un indicador de la rentabilidad futura.
Se han calculado los datos de rentabilidad, incluidos los impuestos, los gastos corrientes y los gastos de transacción de la cartera, y excluyendo los gastos de entrada y salida.
El Subfondo se lanzó en 2020. La clase se lanzó en 2020. La rentabilidad histórica se calculó en EUR.
DoubleLine Emerging Markets Fixed Income - Clase S ACC EUR con cobertura | # Charges
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charge | 0.70% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | None |
Past Performance
The charges you pay are used to pay the running costs of the Sub-Fund, including marketing and distribution costs. These charges reduce the potential growth of your investment. They exclude portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
The entry and exit charges shown are the maximum that may be charged. In some cases you may pay less. You can obtain the actual charges from your financial advisor.
The ongoing charges figure is based on estimated expenses that will be incurred by the Sub-Fund in its day to day operations. This figure may vary from year to year.
Further information on Charges can be found in Section 13 of the fund’s prospectus.
0.9%
0.8%
0.7%
0.6%
0.5%
0.4%
0.3%
0.2%
0.1%
0.0%
0.8
2017 2018 2019 2020 2021
Past performance is not a guide to future performance.
Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges.
The Sub-Fund was launched in 2020. The class was launched in 2020.
Past performance has been calculated in EUR.
DoubleLine Emerging Markets Fixed Income - Class S ACC EUR Hedged | en | es |
DOLFIN1040 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 3 because its simulated Net Asset Value has shown low to medium fluctuations historically.
economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging used to minimise the effect of currency fluctuations may not always be successful. Investors may have exposure to currencies other than the currency of their Share Class.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y puede variar a lo largo del tiempo.
La asignación de una Clase de Acciones a la calificación de riesgo más baja no significa que la inversión esté libre de riesgo.
¿Por qué se asigna esta Clase de Acciones a esta categoría? Esta Clase de Acciones se asigna a la categoría 3 debido a que históricamente su Valor Liquidativo simulado ha registrado un nivel de fluctuaciones entre bajo y medio.
interés, así como de la solvencia del emisor. Es posible que un emisor de títulos de deuda no sea capaz de hacer frente a sus pagos o sufra una rebaja de su calificación de crédito.
- No se prevé que el Subfondo replique en todo momento la rentabilidad del Índice con absoluta precisión. Sin embargo, se prevé que el Subfondo proporcione resultados de inversión que, antes de gastos, se correspondan globalmente con la cotización y la rentabilidad del Índice.
- Las variaciones de los tipos de cambio pueden afectar negativamente la rentabilidad de la inversión. La cobertura de divisas utilizada para minimizar el efecto de las fluctuaciones de los tipos de cambio podría no siempre dar resultado. Los inversores podrán tener exposición a divisas distintas a la de su Clase de Acciones.
- Si desea más información sobre riesgos, consulte el apartado«Información sobre riesgos» del Folleto. | The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 3 because its simulated Net Asset Value has shown low to medium fluctuations historically.
economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging used to minimise the effect of currency fluctuations may not always be successful. Investors may have exposure to currencies other than the currency of their Share Class.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | en | es |
DOLFIN1059 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 1,880 | USD 1,320 |
| | Average return each year % | -81.20% | -33.30% |
| Unfavourable scenario | What you might get back after costs | USD 5,540 | USD 3,940 |
| | Average return each year % | -44.60% | -17.00% |
| Moderate scenario | What you might get back after costs | USD 10,570 | USD 15,410 |
| | Average return each year % | 5.70% | 9.03% |
| Favourable scenario | What you might get back after costs | USD 16,730 | USD 27,180 |
| | Average return each year % | 67.30% | 22.14% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 1.880 | USD 1.320 |
| | Rendimiento medio cada año | -81,20% | -33,30% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 5.540 | USD 3.940 |
| | Rendimiento medio cada año | -44,60% | -17,00% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.570 | USD 15.410 |
| | Rendimiento medio cada año | 5,70% | 9,03% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 16.730 | USD 27.180 |
| | Rendimiento medio cada año | 67,30% | 22,14% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 1,880 | USD 1,320 |
| | Average return each year % | -81.20% | -33.30% |
| Unfavourable scenario | What you might get back after costs | USD 5,540 | USD 3,940 |
| | Average return each year % | -44.60% | -17.00% |
| Moderate scenario | What you might get back after costs | USD 10,570 | USD 15,410 |
| | Average return each year % | 5.70% | 9.03% |
| Favourable scenario | What you might get back after costs | USD 16,730 | USD 27,180 |
| | Average return each year % | 67.30% | 22.14% | | en | es |
DOLFIN1064 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
b) Clause (a) will not prevent the Sub-Funds from acquiring the transferable securities, money market instruments
or other financial instruments referred to in clause 6.1.1. (a), (g) and (h), which are not fully paid-up.
- A Sub-Fund may not short-sell transferable securities and money market instruments or other financial instruments referred to under clause 6.1.1 (a), (g) and (h),
- a) The Sub-Funds need not necessarily follow the limits stated in this clause 7.1 when exercising the subscription rights relating to the transferable securities or money market instruments forming part of their assets. | b) La cláusula (a) no impedirá que los Subfondos adquieran los valores mobiliarios, instrumentos del mercado monetario
u otros instrumentos financieros contemplados en la cláusula 6.1.1. (a), (g) y (h), que no estén totalmente desembolsados.
- Un Subfondo no puede vender en corto valores mobiliarios e instrumentos del mercado monetario ni otros instrumentos financieros mencionados en las cláusulas 6.1.1 (a), (g) y (h).
- a) Los Subfondos no estarán obligados a cumplir los límites estipulados en la presente cláusula 7,1 cuando ejerzan los derechos de suscripción asociados a los valores mobiliarios o instrumentos del mercado monetario que formen parte de sus activos. | b) Clause (a) will not prevent the Sub-Funds from acquiring the transferable securities, money market instruments
or other financial instruments referred to in clause 6.1.1. (a), (g) and (h), which are not fully paid-up.
- A Sub-Fund may not short-sell transferable securities and money market instruments or other financial instruments referred to under clause 6.1.1 (a), (g) and (h),
- a) The Sub-Funds need not necessarily follow the limits stated in this clause 7.1 when exercising the subscription rights relating to the transferable securities or money market instruments forming part of their assets. | en | es |
Subsets and Splits